Aemetis Reports 41% Revenue Decline and Widened Net Loss in Q1 2025

Aemetis, Inc. reported a significant decline in financial performance for the first quarter of 2025, with total revenues of $42.9 million, down 41% from $72.6 million in the same period last year. The company's net loss widened to $24.5 million, compared to a loss of $24.2 million in the prior year. The decrease in revenue was primarily attributed to a substantial drop in biodiesel sales from its Kakinada plant in India, which generated only $2.7 million in revenue compared to $32.8 million in the previous year, as government purchases were paused until April 2025.

In contrast, the California Ethanol segment saw a slight increase in revenue, rising 4.6% to $37.7 million, driven by higher average sales prices for ethanol. The company sold 14.1 million gallons of ethanol at an average price of $1.98 per gallon, compared to $1.79 per gallon in the previous year. However, the California Dairy Renewable Natural Gas segment experienced a 35.6% decline in revenue, totaling $2.4 million, due to lower sales of D3 RINs and LCFS credits.

Operationally, Aemetis has been focusing on strategic developments, including the construction of additional dairy digesters and pipeline extensions to enhance its Renewable Natural Gas production. The company currently operates eleven digesters and has agreements with 50 dairies. Additionally, Aemetis is advancing its sustainable aviation fuel and renewable diesel production plant in Riverbank, California, which is expected to produce 90 million gallons per year. The company has received necessary permits and is progressing with engineering and development activities.

As of March 31, 2025, Aemetis reported total assets of $242.5 million, a decrease from $259.3 million at the end of 2024. Current liabilities increased to $174.6 million, up from $144.0 million, primarily due to a rise in the current portion of long-term debt. The company’s total debt stood at $336.3 million, slightly down from $338.1 million at the end of the previous year. Aemetis continues to face liquidity challenges, relying on its senior lender for extensions on debt maturities and exploring various financing options to meet its obligations.

Looking ahead, Aemetis aims to improve its financial performance by enhancing operational efficiencies at its Keyes Plant and expanding its Renewable Natural Gas production. The company plans to implement a mechanical vapor recompression project to reduce energy costs and carbon intensity, expected to be operational in the first half of 2026. Aemetis is also pursuing additional funding through equity sales and project-specific debt to support its growth initiatives and address its liquidity needs.