Aemetis (AMTX) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue plus tax credits rose to $53.7 million from $47 million year-over-year, with gross profit improving to $7.7 million from a $2 million loss.

• Net loss for Q4 improved to $5.3 million from $16.2 million, and full-year net loss improved to $77 million from $87.5 million in 2024.

• Dairy RNG production rose 61% year-over-year in Q4 2025, with 12 operating digesters producing 405,000 MMBtu annually and achieving positive segment net income and EBITDA.

• Mechanical vapor recompression (MVR) upgrade at the Keyes ethanol plant is expected to increase annual cash flow by $32 million upon completion in 2026.

• India biodiesel facility generated $29.7 million in revenue, with expansion into biogas and sustainable aviation fuel underway and IPO planned for 2026.

Financial highlights

• Q4 2025 operating loss improved to $2.5 million from $13.5 million year-over-year.

• Full-year 2025 revenue plus tax credits was $208 million, down from $268 million in 2024.

• Ethanol and RNG operations generated $10.3 million in production tax credits in Q4.

• Cash at year-end 2025 was $4.9 million, up from $898 thousand at year-end 2024.

• Adjusted EBITDA for 2025 was $(19.6) million, compared to $(18.8) million in 2024.

Outlook and guidance

• RNG production expected to grow in 2026 as more dairy digesters come online, with equipment contracted for 15 digesters.

• MVR system at Keyes ethanol plant to be completed in 2026, reducing natural gas use by 80% and boosting cash flow.

• Focus on scaling production, monetizing environmental credits, completing India IPO, and long-term debt refinancing.

• Cash flow for 2026 expected to significantly exceed 2025, driven by 45Z credits and rising LCFS prices.

• California legislative approval of year-round E15 in October 2025 could expand the ethanol market by 50%.