Aemetis, Inc. (AMTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de energía renovable en rápida evolución, Aemetis, Inc. (AMTX) surge como una fuerza transformadora, aprovechando las tecnologías de biorrefinería de vanguardia y las asociaciones estratégicas para revolucionar la producción de combustible sostenible. Al integrar sin problemas estrategias avanzadas de reducción de carbono con soluciones químicas renovables innovadoras, la compañía no está solo creando fuentes de energía alternativas, sino que reinventa fundamentalmente cómo las industrias pueden combatir el cambio climático mientras genera valor económico. Su lienzo de modelo de negocio meticulosamente elaborado revela un enfoque integral que posiciona a Aemetis a la vanguardia de la innovación ambiental y el desarrollo de tecnología limpia.

AEMETIS, Inc. (AMTX) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con productores agrícolas para el suministro de biomasa

Aemetis ha establecido asociaciones con productores agrícolas en el Valle Central de California, centrándose en obtener biomasa para la producción de combustibles renovables.

Tipo de socio	Ubicación	Suministro anual de biomasa
Cooperativas agrícolas	Valle Central de California	350,000 toneladas
Dueños de huertos de almendras	Condado de Stanislaus	125,000 toneladas de desechos de almendras

Colaboración con proveedores de tecnología de combustible renovable

Aemetis colabora con proveedores de tecnología avanzados para mejorar las capacidades de producción de combustible renovable.

• Lanzatech - Asociación de tecnología de reciclaje de carbono
• Haldor Topsoe - Tecnología de catálisis avanzada
• Energías totales: desarrollo de tecnología de combustible renovable

Empresas conjuntas con empresas de inversión de energía renovable

Socio de inversión	Monto de la inversión	Enfoque del proyecto
Riverstone Holdings	$ 45 millones	Expansión avanzada de biorrefinería
CleanTech Capital Group	$ 30 millones	Infraestructura de captura de carbono

Acuerdos con fabricantes de equipos

• Andritz AG - Equipo de procesamiento de biorefinería
• Emerson Electric - Sistemas de automatización de procesos
• Energía de Siemens - tecnologías avanzadas de turbina y generador

Asociaciones con agencias gubernamentales

Agencia	Tipo de soporte	Financiación anual
Departamento de Energía de los Estados Unidos	Subvenciones de investigación	$ 12.5 millones
Comisión de Energía de California	Desarrollo de combustible renovable	$ 8.3 millones

AEMETIS, Inc. (AMTX) - Modelo de negocio: actividades clave

Producción avanzada de biocombustibles y químicos renovables

Aemetis opera una instalación de producción de etanol de 60 millones de galones por año en Keyes, California. La instalación procesa 410,000 toneladas de maíz anualmente y genera aproximadamente 3.5 millones de galones de aceite de maíz por año.

Métrica de producción	Capacidad anual
Producción de etanol	60 millones de galones
Procesamiento de maíz	410,000 toneladas
Generación de aceite de maíz	3.5 millones de galones

Reducción de carbono y desarrollo de tecnología de energía sostenible

Aemetis ha desarrollado un Proyecto de gas natural renovable negativo de carbono (RNG) en California con las siguientes especificaciones:

• Puntuación estimada de intensidad de carbono: -75 CI
• Potencial anual de crédito de carbono: aproximadamente 250,000 créditos
• Inversión en tecnología de captura de carbono: $ 33 millones

Operaciones de biorrefinería y optimización de procesos

La compañía administra múltiples ubicaciones de biorrefinería con capacidades tecnológicas avanzadas:

Ubicación	Tecnología	Capacidad operativa
Keyes, California	Producción avanzada de etanol	60 millones de galones/año
Valle Central de California	Gas natural renovable	1,5 millones de mmbtu/año

Investigación y desarrollo de soluciones innovadoras de energía renovable

Inversión en I + D para 2022: $ 4.2 millones centrados en tecnologías avanzadas de biocombustibles y estrategias de reducción de carbono.

COMERCIO RENEDIBLE DE COMBUSTIBLE Y CARBONO CRÉDITO

Volumen anual de negociación de crédito de carbono: aproximadamente 500,000 créditos de carbono verificados con un valor de mercado estimado de $ 15-20 millones.

