Q2 2024 Aemetis Inc Earnings Call Transcript
Key Points
- Aemetis Inc (AMTX) reported a significant increase in revenue for Q2 2024, reaching $66.6 million compared to $45.1 million in Q2 2023.
- The company is experiencing positive cash flow from operations across all three of its operating businesses: ethanol production, dairy renewable natural gas, and India biodiesel.
- Aemetis Inc (AMTX) has secured $50 million in USDA guaranteed loans for biogas digesters and expects an additional $75 million in long-term financing for biogas digester and pipeline construction this year.
- The company is well-positioned to benefit from upcoming regulatory changes, including the California Air Resources Board's vote and the IRS guidance on the Inflation Reduction Act Section 45Z production tax credit.
- Aemetis Inc (AMTX) has received authority to construct air permits for a 90 million gallon per year sustainable aviation fuel and renewable diesel plant, indicating strong future growth potential in the renewable fuels market.
- Aemetis Inc (AMTX) reported a gross loss of $1.8 million for Q2 2024, compared to a $2 million profit in Q2 2023.
- The company's operating loss increased to $13.6 million in Q2 2024 from $8.7 million in the same period of 2023.
- Interest expenses rose significantly to $11.7 million during Q2 2024, up from $9.6 million in Q2 2023.
- Cash reserves at the end of Q2 2024 were notably low at $234,000, compared to $2.7 million at the end of Q4 2023.
- The company faced a loss on asset disposal of $3.6 million, contributing to increased selling, general, and administrative expenses.
Greetings, and welcome to the Aemetis second quarter 2024 earnings review conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Todd Waltz, Executive Vice President and Chief Financial Officer of Aemetis, Inc. Mr. Waltz, you may begin.
Thank you, Ali. Welcome to the Aemetis second quarter 2024 earnings review conference call. Joining us for the call today is Eric McAfee, Founder, Chairman and CEO of Aemetis, and Andy Foster, President of North America.
We suggest visiting our website at aemetis.com to review today's earnings release -- earnings press release, the Aemetis Corporate and Investor Presentation, filings with the Security and Exchange Commission, recent press releases and previous earnings conference calls.
Before we begin our discussion today, I'd like to read the following disclaimer statement. During today's call, we'll be making forward-looking statements,
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