Aemetis Reports Second Quarter 2025 Financial Results
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported Q2 2025 financial results, with revenues increasing to $52.2 million, up $9.3 million from Q1 2025. The growth was driven by California Ethanol, Dairy Renewable Natural Gas operations, and renewed India biodiesel deliveries.
Key highlights include $3.1 million in revenue from 11 dairy digesters, CARB approval for 7 new LCFS pathways, and a $27 million agreement with NPL for H₂S and compression units. The company's operating loss improved by $4.9 million from Q1 2025, while net loss was $23.4 million, better than $29.2 million in Q2 2024.
The India subsidiary appointed a new CFO with IPO experience, targeting a public listing in early 2026. The company expects increased tax credit income and operating cash flow from its California Ethanol segment through a mechanical vapor recompression project.
Positive
- Revenue increased by $9.3M quarter-over-quarter to $52.2M
- Operating loss improved by $4.9M from Q1 2025
- Net loss improved to $23.4M from $29.2M year-over-year
- SG&A expenses decreased significantly to $7.3M from $11.8M year-over-year
- Biogas segment generated $3.1M revenue from 11 operating dairy digesters
- Secured $27M agreement with NPL for dairy digester infrastructure
- India subsidiary preparing for potential IPO in early 2026
Negative
- Gross loss of $3.4M compared to $1.8M loss in Q2 2024
- Total revenue declined year-over-year from $66.6M to $52.2M
- Interest expense increased to $12.3M from $11.7M year-over-year
- Low cash position of $1.6M at quarter end
- Six-month revenue declined to $95.1M from $139.2M year-over-year
News Market Reaction
On the day this news was published, AMTX declined 5.84%, reflecting a notable negative market reaction. Argus tracked a peak move of +9.8% during that session. Argus tracked a trough of -14.7% from its starting point during tracking. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $9M from the company's valuation, bringing the market cap to $149M at that time. Trading volume was elevated at 2.2x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
- Revenue increased
$9.3M from the first quarter of 2025 to$52.2M , driven by the restart of India biodiesel deliveries under new order from Oil Marketing Companies. - Aemetis Biogas recognized
$3.1M in revenue from 11 digesters; CARB approved 7 new LCFS pathways in Q2. - Signed
$27M agreement with NPL to construct H₂S and compression units for 15 dairy digesters. - Operating loss improved by
$4.9M from the first quarter of 2025, reflecting reduced SG&A in the second quarter of 2025; net loss flat from the second quarter of 2024 after adjusting for one-time items. - Appointed new CFO with IPO experience for our India subsidiary. The India subsidiary is targeting a public listing in early 2026.
CUPERTINO, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that lower fuel costs and reduce emissions, today announced its financial results for the three and six months ended June 30, 2025.
“Revenues of
“We are pleased with the continued growth of Aemetis Biogas production and continued progress with building a large dairy digester to process waste from multiple dairies which is already producing biogas and will be completed in August,” said Eric McAfee, Chairman and CEO of Aemetis. “The Section 45Z tax credit income and operating cash flow is expected to be significantly increased in our California Ethanol segment by reducing natural gas consumption with the mechanical vapor recompression project that has completed several steps of fabrication and construction.”
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 655740
Live Participant Dial In (International): +1-973-528-0011 entry code 655740
Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/52764
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended June 30, 2025
Total revenues during the second quarter of 2025 were
Gross loss for the second quarter of 2025 was
Selling, general and administrative expenses were
Operating loss was
Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased slightly to
Net loss was
Cash at the end of the second quarter of 2025 was
Financial Results for the Six Months Ended June 30, 2025
Revenues were
Gross loss for the first half of 2025 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first half of 2025 was
Investments in capital projects of
About Aemetis
Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel, and biochemicals company focused on the operation, acquisition, development, and commercialization of innovative technologies that lower fuel costs and reduce emissions. Founded in 2006, Aemetis is operating and actively 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 distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis is developing a sustainable aviation fuel (SAF) and renewable diesel fuel biorefinery in California to utilize renewable hydrogen, hydroelectric power, and renewable oils to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com.
