Aemetis Reports Third Quarter 2025 Financial Results
Aemetis (NASDAQ: AMTX) reported Q3 2025 revenue of $59.2 million, up $7.0 million versus Q2 2025, driven by India OMC orders and higher ethanol volumes/prices. Dairy biogas produced 114,000 MMBtu and generated $4.0 million of revenue. The company signed a $30 million MVR equipment agreement expected to add $32 million to annual cash flow and disclosed $57 million of equipment contracts executed on favorable, non-dilutive terms. India biodiesel revenue was $14.5 million in Q3 and the India subsidiary is targeting an IPO in 2026. Cash increased to $5.6 million at quarter end.
Q3 net loss was $23.7 million; nine-month revenues were $154.3 million versus $220.6 million in 2024, and nine-month net loss was $71.7 million.
Aemetis (NASDAQ: AMTX) ha riportato i ricavi del Q3 2025 di $59,2 milioni, in aumento di $7,0 milioni rispetto al Q2 2025, trainati dagli ordini OMC in India e da volumi/prezzi dell'etanolo più elevati. Il biogas lattiero‑caseario prodotto è stato di 114.000 MMBtu e ha generato $4,0 milioni di ricavi. L'azienda ha firmato un accordo per attrezzature MVR del valore di $30 milioni che dovrebbe aggiungere $32 milioni al flusso di cassa annuo e ha comunicato $57 milioni di contratti di attrezzature eseguiti alle condizioni favorevoli e non dilutive. Il fatturato dell'India per biodiesel è stato di $14,5 milioni nel Q3 e la filiale in India punta a un IPO nel 2026. Il cash è aumentato a $5,6 milioni al termine del trimestre.
Il utile netto del Q3 è stato di $23,7 milioni; i ricavi dei primi nove mesi sono stati di $154,3 milioni contro $220,6 milioni nel 2024, e l'utile netto dei nove mesi è stato $71,7 milioni.
Aemetis (NASDAQ: AMTX) informó los ingresos del 3er trimestre de 2025 de $59,2 millones, un incremento de $7,0 millones frente al 2do trimestre de 2025, impulsado por pedidos de OMC en India y mayores volúmenes/precios de etanol. El biogás lácteo generado fue de 114.000 MMBtu y produjo $4,0 millones de ingresos. La empresa firmó un acuerdo de equipos MVR por $30 millones que se espera añada $32 millones al flujo de caja anual y divulgó $57 millones de contratos de equipos ejecutados en términos favorables y no dilutivos. Los ingresos de biodiesel en India fueron de $14,5 millones en el 3er trimestre y la filial india apunta a una OPI en 2026. El efectivo aumentó a $5,6 millones al cierre del trimestre.
La pérdida neta del 3er trimestre fue de $23,7 millones; los ingresos de los primeros nueve meses fueron de $154,3 millones frente a $220,6 millones en 2024, y la pérdida neta de los nueve meses fue de $71,7 millones.
Aemetis (NASDAQ: AMTX)는 2025년 3분기 매출이 $59.2백만로, Q2 2025 대비 $7.0백만 증가했으며 이는 인도 OMC 주문과 에탄올 물량/가격 상승에 기인합니다. 유제품 메탄가스(다이어리) 생산은 114,000 MMBtu였고 매출 $4.0백만을 창출했습니다. 이 회사는 $30백만의 MVR 설비 계약을 체결했으며 이는 연간 현금 흐름에 $32백만을 추가할 것으로 예상되며, $57백만의 설비 계약이 유리하고 비주식화 조건으로 체결되었다고 공시했습니다. 인도 바이오디젤 매출은 3분기에 $14.5백만였으며 인도 자회사는 2026년 IPO를 목표로 하고 있습니다. 분기 말 현금은 $5.6백만으로 증가했습니다.
3분기 순손실은 $23.7백만; 9개월 매출은 $154.3백만으로 2024년의 $220.6백만에 비해 감소했고 9개월 순손실은 $71.7백만였습니다.
Aemetis (NASDAQ: AMTX) a publié le chiffre d'affaires du T3 2025 de $59,2 millions, en hausse de $7,0 millions par rapport au T2 2025, tiré par les commandes OMC en Inde et des volumes/prix d'éthanol plus élevés. Le biogaz laitier produit s'est élevé à 114.000 MMBtu et a généré $4,0 millions de chiffre d'affaires. La société a signé un accord d'équipements MVR de $30 millions qui devrait ajouter $32 millions au flux de trésorerie annuel et a divulgué $57 millions de contracts d'équipements exécutés dans des conditions favorables et non dilutives. Le chiffre d'affaires du biodiesel en Inde était de $14,5 millions au T3 et la filiale indienne vise une introduction en bourse en 2026. La trésorerie est passée à $5,6 millions à la fin du trimestre.
