10-K · March 16, 2026
Aemetis reported 2025 revenues of $197.6M and recognized $10.355M of Section 45Z production tax credits, while recording a net loss of $77.0M (EPS $(1.28)). RNG production grew materially (399k MMBtu, +32.1% YoY) and…
Earnings analysis · 10-Q
AMTX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Aemetis reported Q1 2026 revenue of $54.6 million, reflecting a 27.4% increase compared to $42.9 million in Q1 2025, primarily driven by growth in its India Biodiesel and California Dairy Renewable Natural Gas segments.…
Read full summary
Aemetis reported Q1 2026 revenue of $54.6 million, reflecting a 27.4% increase compared to $42.9 million in Q1 2025, primarily driven by growth in its India Biodiesel and California Dairy Renewable Natural Gas segments. Despite revenue growth, the company reported a diluted EPS loss of -$0.33, missing estimates and indicating persistent challenges such as a net loss of $21.7 million and ongoing cash flow difficulties.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.33
What stood out
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Strong Revenue Growth
Q1 2026 revenue increased by 27.4% YoY to $54.6 million from $42.9 million.
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Segment Performance Improvement
India Biodiesel revenue rose by 291.1% YoY to $10.5 million, primarily from government contracts.
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Operational Efficiency Gains
California Dairy RNG segment grew revenue by 115.1% YoY to $5.3 million due to increased biogas production.
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Cost Reductions
Cost of goods sold decreased in the California Ethanol segment, reducing costs by 10.4% YoY.
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Reduction in SG&A Expense
SG&A expenses decreased by 13.2% YoY to $9.1 million, improving as a percentage of revenue.
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Tax Credit Income Recognition
A total of $4 million recognized in Section 45Z PTC income across segments, boosting financials.
What to watch
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High Net Loss
Q1 2026 reported a net loss of $21.7 million, raising concerns over profitability.
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Increased Interest Expense
Interest expense rose by 12.6% YoY, totaling $12.4 million due to higher debt balances.
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Cash Flow Concerns
Operating cash flow was negative at -$10.6 million, indicating ongoing liquidity issues.
Management's outlook
No explicit forward guidance provided; liquidity and cash flow strategies discussed.
Earlier filings 4
10-Q · August 7, 2025
Aemetis reported Q2 2025 revenue of $52.243M and a net loss per share of $(0.41). Revenue improved sequentially (+$9.357M vs Q1 2025) but declined year‑over‑year (−$14.318M vs Q2 2024); margins remain negative with a…
10-Q · May 8, 2025
Aemetis reported Q1 2025 revenue of $42.9M and a net loss of $24.5M (EPS $(0.47)). Revenue fell sharply from $72.6M in Q1 2024 to $42.9M, compressing gross margin to a loss of $5.08M (−11.9%) and widening operating loss…
10-K · March 14, 2025
Aemetis describes a multi-pronged renewable fuels strategy built around its Keyes ethanol plant (65 MGY), 11 dairy digesters/RNG network, and an 80 MGY biodiesel plant in Kakinada, plus a planned Riverbank SAF/RD…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.