Aemetis, Inc.

Overview

• Founded: 2006
• Headquarters: Cupertino, California
• Business focus: International renewable natural gas (RNG) and renewable fuels company that develops, owns, operates, acquires, and commercializes technologies to produce low and negative carbon intensity fuels. The company aims to build a local circular bioeconomy using agricultural products and wastes to reduce greenhouse gas emissions and improve air quality.

Core operations

California Ethanol (Keyes Plant)

• Capacity: 65 million gallons per year (ethanol).
• Co-products: Wet Distillers Grains (WDG), Distillers Corn Oil (DCO), Condensed Distillers Solubles (CDS) sold as animal feed; CO2 sold to an industrial gas company for food, beverage, and other uses.
• Upgrades: Energy efficiency projects underway; a mechanical vapor recompression (MVR) system is under procurement to reduce natural gas use by more than 80%.
• Products: Ethanol, WDG, DCO, CDS, undenatured alcohol for beverages, CO2.
• Operations are integrated with marketing arrangements (see Customers).

California Dairy Renewable Natural Gas (RNG)

• Core asset: Twelve dairy digesters producing biogas, connected via a 36-mile biogas collection pipeline to a central RNG production facility; RNG is injected into the utility natural gas pipeline for use as a transportation fuel.
• Growth: Additional digesters under construction; agreements with over 50 dairies; environmental review in process for another 24 miles of pipeline.
• Dispensing: RNG fueling station planned to open in 2026.
• Revenue drivers: RNG sales and generation of D3 RINs and LCFS credits.
• Production target: Previously noted potential up to about 1.6 million MMBtu per year of RNG; current production varies with active digesters.

India Biodiesel (Kakinada Plant)

• Capacity: Approximately 80 million gallons per year of biodiesel from multiple vegetable oil and animal waste feedstocks.
• Byproduct processing: Crude glycerin refined into glycerin sold to various industries.
• Customers: Biodiesel sold to three government oil marketing companies—Hindustan Petroleum, Bharat Petroleum, and Indian Oil Corporation.
• Feedstock flexibility: Plant upgraded to process multiple lower-cost feedstocks and uses refined animal tallow for biodiesel production.

Other initiatives (developing projects)

• Planned SAF/RD plant at Riverbank Industrial Complex (Riverbank, CA) with potential output of 90 million gallons/year renewable diesel or 78 million gallons/year sustainable aviation fuel. The design includes use of low-carbon electricity and renewable hydrogen produced from SAF/RD byproducts.
• Planned carbon capture and underground sequestration (CCUS) facility at Riverbank to inject CO2 more than one mile underground.

Revenue model and government incentives

• Revenue sources include sale of renewable fuels and co-products, and monetization of environmental attributes (RINs, LCFS credits).
• Economics are supported by federal and state credits and incentives, including the Renewable Fuel Standard (RFS), California LCFS, and IRA tax credits such as Investment Tax Credits and Production Tax Credits. Credits can be monetized through transfers or sales to third parties.

Key customers and relationships

• California Ethanol: Substantially all ethanol, WDG, DCO, and CDS are sold to J.D. Heiskell; Heiskell resells products to marketers designated by Aemetis. Murex LLC handles ethanol procurement and resale to fuel blenders. A.L. Gilbert, Co. handles WDG distribution. CO2 is sold to an industrial gas company.
• California Dairy RNG: RNG is injected into the utility pipeline; D3 RINs and LCFS credits are typically sold through brokers.
• India Biodiesel: Biodiesel sales to Hindustan Petroleum, Bharat Petroleum, and Indian Oil Corporation.
• RINs and LCFS credits: Credits are sold in market channels, with timing of realization following industry cycles after dispensing or on quarterly schedules.

People and headcount

As of December 31, 2025, total full-time equivalent employees: 220

• Corporate offices: 18
• Keyes Ethanol Plant: 46
• California Dairy RNG operations: 22
• Riverbank Industrial Complex: 4
• India: 130

Financial highlights (calendar year 2025)

• Net income (loss): Net loss of $77.0 million for the year ended December 31, 2025 (net loss of $87.5 million for 2024).
• Accumulated deficit: Approximately $639.9 million as of December 31, 2025.
• Interest and financing costs: $46.2 million in interest rate expense; $8.2 million in accretion of Series A preferred units (excluding debt-related fees and amortization).
• Debt and liquidity:
  • Third Eye Capital debt: Approximately $247.9 million outstanding (as of December 31, 2025); this debt is currently due on demand and covenants may accelerate repayment.
  • EB-5 financing: $4.0 million raised under EB-5 Phase II (released from escrow) as of December 31, 2025; $4.5 million principal and accrued interest outstanding on EB-5 Notes.
  • Working capital arrangements exist with J.D. Heiskell (Keyes) and key vendors in India; these agreements are material to continuing operations and may be terminated under certain events of default or notice.

Tax attributes and regulatory exposure

• Net operating losses: Federal NOLs of $413.0 million; state NOLs of $538.0 million.
• NOL carryforward rules: Post-2017 federal NOLs carry forward indefinitely but are subject to an 80% taxable income limitation; potential ownership-change limitations under Section 382 may apply.
• FIRPTA considerations: Keyes Plant ownership may create U.S. tax exposure for certain non-U.S. stockholders on dispositions, depending on ownership and trading status.
• Regulatory environment: Business operations depend on permits and environmental regulations (California LCFS, federal EPA rules, etc.), and exposure exists to commodity price volatility (corn, natural gas) and foreign exchange (INR/USD).

Properties and assets (selected)

• California: Keyes Ethanol Plant (Keyes, CA) on approximately 11 acres; plant building ~25,284 sq ft; an adjacent RNG hub; additional real property holdings including 5.32 acres next to Keyes, 8.5 acres on Faith Home Road, and ~1.9 acres on Jessup Road.
• India: Biodiesel plant in Kakinada on ~32,000 square meters; additional land in Remannapalem Village (Kakinada); administrative office in Hyderabad (leased since Oct 2024).
• United States: Corporate office in Cupertino, CA; Riverbank Industrial Complex (Riverbank, CA) with a long-term lease and master development role; Goodland Energy Center (Goodland, KS) real estate holdings (partially operational, not currently in use).

Strategy and outlook

• The company is expanding operations, pursuing an IPO for its India subsidiary, upgrading plants to accept diverse feedstocks, and developing SAF/RD and CCUS projects.
• The business is capital-intensive, depends on external financing and government incentives, and faces ongoing profitability challenges.

Summary

Aemetis operates a multi-segment renewable fuels platform with a California ethanol plant, dairy-based RNG production, and biodiesel operations in India, along with planned SAF/RD and CCUS projects. Revenue comes from fuel and co-product sales, refined glycerin, and environmental credits, supported by tax credits and government incentives. As of December 31, 2025, the company employed about 220 people, reported a net loss of $77.0 million for 2025, carried an accumulated deficit near $640 million, and carried substantial debt while continuing capital expenditure programs.