AMTX

MKT CAP:$179M

Aemetis, Inc.

Market Cap

$179M

Energy·Oil & Gas Refining & Marketing·🇺🇸 United States·NASDAQ

Energy·Oil & Gas Refining & Marketing·🇺🇸·NASDAQ

Stock Price

$2.69+$1.10 (+69.18%)

Apr 23, 2026

Company Details

Aemetis, Inc. operates as a renewable natural gas and renewable fuels company in North America and India. It operates through three segments: California Ethanol, Dairy Renewable Natural Gas, and India Biodiesel. The company focuses on the a...

CEO

Eric A. McAfee

IPO Date

Jun 27, 2006

Website

www.aemetis.com

Key Metrics TTM

Revenue

$198M

-26.2% YoY

Net Income

-$77M

EPS (Diluted)

-$1.33

Free Cash Flow

-$23M

Revenue / Share

$3.00

Gross Margin

-0.4%

Operating Margin

-18.8%

Net Margin

-39.0%

FCF Margin

-11.5%

P/S

0.9x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 13, 2026

$208M-22.3%EPS -$1.28

Q4 2025

Mar 13, 2026

$43M-7.9%EPS -$0.08

Q3 2025

Nov 6, 2025

$59M-27.3%EPS -$0.37

Q2 2025

Aug 7, 2025

$52M-21.5%EPS -$0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$52M	-$3M	-$10M
Q2 22	$66M	-$214.0K	-$8M
Q3 22	$72M	-$1M	-$8M
Q4 22	$67M	-$1M	-$9M
Q1 23	$2M	-$1M	-$12M
Q2 23	$45M	$2M	-$8M
Q3 23	$69M	$492.0K	-$9M
Q4 23	$71M	$864.0K	-$9M
Q1 24	$73M	-$612.0K	-$9M
Q2 24	$67M	-$2M	-$14M
Q3 24	$81M	$4M	-$4M
Q4 24	$47M	-$2M	-$13M
Q1 25	$43M	-$5M	-$16M
Q2 25	$52M	-$3M	-$11M
Q3 25	$59M	-$58.0K	-$9M
Q4 25	$43M	$8M	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	1.8x	—
Q2 22	0.9x	—
Q3 22	0.9x	—
Q4 22	0.6x	—
Q1 23	0.4x	—
Q2 23	1.6x	—
Q3 23	0.9x	—
Q4 23	1.0x	—
Q1 24	0.9x	—
Q2 24	0.4x	—
Q3 24	0.4x	—
Q4 24	0.5x	—
Q1 25	0.3x	—
Q2 25	0.6x	—
Q3 25	0.7x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$8M	-$18M
Q2 22	$2M	-$11M
Q3 22	-$10M	-$16M
Q4 22	-$7M	-$17M
Q1 23	-$11M	-$19M
Q2 23	-$3M	-$5M
Q3 23	-$6M	-$15M
Q4 23	$34M	$19M
Q1 24	-$10M	-$14M
Q2 24	-$5M	-$10M
Q3 24	-$5M	-$9M
Q4 24	-$13M	-$19M
Q1 25	$160.0K	-$2M
Q2 25	-$6M	-$9M
Q3 25	$3M	-$1M
Q4 25	$6M	-$11M

