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AEMETIS, INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-0.4%Gross margin3
-18.8%Operating margin3
-39.0%Net margin3
-26.2%Revenue growth, 20253
-$22.7MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
California Ethanol brought in 78% of the revenue AEMETIS, INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| California Ethanol | $161.8M | $153.2M |
| India Biodiesel | $92.8M | $29.7M |
| California Dairy Renewable Natural Gas | $13.0M | $14.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue66¢$208.7M
- Selling, general and admin12¢$36.5M
- Interest17¢$52.9M
- Income tax6¢$18.7M
Out of $197.6M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$26.0M
Out of $3.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues | $197.6M | $267.6M |
| Production tax credits | $10.4M | $0 |
| Cost of goods sold | $208.7M | $268.2M |
| Gross loss | -$768.0K | -$580.0K |
| Selling, general and administrative expenses | $36.5M | $39.8M |
| Operating loss | -$37.2M | -$40.4M |
| Interest rate expense | $46.2M | $40.2M |
| Debt related fees and amortization expense | $6.7M | $6.5M |
| Accretion and other expenses of Series A preferred units | $8.2M | $12.7M |
| Other income | -$2.6M | -$1.4M |
| Loss before income taxes | -$95.7M | -$98.4M |
| Income tax benefit | -$18.7M | -$10.8M |
| Net loss | -$77.0M | -$87.5M |
| Foreign currency translation loss | -$990.0K | -$695.0K |
| Comprehensive loss | -$78.0M | -$88.2M |
| Basic (in dollars per share) | -$1.28 | -$1.91 |
| Diluted (in dollars per share) | -$1.28 | -$1.91 |
| Basic (in shares) | 60.0M shares | 45.9M shares |
| Diluted (in shares) | 60.0M shares | 45.9M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $4.9M | $898.0K | |
| Inventories | $11.6M | $25.4M | |
| Other current assets | $8.3M | $2.4M | |
| Total current assets | $26.9M | $44.7M | |
| Property, plant and equipment, net | $219.7M | $199.4M | |
| Operating lease right-of-use assets | $2.3M | $2.2M | |
| Total assets | $259.8M | $259.3M | |
| Current portion of long term debt | $279.1M | $63.7M | |
| Other current liabilities | $30.0M | $20.3M | |
| Total current liabilities | $371.3M | $144.0M | |
| Senior secured notes and revolving notes | $0 | $169.8M | |
| EB-5 notes | $16.0M | $21.5M | |
| Other long term debt | $47.9M | $56.2M | |
| Series A preferred units | $126.9M | $126.6M | |
| Total long term liabilities | $195.4M | $379.3M | |
| Common stock, $0.001 par value; 80,000 authorized; 66,189 and 51,139 shares issued and outstanding each period, respectively | $66.0K | $51.0K | |
| Additional paid-in capital | $340.4M | $305.3M | |
| Accumulated deficit | -$639.9M | -$562.9M | |
| Accumulated other comprehensive loss | -$7.4M | -$6.4M | |
| Total stockholders' deficit | -$306.8M | -$263.9M | -$217.0M |
| Total liabilities and stockholders' deficit | $259.8M | $259.3M | |
| Accounts receivable | $484.0K | $1.8M | |
| Prepaid expenses | $1.5M | $1.8M | |
| Tax credit sale receivable | $0 | $12.3M | |
| Other assets | $11.0M | $13.0M | |
| Accounts payable | $23.4M | $33.1M | |
| Short term borrowings | $38.7M | $26.8M | |
| Other long term liabilities | $4.6M | $5.1M | |
| Common Stock, Par Value (in dollars per share) | $0.00 | $0.00 | |
| Common Stock, Shares Authorized (in shares) | 80.0M shares | 80.0M shares | |
| Common Stock, Shares Issued (in shares) | 66.2M shares | 51.1M shares | |