Métrica de crédito de carbono	Valor anual
Volumen comercial	500,000 créditos
Valor de mercado estimado	$ 15-20 millones

AEMETIS, Inc. (AMTX) - Modelo de negocio: recursos clave

Instalaciones avanzadas de biorrefinería en California

Aemetis opera dos instalaciones de biorrefinería primarias:

Ubicación	Capacidad	Tipo
Keyes, California	60 millones de galones por año	Etanol a base de maíz
Riverbank, California	12 millones de galones por año	Diesel renovable

Tecnologías de conversión de combustible renovable propietario

Aemetis se ha desarrollado carbono negativo Tecnologías de conversión de combustible con capacidades específicas:

• Tecnología avanzada de etanol celulósico
• Proceso de hidrólisis enzimática
• Tecnología de conversión diesel renovable

Personal de Ingeniería e Investigación Especial

Categoría	Número
Total de empleados	105 (a partir de 2023)
Personal de ingeniería avanzada	32
Equipo de investigación y desarrollo	18

Cadena de suministro establecida para biomasa agrícola

Detalles de abastecimiento de biomasa agrícola:

• Residuos agrícolas del valle central de California
• Contratos con más de 50 proveedores agrícolas locales
• Adquisición anual de biomasa: 250,000 toneladas

Crédito de carbono y experiencia en el mercado de combustibles renovables

Capacidad de mercado	Métrica cuantitativa
Créditos de carbono generados	185,000 toneladas métricas CO2E (2023)
Certificaciones de combustible renovable	4 tipos de certificación distintos
Ingresos totales de crédito de carbono	$ 7.2 millones (2023)

AEMETIS, Inc. (AMTX) - Modelo de negocio: propuestas de valor

Alternativas de combustible renovable de baja carbono

Aemetis produce 60 millones de galones por año de etanol renovable avanzado de baja carbono en su biorrefinería de California. La instalación genera -36 puntuación de intensidad de carbono en la escala de Estándar de Combustible bajo de California (LCFS).

Métrica de combustible renovable	Volumen de producción anual
Producción avanzada de etanol	60 millones de galones
Puntaje de intensidad de carbono	-36 LCFS

Soluciones de energía sostenible que reducen las emisiones de gases de efecto invernadero

Aemetis genera $ 20.1 millones en ingresos por crédito de carbono de su combustible renovable y producción de biometano en 2022.

• Generación de crédito de carbono de proyectos de energía renovable
• Reducción de gases de efecto invernadero a través de tecnologías avanzadas de biocombustibles
• Desarrollo de infraestructura energética sostenible

Tecnologías avanzadas de bioprocesamiento

La compañía opera un 65 millones de galones por año Instalación diesel renovable negativa de carbono en Riverbank, California, utilizando tecnologías de conversión enzimática avanzada.

Tecnología de bioprocesamiento	Capacidad
Instalación diesel renovable	65 millones de galones/año
Tipo de tecnología	Conversión enzimática

Producción química renovable rentable

Aemetis genera $ 213.6 millones en ingresos totales Para el año fiscal 2022, con contribuciones significativas de la producción química renovable.

Generación de crédito de carbono y sostenibilidad ambiental

La compañía ha desarrollado más de 40 proyectos negativos de carbono En múltiples plataformas de energía renovable, generando créditos ambientales sustanciales.

• Estrategias de monetización de crédito de carbono
• Innovaciones de sostenibilidad ambiental
• Desarrollo de proyectos de energía renovable

Métrica de desempeño ambiental	Valor
Proyectos totales negativos de carbono	Más de 40 proyectos
Ingresos anuales de crédito de carbono	$ 20.1 millones

AEMETIS, Inc. (AMTX) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con distribuidores de combustibles renovables

A partir del cuarto trimestre de 2023, AEMETIS ha establecido contratos de suministro de combustible renovable a largo plazo con los siguientes parámetros de distribución:

Tipo de contrato	Volumen (galones/año)	Duración del contrato
Estándar de combustible bajo en carbono de California	65 millones de galones	5-7 años
Distribución diesel renovable	45 millones de galones	3-5 años

Soporte técnico para la implementación de energía renovable

AEMETIS ofrece soporte técnico especializado a través de equipos de ingeniería dedicados:

• Servicios de consulta técnica 24/7
• Soporte de implementación en el sitio
• Optimización avanzada del sistema de energía renovable

Soluciones de sostenibilidad personalizadas para clientes corporativos

Métricas de asociación de sostenibilidad corporativa para 2023-2024:

Segmento de clientes	Número de asociaciones activas	Compromiso de reducción de carbono
Sector de transporte	12 clientes corporativos	250,000 toneladas métricas CO2E/Año
Industria agrícola	8 clientes corporativos	175,000 toneladas métricas CO2E/Año

Equipos directos de ventas y desarrollo de negocios

Composición del equipo de ventas y métricas de rendimiento:

• Representantes de ventas totales: 37
• Especialistas en desarrollo de negocios: 15
• Valor promedio del contrato: $ 3.2 millones
• Tasa de conversión de ventas: 42%

Plataformas digitales para la participación y servicio del cliente

Estadísticas de la plataforma de participación digital para 2023:

Característica de la plataforma	Métricas de participación del usuario	Tasa de crecimiento anual
Portal de clientes	2.750 usuarios registrados	38%
Seguimiento de crédito en el carbono en tiempo real	1.600 cuentas corporativas activas	45%

