Aemetis Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 27% revenue growth, positive gross profit, and improved operating loss, driven by all segments. Major capital projects advanced, India biodiesel rebounded, and new LCFS pathways boosted RNG revenue. Outlook is strong with catalysts in credit markets, MVR, and India IPO.
Fiscal Year 2025
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Q4 2025 saw improved profitability, with strong growth in dairy RNG and progress on the Keyes ethanol plant upgrade. Rising LCFS and 45Z credits, plus India expansion and IPO plans, position the business for higher cash flow in 2026.
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Q3 2025 revenue rose to $59.2M, driven by India biodiesel and California ethanol, with improved margins and a narrowed operating loss. Dairy RNG capacity expanded, and major projects in ethanol, SAF, and carbon capture advanced. Regulatory and tax credit developments are expected to boost cash flow in Q4 and 2026.
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Q2 2025 revenue rose to $52.2M, driven by India biodiesel and RNG growth, with net loss flat year-over-year. Regulatory changes and new tax credits are expected to boost cash flow in H2 2025 and 2026, while refinancing and an India IPO are underway to support expansion.
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Q1 2025 saw revenues fall to $42.9M due to delayed India biodiesel contracts, but shipments have resumed and a rebound is expected. Dairy RNG and ethanol segments are scaling, with regulatory and policy tailwinds set to drive significant revenue and margin growth in H2 2025 and beyond.
Fiscal Year 2024
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Revenue grew 43% year-over-year to $268M, but net loss widened to $87.5M due to higher costs and regulatory delays. Biogas and ethanol segments are expanding, with new policy support and tax credits expected to drive future growth. LCFS and OMC tender delays remain key risks.
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Q3 2024 saw revenue rise to $81.4M, with improved gross profit and narrowed operating loss. Regulatory changes in California and federal tax credits are set to boost future revenues, while RNG and India biodiesel segments continue to expand.
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Q2 2024 revenue rose 48% year-over-year to $66.6M, but net loss widened to $29.2M. Regulatory changes and operational upgrades are expected to drive over $50M in annual positive cash flow from 2025, with strong growth in biogas and India biodiesel segments.