| Common Stock, Shares Outstanding (in shares) | 66.2M shares | 51.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$77.0M | -$87.5M |
| Share-based compensation | $5.8M | $8.3M |
| Stock issued for services | $200.0K | $0 |
| Depreciation | $9.6M | $8.3M |
| Bad debt expense | $385.0K | $0 |
| Intangibles and other amortization expense | $46.0K | $46.0K |
| Debt related fees and amortization expense | $6.7M | $6.5M |
| Accretion and other expenses of Series A preferred units | $8.2M | $12.7M |
| Gain (Loss) on asset disposals | -$4.0K | $3.7M |
| Gain on debt/liability extinguishment | -$1.0M | -$162.0K |
| Loss on impairment of intangibles | $43.0K | $0 |
| Accounts receivable | $1.3M | $6.8M |
| Inventories | $13.1M | -$7.8M |
| Prepaid expenses | $276.0K | $1.5M |
| Tax credit sale receivable | $12.3M | -$12.3M |
| Other assets | -$4.5M | -$2.8M |
| Accounts payable | -$7.5M | -$1.3M |
| Accrued interest expense and fees, net of interest paid | $30.8M | $27.9M |
| Other liabilities | $4.6M | $3.2M |
| Net cash provided by (used in) operating activities | $3.3M | -$32.9M |
| Capital expenditures | -$26.0M | -$20.3M |
| Grant proceeds received for capital expenditures | $411.0K | $6.1M |
| Net cash used in investing activities | -$25.6M | -$14.1M |
| Proceeds from borrowings | $44.9M | $19.5M |
| Repayments of borrowings | -$37.1M | -$5.0M |
| Lender debt renewal and waiver fee payments | -$1.3M | -$1.4M |
| Payments on Series A preferred financing | -$8.3M | $0 |
| Payments on finance leases | -$168.0K | -$179.0K |
| Proceeds from sales of common stock | $28.1M | $31.8M |
| Proceeds from the exercise of stock options | $257.0K | $36.0K |
| Net cash provided by financing activities | $26.4M | $44.6M |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | -$26.0K | $12.0K |
| Net change in cash and cash equivalents and restricted cash for period | $4.1M | -$2.4M |
| Cash paid for interest | $13.9M | $9.2M |
| Income taxes paid | $626.0K | $1.8M |
| Settlement of Accounts Payable via issuance of common stock | $45.0K | $265.0K |
| Subordinated debt extension fees added to debt | $1.0M | $680.0K |
| Fair value of warrants issued to subordinated debt holders | $740.0K | $916.0K |
| Lender debt extension, waiver, and other fees added to debt | $1.9M | $695.0K |
| Cumulative capital expenditures in accounts payable and accruals | $8.3M | $11.2M |
| Unpaid capital expenditures in construction financing | $3.5M | $0 |
Former names
Recent filings
- Aug 6, 20268-K
- Aug 6, 202610-Q
- Jun 11, 20264 PRIMARY DOCUMENT
- Jun 10, 2026144
- May 26, 20268-K
- May 7, 20268-K
- May 7, 202610-Q
- Apr 7, 2026DEF 14A
- Mar 23, 20264 PRIMARY DOCUMENT
- Mar 23, 20264 PRIMARY DOCUMENT
- Mar 23, 20264 PRIMARY DOCUMENT
- Mar 23, 20264 PRIMARY DOCUMENT
- Mar 23, 20264 PRIMARY DOCUMENT
- Mar 23, 20264 PRIMARY DOCUMENT
- Mar 16, 202610-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAEMETIS, INC filings on SEC EDGAR
- 2SEC EDGARAEMETIS, INC filings on SEC EDGAR
- 3SEC EDGARAEMETIS, INC 10-K for fiscal 2025
- 4SEC EDGARAEMETIS, INC 10-K for fiscal 2019
- 5SEC EDGARAEMETIS, INC 10-K for fiscal 2022
- 6SEC EDGARAEMETIS, INC 10-K for fiscal 2021
- 7SEC EDGARAEMETIS, INC 10-K for fiscal 2023
- 8SEC EDGARAEMETIS, INC 10-Q for fiscal 2026
- 9SEC EDGARAEMETIS, INC 10-Q for fiscal 2026
- 10SEC EDGARAEMETIS, INC 10-K for fiscal 2019