AEMETIS, INC SEC 10-Q Report
Aemetis, Inc., a renewable fuels and biochemicals company, has released its Form 10-Q report for the second quarter of 2025. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting the challenges and strategic initiatives undertaken during the period.
Financial Highlights
Revenues: $52.243 million, a decrease of 21.5% compared to the same period in 2024, primarily due to lower sales in the California Ethanol and India Biodiesel segments.
Gross Loss: $(3.355) million, an increase of 85.8% compared to the same period in 2024, mainly due to decreased sales volume and increased feedstock costs in the India Biodiesel segment.
Operating Loss: $(10.674) million, an improvement from $(13.606) million in the same period in 2024, reflecting reduced selling, general, and administrative expenses.
Net Loss: $(23.395) million, an improvement from $(29.174) million in the same period in 2024, due to reduced operating expenses and lower accretion expenses of Series A preferred units.
Net Loss Per Common Share - Basic: $(0.41), an improvement from $(0.66) in the same period in 2024, reflecting the impact of reduced net loss and increased weighted average shares outstanding.
Business Highlights
California Ethanol Segment Performance
The California Ethanol segment operates a 65 million gallon per year ethanol production facility in Keyes, California. For the three months ended June 30, 2025, the segment generated 74.4% of its revenue from ethanol sales, with the remainder from Wet Distillers Grains (WDG), Corn Oil, Condensed Distillers Solubles (CDS), and CO₂. The plant sold 13.8 million gallons of ethanol and 91 thousand tons of WDG, reflecting a decrease in sales volume due to a strategic reduction in production to optimize yields.
California Dairy Renewable Natural Gas Segment Performance
This segment includes the production and sale of Renewable Natural Gas (RNG) and associated environmental attributes. During the three months ended June 30, 2025, the segment sold 106.4 thousand MMBtu of RNG and generated revenue from D3 RINs and LCFS credits. The increase in sales was attributed to the operation of eleven digesters and the approval of provisional LCFS pathways for seven dairy locations.
India Biodiesel Segment Performance
The India Biodiesel segment operates an 80 million gallon per year biodiesel production plant in Kakinada, India. For the three months ended June 30, 2025, the segment generated 80% of its revenue from biodiesel sales, with the remainder from other sales. The decrease in revenue was due to delays in receiving tender contracts from Oil Marketing Companies and a shift to a fixed price purchase model.
New Production Launches
The company is actively expanding its California Dairy Renewable Natural Gas segment with several additional dairy digesters under construction. The company has agreements with a total of 50 dairies and is constructing an additional 24 miles of biogas pipeline.
Future Outlook for California Ethanol
The company plans to continue optimizing operations at the Keyes Plant, including the installation of a Mechanical Vapor Recompression (MVR) system to reduce natural gas consumption and lower ethanol carbon intensity. This project is expected to be operational in the first half of 2026.
Future Outlook for California Dairy Renewable Natural Gas
The company plans to increase cash flow by constructing new dairy digesters and increasing LCFS credit revenue. The recent approval of provisional LCFS pathways is expected to significantly boost revenue from biogas production.
Future Outlook for India Biodiesel
The company plans to continue sales to government-owned Oil Marketing Companies and expand operations with a potential public stock offering of its India subsidiary. The India business is expected to maintain self-sustaining cash flow.
Geographical Performance
The California Ethanol segment primarily serves local dairies and feedlots, while the India Biodiesel segment caters to government-owned Oil Marketing Companies. The company is expanding its presence in California with additional digesters and pipeline infrastructure.
SEC Filing: AEMETIS, INC [ AMTX ] - 10-Q - Aug. 07, 2025