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AMTX

Aemetis, Inc.

AMTX

Aemetis, Inc. • NASDAQ
$1.73 ▲ 2.37% (+0.04)
Market Cap $113.43 M
52w High $4.15
52w Low $1.22
Dividend Yield 0%
P/E -1.12
Volume 349.32K
Outstanding Shares 65.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $59.19M ▲ $8.45M ▲ $-23.747M ▼ -40.12% ▲ $-0.373 ▲ $-7.633M ▼
Q2-2025 $52.243M ▲ $7.319M ▼ $-23.395M ▲ -44.781% ▲ $-0.41 ▲ $-7.052M ▲
Q1-2025 $42.886M ▼ $10.475M ▼ $-24.529M ▼ -57.196% ▼ $-0.47 ▼ $-17.925M ▼
Q4-2024 $47.004M ▼ $11.436M ▲ $-16.197M ▲ -34.459% ▼ $-0.36 ▲ $-15.27M ▼
Q3-2024 $81.441M $7.75M $-17.935M -22.022% $-0.38 $-5.279M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.584M ▲ $241.119M ▲ $545.971M ▲ $-304.852M ▼
Q2-2025 $1.645M ▲ $240.016M ▼ $529.271M ▲ $-289.255M ▼
Q1-2025 $499K ▼ $242.518M ▼ $523.213M ▼ $-280.695M ▼
Q4-2024 $898K ▲ $259.302M ▲ $523.23M ▲ $-263.928M ▼
Q3-2024 $296K $247.425M $506.334M $-258.909M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-23.747M ▼ $3.068M ▲ $-4.091M ▼ $5.13M ▼ $3.962M ▲ $-1.023M ▲
Q2-2025 $-23.395M ▲ $-5.737M ▼ $-3.114M ▼ $10.016M ▲ $1.144M ▲ $-9.262M ▼
Q1-2025 $-24.529M ▼ $160K ▲ $-1.825M ▲ $1.252M ▼ $-407K ▼ $-1.665M ▲
Q4-2024 $-16.197M ▲ $-12.577M ▼ $-3.724M ▲ $16.823M ▲ $538K ▲ $-19.361M ▼
Q3-2024 $-17.935M $-4.98M $-4.49M $9.051M $-449K $-9.47M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Ethanol Sales
Ethanol Sales
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Wet Distillers Grains Sales
Wet Distillers Grains Sales
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Aemetis is still very much in the “build and invest” phase rather than the “earn steady profits” phase. Revenue has stayed relatively small and uneven over the last five years, without a clear, strong growth trend. Gross profit hovers around breakeven, meaning the core fuel operations do not yet generate much surplus after direct costs. Operating results have been consistently negative, and net losses are sizable every year, with earnings per share deeply in the red. There was a brief improvement in losses, but they widened again most recently, suggesting profitability is not yet in sight and margins remain under pressure.

Balance Sheet

Balance Sheet The balance sheet is thin and highly stretched. The company’s asset base is modest, cash on hand is minimal, and debt has risen over time to a level that exceeds total assets. Shareholders’ equity is negative and has been negative for several years, which means the company has a deficit rather than a cushion. This structure points to a leveraged, financially fragile position that depends heavily on lenders and capital markets to support ongoing operations and project build‑outs.

Cash Flow

Cash Flow Cash flow mirrors the income statement stress. Operating cash flow has been weak, slipping in and out of slightly positive territory but mostly negative, showing the underlying business consumes cash rather than generating it. Free cash flow has been consistently negative because the company is spending on new projects and equipment while not yet earning enough to cover those outlays. In practice, this means Aemetis needs continued external funding—debt, equity, or both—to execute its growth plans and to bridge the gap until projects mature.

Competitive Edge

Competitive Edge Competitively, Aemetis is trying to carve out a differentiated niche in ultra‑low and negative‑carbon fuels rather than competing head‑on with large oil and gas companies on traditional products. Its strengths lie in vertical integration (owning or controlling dairy digesters and waste‑wood supply), a heavy focus on regulatory credits, and a strong presence in California, a market rich in clean‑fuel incentives. Its integrated system—dairy renewable gas, cellulosic hydrogen, sustainable aviation fuel, and carbon capture—is complex and not easy to copy. At the same time, the company is small, capital‑intensive, and exposed to policy changes and project execution risks, especially when competing against much larger, better‑funded players entering the same low‑carbon space.

Innovation and R&D

Innovation and R&D Innovation is the core of the Aemetis story. The “Carbon Zero” concept ties together several advanced technologies: capturing methane from dairies, turning waste wood into hydrogen, producing sustainable aviation fuel and renewable diesel, and then layering on carbon capture to drive fuel carbon scores below zero. The company is also upgrading existing plants with cleaner power and efficiency measures. Major future value hinges on successfully completing and ramping large projects like the Riverbank sustainable aviation fuel plant and the expanding dairy gas network. These efforts are promising but technically and financially demanding, with meaningful uncertainty around costs, timelines, and regulatory support.

Summary

Overall, Aemetis looks more like an early‑stage project developer in renewable fuels than a mature refiner. The financials show persistent losses, a heavily leveraged and deficit balance sheet, and continuing cash burn driven by investment in new facilities. The strategic vision is ambitious: build a tightly integrated, carbon‑negative fuel platform that benefits from powerful environmental incentives and long‑term demand for cleaner fuels, especially aviation. The main opportunities are tied to scaling these projects, locking in long‑term fuel offtake agreements, and preserving favorable policies. The main risks center on financing, construction and execution challenges, ongoing cash needs, and exposure to changes in clean‑fuel regulations. The investment case is therefore highly dependent on future project delivery and regulatory stability rather than current financial strength.

NEWS

November 14, 2025 · 9:28 AM UTC

Stonegate Capital Partners Updates Coverage On Aemetis, Inc. (AMTX) Q3 2025

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November 6, 2025 · 8:02 AM UTC

Aemetis Reports Third Quarter 2025 Financial Results

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October 31, 2025 · 8:05 AM UTC

Aemetis to Review Third Quarter 2025 Financial Results on November 6, 2025

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October 31, 2025 · 8:00 AM UTC

Aemetis to Review Third Quarter 2025 Financial Results on November 6, 2025

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October 7, 2025 · 8:02 AM UTC

Aemetis California Ethanol Plant Drives Substantial Carbon Intensity Reduction using Praj Low-Carbon MVR System

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