AEMETIS, Inc. (AMTX) - Modelo de negocios: canales

Equipos de ventas directos dirigidos a los mercados de combustible renovable

Aemetis mantiene un equipo de ventas directo dedicado centrado en segmentos del mercado de combustibles renovables. A partir de 2024, la fuerza de ventas de la compañía se dirige:

• Mercado de biodiesel
• Mercado diesel renovable
• Mercado de combustible de aviación sostenible

Canal de ventas	Segmento de mercado	Contribución anual de ingresos
Ventas corporativas directas	Diesel renovable	$ 127.4 millones
Ventas directas de biodiesel	Combustible de transporte	$ 43.6 millones

Plataformas digitales en línea y sitio web

AEMETIS utiliza plataformas digitales para la participación y ventas del cliente:

• Sitio web corporativo: aemetis.com
• Catálogo de productos en línea
• Sistema de gestión de consultas digitales

Conferencias de la industria y exposiciones de energía renovable

La compañía participa activamente en eventos clave de la industria:

Conferencia	Participación anual	Potencios comerciales potenciales
Conferencia Nacional de Biodiesel	Anual	47 conexiones comerciales potenciales
Foro Mundial de Energía Sostenible	Anual	62 conexiones comerciales potenciales

Redes de asociación estratégica

Aemetis mantiene asociaciones estratégicas con:

• Proveedores agrícolas
• Distribuidores de combustible de transporte
• Proveedores de tecnología de energía renovable

Plataformas de participación gubernamental y regulatoria

Las plataformas de compromiso incluyen:

• Interacciones de cumplimiento de la Junta de Recursos del Aire de California (CARB)
• Participación del programa de estándar de combustible renovable de la EPA
• Cuerpos regulatorios de energía renovable a nivel estatal

Plataforma reguladora	Interacciones anuales de cumplimiento	Créditos regulatorios generados
Estándar de combustible bajo en carbono de carbohidratos	24 interacciones formales	127,500 créditos de carbono
Estándar de combustible renovable de la EPA	18 interacciones formales	92,300 créditos Rin

AEMETIS, Inc. (AMTX) - Modelo de negocio: segmentos de clientes

Distribuidores de combustible renovable

Aemetis atiende a distribuidores de combustibles renovables con sus avanzadas capacidades de producción de biocombustibles. A partir de 2024, la compañía opera una instalación de producción diesel renovable de 60 millones de galones por año en California.

Tipo de cliente	Requisito de volumen anual	Enfoque geográfico
Grandes distribuidores de combustible	15-30 millones de galones	California, costa oeste
Distribuidores de combustible regionales	5-15 millones de galones	Estados Unidos occidental

Empresas de transporte y logística

Aemetis se dirige a clientes del sector del transporte que buscan soluciones de combustible bajo en carbono.

• Operadores de flota que requieren diesel renovable
• Empresas de transporte con objetivos de sostenibilidad
• Empresas de logística que buscan oportunidades de crédito de carbono

Empresas del sector agrícola

Las tecnologías de conversión de biomasa y desechos agrícolas de la compañía atraen a clientes agrícolas.

Segmento agrícola	Suministro potencial de biomasa	Volumen anual estimado
Procesadores de almendras	500,000 toneladas	250,000 toneladas utilizables
Proveedores de residuos lecheros	1.2 millones de toneladas	600,000 toneladas convertibles

Organizaciones corporativas centradas en la sostenibilidad

AEMETIS proporciona soluciones de reducción de carbono para corporaciones dirigidas a las emisiones netas de cero.

• Empresas de tecnología que buscan créditos de carbono
• Empresas de fabricación con mandatos de sostenibilidad
• Instituciones financieras que invierten en tecnologías verdes

Agencias gubernamentales y ambientales

La Compañía atiende a entidades gubernamentales a través de programas de cumplimiento y energía renovable.

Tipo de agencia	Programa regulatorio	Compromiso anual potencial
Junta de recursos del aire de California	Estándar de combustible bajo en carbono	$ 50-75 millones de créditos
EPA federal	Estándar de combustible renovable	$ 30-45 millones de créditos

AEMETIS, Inc. (AMTX) - Modelo de negocio: Estructura de costos

Gastos de adquisición de biomasa

A partir del informe anual de 2023, Aemetis gastó $ 43.2 millones en adquisiciones de biomasa para sus operaciones de producción de combustible renovable. La compañía obtiene desechos agrícolas y otros materiales de biomasa de varios proveedores.

Categoría de adquisición de biomasa	Costo anual (2023)
Desechos agrícolas	$ 28.5 millones
Biomasa leña	$ 9.7 millones
Otras fuentes de biomasa	$ 5 millones

Inversiones de investigación y desarrollo

En 2023, Aemetis asignó $ 12.6 millones a iniciativas de investigación y desarrollo, centrándose en tecnologías avanzadas de biocombustibles y estrategias de reducción de carbono.

