Q3 2024 Aemetis Inc Earnings Call Transcript
Key Points
- Revenue increased to $81.4 million in Q3 2024 from $68.7 million in Q3 2023, indicating strong growth.
- Gross profit improved significantly to $3.9 million in Q3 2024 from $492,000 in Q3 2023.
- The company is expanding its renewable natural gas production, with plans to increase to 1 million MMBTUs by the end of 2025.
- Aemetis Inc (AMTX) is well-positioned to benefit from the updated California Low Carbon Fuel Standard, which supports low carbon fuels.
- The India biodiesel business recognized $32.2 million in revenue, showing strong performance in international markets.
- Net loss was $17.9 million for Q3 2024, compared to a net income of $30.7 million in Q3 2023, primarily due to the absence of investment tax credits.
- Cash at the end of Q3 2024 was only $296,000, a significant decrease from $2.7 million at the end of Q4 2023.
- Interest expense increased to $11.7 million in Q3 2024 from $10.2 million in Q3 2023, impacting profitability.
- The realization of the 45Z production tax credit is uncertain, pending IRS guidance, which could delay revenue generation.
- The timing of the India biodiesel contract may lead to weaker revenue in Q4 2024 due to government processes.
Good day. Ladies and gentlemen and welcome to the Aemetis third-quarter 2024 earnings review conference call. (Operator Instructions) And 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, Olli. Welcome to the Aemetis third-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 press release, the Aemetis corporate and investor presentations filing with the securities and exchange commission, recent press releases, and previous earnings conference calls.
Before we begin our discussion today, I'd like to read the following disclosure statements during today's call. We'll be making forward
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