Aemetis, Inc, a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, announced its financial results for the fourth quarter and twelve months ended December 31, 2023.
“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.
During 2023, Aemetis achieved key milestones, including:
-Repaid $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.
-Expanded India biodiesel production capacity to 60 million gallons per year ahead of schedule
-Received allocations for a combined $184 million of biodiesel sales in India for 2023 and the first three quarters of 2024, which we expect to continue as an ongoing fuel supply relationship with the three government-owned oil marketing companies in India.