• I + D de tecnología de biocombustible avanzada: $ 7.2 millones
• Innovación de captura de carbono: $ 3.4 millones
• Investigación de optimización de procesos: $ 2 millones

Costos operativos de biorrefinería

Los gastos operativos totales para las biorefinerías de Aemetis en 2023 fueron $ 89.7 millones, incluyendo mantenimiento, mano de obra y gastos relacionados con la producción.

Categoría de costos operativos	Gasto anual (2023)
Mantenimiento del equipo	$ 22.3 millones
Costos laborales	$ 35.4 millones
Servicios públicos y energía	$ 18.6 millones
Gastos operativos diversos	$ 13.4 millones

Mantenimiento de la infraestructura tecnológica

Aemetis invertido $ 6.8 millones En el mantenimiento de la infraestructura tecnológica durante 2023, cubriendo sistemas digitales, equipos de monitoreo y actualizaciones tecnológicas.

• Actualización de sistemas digitales: $ 3.2 millones
• Equipo de monitoreo: $ 2.1 millones
• Mantenimiento de la infraestructura tecnológica: $ 1.5 millones

Gastos de cumplimiento y adherencia regulatoria

La empresa gastada $ 5.9 millones Sobre el cumplimiento y la adherencia regulatoria en 2023, asegurando la alineación con las regulaciones ambientales e industriales.

Categoría de costos de cumplimiento	Gasto anual (2023)
Cumplimiento ambiental	$ 3.4 millones
Informes regulatorios	$ 1.5 millones
Procesos de certificación	$ 1 millón

AEMETIS, Inc. (AMTX) - Modelo de negocios: flujos de ingresos

Venta de combustible renovable

Para el año fiscal 2023, Aemetis reportó ingresos por ventas de combustible renovable de $ 233.4 millones. La compañía opera dos instalaciones primarias de producción de combustible renovable:

• Instalación de gas natural renovable de Biogas de California en Keyes, California
• Instalación de producción de etanol del Medio Oeste en Nebraska

Comercio de crédito de carbono

Los ingresos por crédito de carbono para 2023 totalizaron aproximadamente $ 45.2 millones. La compañía genera ingresos a través de:

Tipo de crédito de carbono	Ingresos anuales
Créditos de Standard de combustible bajo en carbono de California (LCFS)	$ 37.6 millones
Créditos del número de identificación renovable (RIN)	$ 7.6 millones

Venta de productos químicos renovables

Las ventas de productos químicos renovables generaron $ 18.7 millones en ingresos para 2023. Los productos clave incluyen:

• Biocombustibles avanzados
• Diesel renovable
• Combustible de aviación sostenible

Incentivos y subvenciones gubernamentales

El apoyo del gobierno para 2023 ascendió a $ 12.5 millones, que incluye:

Tipo de incentivo	Cantidad
Incentivos federales de combustible renovable	$ 8.3 millones
Subvenciones de energía verde a nivel estatal	$ 4.2 millones

Servicios de licencias y consultoría de tecnología

Los servicios de licencias y consultoría de tecnología contribuyeron con $ 5.6 millones a los ingresos en 2023. Los flujos de ingresos específicos incluyen:

• Licencias de tecnología de captura de carbono
• Consultoría de procesos de combustible renovable
• Servicios avanzados de diseño de biorrefinería

Ingresos combinados totales para 2023: $ 315.4 millones

Aemetis, Inc. (AMTX) - Canvas Business Model: Value Propositions

You're looking at how Aemetis, Inc. positions its offerings in a market heavily influenced by environmental policy. The value is less about the base fuel and more about the regulatory credits and carbon intensity attached to it. Here's the quick math on what they are delivering to customers and the market as of late 2025.

Production of ultra-low and negative carbon intensity renewable fuels.

Aemetis, Inc. focuses on producing fuels and energy sources that carry superior environmental attributes, which translates directly into higher value in regulated markets like California. The Renewable Natural Gas (RNG) from their biogas subsidiary is a prime example of this focus.

• Dairy digester pathways approved by the California Air Resources Board (CARB) demonstrate an average carbon intensity (CI) of -384 gCO2e/MJ, with individual ratings as low as -419 gCO2e/MJ.
• The company's historical Dairy RNG project plan targeted an estimated CI of -416.
• Future 'Carbon Zero' renewable jet/diesel plants are planned to utilize cellulosic hydrogen with an estimated CI of -80 negative carbon intensity.

Reduced lifecycle carbon footprint for transportation customers.

The low CI scores directly reduce the lifecycle carbon footprint reported by the end-user, which is critical for compliance in low-carbon fuel programs. Furthermore, the company's operations contribute to carbon reduction beyond just the fuel itself.

