Aemetis Reports Fourth Quarter and Full Year 2025 Results as Dairy RNG Platform Scales
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported full-year 2025 total income of $208.0 million (revenues $197.6M plus $10.4M production tax credits) and capital investments of $26.0 million to expand dairy RNG and ethanol efficiency projects.
The Dairy RNG platform scaled to 12 digesters producing ~405,000 MMBtu in 2025 with Q4 RNG production up 61% YoY. An MVR upgrade at the Keyes ethanol plant is expected to raise annual cash flow by ~$32 million after completion in 2026.
Positive
- Dairy RNG production +61% year-over-year in Q4 2025
- Total income $208.0 million for 2025 including tax credits
- Capital investments increased 28% to $26.0 million in 2025
- MVR upgrade expected to add ~$32 million annual cash flow
Negative
- Revenue decline from $268M in 2024 to $208M in 2025 (~22%)
- Net loss of $77.0 million for full-year 2025 remains sizable
- Ethanol gallons sold down to 14.3M in Q4 2025 from 15.7M
- Quarterly cash balance low at $4.9 million at 12/31/2025
Market Reaction – AMTX
Following this news, AMTX has gained 20.78%, reflecting a significant positive market reaction. Argus tracked a peak move of +20.4% during the session. Our momentum scanner has triggered 54 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $1.86. This price movement has added approximately $21M to the company's valuation. Trading volume is exceptionally heavy at 6.1x the average, suggesting very strong buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
AMTX was down about 1.91% while key peers like FSI and FF were up 5.41% and 3.01%, indicating a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 06 | Earnings call notice | Neutral | +0.7% | Scheduled Q4 and full-year 2025 earnings call and webcast details. |
| Nov 06 | Q3 2025 earnings | Negative | -14.6% | Q3 2025 results showed lower year-to-date revenue and significant net loss. |
| Oct 31 | Earnings call notice | Neutral | -0.5% | Announced timing and access details for upcoming Q3 2025 earnings call. |
| Aug 07 | Q2 2025 earnings | Negative | -5.8% | Q2 2025 results with improved revenue but continued operating loss and net loss. |
| Aug 01 | Earnings call notice | Neutral | -0.4% | Set date and dial-in info for Q2 2025 earnings conference call. |
Earnings-related headlines have often been followed by negative price reactions, suggesting investor sensitivity to reported losses and cash flow metrics.
Over the last few earnings cycles, Aemetis has reported growing dairy RNG contributions and progress on its MVR project, but results still showed sizable net losses. Prior earnings releases on Aug 7, 2025 and Nov 6, 2025 highlighted revenue growth from California ethanol and India biodiesel alongside ongoing losses, and both were followed by share price declines. The current Q4 and full-year 2025 report adds more detail on segment profitability and tax credit monetization within this ongoing turnaround narrative.
Historical Comparison
In the past year, Aemetis earnings-related headlines produced an average move of -4.1%. This full-year 2025 report fits into a pattern where detailed financial updates have often coincided with cautious share price reactions.
Earnings releases across 2025 show sequential revenue improvements in key segments, continued net losses, and growing reliance on tax credits and MVR-driven efficiency gains as management pursues a longer-term profitability path.
Market Pulse Summary
The stock is surging +20.8% following this news. A strong positive reaction aligns with the company’s emphasis on growing dairy RNG profitability and monetizing federal and state tax credits. The report highlighted Biogas segment net income of $12.2 million in Q4 2025 and full‑year RNG production of about 405,000 MMBtu, alongside a planned MVR upgrade expected to add roughly $32 million in annual cash flow. However, investors would also weigh the full‑year net loss of $77.0 million and limited year‑end cash of $4.9 million when assessing durability.
Key Terms
renewable natural gas technical
mechanical vapor recompression (MVR) technical
production tax credits financial
investment tax credits financial
low carbon fuel standard (lcfs) regulatory
carbon intensity technical
mmbtu technical
biodiesel technical
AI-generated analysis. Not financial advice.
