Dairy RNG production increased 61% year over year in Q4 2025; ethanol plant efficiency upgrade expected to increase plant cash flow from operations by approximately
- Aemetis Biogas segment net income increased to
$12.2 million in Q4 2025 - Aemetis Biogas segment increased annual revenues and production tax credits by 53%
- Dairy RNG production increased 61% year over year in Q4 2025
- Aemetis Biogas achieved annual segment net income of
$6.9 million - Capital investments increased 28% over the prior year to
$26.0 million , supporting dairy RNG expansion and ethanol plant energy efficiency upgrades - Dairy digester projects generated cash proceeds of
$18 million during 2025 from the sale of investment tax credits - Ethanol and Biogas operations generated additional income of
$10.4 million from production tax credits during the fourth quarter of 2025 - MVR ethanol plant efficiency upgrade expected to increase cash flow from operations by approximately
$32 million annually after completion in 2026
“Revenues for the full year of 2025 were
"In addition to achieving important operational milestones during 2025 in all of the business segments, the dairy RNG segment generated net income of
The Aemetis Dairy RNG platform continued to scale during 2025, reaching 12 operating digesters that produced approximately 405,000 MMBtu of renewable natural gas during the year.
Biogas segment:
$15 million of RNG revenue$5 million of production tax credits$18 million of investment tax credit proceeds
Dairy RNG production increased 61% year over year in the fourth quarter, reflecting continued expansion of the company’s dairy digester network.
- The California Air Resource Board approved 7 new Low Carbon Fuel Standard (LCFS) pathways for our
Renewable Natural Gas business, increasing from the negative 150 default value to an average carbon intensity score of negative 380. - Signed
$27 million agreement with NPL to construct H2S and compression units for 15 new dairy digesters.
Ethanol segment:
The
During the year, the company signed an agreement with
When completed, the MVR system is expected to:
- Reduce natural gas consumption
- Lower the carbon intensity of ethanol production
- Increase plant cash flow from operations by approximately
$32 million per year
India Biofuels:
The
Appointed a new CFO with IPO experience for our
These accomplishments demonstrate Aemetis’ successful progress in advancing sustainable energy solutions and contributing towards a lower-carbon economy.
Today,
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For the presentation and details on the call, please visit http://www.aemetis.com/investors/conference-calls/.
Financial Results for the Three Months Ended
Revenues and production tax credits were
Cost of Goods Sold decreased from
Gross profit for the fourth quarter of 2025 was
Selling, general and administrative expenses fell from
Operating loss was
Net loss was
Income tax benefit reflects the sale of
Cash at the end of the fourth quarter of 2025 was
Financial Results for the Twelve Months Ended
Revenues and production tax credits were
Cost of Goods Sold decreased to
Gross loss for the twelve months ended
Selling, general and administrative expenses improved at
Operating loss was
Income tax benefit of
Net loss was
Cash at the end of the fourth quarter of 2025 was
About
Headquartered in
Company Contact:
Chief Financial Officer
(408) 213-0925
twaltz@aemetis.com
External Investor Relations Contact:
(646) 863-6519
ksmith@pcgadvisory.com
Non-GAAP Financial Information
We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, gain on debt extinguishment, bad debt expense, income tax expense or benefit, intangible and other amortization expense, accretion expense, depreciation expense, loss on asset disposal and share-based compensation expense.
Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results, budgeting, and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our
(Tables follow)
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||
| For the three months ended | For the Years Ended | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenues | $ | 43,307 | $ | 47,004 | $ | 197,626 | $ | 267,640 | |||||||||||
| Production tax credits | 10,355 | - | 10,355 | - | |||||||||||||||
| Cost of goods sold | 45,937 | 49,044 | 208,749 | 268,220 | |||||||||||||||
| Gross profit (loss) | 7,725 | (2,040 | ) | (768 | ) | (580 | ) | ||||||||||||
| Selling, general and administrative expenses | 10,206 | 11,436 | 36,450 | 39,836 | |||||||||||||||
| Operating loss | (2,481 | ) | (13,476 | ) | (37,218 | ) | (40,416 | ) | |||||||||||
| Other expense (income): | |||||||||||||||||||
| Interest expense | |||||||||||||||||||
| Interest rate expense | 12,063 | 11,066 | 46,205 | 40,158 | |||||||||||||||
| Debt related fees and amortization expense | 1,876 | 1,571 | 6,707 | 6,463 | |||||||||||||||
| Accretion and other expenses of Series A preferred units | 1,881 | 2,643 | 8,226 | 12,698 | |||||||||||||||
| Other income | (1,530 | ) | (190 | ) | (2,608 | ) | (1,366 | ) | |||||||||||
