Aemetis Reports 21.5% Revenue Decline and $23.4 Million Net Loss in Q2 2025

Aemetis, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenues of $52.2 million, down 21.5% from $66.6 million in the same period last year. The company's net loss for the quarter was $23.4 million, compared to a loss of $29.2 million in the prior year. For the first half of 2025, revenues totaled $95.1 million, a decrease of 31.7% from $139.2 million in the first half of 2024, with a net loss of $47.9 million compared to a loss of $53.4 million in the previous year.

The decline in revenue was primarily attributed to reduced sales in the India Biodiesel segment, which saw a staggering 74.6% drop, generating only $14.6 million compared to $57.6 million in the prior year. The California Ethanol segment also experienced a slight decrease in revenue, while the California Dairy Renewable Natural Gas segment reported a 90.9% increase in revenue, reflecting growth in renewable natural gas sales. The overall gross loss for the quarter was $3.4 million, worsening from a loss of $1.8 million in the same quarter last year.

Operationally, Aemetis has been focusing on strategic developments, including the construction of additional dairy digesters and a new renewable natural gas production facility. The company currently operates eleven digesters and has agreements with 50 dairies, with plans to expand further. Additionally, Aemetis is developing a sustainable aviation fuel and renewable diesel production plant in Riverbank, California, which is expected to produce 90 million gallons per year. The company has also made progress in its carbon capture and underground sequestration projects, which are designed to reduce greenhouse gas emissions.

As of June 30, 2025, Aemetis reported total assets of $240 million, down from $259.3 million at the end of 2024. The company’s current liabilities surged to $321.9 million, compared to $144 million at the end of the previous year, largely due to increased short-term borrowings. The total debt stood at $344.2 million, reflecting a slight increase from $338.1 million at the end of 2024. The company continues to face liquidity challenges, with a current ratio of 0.06, indicating that it may struggle to meet its short-term obligations without refinancing or additional funding.

Looking ahead, Aemetis is implementing several strategies to improve liquidity, including optimizing operations at its Keyes Plant, expanding renewable natural gas production, and monetizing new tax credits. The company is also exploring additional financing options to support its growth initiatives. However, the substantial debt load and reliance on its senior lender raise concerns about its ability to continue as a going concern over the next twelve months.