Dairy RNG production increased
- Aemetis Biogas segment net income increased to
$12.2 million in Q4 2025 - Aemetis Biogas segment increased annual revenues and production tax credits by
53% - Dairy RNG production increased
61% year over year in Q4 2025 - Aemetis Biogas achieved annual segment net income of
$6.9 million - Capital investments increased
28% over the prior year to$26.0 million , supporting dairy RNG expansion and ethanol plant energy efficiency upgrades - Dairy digester projects generated cash proceeds of
$18 million during 2025 from the sale of investment tax credits - Ethanol and Biogas operations generated additional income of
$10.4 million from production tax credits during the fourth quarter of 2025 - MVR ethanol plant efficiency upgrade expected to increase cash flow from operations by approximately
$32 million annually after completion in 2026
CUPERTINO, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- 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 year ending December 31, 2025.
“Revenues for the full year of 2025 were
"In addition to achieving important operational milestones during 2025 in all of the business segments, the dairy RNG segment generated net income of
Aemetis achieved key milestones during 2025, reflecting our commitment to innovation, sustainability, and growth in the renewable energy sector.
The Aemetis Dairy RNG platform continued to scale during 2025, reaching 12 operating digesters that produced approximately 405,000 MMBtu of renewable natural gas during the year.
Biogas segment:
$15 million of RNG revenue$5 million of production tax credits$18 million of investment tax credit proceeds
Dairy RNG production increased
- The California Air Resource Board approved 7 new Low Carbon Fuel Standard (LCFS) pathways for our Renewable Natural Gas business, increasing from the negative 150 default value to an average carbon intensity score of negative 380.
- Signed
$27 million agreement with NPL to construct H2S and compression units for 15 new dairy digesters.
Ethanol segment:
The Aemetis 65 million gallon per year ethanol plant in Keyes, California generated
During the year, the company signed an agreement with NPL Construction to complete the procurement and installation of a Mechanical Vapor Recompression (MVR) system at the Keyes plant, which is expected to significantly improve plant economics.
When completed, the MVR system is expected to:
- Reduce natural gas consumption
- Lower the carbon intensity of ethanol production
- Increase plant cash flow from operations by approximately
$32 million per year
India Biofuels:
The Aemetis biodiesel production facility in India generated
India remains a large and growing market for renewable fuels supported by government blending mandates and expanding fuel demand, as well as global geopolitical issues that strongly support the expansion of biofuels production in India.
Appointed a new CFO with IPO experience for our India subsidiary. The India subsidiary is targeting a public listing in 2026.
These accomplishments demonstrate Aemetis’ successful progress in advancing sustainable energy solutions and contributing towards a lower-carbon economy.
Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).
Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 452750
Live Participant Dial In (International): +1-973-528-0011 entry code 452750
Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/53629
For the presentation and details on the call, please visit http://www.aemetis.com/investors/conference-calls/.
Financial Results for the Three Months Ended December 31, 2025
Revenues and production tax credits were
Cost of Goods Sold decreased from
Gross profit for the fourth quarter of 2025 was
Selling, general and administrative expenses fell from
Operating loss was
Net loss was
Income tax benefit reflects the sale of
Cash at the end of the fourth quarter of 2025 was
Financial Results for the Twelve Months Ended December 31, 2025
Revenues and production tax credits were
Cost of Goods Sold decreased to
Gross loss for the twelve months ended December 31, 2025, was
Selling, general and administrative expenses improved at
Operating loss was
Income tax benefit of
Net loss was
Cash at the end of the fourth quarter of 2025 was
About Aemetis
Headquartered in Cupertino, California, Aemetis is a diversified renewable natural gas and biofuels company focused on the development and operation of innovative technologies that lower energy costs and reduce emissions. Founded in 2006, Aemetis is operating and expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality biodiesel and refined glycerin. To utilize the byproducts from ethanol production, Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.
Company Contact:
Todd Waltz
Chief Financial Officer
(408) 213-0925
twaltz@aemetis.com
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
Non-GAAP Financial Information
We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, gain on debt extinguishment, bad debt expense, income tax expense or benefit, intangible and other amortization expense, accretion expense, depreciation expense, loss on asset disposal and share-based compensation expense.
Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results, budgeting, and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
(Tables follow)
| AEMETIS, INC. | |||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||
| For the three months ended December 31, | For the Years Ended December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenues | $ | 43,307 | $ | 47,004 | $ | 197,626 | $ | 267,640 | |||||||||||
| Production tax credits | 10,355 | - | 10,355 | - | |||||||||||||||
| Cost of goods sold | 45,937 | 49,044 | 208,749 | 268,220 | |||||||||||||||
| Gross profit (loss) | 7,725 | (2,040 | ) | (768 | ) | (580 | ) | ||||||||||||
| Selling, general and administrative expenses | 10,206 | 11,436 | 36,450 | 39,836 | |||||||||||||||
| Operating loss | (2,481 | ) | (13,476 | ) | (37,218 | ) | (40,416 | ) | |||||||||||
| Other expense (income): | |||||||||||||||||||
| Interest expense | |||||||||||||||||||
| Interest rate expense | 12,063 | 11,066 | 46,205 | 40,158 | |||||||||||||||
| Debt related fees and amortization expense | 1,876 | 1,571 | 6,707 | 6,463 | |||||||||||||||
| Accretion and other expenses of Series A preferred units | 1,881 | 2,643 | 8,226 | 12,698 | |||||||||||||||
| Other income | (1,530 | ) | (190 | ) | (2,608 | ) | (1,366 | ) | |||||||||||
| Loss before income taxes | (16,771 | ) | (28,566 | ) | (95,748 | ) | (98,369 | ) | |||||||||||
| Income tax benefit | (11,441 | ) | (12,369 | ) | (18,747 | ) | (10,832 | ) | |||||||||||
| Net loss | $ | (5,330 | ) | $ | (16,197 | ) | $ | (77,001 | ) | $ | (87,537 | ) | |||||||
| Net loss per common share | |||||||||||||||||||
| Basic | $ | (0.08 | ) | $ | (0.36 | ) | $ | (1.28 | ) | $ | (1.91 | ) | |||||||
| Diluted | $ | (0.08 | ) | $ | (0.36 | ) | $ | (1.28 | ) | $ | (1.91 | ) | |||||||
| Weighted average shares outstanding | |||||||||||||||||||
| Basic | 65,785 | 45,612 | 59,982 | 45,902 | |||||||||||||||
| Diluted | 65,785 | 45,612 | 59,982 | 45,902 | |||||||||||||||
| AEMETIS, INC. | ||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 4,894 | $ | 898 | ||||||||
| Accounts receivable | 484 | 1,805 | ||||||||||
| Inventories | 11,627 | 25,442 | ||||||||||
| Tax credit sale receivable | - | 12,300 | ||||||||||
| Prepaid and other current assets | 9,867 | 4,251 | ||||||||||
| Total current assets | 26,872 | 44,696 | ||||||||||
| Property, plant and equipment, net | 219,717 | 199,392 | ||||||||||
| Other assets | 13,252 | 15,214 | ||||||||||
| Total assets | $ | 259,841 | $ | 259,302 | ||||||||
| Liabilities and stockholders' deficit | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 23,418 | $ | 33,139 | ||||||||
| Current portion of long term debt | 279,143 | 63,745 | ||||||||||
| Short term borrowings | 38,726 | 26,789 | ||||||||||
| Other current liabilities | 29,971 | 20,295 | ||||||||||
| Total current liabilities | 371,258 | 143,968 | ||||||||||
| Total long term liabilities | 195,414 | 379,262 | ||||||||||
| Stockholders' deficit: | ||||||||||||
| Common stock | 66 | 51 | ||||||||||
| Additional paid-in capital | 340,402 | 305,329 | ||||||||||
| Accumulated deficit | (639,943 | ) | (562,942 | ) | ||||||||
| Accumulated other comprehensive loss | (7,356 | ) | (6,366 | ) | ||||||||
| Total stockholders' deficit | (306,831 | ) | (263,928 | ) | ||||||||
| Total liabilities and stockholders' deficit | $ | 259,841 | $ | 259,302 | ||||||||
| AEMETIS, INC. | |||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | |||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||
