Monday, 16th March 2026

Aemetis

Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, announced its financial results for the fourth quarter and year ending December 31, 2025.

“Revenues for the full year of 2025 were $197.6 million plus production tax credit income of $10.4 million for total income of $208.0 million,” said Todd Waltz, Chief Financial Officer of Aemetis. “Capital expenditures for carbon intensity reduction and the expansion of biogas production capacity were $26 million for 2025 as our engineering and construction teams moved forward with low carbon initiatives and the dairy RNG project buildout,” added Waltz.

“In addition to achieving important operational milestones during 2025 in all of the business segments, the dairy RNG segment generated net income of $12.2 million for the fourth quarter of 2025 while we continued building the infrastructure that supports long-term growth across our renewable energy platform,” said Eric McAfee, Chairman and CEO of Aemetis. “With RNG production scaling, ethanol plant efficiency improvements underway, and federal clean fuel incentives beginning to be monetized, we believe Aemetis is positioned for meaningful growth in revenue and cash flow as we move through 2026. We are pleased to see policy support from the White House and Congress in the One Big Beautiful Bill that is now being implemented as well as the exciting California legislative approval of year-round E15 in October 2025 which allows the ethanol market to grow by 50% in the state to offset rising gasoline prices.”

Aemetis achieved key milestones during 2025, reflecting our commitment to innovation, sustainability, and growth in the renewable energy sector.

The Aemetis Dairy RNG platform continued to scale during 2025, reaching 12 operating digesters that produced approximately 405,000 MMBtu of renewable natural gas during the year.

Biogas segment:

$15 million of RNG revenue
$5 million of production tax credits
$18 million of investment tax credit proceeds
Dairy RNG production increased 61% year over year in the fourth quarter, reflecting continued expansion of the company’s dairy digester network.

The California Air Resource Board approved 7 new Low Carbon Fuel Standard (LCFS) pathways for our Renewable Natural Gas business, increasing from the negative 150 default value to an average carbon intensity score of negative 380.
Signed $27 million agreement with NPL to construct H2S and compression units for 15 new dairy digesters.
Ethanol segment:

The Aemetis 65 million gallon per year ethanol plant in Keyes, California generated $158.3 million of revenue and production tax credits during 2025.

During the year, the company signed an agreement with NPL Construction to complete the procurement and installation of a Mechanical Vapor Recompression (MVR) system at the Keyes plant, which is expected to significantly improve plant economics.

When completed, the MVR system is expected to:

Reduce natural gas consumption
Lower the carbon intensity of ethanol production
Increase plant cash flow from operations by approximately $32 million per year
India Biofuels:

The Aemetis biodiesel production facility in India generated $29.7 million of revenue during 2025, utilizing about 10% of the plant capacity of 80 million gallons per year of biodiesel production.

India remains a large and growing market for renewable fuels supported by government blending mandates and expanding fuel demand, as well as global geopolitical issues that strongly support the expansion of biofuels production in India.

Appointed a new CFO with IPO experience for our India subsidiary. The India subsidiary is targeting a public listing in 2026.

These accomplishments demonstrate Aemetis’ successful progress in advancing sustainable energy solutions and contributing towards a lower-carbon economy.