Stonegate Capital Partners Updates Coverage on Aemetis, Inc. (AMTX) Q3 2024

Core Insights - Aemetis, Inc. has outlined a 5-year plan aiming for $2.0 billion in revenue and$644 million in adjusted EBITDA by 2028, compared to fiscal year 2023 revenue of $186.7 million and adjusted EBITDA of$(22.4) million [3] - The company has shown strong revenue growth across all segments, with the Keyes Ethanol Plant generating $45.0 million from the production of 15.5 million gallons of ethanol [3] - Aemetis has made significant advancements in carbon sequestration, receiving approval for 20 years of Low Carbon Fuel Standard mandates from CARB, which is expected to boost revenue and earnings from U.S. projects [3] Financial Performance - Aemetis reported revenues of$81 million for the third quarter of 2024, reflecting a 19% increase compared to the third quarter of 2023 [5] - The company is on track to complete or have 10 additional dairy projects by fiscal year 2025 [5] Regulatory Developments - The approval of the Low Carbon Fuel Standard mandates by CARB is a key regulatory catalyst that is anticipated to support Aemetis's growth trajectory over the next 12 months [3]