| For the three months ended December 31, | For the years ended December 31, | ||||||||||||||||
| EBITDA Calculation | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (5,330 | ) | $ | (16,197 | ) | $ | (77,001 | ) | $ | (87,537 | ) | |||||
| Adjustments | |||||||||||||||||
| Interest and amortization expense | 13,950 | 12,637 | 52,958 | 46,621 | |||||||||||||
| Depreciation expense | 2,546 | 2,230 | 9,579 | 8,387 | |||||||||||||
| Impairment of Intangible assets | 43 | - | 43 | - | |||||||||||||
| Accretion of Series A preferred units | 1,881 | 2,643 | 8,226 | 12,698 | |||||||||||||
| Share-based compensation | 845 | 1,386 | 5,971 | 8,314 | |||||||||||||
| Bad debt expense | 385 | - | 385 | - | |||||||||||||
| Gain on liability/debt extinguishment | (1,007 | ) | - | (1,007 | ) | (162 | ) | ||||||||||
| Income tax expense (benefit) | (11,441 | ) | (12,369 | ) | (18,747 | ) | (10,832 | ) | |||||||||
| Loss (gain) on asset disposal | - | 58 | (4 | ) | 3,702 | ||||||||||||
| Total adjustments | 7,202 | 6,585 | 57,404 | 68,728 | |||||||||||||
| Adjusted EBITDA | $ | 1,872 | $ | (9,612 | ) | $ | (19,597 | ) | $ | (18,809 | ) | ||||||
| AEMETIS, INC. | |||||||||||||||
| PRODUCTION AND PRICE PERFORMANCE | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months ended December 31, | Years ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| California Ethanol | |||||||||||||||
| Ethanol | |||||||||||||||
| Gallons sold (in millions) | 14.3 | 15.7 | 57.0 | 60.6 | |||||||||||
| Average sales price/gallon | 2.01 | 1.93 | 2.03 | 1.96 | |||||||||||
| Percent of nameplate capacity | 104 | % | 114 | % | 104 | % | 110 | % | |||||||
| WDG | |||||||||||||||
| Tons sold (in thousands) | 94 | 106 | 374 | 411 | |||||||||||
| Average sales price/ton | $ | 73 | $ | 83 | $ | 80 | $ | 88 | |||||||
| Delivered Cost of Corn | |||||||||||||||
| Bushels ground (in millions) | 4.9 | 5.4 | 19.3 | 21.0 | |||||||||||
| Average delivered cost / bushel | $ | 5.90 | $ | 6.08 | $ | 6.22 | $ | 6.21 | |||||||
| California Dairy Renewable Natural Gas | |||||||||||||||
| Renewable Natural Gas | |||||||||||||||
| MMBtu sold (in thousands) | 108 | 67 | 399 | 302 | |||||||||||
| Average price per MMBtu | $ | 3.60 | $ | 3.45 | $ | 3.34 | $ | 3.01 | |||||||
| RINs | |||||||||||||||
| RINs sold (in thousands) | 1287 | 987 | 3459 | 3030 | |||||||||||
| Average price per RIN | $ | 2.52 | $ | 2.65 | $ | 2.50 | $ | 3.04 | |||||||
| LCFS | |||||||||||||||
| LCFS credits sold (in thousands) | 31 | 9 | 83 | 52 | |||||||||||
| Average price per LCFS credit | $ | 53 | $ | 65 | $ | 57 | $ | 57 | |||||||
| India Biodiesel | |||||||||||||||
| Biodiesel | |||||||||||||||
| Metric tons sold (in thousands) | 0.02 | 0.7 | 21 | 74 | |||||||||||
| Average Sales Price/Metric ton | $ | 1,055 | $ | 1,227 | $ | 1,117 | $ | 1,168 | |||||||
| Percent of Nameplate Capacity | 0.1 | % | 1.8 | % | 14 | % | 50 | % | |||||||
| Refined Glycerin | |||||||||||||||
| Metric tons sold (in thousands) | 0.5 | 1.1 | 1 | 7 | |||||||||||
| Average Sales Price/Metric ton | $ | 1,214 | $ | 761 | $ | 1,093 | $ | 645 | |||||||
FAQ
How much revenue did Aemetis (AMTX) report for full-year 2025?
What drove the 61% increase in Dairy RNG production for Aemetis (AMTX) in Q4 2025?
What financial impact will the Keyes ethanol MVR upgrade have for Aemetis (AMTX)?
How did Aemetis (AMTX) perform profitability-wise in Q4 and full-year 2025?
What capital investments did Aemetis (AMTX) make in 2025 and why?
What liquidity and tax-credit cash proceeds did Aemetis (AMTX) report for 2025?