La perte nette du T3 était de $23,7 millions ; les revenus des neuf premiers mois s'élèvent à $154,3 millions contre $220,6 millions en 2024, et la perte nette sur neuf mois est de $71,7 millions.
Aemetis (NASDAQ: AMTX) meldete den Umsatz im Q3 2025 von $59,2 Millionen, ein Anstieg um $7,0 Millionen gegenüber Q2 2025, getrieben durch India OMC Aufträge und höhere Ethanolvolumina/-preise. Dairy Biogas produziert wurden 114.000 MMBtu und brachten $4,0 Millionen Umsatz. Das Unternehmen unterschrieb eine $30 Millionen MVR‑Ausrüstungsvereinbarung, die voraussichtlich $32 Millionen zum jährlichen Cashflow hinzufügen wird, und gab $57 Millionen an Ausrüstungsverträgen bekannt, die zu günstigen, nicht verwässernden Bedingungen abgeschlossen wurden. Indien Biodiesel-Umsatz war im Q3 $14,5 Millionen und die indische Tochter plant einen IPO im Jahr 2026. Cash stieg am Quartalsende auf $5,6 Millionen.
Der Nettogewinnverlust im Q3 betrug $23,7 Millionen; die Einnahmen der ersten neun Monate betrugen $154,3 Millionen gegenüber $220,6 Millionen in 2024, und der Nettogewinnverlust der neun Monate betrug $71,7 Millionen.
Aemetis (NASDAQ: AMTX) أبلغت عن إيرادات الربع الثالث 2025 بقدر $59.2 مليون، بزيادة قدرها $7.0 مليون مقابل الربع الثاني 2025، مدفوعة بطلبات OMC في الهند وحجم/أسعار الإيثانول الأعلى. تم إنتاج الغاز الحيوي/اللبني 114,000 MMBtu وتوليد $4.0 مليون من الإيرادات. وقعت الشركة اتفاقية معدات MVR بقيمة $30 مليون من المتوقع أن تضيف $32 مليون إلى التدفق النقدي السنوي وكشفت عن $57 مليوناً من عقود المعدات الموقعة بشروط جيدة وغير مخفضة. بلغ الإيرادات الهند من الإيثانول الحيوي في الربع الثالث $14.5 مليون، والفرع الهندي يهدف إلى إدراج عام في 2026. ارتفع النقد إلى $5.6 مليون بنهاية الربع.
الخسارة الصافية في الربع الثالث كانت $23.7 مليون؛ وإجمالي الإيرادات خلال التسعة أشهر كان $154.3 مليون مقابل $220.6 مليون في 2024، وكانت الخسارة الصافية خلال التسعة أشهر $71.7 مليون.
- Revenue of $59.2M in Q3 2025, +$7.0M QoQ
- MVR $30M system expected to add $32M annual cash flow
- Biogas: 114,000 MMBtu produced, generating $4M revenue
- Signed $57M equipment contracts on non-dilutive terms
- Cash balance increased to $5.6M at quarter end
- Q3 2025 net loss of $23.7M
- Nine‑month revenues down to $154.3M from $220.6M
- Gross loss of $58k in Q3 2025 versus prior‑year gross profit
- Nine‑month interest expense of $39M
Insights
A mixed quarter: quarter-over-quarter revenue improved but losses persist; project contracts and cash gains offer operational levers.
Aemetis reported
The results also show material challenges. Revenues fell year-over-year to
Watch concrete milestones and short horizons stated in the release: completion and commissioning of the MVR system tied to the
Revenue up
Quarter Highlights
- Revenue
$59.2 M , up$7 M over Q2 2025, driven by India Oil Marketing Company (OMC) orders and stronger ethanol prices/volumes. - Biogas milestone: 12 operating digesters generated 114,000 MMBtu and
$4 M revenue. - California Ethanol: Operated at lower grind rate to maximize margins; continued investment in carbon-intensity (CI) reduction.
- Aemetis signed an agreement with NPL Construction to build a
$30 million Mechanical Vapor Recompression (MVR) system that is expected to increase cash flow from operations by$32 million annually. - India Biofuels:
$14.5 M revenue; new CFO with IPO experience joined; India subsidiary targeting IPO in 2026. - Cash increased to
$5.6 M , up from$1.6 M in Q2, supporting project execution in India.
CUPERTINO, Calif., Nov. 06, 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 reported financial results for the three and nine months ended September 30, 2025.