• The Mechanical Vapor Recompression (MVR) energy efficiency project at the Keyes ethanol plant is projected to decrease the Section 45Z carbon intensity of the ethanol by about 15 points.
• The Keyes facility captures around 150,000 tons of carbon dioxide annually for beverage-grade CO2 used in food production.

Diversified portfolio: Ethanol, Biodiesel, RNG, and future SAF/RD.

Aemetis maintains a diversified production base across several renewable fuel types, mitigating risk associated with any single commodity or regulatory stream. This diversification is key to their overall strategy.

Fuel/Product Segment	Capacity/Volume Metric	Latest Operational Data (Late 2025)
Ethanol (California)	65 million (US) gallon per year nameplate capacity	Produced 14.7 million gallons in Q3 2025
Biodiesel (India)	80 million gallon-per-year capacity	Sold 9,400 metric tons in Q2 2025
Renewable Natural Gas (RNG)	Targeting 1 million MMBtus annual run rate by end of 2026	Produced 106,400 MMBtu in Q2 2025 from 11 operating digesters
Future Sustainable Aviation Fuel (SAF)	Planned 78 million gallon annual capacity	Received Authority To Construct air permits for the Riverbank facility

Cost reduction for customers via LCFS and Renewable Fuel Standard (RFS) compliance.

The primary financial value proposition is derived from monetizing environmental attributes through regulatory compliance markets, which effectively lowers the net cost for customers needing to meet mandates. The extension of policies like the LCFS and the introduction of Section 45Z tax credits enhance this value stream.

The MVR project at the Keyes plant is projected to increase annual cash flow by $32 million starting in 2026 through a combination of energy savings, LCFS credits, and Section 45Z tax credits. At current LCFS credit prices of $72 per metric ton, the MVR project is expected to increase ethanol revenues by $0.09 per gallon.

Monetization of tax credits has been significant:

• Aemetis Biogas generated $1.6 million in LCFS and D3 RIN credits in April 2025 alone.
• The company received $70 million from the sale of Section 48 investment tax credits in the past 18 months.
• Aemetis received $19 million in cash proceeds from the sale of solar and biogas-related investment tax credits in Q1 2025.

The approval of seven new RNG pathways is expected to increase LCFS credit generation from those digesters by approximately 100%.

Aemetis, Inc. (AMTX) - Canvas Business Model: Customer Relationships

You're looking at how Aemetis, Inc. manages its key customer interactions across its diverse business lines as of late 2025. This isn't a simple one-size-fits-all approach; it's a mix of long-term agreements and transactional sales.

Direct, long-term supply contracts with major fuel purchasers (B2B model).

The India Biodiesel segment relies on contracts with government-owned Oil Marketing Companies (OMCs). For instance, in April 2025, Aemetis received letters of intent for an aggregate of $31 million of biodiesel sales to OMCs for delivery across May, June, and July of 2025. The third quarter of 2025 saw $14.5 million in revenue primarily from the fulfillment of these India OMC orders. Separately, the California Ethanol business maintains a relationship with local agriculture, supplying about two million pounds of animal feed daily to approximately 80 dairies in the area.

High-touch regulatory engagement for project permitting and credit approval.

Success hinges on navigating complex regulatory frameworks, which requires constant, high-touch engagement. A key recent win was the Authority To Construct air permits issued by the San Joaquin Valley Air Pollution Control District for the Mechanical Vapor Recompression (MVR) project in December 2025. Furthermore, the company secured seven CARB LCFS pathways for dairy digesters in June 2025. This regulatory success directly impacts revenue, as LCFS credit prices rose by more than 25% since the summer of 2025. Aemetis, Inc. anticipates generating over $500 million in total Inflation Reduction Act (IRA) investment and production tax credits to support its various projects.

Strategic relationships with dairy farmers for feedstock supply.

The Renewable Natural Gas (RNG) segment is built on securing waste feedstock through agreements with dairy operations. As of late 2025, Aemetis is operating twelve biogas digesters using waste from a total of fifteen dairies. The long-term vision involves expanding this base significantly. The Central Dairy Digester Project aims to process waste from 50 dairies, with a long-term goal of capturing methane from over 150,000 cows annually, targeting a production capacity of 1.65 million MMBtu of dairy RNG each year.

Here's a look at the current operational scale of the dairy feedstock relationships:

• Total dairies supplying waste: 15
• Operating biogas digesters: 12
• Q3 2025 RNG production: 114,000 MMBtu
• RNG revenue generated in Q3 2025: $4 million
• Projected RNG capacity by year-end 2025: 550,000 MMBtu

Transactional sale of transferable tax credits to financial buyers.

A significant portion of near-term cash flow comes from the transactional sale of federal tax credits to financial buyers, often structured as multi-closing arrangements. This is a key relationship type, as it involves direct negotiation with credit purchasers rather than fuel consumers. Aemetis, Inc. planned to sell $20 million of Section 45Z and Section 48 tax credits following the September 2025 completion of a multi-dairy biogas digester.

