Aemetis(US:AMTX) Globenewswire·2026-03-12 12:00Core Insights - Aemetis, Inc. reported a significant increase in Dairy RNG production, which rose by 61% year over year in Q4 2025, and expects an annual cash flow increase of approximately $32 million from ethanol plant efficiency upgrades [1][5][13]. Financial Performance - Total revenues for 2025 were $197.6 million, with an additional $10.4 million from production tax credits, leading to a total income of $208.0 million [2][15]. - The company achieved a net income of $12.2 million in the Dairy RNG segment for Q4 2025, contributing to an annual segment net income of $6.9 million [3][5]. - Capital expenditures for carbon intensity reduction and biogas production capacity expansion were $26 million in 2025, reflecting a 28% increase from the previous year [2][5]. Operational Highlights - The Dairy RNG platform expanded to 12 operating digesters, producing approximately 405,000 MMBtu of renewable natural gas in 2025 [4]. - The ethanol plant in Keyes, California generated $158.3 million in revenue and production tax credits during 2025, with a slight decrease in ethanol gallons sold to 14.3 million in Q4 2025 compared to 15.7 million in Q4 2024 [7][10]. - The average selling price of ethanol increased from $1.93 in Q4 2024 to $2.01 in Q4 2025 [10][33]. Market and Regulatory Environment - The California Air Resource Board approved seven new Low Carbon Fuel Standard pathways for Aemetis' RNG business, improving the carbon intensity score from negative 150 to negative 380 [6]. - Legislative support in California for year-round E15 is expected to grow the ethanol market by 50% in the state, helping to mitigate rising gasoline prices [3]. Challenges and Developments - Biodiesel sales in India fell significantly from $3.0 million in Q4 2024 to $600 thousand in Q4 2025 due to structural challenges in the biodiesel program [10][15]. - The company is targeting a public listing for its India subsidiary in 2026, with a new CFO appointed who has IPO experience [8].