Aemetis, Inc.

What they do

{ "headline": "Aemetis is a Cupertino-based renewable fuels producer operating a California ethanol plant, a central California dairy biogas-to-RNG network, and a biodiesel plant in Kakinada, India.", "what_they_do": "Aemetis owns and operates a 65-million-gallon-per-year ethanol plant in Keyes, California that also sells wet distillers grains, distillers corn oil, condensed distillers solubles, and captured CO2. In central California it runs twelve anaerobic dairy digesters and a 36-mile biogas collection pipeline feeding a central RNG upgrading facility with utility pipeline interconnection. In India it operates a Kakinada biodiesel plant with roughly 80 million gallons per year of capacity that also refines glycerin.", "revenue_drivers": [ { "name": "California Ethanol", "detail": "Keyes Plant ethanol sales plus byproducts sold to local dairies and feedlots; in Q2 2026 ethanol gallons sold were 15.5 million at an average price of $2.19 per gallon, and the segment recognized $6.5 million of Section 45Z production tax credits." }, { "name": "California Dairy Renewable Natural Gas", "detail": "RNG produced from dairy waste and injected into the utility gas pipeline; Q2 2026 volumes were 146,900 MMBtu, up 38% year over year, and the segment recognized $2.1 million of Section 45Z credits." }, { "name": "India Biodiesel", "detail": "Distilled biodiesel and refined glycerin from the Kakinada plant; Q2 2026 biodiesel sales fell to $2.5 million on a lack of new purchases by OMC customers in India." }, { "name": "Production tax credits and LCFS credits", "detail": "Section 45Z PTCs were recognized as $8.6 million of Q2 2026 revenue across the Ethanol and Dairy RNG segments; management also cites seven approved LCFS provisional pathways averaging a negative 380 CI score." } ], "recent_performance": "Q2 2026 revenue was $62.7 million, up 20% from $52.2 million in Q2 2025, including $8.6 million of Section 45Z tax credits. Gross profit was $13.5 million versus a gross loss of $3.4 million a year earlier, and operating income was $5.8 million, a $16.4 million improvement. Net loss was $9.4 million, an improvement of $14.0 million, and adjusted EBITDA was $9.7 million, up $15.5 million. Dairy RNG volumes rose 38% to 146,900 MMBtu and ethanol volumes rose 12% to 15.5 million gallons at a 9% higher average price. For the full year 2025, revenue was $197.6 million with a net loss of $77.0 million." }, "strategy": "At the Keyes Plant, Aemetis is procuring and installing a mechanical vapor recompression system it expects to cut natural gas consumption by more than 80%, and it is expanding corn oil production. In Dairy RNG it plans to build additional digesters and expand its upgrading hub, targeting 550,000 MMBtu per year from current projects and about 1.6 million MMBtu annually over the next several years, and it is building its own RNG dispensing station planned to begin operating in 2026. The company continues to evaluate cellulosic and other lower-carbon feedstocks for ethanol and says it will pursue biodiesel sales in India under government policy changes. It also references carbon capture sequestration projects, grants, and EB-5 financing among its forward-looking plans." , "risks": [ { "title": "No history of profitability", "detail": "Aemetis reported net losses of $77.0 million in 2025 and $87.5 million in 2024, and had an accumulated deficit of approximately $639.9 million as of December 31, 2025, with no assurance of consistent profitability." }, { "title": "Negative shareholder equity and thin cash", "detail": "Shareholder equity was negative $322.1 million and cash and equivalents $973,000 at June 30, 2026, so operations and growth depend on continued external financing." }, { "title": "Debt service burden", "detail": "The company recognized $46.2 million of interest expense and $8.2 million of Series A preferred unit accretion in 2025, and long-term debt stood at $61.7 million at June 30, 2026." }, { "title": "Dependence on policy credits and incentives", "detail": "Q2 2026 results include $8.6 million of Section 45Z production tax credits, and management cites LCFS pathways and other government incentives, making revenue sensitive to changes in those programs." } ], "outlook": "Management says two additional dairy digesters are expected to be commissioned in the third quarter of 2026 and that six more biogas pathways are nearing approval, which it expects to support continued biogas revenue growth. It points to the mechanical vapor recompression project at Keyes, expanded corn oil production, and 2026 start of its own RNG dispensing station. The company also cites continued growth and a renewed Indian government focus on biofuels for the India Biodiesel subsidiary." , "key_facts": [ { "label": "Q2 2026 revenue", "value": "$62.7 million, up 20% year over year" }, { "label": "Q2 2026 net loss", "value": "$9.4 million, an improvement of $14.0 million" }, { "label": "Dairy RNG volume", "value": "146,900 MMBtu in Q2 2026, up 38%" }, { "label": "Balance sheet at 2026-06-30", "value": "Cash $973,000; total assets $289.2 million; shareholder equity negative $322.1 million; long-term debt $61.7 million" } ] }