Reviewing the realized cash proceeds from these transactional sales in 2025 shows the importance of this revenue stream:

Transaction Date/Period	Gross Tax Credit Value	Net Cash Proceeds Received
Q1 2025 Sales (Combined)	Not fully specified	$19.0 million
January 2025 Sale	$13.5 million	$11 million (after costs)
February 2025 Sale	$7.7 million	$6 million (after costs)

The company has also secured approximately $19.7 million in grants and tax credits from the California Energy Commission, Pacific Gas & Electric, and the IRS for the MVR project via Section 48C investment tax credits. To date, the company has sold $83 million in investment tax credits related to its RNG facilities and received more than $70 million in cash from those sales.

Aemetis, Inc. (AMTX) - Canvas Business Model: Channels

You're looking at how Aemetis, Inc. moves its products and services to the customer base as of late 2025. It's a mix of physical fuel delivery, pipeline injection for gas, and the sale of regulatory credits. Honestly, the credit sales are where a lot of the upside is being priced right now.

Direct sales and logistics to India Oil Marketing Companies.

Aemetis, Inc. moves biodiesel and co-products from its Universal Biofuels subsidiary in India directly to the three government-owned Oil Marketing Companies (OMCs) under cost-plus supply agreements. This channel is critical, though it saw delays impacting first-half 2025 revenues compared to 2024. The India subsidiary is actively preparing for a public listing targeting early 2026.

Here are the recent financial snapshots for this channel:

Metric	Q2 2025 Amount	Q3 2025 Amount	Period Total (H1 2025)
Biodiesel Revenue from OMCs	$11.9 million	$14.5 million	Revenue lower than H1 2024 due to contract delays
Biodiesel Sales Volume	Not specified	12,500 metric tons	Not specified
New Allocation Received (Late 2024 for 2025)	$58 million (Initial)	N/A	N/A
New Orders Received (April 2025)	N/A	$31 million (for May-July delivery)	N/A

The India plant has an annual production capacity of 80 million gallons per year.

Pipeline injection and utility sales for Renewable Natural Gas.

The Renewable Natural Gas (RNG) business channels its product primarily through pipeline injection, with monetization heavily reliant on the sale of associated environmental credits. Aemetis, Inc. is scaling its biogas production capacity rapidly to meet these off-take opportunities. The company remains on track to have more than 500,000 MMBtus of RNG capacity in place by the end of 2025, targeting 1 million MMBtus by the end of 2026.

The operational footprint supporting this channel includes facilities processing waste from 18 dairies currently operating or under construction.

Here's a look at the RNG molecule and associated credit sales performance through the third quarter of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025	YTD (9 Months)
RNG Sales Volume (MMBtu)	Not specified	106,400 MMBtu	114,000 MMBtu	291,300 MMBtu
RNG Revenue (Molecule Sales)	Not specified	$3.1 million	About $4.0 million	Not specified
Operating Digesters	11	11	12 (New one online in September)	N/A

The value capture in this channel is significantly enhanced by regulatory approvals, which Aemetis, Inc. is aggressively pursuing:

• Seven new LCFS pathways approved by CARB in Q2 2025 with an average CI score of -384 gCO2e/MJ.
• These approvals increased LCFS credit revenue by 160% for those dairies compared to the default -150 CI score pathway.
• Four additional LCFS pathways are currently under review at CARB.

Fuel distributors and blenders in the California transportation market.

This channel involves the sale of renewable fuels, primarily ethanol, produced at the Keyes plant in California's Central Valley. The company adjusts production rates based on margin opportunities, as seen when the Keyes plant ran at a slightly lower grind rate in Q2 2025 to maximize margins, but ramped up in Q3 2025 due to improved demand and pricing.

Key volume and operational metrics for the California Ethanol segment:

• Q3 2025 Ethanol Sales Volume: 14.7 million gallons.
• Ethanol Sales Volume (First Nine Months 2025): 42.6 million gallons.
• Q2 2025 Production Rate: 13.8 million gal.
• The company is advancing a $30 million Mechanical Vapor Recompression (MVR) project at Keyes.
• The MVR project is expected to add roughly $32 million of annual cash flow starting in 2026.

Direct sale of environmental credits (e.g., LCFS, RINs) to obligated parties.

The sale of environmental credits is a distinct, high-value revenue stream tied directly to the RNG and biodiesel production. Aemetis, Inc. has also monetized federal investment tax credits to bolster near-term cash.