“Revenues of
“The MVR system will positively improve the economics of our fuel ethanol business, and is expected to add
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 188767
Live Participant Dial In (International): +1-973-528-0011 entry code 188767
Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/53150
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended September 30, 2025
Total revenues during the third quarter of 2025 were
Gross loss for the third 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 third quarter of 2025 was
Financial Results for the Nine Months Ended September 30, 2025
Revenues were
Gross loss for the first nine months of 2025 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first nine months 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.
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, loss on asset disposal, gain on debt extinguishment 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, including through a subsidiary IPO or other means. 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, RNG, 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 September 30, | For the nine months ended September 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenues | $ | 59,190 | $ | 81,441 | $ | 154,319 | $ | 220,636 | |||||||||||
| Cost of goods sold | 59,248 | 77,563 | 162,812 | 219,176 | |||||||||||||||
| Gross profit (loss) | (58 | ) | 3,878 | (8,493 | ) | 1,460 | |||||||||||||
| Selling, general and administrative expenses | 8,450 | 7,750 | 26,244 | 28,400 | |||||||||||||||
| Operating loss | (8,508 | ) | (3,872 | ) | (34,737 | ) | (26,940 | ) | |||||||||||
| Other expense (income): | |||||||||||||||||||
| Interest expense | |||||||||||||||||||
| Interest rate expense | 11,889 | 10,096 | 34,142 | 29,092 | |||||||||||||||
| Debt related fees and amortization expense | 1,061 | 1,651 | 4,831 | 4,892 | |||||||||||||||
| Accretion and other expenses of Series A preferred units | 2,034 | 3,267 | 6,345 | 10,055 | |||||||||||||||
| Other (income) expense | 249 | (1,225 | ) | (1,078 | ) | (1,176 | ) | ||||||||||||
| Loss before income taxes | (23,741 | ) | (17,661 | ) | (78,977 | ) | (69,803 | ) | |||||||||||
| Income tax expense (benefit) | 6 | 274 | (7,306 | ) | 1,537 | ||||||||||||||
| Net loss | $ | (23,747 | ) | $ | (17,935 | ) | $ | (71,671 | ) | $ | (71,340 | ) | |||||||
| Net loss per common share | |||||||||||||||||||
| Basic | $ | (0.37 | ) | $ | (0.38 | ) | $ | (1.24 | ) | $ | (1.60 | ) | |||||||
| Diluted | $ | (0.37 | ) | $ | (0.38 | ) | $ | (1.24 | ) | $ | (1.60 | ) | |||||||
| Weighted average shares outstanding | |||||||||||||||||||
| Basic | 63,699 | 47,216 | 58,027 | 44,517 | |||||||||||||||
| Diluted | 63,699 | 47,216 | 58,027 | 44,517 | |||||||||||||||
| AEMETIS, INC. | |||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||||||||
| (in thousands) | |||||||||||||
| September 30, 2025 | December 31, 2024 | ||||||||||||
| (Unaudited) | |||||||||||||
| Assets | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 5,584 | $ | 898 | |||||||||
| Accounts receivable | 1,649 | 1,805 | |||||||||||
| Inventories | 4,777 | 25,442 | |||||||||||
| Tax credit sale receivable | - | 12,300 | |||||||||||
| Prepaid and other current assets | 3,544 | 4,251 | |||||||||||
| Total current assets | 15,554 | 44,696 | |||||||||||
| Property, plant and equipment, net | 209,965 | 199,392 | |||||||||||
| Other assets | 15,600 | 15,214 | |||||||||||
| Total assets | $ | 241,119 | $ | 259,302 | |||||||||
| Liabilities and stockholders' deficit | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 29,903 | $ | 33,139 | |||||||||
| Current portion of long term debt | 266,106 | 63,745 | |||||||||||
| Short term borrowings | 20,609 | 26,789 | |||||||||||
| Other current liabilities | 26,747 | 20,295 | |||||||||||
| Total current liabilities | 343,365 | 143,968 | |||||||||||
| Total long term liabilities | 202,606 | 379,262 | |||||||||||
