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Aemetis Reports 2023 Fourth Quarter and Year-End Results
India biodiesel segment reports $77.2 million of annual sales, an increase of 175% over prior year CUPERTINO, CA - (NewMediaWire) - March 7, 2024 - Aemetis,
About this update from Aemetis, Inc
[{"type":"text","content":"India biodiesel segment reports $77.2 million of annual sales, an increase of 175% over prior year\n \nCUPERTINO, CA - (NewMediaWire) - March 7, 2024 - Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, today announced its financial results for the fourth quarter and twelve months ended December 31, 2023.\n \n\"Revenues were $70.8 million for the fourth quarter of 2023, an increase from $66.7 million for the fourth quarter of 2022. Revenues for the full year of 2023 were $186.7 million which includes growth in revenue to $77.2 million from the India Biodiesel segment and $5.5 million from the California Renewable Natural Gas segment, along with the decrease in revenue from the extended maintenance and upgrade cycle at the Keyes plant which allowed for the acceleration of the implementation of several important ethanol plant efficiency upgrades during the historically high natural gas price period in early 2023,\" said Todd Waltz, Chief Financial Officer of Aemetis. \"Capital expenditures for carbon intensity reduction and production expansion projects were $33 million for 2023 as our engineering and construction teams moved forward with the initiatives outlined in our Five Year Plan,\" added Waltz.\n \nDuring 2023, Aemetis achieved key milestones, including:\n \n \n\nRepaid $50.2 million of Third Eye Capital debt in Q3 2023, reducing loan balances for the Aemetis Biogas, Aemetis Keyes ethanol plant, Aemetis Riverbank SAF/RD, and Aemetis CCS projects;\n \n \n\nAdjusted EBITDA plus IRA investment tax credit sales generated $32.7 million of positive cash flow during 2023;\n \n \n\nReceived the key Use Permit and CEQA last year and recently received the Authority to Construct air permits to build a 90 million gallon per year sustainable aviation fuel and renewable diesel plant at Riverbank Industrial Complex;\n \n \n\nExtended repayment on $108 million of Third Eye Capital debt related to Aemetis Biogas at an effective interest rate of 8.5% for the first four months of 2024;\n \n \n\nReceived $55 million from the sale of $63 million of IRA investment tax credits related to qualified biogas project capital expenditures by Aemetis Biogas;\n \n \n\nClosed $50 million of new credit facilities related to USDA guaranteed loans, including $25 million of e...