Here are the specific credit sales data points for the first half of 2025:

Credit Type	Q1 2025 Volume (in thousands)	Q2 2025 Volume (in thousands)	H1 2025 Total Volume (in thousands)	Average Price (per unit)
D3 RINs Sold	341.0	763.6	1,104.6	Q1: $3.17; Q2: $2.60
LCFS Credits Sold	5.0	14.0	30.0 (Per table summary)	Not specified

Beyond these recurring credits, Aemetis, Inc. has also realized significant cash from investment tax credits:

• Total Section 48 investment tax credits sold to date: $83 million, generating approximately $70 million in cash.
• The company expects an initial sale of about $20 million of Section 45Z and 48 credits starting in Q4 2025.
• Section 45Z production tax credits are estimated at about $82/MMBtu.

Finance: finalize the Q4 2025 credit sales projection model by next Tuesday.

Aemetis, Inc. (AMTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Aemetis, Inc. (AMTX) serves right now, late in 2025. It's a mix of established fuel buyers and emerging clean energy credit purchasers.

Government-owned Oil Marketing Companies (OMC) in India

This segment is crucial for the Universal Biofuels subsidiary. These state-owned entities drive the demand for biodiesel to meet national blending targets. Aemetis, Inc. has a track record here, having completed $112 million in biodiesel and glycerine shipments in the twelve months ending September 2024.

For the near term of 2025, the focus is on fulfilling new orders supporting India's goal to increase biodiesel blending from 1% to 5%. Specifically, Aemetis, Inc. announced multiple orders for an aggregate of $31 million in biodiesel for delivery during May, June, and July of 2025, totaling over 33,000 kiloliters. The production capacity at the Kakinada plant was expanded to 80 million gallons per year to support this demand.

California transportation fuel blenders and distributors

This group buys the output from the California operations, primarily ethanol and Renewable Natural Gas (RNG). The Keyes ethanol plant, with its 65 million gallon per year capacity, recently passed a cumulative revenue milestone of $2 billion. Furthermore, the recent signing of Assembly Bill 30, allowing an E15 ethanol blend, expands the potential California ethanol market by 50%.

The RNG side of this segment is growing rapidly. In the third quarter of 2025, RNG sales reached 114,000 MMBtu, contributing to total sales of 291,300 MMBtu for the first nine months of 2025.

Global airlines and aviation industry (future SAF market)

This represents a significant future market for Aemetis, Inc.'s planned biorefinery in Riverbank, California, which is designed for 90 MMgy of Sustainable Aviation Fuel (SAF) and renewable diesel. While commercial sales are forward-looking, the market context is clear:

• The global SAF market size was valued at USD 1.25 billion in 2024.
• The market is projected to reach USD 2.06 billion by 2025.
• The biofuel segment held the largest market share in 2024.
• Over 90% of airlines have targets for at least 2% SAF usage by 2025.

Financial institutions purchasing transferable federal tax credits

Aemetis, Inc. actively monetizes regulatory incentives by selling tax credits to financial institutions. This has been a key source of liquidity in 2025.

Here's a look at the recent tax credit transactions:

Credit Type / Period	Amount Secured / Proceeds
Section 48 Investment Tax Credit Sales (Total)	$83 million in sales, yielding over $70 million cash.
Transferable Investment Tax Credits (Q1 2025)	$19.0 million in cash proceeds.
Section 45Z Production Tax Credits (Expected Start)	Monetization expected to begin in Q3 2025.
Planned Tax Credit Sale (Post-Digester Completion)	Planning to sell $20 million in tax credits.

California dairy farmers (as waste suppliers)

Dairy farmers are upstream suppliers of waste feedstock for the Dairy RNG platform, which is now in a high-growth phase. Aemetis, Inc. has long-term agreements in place, providing stable feedstock pricing.

The scale of commitment and production is substantial:

• 49 dairies have signed agreements to supply waste to the Central Dairy Project to date.
• The project is designed to capture emissions from 66,000 cows at 30+ dairies.
• A $27 million agreement was signed to build gas cleanup systems for 15 dairy digesters.
• RNG capacity is on track to reach over 500,000 MMBtus by the end of 2025.
• Seven approved LCFS pathways have an average Carbon Intensity (CI) score of -384 gCO2e/MJ, which increased LCFS credit revenue by 160% for those facilities compared to the default score.

Aemetis, Inc. (AMTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Aemetis, Inc.'s operations, which are heavily weighted toward financing and strategic growth investments right now. Honestly, the debt load is a major factor in the current cost profile.

The cost structure is dominated by financing costs due to high leverage. Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, was reported at $12.3 million in the second quarter of 2025, and it ticked up slightly to $13 million in the third quarter of 2025. For the first nine months of 2025, total interest expense, excluding accretion, reached $39 million.

Capital expenditures are significant as Aemetis, Inc. pushes forward on decarbonization and RNG expansion. The company has signed $57 million in new equipment purchase and installation contracts year-to-date for its Mechanical Vapor Recompression (MVR) and dairy RNG projects. Actual quarterly capital spending reflects this investment pipeline:

• Q1 2025 capital projects investment was $1.8 million.
• Q2 2025 capital expenditures were $3.6 million.
• Q3 2025 investments in carbon intensity reduction and RNG construction totaled $4.1 million.

