Aemetis Touts RNG Growth, $32M Cash Flow Upgrade

Dairy RNG Production Expands 61% in Q4

Aemetis (NASDAQ: AMTX) announced a 61% year-over-year increase in its Dairy Renewable Natural Gas (RNG) production for the fourth quarter of 2025, signaling strong momentum in its key growth segment. The company's biogas division was a standout performer, generating $12.2 million in net income during the quarter and $9.6 million in gross profit for the full year. This growth reflects the scaling of its California operations, where 12 dairy digesters produced approximately 405,000 MMBtu of renewable natural gas during 2025. The company invested $26 million in capital expenditures during the year to support this expansion and improve energy efficiency.

Net Loss Narrows as Upgrade Promises $32M Boost

While full-year 2025 revenue declined to $208 million from $268 million in 2024, primarily due to challenges in the India Biodiesel market, Aemetis demonstrated improving underlying profitability. The company's fourth-quarter net loss narrowed substantially to $5.3 million, compared to a $16.2 million loss in the same period of 2024. A key driver for future profitability is a Mechanical Vapor Recompression (MVR) system being installed at its Keyes, California ethanol plant. Upon completion in 2026, this efficiency upgrade is expected to increase annual cash flow from operations by approximately $32 million by reducing natural gas consumption.

Aemetis Eyes India IPO in 2026

Looking ahead, Aemetis is pursuing strategic initiatives to unlock further value, including a targeted 2026 public listing for its India biofuels subsidiary. The company has already appointed a new CFO with IPO experience to lead the effort. The move aims to capitalize on India's growing demand for renewable fuels. Management expressed confidence in its growth trajectory for the coming year.

With RNG production scaling, ethanol plant efficiency improvements underway, and federal clean fuel incentives beginning to be monetized, we believe Aemetis is positioned for meaningful growth in revenue and cash flow as we move through 2026.

— Eric McAfee, Chairman and CEO.