Stonegate Capital Partners Updates Coverage On Aemetis, Inc. (AMTX) Q3 2025

Rhea-AI Summary

Aemetis (NASDAQ: AMTX) reported 3Q25 revenue of $59.2M, up $7.0M sequentially, driven by stronger California ethanol pricing/volumes and $14.5M of India biodiesel orders.

Twelve operating dairy digesters produced 114,000 MMBtu and generated about $4.0M of revenue; CARB LCFS pathway approvals enabled full monetization of seven new pathways. Signed equipment and installation contracts total $57M year-to-date.

Capacity is expected to reach 550,000 MMBtu by year-end and target 1.0M MMBtu by FY27. Cash was $5.6M at quarter end while a $30M MVR project at Keyes is expected to add roughly $32M of annual cash flow; an initial ~$20M sale of 45Z and 48 credits is planned starting 4Q25.

Positive

• Revenue $59.2M, up $7.0M sequentially
• Signed $57M of equipment and installation contracts YTD
• Dairy RNG revenue ~$4.0M from 114,000 MMBtu
• Capacity target: 550,000 MMBtu by year-end; 1.0M MMBtu by FY27
• MVR project $30M expected to add ~$32M annual cash flow

Negative

• Cash balance only $5.6M at quarter end versus $30M MVR project cost
• Initial reliance on sale of ~ $20M of 45Z/48 credits starting 4Q25

Dallas, Texas--(Newsfile Corp. - November 14, 2025) - Aemetis, Inc. (NASDAQ: AMTX): Stonegate Capital Partners updates coverage on Aemetis, Inc. (NASDAQ: AMTX). Aemetis' third-quarter results underscore a strengthening Dairy RNG platform supported by CARB pathway approvals, incremental digesters, and favorable policy momentum. Twelve operating digesters produced 114,000 MMBtu in the quarter and generated about $4.0M of revenue, with biogas sales fully monetizing seven newly approved LCFS pathways. Revenue was $59.2M, up $7M sequentially on India OMC orders and firmer California ethanol pricing/volumes. Aemetis signed equipment and installation contracts totaling $57M year-to-date across dairy RNG and the MVR project. Capacity is currently expected to reach 550,000 MMBtus by year end and is expected to further increase to 1.0M MMBtus by FY27. Monetization avenues on energy production now include sale of RNG molecules, D3 RINs, and Section 45Z production tax credits, providing multiple levers for recurring cash generation.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Revenue was $59.2M in 3Q25, up $7.0M from 2Q25, supported by stronger California ethanol margins and $14.5M of India biodiesel sales.
• Dairy RNG generated about $4.0M of revenue on 114,000 MMBtu from 12 operating digesters, with fully monetized CARB LCFS pathways and an initial ~$20M sale of 45Z and 48 credits planned starting in 4Q25.
• Cash increased to $5.6M at quarter end as Aemetis advanced a $30M MVR project at Keyes expected to add roughly $32M of annual cash flow and improve long term plant economics.

Click image above to view full announcement.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274514

FAQ

What were Aemetis (AMTX) 3Q25 revenues and sequential change?

3Q25 revenue was $59.2M, up $7.0M sequentially versus 2Q25.

How much revenue did Aemetis earn from Dairy RNG in 3Q25 (AMTX)?

Dairy RNG generated about $4.0M of revenue from 114,000 MMBtu produced by 12 digesters.

What capacity targets did Aemetis announce for RNG (AMTX)?

Capacity is expected to reach 550,000 MMBtu by year-end and 1.0M MMBtu by FY27.

What is the size and expected impact of the Aemetis MVR project (AMTX)?

Aemetis advanced a $30M MVR project at Keyes, expected to add roughly $32M of annual cash flow.

How much cash did Aemetis have at the end of 3Q25 (AMTX)?

Aemetis reported a cash balance of $5.6M at quarter end.

What commercial contracts did Aemetis (AMTX) sign year-to-date?

Aemetis signed equipment and installation contracts totaling $57M year-to-date across dairy RNG and the MVR project.

When will Aemetis begin selling production tax credits and how much (AMTX)?

An initial sale of roughly $20M of 45Z and 48 credits is planned to start in 4Q25.