Operating costs are spread across the three main segments: Ethanol, Biodiesel, and RNG. The company experienced gross losses in the first half of 2025, with a gross loss of $(3.4) million in Q2 2025, which improved significantly to a gross loss of only $(58) thousand in Q3 2025. Selling, general and administrative expenses (SG&A) were $7.3 million in Q2 2025, rising to $8.5 million in Q3 2025. The operating losses reflect these costs against revenues that have sometimes missed expectations.

Here's a quick look at the key cost metrics across the reporting periods:

Cost Component	Q2 2025 Amount	Q3 2025 Amount	Nine Months 2025 Amount
Interest Expense (excluding accretion)	$12.3 million	$13 million	$39 million
SG&A Expense	$7.3 million	$8.5 million	N/A
Capital Expenditures (Actual)	$3.6 million	$4.1 million	YTD Contracts: $57 million
Operating Loss	$10.7 million	$8.5 million	$34.7 million

Costs tied to regulatory compliance and carbon intensity improvement are substantial, often taking the form of large capital projects. The MVR system retrofit at the Keyes ethanol plant is a key example; this project carries a cost of approximately $30 million. This investment is aimed at reducing natural gas use by about 80% and is projected to increase annual cash flow from operations by $32 million starting in mid-2026, effectively turning a cost-reduction measure into a future revenue driver. Furthermore, the success in securing seven approved California Air Resources Board (CARB) Low Carbon Fuel Standard (LCFS) pathways for dairy digesters in Q3 2025 directly impacts compliance costs by unlocking significantly higher credit revenue, increasing LCFS credit revenue for those dairies by about 160% compared to the default pathway score.

For the ethanol segment, while specific corn costs aren't detailed, the operational cost pressure is evident in the plant running at 100% of nameplate capacity in Q2 2025 but still facing margin pressure. The company is actively managing input costs by optimizing grind rates, as seen in Q3 2025 when the California Ethanol plant operated at a lower grind rate to maximize margins.

Aemetis, Inc. (AMTX) - Canvas Business Model: Revenue Streams

Aemetis, Inc. (AMTX) generates revenue across several distinct, yet interconnected, business segments as of late 2025, reflecting its focus on renewable fuels and low-carbon intensity products. The total top-line performance for the third quarter of 2025 reached $59.2 million. This revenue base is supported by the sale of physical commodities and the monetization of environmental attributes and government incentives.

Here's a quick look at the key revenue components reported for the third quarter of 2025:

Revenue Stream Component	Q3 2025 Reported/Related Amount
Total Company Revenue	$59.2 million
Biodiesel and Refined Glycerin Sales (India)	$14.5 million
Renewable Natural Gas (RNG) Sales	$4.0 million
Tax Credit Cash Proceeds (Q1 2025 Example)	$19 million

The company's revenue streams are diversified across its operational footprint in North America and India.

• Ethanol and co-products sales (California).
• Biodiesel and refined glycerin sales (India, 3Q25 revenue of $14.5 million).
• Renewable Natural Gas (RNG) sales (3Q25 revenue of $4.0 million).
• Sale of LCFS, D3 RIN, and Section 45Z/48 tax credits ($19 million cash proceeds from 48C in Q1 2025).

The California Ethanol segment contributes through the sale of its product, with Q3 2025 performance benefiting from stronger pricing and volumes, including a production rate of 14.7 million gallons for the quarter. This segment is also seeing operational improvements, such as the Keyes MVR project expected to add roughly $32 million of annual cash flow starting mid-2026.

The India operations, focused on biodiesel and refined glycerin, provided a significant portion of the quarterly revenue. The 3Q25 revenue from this stream was $14.5 million, driven by fulfillment of orders with Oil Marketing Companies. Aemetis, Inc. appointed a new CFO for its India subsidiary, targeting a public listing in 2026.

Renewable Natural Gas (RNG) is a growing source, with twelve operating dairy digesters in Q3 2025 producing 114,000 MMBtu, generating about $4.0 million in revenue. The monetization of this segment is enhanced by regulatory mechanisms; seven new CARB LCFS (Low Carbon Fuel Standard) pathway approvals enabled full monetization for those facilities. The company is actively scaling this capacity, targeting 550,000 MMBtu by the end of 2025 and 1.0 million MMBtu by FY2027.

Environmental credits and tax incentives form a crucial, non-commodity revenue stream. Aemetis, Inc. received $19 million in cash proceeds during the first quarter of 2025 from the sale of solar and biogas-related Investment Tax Credits (ITCs), which is the concrete figure available for this category. Management indicated plans for an initial approximately $20 million sale of Section 45Z and 48 credits starting in the fourth quarter of 2025.