Advanced renewable fuels and biochemicals company Aemetis has announced its financial results for the first quarter of 2019.
According to the company, significant milestones took place during Q1, including entry into the biomethane industry with a project in California, expansion of Aemetis’ India plant pretreatment capacity to 50 million gallons and the opening of a new customer base in India.
Aemetis also announced the completion of funding milestones for its ultra-low carbon California cellulosic ethanol biorefinery, which is anticipated to add $80 million (€71.2 million) of revenue. The biorefinery is expected to produce the lowest carbon ethanol fuel in California.
Revenues for the first quarter were $41.9 million, down from $43 million for the same period in 2018.
In the US, ethanol volumes sold increased from 16.1 million gallons to 16.2 million gallons, which was offset by a drop in ethanol prices from $1.76 per gallon to $1.68 per gallon.
In India, biodiesel prices stood at $851 per metric ton during the quarter, compared to $839 per metric ton for Q1 2018. The company sold 5,286 tons of biodiesel, up from 5,182 during the previous year period.
Aemetis reported a $0.4 million loss for the quarter, compared to a gross profit of $1.9 million during the first quarter of 2018.
The company’s full Q1 2019 results can be downloaded here.