Aemetis operates through three segments: California Ethanol, California Dairy Renewable Natural Gas, and India Biodiesel. The company is expanding its Keyes California ethanol plant with a mechanical vapor recompression project scheduled for Q2 2026 completion, projected to increase annual cash flow by $32 million through energy cost reductions, higher LCFS credit income, and increased Section 45Z tax credits, while reducing natural gas use by ~80% and carbon intensity.
Cyborg Score Rationale
Aemetis reported TTM revenue of $267.6M but TTM net income of -$87.5M. The company is operationally active with growth initiatives and significant tax credit monetization, but faces profitability challenges and works in volatile commodity markets dependent on policy support.
Top Insights
Aemetis Biogas sold $17M of federal clean energy tax credits in Q4 2025, netting ~$15M in cash proceeds.
India subsidiary Universal Biofuels secured $24M in biodiesel allocations for March 2026 with an 80M gallon/year expanded Kakinada plant and is preparing an IPO for a minority stake.
Q3 2025 revenue reached $59.2M, up $7.0M sequentially, driven by stronger California ethanol pricing and $14.5M of India biodiesel orders.
Twelve dairy digesters produced 114,000 MMBtu in Q3 2025 and generated ~$4.0M of revenue with seven new CARB LCFS pathway approvals enabling full monetization.
Named Competitors
Ethanol and Advanced Biofuels — Ethanol and specialty chemicals production
Sustainable Aviation Fuel — Sustainable aviation fuel and renewable hydrocarbons
Renewable Natural Gas — Landfill gas and dairy biogas RNG conversion
Recent Developments
(February 2026) Aemetis India subsidiary secured $24M biodiesel allocation from India government OMCs through March 2026
(December 2025) Sold $17M in federal clean energy tax credits for $15M net cash proceeds
(December 2025) Received air permits for mechanical vapor recompression project at California ethanol plant
(November 2025) Reported Q3 2025 revenue of $59.2M, up $7.0M sequentially from India biodiesel and ethanol sales
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