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Aemetis Reports Fourth Quarter and Full Year 2025 Results as Dairy RNG Platform Scales

  • Dairy renewable natural gas (RNG) production increased 61% year over year in the fourth quarter of 2025.
  • Aemetis Biogas segment net income reached $12.2 million in Q4 2025, with annual segment net income totaling $6.9 million.
  • Biogas segment annual revenues & production tax credits increased by 53% for the full year 2025.
  • Capital investments rose 28% to $26.0 million in 2025, funding dairy RNG expansion & ethanol plant energy efficiency upgrades.
  • Dairy digester projects generated $18 million in cash proceeds from the sale of investment tax credits during 2025.
  • Ethanol & biogas operations earned an additional $10.4 million from production tax credits in Q4 2025.
  • The MVR ethanol plant efficiency upgrade is expected to increase annual cash flow from operations by approximately $32 million after completion in 2026.
  • Full-year 2025 revenues were $197.6 million, & total income including production tax credits was $208.0 million.
  • The biogas platform operated 12 digesters in 2025, producing approximately 405,000 MMBtu of renewable natural gas.
  • The California Air Resource Board approved 7 new LCFS pathways for the biogas business, improving the average carbon intensity score to negative 380.
  • A $27 million agreement was signed with NPL to construct H2S & compression units for 15 new dairy digesters.
  • The California ethanol plant generated $158.3 million in revenue & production tax credits in 2025.
  • A Mechanical Vapor Recompression (MVR) system was contracted for the Keyes plant to reduce natural gas consumption & lower carbon intensity.
  • India biodiesel operations generated $29.7 million in revenue in 2025, utilizing 10% of the 80 million gallon annual capacity.
  • The India subsidiary appointed a new CFO with IPO experience & targets a public listing in 2026.
  • Q4 2025 gross profit was $7.7 million, compared to a gross loss of $2.0 million in Q4 2024.
  • Q4 2025 net loss was $5.3 million, an improvement from the $16.2 million net loss in Q4 2024.
  • Income tax benefits of $11.0 million in Q4 2025 reflected the sale of tax credits.
  • Cash on hand at the end of Q4 2025 was $4.9 million, up from $898 thousand in Q4 2024.
  • Full-year 2025 net loss was $77.0 million, compared to $87.5 million in 2024.
  • California Ethanol segment revenue decreased by $8.5 million in 2025 due to lower production associated with reduced corn grind levels.
  • India Biodiesel revenue decreased by $63.2 million in 2025 due to delays in follow-on tender sales.
  • Aemetis is implementing policy support from the One Big Beautiful Bill & California's October 2025 approval of year-round E15.