Company Investor Relations
Media Contact:
Todd Waltz
(408) 213-0940
investors@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, income tax expense or benefit, accretion expense, depreciation expense, 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 and for 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.
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 SAF, 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 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,” “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 our 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 | ||||||||||||||||||
| (unaudited, in thousands, except per share data) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenues | $ | 52,243 | $ | 66,561 | $ | 95,129 | $ | 139,195 | ||||||||||
| Cost of goods sold | 55,598 | 68,367 | 103,564 | 141,613 | ||||||||||||||
| Gross loss | (3,355 | ) | (1,806 | ) | (8,435 | ) | (2,418 | ) | ||||||||||
| Selling, general and administrative expenses | 7,319 | 11,800 | 17,794 | 20,650 | ||||||||||||||
| Operating loss | (10,674 | ) | (13,606 | ) | (26,229 | ) | (23,068 | ) | ||||||||||
| Other expense (income): | ||||||||||||||||||
| Interest expense | ||||||||||||||||||
| Interest rate expense | 11,235 | 9,904 | 22,253 | 18,996 | ||||||||||||||
| Debt related fees and amortization expense | 1,095 | 1,820 | 3,770 | 3,241 | ||||||||||||||
| Accretion and other expenses of Series A preferred units | 2,032 | 3,477 | 4,311 | 6,788 | ||||||||||||||
| Other (income) expense | (1,112 | ) | (18 | ) | (1,327 | ) | 49 | |||||||||||
| Loss before income taxes | (23,924 | ) | (28,789 | ) | (55,236 | ) | (52,142 | ) | ||||||||||
| Income tax expense (benefit) | (529 | ) | 385 | (7,312 | ) | 1,263 | ||||||||||||
| Net loss | $ | (23,395 | ) | $ | (29,174 | ) | $ | (47,924 | ) | $ | (53,405 | ) | ||||||
| Net loss per common share | ||||||||||||||||||
| Basic | $ | (0.41 | ) | $ | (0.66 | ) | $ | (0.87 | ) | $ | (1.24 | ) | ||||||
| Diluted | $ | (0.41 | ) | $ | (0.66 | ) | $ | (0.87 | ) | $ | (1.24 | ) | ||||||
| Weighted average shares outstanding | ||||||||||||||||||
| Basic | 57,676 | 44,417 | 55,144 | 43,153 | ||||||||||||||
| Diluted | 57,676 | 44,417 | 55,144 | 43,153 | ||||||||||||||
| AEMETIS, INC. | |||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||||
| (in thousands) | |||||||||
| June 30, 2025 | December 31, 2024 | ||||||||
| (Unaudited) | |||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 1,645 | $ | 898 | |||||
| Accounts receivable | 2,699 | 1,805 | |||||||
| Inventories | 12,371 | 25,442 | |||||||
| Tax credit sale receivable | - | 12,300 | |||||||
| Prepaid and other current assets | 3,371 | 4,251 | |||||||
| Total current assets | 20,086 | 44,696 | |||||||
| Property, plant and equipment, net | 204,641 | 199,392 | |||||||
| Other assets | 15,289 | 15,214 | |||||||
| Total assets | $ | 240,016 | $ | 259,302 | |||||
| Liabilities and stockholders' deficit | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 21,894 | $ | 33,139 | |||||
| Current portion of long term debt | 247,615 | 63,745 | |||||||
| Short term borrowings | 22,995 | 26,789 | |||||||
| Other current liabilities | 29,423 | 20,295 | |||||||
| Total current liabilities | 321,927 | 143,968 | |||||||
| Total long term liabilities | 207,344 | 379,262 | |||||||
| Stockholders' deficit: | |||||||||
| Common stock | 62 | 51 | |||||||
| Additional paid-in capital | 327,905 | 305,329 | |||||||
