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Aemetis (AMTX) investor relations material

Aemetis Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 revenue reached $59.2 million, up $7 million sequentially, driven by India biodiesel and improved ethanol pricing and production in California, with operations spanning California Ethanol, California Dairy RNG, and India Biodiesel, plus SAF, renewable diesel, and carbon capture projects.

  • Focused on energy efficiency, carbon intensity reduction, and expansion of renewable fuel production and infrastructure, with significant investments in digesters, pipeline, and plant upgrades.

  • Operating loss narrowed sequentially, but Q3 2025 net loss was $23.7 million, compared to $17.9 million in Q3 2024.

  • Cash at quarter end was $5.6 million, up from $0.9 million at year-end 2024, after $4.1 million invested in carbon intensity reduction and RNG expansion.

Financial highlights

  • Q3 2025 revenue was $59.2 million, down from $81.4 million in Q3 2024 but up $7 million from Q2 2025; nine-month revenue was $154.3 million, down 30% year-over-year.

  • Gross loss for Q3 2025 was $58 thousand, compared to a $3.9 million gross profit in Q3 2024.

  • California Dairy RNG generated $4 million in Q3 2025 from 12 digesters, with 7 using CARB-approved LCFS pathways.

  • India Biodiesel contributed $14.5 million in Q3 2025 revenue, primarily from new OMC allocations.

  • Cash and cash equivalents at September 30, 2025, were $5.6 million.

Outlook and guidance

  • Multiple income streams from India, LCFS credits, and federal tax incentives expected to ramp up in Q4, positioning for a strong year-end and increased 45(z) income in 2026.

  • Anticipates strong positive cash flow in Q4 2025 and expanding in 2026 as new RNG projects come online and LCFS credit prices rise.

  • India subsidiary IPO targeted for early 2026, with plans to sell 20-25% at a valuation between $100M-$300M.

  • Plans to optimize plant operations, reduce natural gas use, and monetize new Section 45Z tax credits for both ethanol and RNG.

  • Substantial doubt remains about ability to continue as a going concern due to high debt and negative cash flow.

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Frequently asked questions

Aemetis Inc is a renewable fuels and biochemical company that develops and operates biofuel and biogas production facilities. The company produces ethanol, biodiesel, and renewable natural gas using agricultural and waste feedstocks. It serves transportation, industrial, and utility markets. Aemetis Inc is headquartered in Cupertino, California, and its shares are listed on the NASDAQ.

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