Aemetis, Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2025, with total revenues of $197.6 million, down 26% from $267.6 million in 2024. The company experienced a net loss of $77.0 million, an improvement from the previous year's loss of $87.5 million. The decrease in revenue was primarily attributed to a substantial drop in biodiesel sales in India, which fell by 71.6% to 21,000 metric tons, largely due to delays in contract execution with government Oil Marketing Companies (OMCs). In contrast, the California Dairy Renewable Natural Gas segment saw a 13% increase in revenue, driven by higher production and sales of Renewable Natural Gas (RNG).
Operationally, Aemetis has made strides in expanding its production capabilities. The California Ethanol segment operated at 104% of its nameplate capacity, producing 57 million gallons of ethanol, while the RNG segment increased its gas sales by 32.1% to 399,000 MMBtu. The company also began earning Section 45Z production tax credits in 2025, generating $10.4 million in tax credit income, which contributed to a reduction in gross losses across its segments. However, the overall gross loss for the company was $768,000, reflecting challenges in the biodiesel segment.
Strategically, Aemetis is focused on enhancing its operational efficiency and expanding its market presence. The company is in the process of constructing a Mechanical Vapor Recompression (MVR) system at its Keyes Plant, expected to significantly reduce natural gas consumption and lower carbon intensity. Additionally, Aemetis is actively pursuing the construction of new dairy digesters to increase RNG production and has received provisional pathway approvals from the California Air Resources Board, which will enhance its ability to generate LCFS credits.
Looking ahead, Aemetis faces substantial challenges, including a high level of indebtedness, with total liabilities amounting to $381.8 million as of December 31, 2025. The company has indicated that it will need to refinance its debt, which is currently due on demand, to continue operations. Management has expressed concerns about the company's ability to sustain operations without additional financing, given its reliance on cash from operations and the volatility of the renewable fuels market. The outlook remains cautious, with substantial doubt about the company's ability to continue as a going concern over the next twelve months unless it can secure necessary funding and improve operational cash flows.
About AEMETIS, INC
Aemetis, Inc. is a renewable fuels company based in Cupertino, California, focused on producing low and negative carbon intensity fuels. Key products include ethanol, renewable natural gas (RNG), and biodiesel, with significant operations in California and India. The company targets the growing demand for sustainable energy solutions, leveraging agricultural waste. Aemetis is advancing initiatives in sustainable aviation fuel and carbon capture, aiming to enhance its market position and reduce greenhouse gas emissions.
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