Blue Biofuels Reports Improved Net Loss of $1.42 Million for Fiscal Year 2024

Blue Biofuels, Inc. reported a net loss of $1.42 million for the fiscal year ending December 31, 2024, a significant improvement compared to a net loss of $3.06 million in 2023. The company did not generate any revenue in either year, maintaining a focus on research and development of its patented Cellulose-to-Sugar (CTS) technology. The reduction in losses was primarily attributed to a gain on extinguishment of debt amounting to $2.42 million, which was not present in the previous year. General and administrative expenses rose to $1.73 million from $1.34 million, largely due to increased stock-based compensation.

In terms of operational developments, Blue Biofuels has made strides in its technology and partnerships. The company completed the build-out of a pilot plant in 2023, which is based on a modified Komarek machine, and is currently optimizing its processes. Additionally, in January 2024, Blue Biofuels formed a joint venture with Vertimass, named VertiBlue Fuels, LLC, aimed at constructing an ethanol-to-sustainable aviation fuel (SAF) facility in Florida. This facility is projected to produce between 5 to 10 million gallons of SAF initially, with plans to scale up to 70 million gallons annually.

The company’s financial position remains precarious, with a stockholders' deficit of $2.85 million as of December 31, 2024, compared to $3.56 million the previous year. Blue Biofuels had $48,797 in cash at year-end, a slight increase from $41,008 in 2023. Current liabilities rose to $2.21 million, primarily due to deferred wages and directors' fees. The company anticipates needing between $15 million and $100 million to fund its share of the VertiBlue Fuels joint venture and to commence commercial production.

Blue Biofuels has not yet generated material revenues from its core business, and its ability to continue as a going concern is uncertain. The company has accumulated losses of $57.26 million since inception and expects to incur significant additional losses as it continues its start-up activities. Management has indicated that the future success of the company hinges on its ability to secure additional financing and generate revenue from its operations.

Looking ahead, Blue Biofuels plans to apply for various government incentives, including Renewable Identification Numbers (RINs) and Clean Fuel Production Credits, which could enhance its profitability once commercial production begins. The company is also exploring international growth opportunities through licensing its CTS technology or forming joint ventures with foreign partners. However, the realization of these plans is contingent upon securing the necessary funding and achieving operational milestones.