| Loss before income taxes | (16,771 | ) | (28,566 | ) | (95,748 | ) | (98,369 | ) | |||||||||||
| Income tax benefit | (11,441 | ) | (12,369 | ) | (18,747 | ) | (10,832 | ) | |||||||||||
| Net loss | $ | (5,330 | ) | $ | (16,197 | ) | $ | (77,001 | ) | $ | (87,537 | ) | |||||||
| Net loss per common share | |||||||||||||||||||
| Basic | $ | (0.08 | ) | $ | (0.36 | ) | $ | (1.28 | ) | $ | (1.91 | ) | |||||||
| Diluted | $ | (0.08 | ) | $ | (0.36 | ) | $ | (1.28 | ) | $ | (1.91 | ) | |||||||
| Weighted average shares outstanding | |||||||||||||||||||
| Basic | 65,785 | 45,612 | 59,982 | 45,902 | |||||||||||||||
| Diluted | 65,785 | 45,612 | 59,982 | 45,902 | |||||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 4,894 | $ | 898 | ||||||||
| Accounts receivable | 484 | 1,805 | ||||||||||
| Inventories | 11,627 | 25,442 | ||||||||||
| Tax credit sale receivable | - | 12,300 | ||||||||||
| Prepaid and other current assets | 9,867 | 4,251 | ||||||||||
| Total current assets | 26,872 | 44,696 | ||||||||||
| Property, plant and equipment, net | 219,717 | 199,392 | ||||||||||
| Other assets | 13,252 | 15,214 | ||||||||||
| Total assets | $ | 259,841 | $ | 259,302 | ||||||||
| Liabilities and stockholders' deficit | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 23,418 | $ | 33,139 | ||||||||
| Current portion of long term debt | 279,143 | 63,745 | ||||||||||
| Short term borrowings | 38,726 | 26,789 | ||||||||||
| Other current liabilities | 29,971 | 20,295 | ||||||||||
| Total current liabilities | 371,258 | 143,968 | ||||||||||
| Total long term liabilities | 195,414 | 379,262 | ||||||||||
| Stockholders' deficit: | ||||||||||||
| Common stock | 66 | 51 | ||||||||||
| Additional paid-in capital | 340,402 | 305,329 | ||||||||||
| Accumulated deficit | (639,943 | ) | (562,942 | ) | ||||||||
| Accumulated other comprehensive loss | (7,356 | ) | (6,366 | ) | ||||||||
| Total stockholders' deficit | (306,831 | ) | (263,928 | ) | ||||||||
| Total liabilities and stockholders' deficit | $ | 259,841 | $ | 259,302 | ||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | |||||||||||||||||
| (in thousands, unaudited) | |||||||||||||||||
| For the three months ended | For the years ended | ||||||||||||||||
| EBITDA Calculation | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (5,330 | ) | $ | (16,197 | ) | $ | (77,001 | ) | $ | (87,537 | ) | |||||
| Adjustments | |||||||||||||||||
| Interest and amortization expense | 13,950 | 12,637 | 52,958 | 46,621 | |||||||||||||
| Depreciation expense | 2,546 | 2,230 | 9,579 | 8,387 | |||||||||||||
| Impairment of Intangible assets | 43 | - | 43 | - | |||||||||||||
| Accretion of Series A preferred units | 1,881 | 2,643 | 8,226 | 12,698 | |||||||||||||
| Share-based compensation | 845 | 1,386 | 5,971 | 8,314 | |||||||||||||
| Bad debt expense | 385 | - | 385 | - | |||||||||||||
| Gain on liability/debt extinguishment | (1,007 | ) | - | (1,007 | ) | (162 | ) | ||||||||||
| Income tax expense (benefit) | (11,441 | ) | (12,369 | ) | (18,747 | ) | (10,832 | ) | |||||||||
| Loss (gain) on asset disposal | - | 58 | (4 | ) | 3,702 | ||||||||||||
| Total adjustments | 7,202 | 6,585 | 57,404 | 68,728 | |||||||||||||
| Adjusted EBITDA | $ | 1,872 | $ | (9,612 | ) | $ | (19,597 | ) | $ | (18,809 | ) | ||||||
| PRODUCTION AND PRICE PERFORMANCE | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months ended | Years ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| California Ethanol | |||||||||||||||
| Ethanol | |||||||||||||||
| Gallons sold (in millions) | 14.3 | 15.7 | 57.0 | 60.6 | |||||||||||
| Average sales price/gallon | 2.01 | 1.93 | 2.03 | 1.96 | |||||||||||
| Percent of nameplate capacity | 104 | % | 114 | % | 104 | % | 110 | % | |||||||
| WDG | |||||||||||||||
| Tons sold (in thousands) | 94 | 106 | 374 | 411 | |||||||||||
| Average sales price/ton | $ | 73 | $ | 83 | $ | 80 | $ | 88 | |||||||
| Delivered Cost of Corn | |||||||||||||||
| Bushels ground (in millions) | 4.9 | 5.4 | 19.3 | 21.0 | |||||||||||
| Average delivered cost / bushel | $ | 5.90 | $ | 6.08 | $ | 6.22 | $ | 6.21 | |||||||
| Renewable Natural Gas | |||||||||||||||
| MMBtu sold (in thousands) | 108 | 67 | 399 | 302 | |||||||||||
| Average price per MMBtu | $ | 3.60 | $ | 3.45 | $ | 3.34 | $ | 3.01 | |||||||
| RINs | |||||||||||||||
| RINs sold (in thousands) | 1287 | 987 | 3459 | 3030 | |||||||||||
| Average price per RIN | $ | 2.52 | $ | 2.65 | $ | 2.50 | $ | 3.04 | |||||||
| LCFS | |||||||||||||||
| LCFS credits sold (in thousands) | 31 | 9 | 83 | 52 | |||||||||||
| Average price per LCFS credit | $ | 53 | $ | 65 | $ | 57 | $ | 57 | |||||||
| India Biodiesel | |||||||||||||||
| Biodiesel | |||||||||||||||
| Metric tons sold (in thousands) | 0.02 | 0.7 | 21 | 74 | |||||||||||
| Average Sales Price/Metric ton | $ | 1,055 | $ | 1,227 | $ | 1,117 | $ | 1,168 | |||||||
| Percent of Nameplate Capacity | 0.1 | % | 1.8 | % | 14 | % | 50 | % | |||||||
| Refined Glycerin | |||||||||||||||
| Metric tons sold (in thousands) | 0.5 | 1.1 | 1 | 7 | |||||||||||
| Average Sales Price/Metric ton | $ | 1,214 | $ | 761 | $ | 1,093 | $ | 645 | |||||||