| Accumulated deficit | (610,866 | ) | (562,942 | ) | |||||
| Accumulated other comprehensive loss | (6,356 | ) | (6,366 | ) | |||||
| Total stockholders' deficit | (289,255 | ) | (263,928 | ) | |||||
| Total liabilities and stockholders' deficit | $ | 240,016 | $ | 259,302 | |||||
| AEMETIS, INC. | ||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | ||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| EBITDA Calculation | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | (23,395 | ) | $ | (29,174 | ) | $ | (47,924 | ) | $ | (53,405 | ) | ||||
| Adjustments | ||||||||||||||||
| Interest and amortization expense | 12,341 | 11,736 | 26,046 | 22,261 | ||||||||||||
| Depreciation expense | 2,350 | 2,049 | 4,708 | 3,847 | ||||||||||||
| Accretion of Series A preferred units | 2,032 | 3,477 | 4,311 | 6,788 | ||||||||||||
| Loss on asset disposal | - | 3,644 | - | 3,644 | ||||||||||||
| Share-based compensation | 1,433 | 1,977 | 3,741 | 4,946 | ||||||||||||
| Income tax expense (benefit) | (529 | ) | 385 | (7,312 | ) | 1,263 | ||||||||||
| Total adjustments | 17,627 | 23,268 | 31,494 | 42,749 | ||||||||||||
| Adjusted EBITDA | $ | (5,768 | ) | $ | (5,906 | ) | $ | (16,430 | ) | $ | (10,656 | ) | ||||
| AEMETIS, INC. | |||||||||||||
| PRODUCTION AND PRICE PERFORMANCE | |||||||||||||
| (unaudited) | |||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| California Ethanol | |||||||||||||
| Ethanol | |||||||||||||
| Gallons sold (in millions) | 13.8 | 14.8 | 27.9 | 28.9 | |||||||||
| Average sales price/gallon | $ | 2.01 | $ | 1.99 | $ | 2.00 | $ | 1.89 | |||||
| Percent of nameplate capacity | 100 | % | 108 | % | 102 | % | 105 | % | |||||
| WDG | |||||||||||||
| Tons sold (in thousands) | 91.0 | 105.0 | 184.1 | 199.0 | |||||||||
| Average sales price/ton | $ | 86 | $ | 89 | $ | 86 | $ | 93 | |||||
| Delivered Cost of Corn | |||||||||||||
| Bushels ground (in millions) | 4.7 | 5.2 | 9.4 | 10.1 | |||||||||
| Average delivered cost / bushel | $ | 6.42 | $ | 6.36 | $ | 6.53 | $ | 6.35 | |||||
| California Dairy Renewable Natural Gas | |||||||||||||
| Renewable Natural Gas | |||||||||||||
| MMBtu sold (in thousands) | 106.4 | 88.0 | 177.3 | 148.8 | |||||||||
| Average price per MMBtu | $ | 2.75 | $ | 2.19 | $ | 3.11 | $ | 2.94 | |||||
| RINs | |||||||||||||
| RINs sold (in thousands) | 763.6 | 341.0 | 1,151.8 | 1,107.3 | |||||||||
| Average price per RIN | $ | 2.60 | $ | 3.17 | $ | 2.61 | $ | 3.11 | |||||
| LCFS | |||||||||||||
| LCFS credits sold (in thousands) | 14.0 | 5.0 | 30.0 | 23.0 | |||||||||
| Average price per LCFS credit | $ | 55.25 | $ | 64.75 | $ | 64.45 | $ | 65.73 | |||||
| India Biodiesel | |||||||||||||
| Biodiesel | |||||||||||||
| Metric tons sold (in thousands) | 9.4 | 20.4 | 9.4 | 47.5 | |||||||||
| Average Sales Price/Metric ton | $ | 1,010 | $ | 1,162 | $ | 1,010 | $ | 1,150 | |||||
| Percent of Nameplate Capacity | 25.2 | % | 54.4 | % | 12.6 | % | 63.4 | % | |||||
| Refined Glycerin | |||||||||||||
| Metric tons sold (in thousands) | 0.1 | 1.5 | 0.1 | 3.9 | |||||||||
| Average Sales Price/Metric ton | $ | 879 | $ | 635 | $ | 879 | $ | 584 | |||||
FAQ
What were Aemetis (AMTX) Q2 2025 earnings results?
How much revenue did Aemetis generate from its biogas operations in Q2 2025?
What is Aemetis's cash position as of Q2 2025?
When is Aemetis planning to IPO its India subsidiary?
How many new LCFS pathways did CARB approve for Aemetis in Q2 2025?
