Aemetis Reports Strong Growth in Dairy RNG Production and Announces Efficiency Upgrades

Aemetis, Inc. reported financial results for the fourth quarter and full year ending December 31, 2025, highlighting substantial growth in its dairy renewable natural gas platform. The company's biogas segment saw dairy RNG production increase 61% year over year in the fourth quarter of 2025, with the segment generating net income of $12.2 million during that period. For the full year, the biogas segment increased annual revenues and production tax credits by 53%, achieving annual segment net income of $6.9 million.

The company's capital investments increased 28% over the prior year to $26.0 million, supporting dairy RNG expansion and ethanol plant energy efficiency upgrades. Dairy digester projects generated cash proceeds of $18 million during 2025 from the sale of investment tax credits, while ethanol and biogas operations generated additional income of $10.4 million from production tax credits during the fourth quarter. 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, according to Chief Financial Officer Todd Waltz.

A key development involves the company's ethanol plant efficiency upgrade through a Mechanical Vapor Recompression system expected to increase plant cash flow from operations by approximately $32 million annually after completion in 2026. 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. The California Air Resource Board approved 7 new Low Carbon Fuel Standard pathways for the Renewable Natural Gas business, increasing from the negative 150 default value to an average carbon intensity score of negative 380.

Eric McAfee, Chairman and CEO of Aemetis, noted that with RNG production scaling, ethanol plant efficiency improvements underway, and federal clean fuel incentives beginning to be monetized, the company believes it is positioned for meaningful growth in revenue and cash flow. He highlighted policy support from the White House and Congress in the One Big Beautiful Bill being implemented, as well as California legislative approval of year-round E15 in October 2025 which allows the ethanol market to grow by 50% in the state. The company signed a $27 million agreement with NPL to construct H2S and compression units for 15 new dairy digesters, further expanding its biogas infrastructure.

In the 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. The company's India biodiesel production facility generated $29.7 million of revenue during 2025, utilizing about 10% of the plant capacity of 80 million gallons per year of biodiesel production. The India subsidiary is targeting a public listing in 2026 and has appointed a new CFO with IPO experience. Financial results showed revenues and production tax credits were $53.7 million for the fourth quarter of 2025, an increase from $47.0 million from the fourth quarter of 2024, with biogas segment selling 108,000 MMBtu's during the fourth quarter.