| Stockholders' deficit: | |||||||||||||
| Common stock | 65 | 51 | |||||||||||
| Additional paid-in capital | 336,814 | 305,329 | |||||||||||
| Accumulated deficit | (634,613 | ) | (562,942 | ) | |||||||||
| Accumulated other comprehensive loss | (7,118 | ) | (6,366 | ) | |||||||||
| Total stockholders' deficit | (304,852 | ) | (263,928 | ) | |||||||||
| Total liabilities and stockholders' deficit | $ | 241,119 | $ | 259,302 | |||||||||
| AEMETIS, INC. | ||||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | ||||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||
| EBITDA Calculation | 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net income (loss) | $ | (23,747 | ) | $ | (17,935 | ) | $ | (71,671 | ) | $ | (71,340 | ) | ||||||
| Adjustments | ||||||||||||||||||
| Interest and amortization expense | 12,962 | 11,759 | 39,008 | 34,020 | ||||||||||||||
| Depreciation expense | 2,326 | 2,274 | 7,033 | 6,121 | ||||||||||||||
| Accretion of Series A preferred units | 2,034 | 3,267 | 6,345 | 10,055 | ||||||||||||||
| Loss (gain) on asset disposal | (4 | ) | - | (4 | ) | 3,644 | ||||||||||||
| Share-based compensation | 1,385 | 1,982 | 5,126 | 6,928 | ||||||||||||||
| Income tax expense (benefit) | 6 | 274 | (7,306 | ) | 1,537 | |||||||||||||
| Gain on debt extinguishment | - | (162 | ) | - | (162 | ) | ||||||||||||
| Total adjustments | 18,709 | 19,394 | 50,202 | 62,143 | ||||||||||||||
| Adjusted EBITDA | $ | (5,038 | ) | $ | 1,459 | $ | (21,469 | ) | $ | (9,197 | ) | |||||||
| AEMETIS, INC. | ||||||||||||||
| PRODUCTION AND PRICE PERFORMANCE | ||||||||||||||
| (unaudited) | ||||||||||||||
| Three Months ended September 30, | Nine Months ended September 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| California Ethanol | ||||||||||||||
| Ethanol | ||||||||||||||
| Gallons sold (in millions) | 14.7 | 15.5 | 42.6 | 44.4 | ||||||||||
| Average sales price/gallon | $ | 2.13 | $ | 2.12 | $ | 2.04 | $ | 1.97 | ||||||
| Percent of nameplate capacity | 107 | % | 113 | % | 103 | % | 108 | % | ||||||
| WDG | ||||||||||||||
| Tons sold (in thousands) | 96 | 106 | 280 | 305 | ||||||||||
| Average sales price/ton | $ | 76 | $ | 84 | $ | 83 | $ | 90 | ||||||
| Delivered Cost of Corn | ||||||||||||||
| Bushels ground (in millions) | 5.0 | 5.5 | 14.4 | 15.6 | ||||||||||
| Average delivered cost / bushel | $ | 5.95 | $ | 6.07 | $ | 6.33 | $ | 6.25 | ||||||
| California Dairy Renewable Natural Gas | ||||||||||||||
| Renewable Natural Gas | ||||||||||||||
| MMBtu sold (in thousands) | 114.0 | 86.0 | 291.3 | 234.8 | ||||||||||
| Average price per MMBtu | $ | 3.45 | $ | 2.77 | $ | 3.24 | $ | 2.88 | ||||||
| RINs | ||||||||||||||
| RINs sold (in thousands) | 1,020.4 | 935.3 | 2,172.2 | 2,042.6 | ||||||||||
| Average price per RIN | $ | 2.37 | $ | 3.37 | $ | 2.50 | $ | 3.23 | ||||||
| LCFS | ||||||||||||||
| LCFS credits sold (in thousands) | 22.2 | 20.0 | 52.2 | 43.0 | ||||||||||
| Average price per LCFS credit | $ | 53.50 | $ | 43.00 | $ | 59.80 | $ | 55.16 | ||||||
| India Biodiesel | ||||||||||||||
| Biodiesel | ||||||||||||||
| Metric tons sold (in thousands) | 12.5 | 26.0 | 21.0 | 73.5 | ||||||||||
| Average Sales Price/Metric ton | $ | 1,112 | $ | 1,198 | $ | 1,117 | $ | 1,167 | ||||||
| Percent of Nameplate Capacity | 33.4 | % | 69.3 | % | 18.7 | % | 65.4 | % | ||||||
| Refined Glycerin | ||||||||||||||
| Metric tons sold (in thousands) | 0.5 | 1.5 | 0.6 | 5.4 | ||||||||||
| Average Sales Price/Metric ton | $ | 1,012 | $ | 720 | $ | 952 | $ | 621 | ||||||
FAQ
What were Aemetis (AMTX) Q3 2025 revenues and how did they change from Q2?
How will the $30M MVR system affect Aemetis (AMTX) cash flow?
What did Aemetis report for dairy biogas results in Q3 2025?
What is the status of Aemetis India biodiesel and IPO plans for AMTX?
What were Aemetis (AMTX) profits/losses for Q3 and the first nine months of 2025?
How much cash did Aemetis (AMTX) report at September 30, 2025?
