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Aemetis Inc (AMTX0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include the production of ethanol and related products at its plant in Keyes, California, and biodiesel at its facility in Kakinada, India. The company also produces renewable natural gas in California.
Revenue for the year was $267.6 million, an increase from $186.7 million in 2023. The rise in revenue was primarily due to increased ethanol and biodiesel production.
Cost of goods sold was $268.2 million, up from $184.7 million in the previous year, which was attributed to higher production volumes.
The company reported a net loss of $87.5 million, compared to a net loss of $46.4 million in 2023. The increased loss was due to higher costs and interest expenses.
Aemetis continues to develop new projects, including a sustainable aviation fuel and renewable diesel plant in Riverbank, California, and carbon capture and sequestration facilities.
The company is reliant on external financing and cash from operations to service debt and fund future growth. Aemetis has been working with its senior lender to extend debt maturities.
Cash and cash equivalents at the end of 2024 were $0.9 million, with a current ratio of 0.31, indicating a need for continued financial management and potential refinancing.
Management has identified material weaknesses in internal controls over financial reporting, specifically related to IT general controls and documentation in its India operations, and is working on remediation efforts.
Aemetis is subject to various risks, including market volatility, regulatory changes, and reliance on key suppliers and customers, which could impact its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aemetis Inc annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.