Capital Expenditures

Quarter	CapEx
Q1 22	$9M
Q2 22	$13M
Q3 22	$6M
Q4 22	$10M
Q1 23	$8M
Q2 23	$2M
Q3 23	$9M
Q4 23	$15M
Q1 24	$4M
Q2 24	$5M
Q3 24	$4M
Q4 24	$7M
Q1 25	$2M
Q2 25	$4M
Q3 25	$4M
Q4 25	$17M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.6%	+20.6%
Q2 22	+20.1%	+29.1%
Q3 22	+44.0%	+32.8%
Q4 22	+3.7%	+27.5%
Q1 23	-95.9%	-77.2%
Q2 23	-31.5%	-28.1%
Q3 23	-4.4%	-2.8%
Q4 23	+6.0%	+5.7%
Q1 24	+3276.8%	+475.1%
Q2 24	+47.5%	+51.5%
Q3 24	+18.6%	+10.5%
Q4 24	-33.6%	-24.1%
Q1 25	-41.0%	-28.8%
Q2 25	-21.5%	-21.5%
Q3 25	-27.3%	-20.6%
Q4 25	-7.9%	-24.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	3.9%
Q2 22	$1M	2.0%
Q3 22	$2M	2.2%
Q4 22	$1M	2.2%
Q1 23	$3M	123.8%
Q2 23	$2M	3.9%
Q3 23	$2M	2.6%
Q4 23	$1M	2.0%
Q1 24	$3M	4.1%
Q2 24	$2M	3.0%
Q3 24	$2M	2.4%
Q4 24	$1M	2.9%
Q1 25	$2M	5.4%
Q2 25	$1M	2.7%
Q3 25	$1M	2.2%
Q4 25	$845.0K	2.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$36.0K	—	—	$7M
Q2 22	$51.0K	—	—	$7M
Q3 22	$52.0K	—	—	$6M
Q4 22	$41.0K	—	—	$7M
Q1 23	$42.0K	—	—	$11M
Q2 23	$37.0K	—	—	$10M
Q3 23	$36.0K	—	—	$9M
Q4 23	$37.0K	—	—	$10M
Q1 24	—	—	—	$9M
Q2 24	—	—	—	$12M
Q3 24	—	—	—	$8M
Q4 24	—	—	—	$11M
Q1 25	—	—	—	$10M
Q2 25	—	$7M	$600.0K	—
Q3 25	—	—	—	$8M
Q4 25	—	—	—	$10M

Revenue Segments

Quarter	Ethanol Sales	Other Sales Member	Wet distiller's grains sales	Ethanol and high-grade alcohol sales
Q1 22	$38M	$3M	$12M	—
Q2 22	—	$3M	$15M	$48M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5M	$0	$5M
Q2 22	$4M	$0	$4M
Q3 22	$251.0K	$0	$251.0K
Q4 22	$4M	$0	$4M
Q1 23	$4M	$0	$4M
Q2 23	$3M	$0	$3M
Q3 23	$4M	$0	$4M
Q4 23	$3M	$0	$3M
Q1 24	$2M	$0	$2M
Q2 24	$234.0K	$0	$234.0K
Q3 24	$296.0K	$0	$296.0K
Q4 24	$898.0K	$0	$898.0K
Q1 25	$499.0K	$0	$499.0K
Q2 25	$2M	$0	$2M
Q3 25	$6M	$0	$6M
Q4 25	$5M	$0	$5M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	34M	+9.9%	+28.2%
Q2 22	35M	+2.4%	+11.7%
Q3 22	35M	+0.7%	+9.1%
Q4 22	35M	+1.5%	+15.1%
Q1 23	36M	+3.2%	+8.0%
Q2 23	37M	+2.1%	+7.7%
Q3 23	39M	+4.6%	+11.8%
Q4 23	40M	+2.0%	+12.4%
Q1 24	42M	+5.6%	+15.0%
Q2 24	44M	+6.0%	+19.5%
Q3 24	47M	+6.3%	+21.4%
Q4 24	46M	-3.4%	+15.0%
Q1 25	53M	+15.3%	+25.5%
Q2 25	58M	+9.7%	+29.9%
Q3 25	64M	+10.4%	+34.9%
Q4 25	66M	+3.3%	+44.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$329.4K	158
Q2 22	$417.1K	158
Q3 22	$454.6K	158
Q4 22	$397.2K	168
Q1 23	$12.8K	168
Q2 23	$268.5K	168
Q3 23	$408.9K	168
Q4 23	$421.2K	168
Q1 24	$432.3K	168
Q2 24	$396.2K	168
Q3 24	$484.8K	168
Q4 24	$279.8K	168
Q1 25	$255.3K	168
Q2 25	$311.0K	168
Q3 25	$352.3K	168
Q4 25	$257.8K	168

Revenue / Employee