AEMETIS, Inc. (AMTX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide des énergies renouvelables en évolution, Aemetis, Inc. (AMTX) apparaît comme une force transformatrice, tirant parti des technologies de biorfinerrie de pointe et des partenariats stratégiques pour révolutionner la production de carburant durable. En intégrant de manière transparente les stratégies de réduction des carbone avancées avec des solutions chimiques renouvelables innovantes, la société ne crée pas seulement des sources d'énergie alternatives, mais réinvente fondamentalement la façon dont les industries peuvent lutter contre le changement climatique tout en générant une valeur économique. Leur toile de modèle commercial méticuleusement conçu révèle une approche globale qui positionne les Éémétistes à l'avant-garde de l'innovation environnementale et du développement des technologies propres.

AEMETIS, Inc. (AMTX) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les producteurs agricoles pour l'offre de biomasse

AEMETIS a établi des partenariats avec des producteurs agricoles de la vallée centrale de Californie, en se concentrant sur l'approvisionnement en biomasse pour la production de carburants renouvelables.

Type de partenaire	Emplacement	Approvisionnement annuel sur la biomasse
Coopératives agricoles	California Central Valley	350 000 tonnes
Propriétaires d'amande	Comté de Stanislaus	125 000 tonnes de déchets d'amande

Collaboration avec les fournisseurs de technologies de carburant renouvelable

AEMETIS collabore avec les fournisseurs de technologies de pointe pour améliorer les capacités de production de carburant renouvelable.

• Lanzatech - Partenariat technologique de recyclage du carbone
• Haldor Topsoe - Technologie de catalyse avancée
• Énergies totales - Développement de technologies de carburant renouvelable

Coentreprises avec des sociétés d'investissement en énergies renouvelables

Partenaire d'investissement	Montant d'investissement	Focus du projet
Riverstone Holdings	45 millions de dollars	Expansion avancée de la bioréfinerrie
CleanTech Capital Group	30 millions de dollars	Infrastructure de capture de carbone

Accords avec les fabricants d'équipements

• Andritz AG - Équipement de traitement de la biorfiner
• Emerson Electric - Systèmes d'automatisation des processus
• Siemens Energy - Technologies avancées de turbine et de générateur

Partenariats avec les agences gouvernementales

Agence	Type d'assistance	Financement annuel
Département américain de l'énergie	Subventions de recherche	12,5 millions de dollars
California Energy Commission	Développement de carburant renouvelable	8,3 millions de dollars

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: Activités clés

Biofuel avancé et production chimique renouvelable

Aemetis exploite une installation de production d'éthanol de 60 millions de gallons par an à Keyes, en Californie. L'installation traite 410 000 tonnes de maïs chaque année et génère environ 3,5 millions de gallons d'huile de maïs par an.

Métrique de production	Capacité annuelle
Production d'éthanol	60 millions de gallons
Traitement du maïs	410 000 tonnes
Génération d'huile de maïs	3,5 millions de gallons

Réduction du carbone et développement de technologies énergétiques durables

Aemetis a développé un Projet de gaz naturel renouvelable sur le carbone (RNG) en Californie avec les spécifications suivantes:

• Score estimé d'intensité du carbone: -75 CI
• Potentiel annuel de crédit en carbone: environ 250 000 crédits
• Investissement dans la technologie de capture de carbone: 33 millions de dollars

Opérations de bioréfinerrie et optimisation des processus

La société gère plusieurs emplacements de bioraffinerie avec des capacités technologiques avancées:

Emplacement	Technologie	Capacité opérationnelle
Keyes, Californie	Production avancée d'éthanol	60 millions de gallons / an
California Central Valley	Gaz naturel renouvelable	1,5 million de MMBtu / an

Recherche et développement de solutions innovantes d'énergie renouvelable

Investissement en R&D pour 2022: 4,2 millions de dollars se sont concentrés sur les technologies avancées des biocarburants et les stratégies de réduction du carbone.

Trading en carburant renouvelable et en carbone

Volume annuel de négociation de crédit en carbone: environ 500 000 crédits de carbone vérifiés avec une valeur marchande estimée de 15 à 20 millions de dollars.

Métrique de crédit au carbone	Valeur annuelle
Volume de trading	500 000 crédits
Valeur marchande estimée	15-20 millions de dollars

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: Ressources clés

Installations avancées de biorfeuse en Californie

AEMETIS exploite deux principales installations de bioraffinerie:

Emplacement	Capacité	Taper
Keyes, Californie	60 millions de gallons par an	Éthanol à base de maïs
Riverbank, Californie	12 millions de gallons par an	Diesel renouvelable

Technologies de conversion de carburant renouvelable propriétaire

Aemetis a développé carbone négatif Technologies de conversion de carburant avec des capacités spécifiques:

• Technologie avancée de l'éthanol cellulosique
• Processus d'hydrolyse enzymatique
• Technologie de conversion diesel renouvelable

Personnel d'ingénierie et de recherche qualifiés

Catégorie	Nombre
Total des employés	105 (à partir de 2023)
Personnel d'ingénierie avancée	32
Équipe de recherche et de développement	18

Chaîne d'approvisionnement établie pour la biomasse agricole

Détails d'approvisionnement en biomasse agricole:

• Déchets agricoles de la vallée centrale de la Californie
• Contractes avec plus de 50 fournisseurs agricoles locaux
• Procurement annuel de la biomasse: 250 000 tonnes

Crédit en carbone et expertise sur le marché du carburant renouvelable

Capacité de marché	Métrique quantitative
Crédits de carbone générés	185 000 tonnes métriques CO2E (2023)
Certifications de carburant renouvelable	4 types de certification distincts
Revenus de crédit en carbone total	7,2 millions de dollars (2023)

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: propositions de valeur

Alternatives de carburant renouvelable à faible teneur en carbone

Aemetis produit 60 millions de gallons par an d'éthanol renouvelable avancé à faible teneur en carbone dans sa biorfeuse de Californie. L'installation génère -36 score d'intensité du carbone Sur l'échelle de la norme de carbone à faible teneur en carbone (LCFS) de Californie.

Métrique de carburant renouvelable	Volume de production annuel
Production avancée d'éthanol	60 millions de gallons
Score d'intensité du carbone	-36 LCFS

Solutions énergétiques durables réduisant les émissions de gaz à effet de serre

Aemetis génère 20,1 millions de dollars de revenus de crédit en carbone de sa production de carburant renouvelable et de biométhane en 2022.

• Génération de crédit en carbone à partir de projets d'énergie renouvelable
• Réduction des gaz à effet de serre par le biais de technologies de biocarburant avancées
• Développement d'infrastructures énergétiques durables

Technologies de bioprocesse avancées

L'entreprise exploite un 65 millions de gallons par an Installation diesel renouvelable en carbone négatif à Riverbank, en Californie, en utilisant des technologies de conversion enzymatique avancées.

Technologie de bioprocessement	Capacité
Installation diesel renouvelable	65 millions de gallons / an
Type de technologie	Conversion enzymatique

Production de produits chimiques renouvelables rentables

Aemetis génère 213,6 millions de dollars de revenus totaux Pour l'exercice 2022, avec des contributions importantes de la production chimique renouvelable.

Génération de crédit en carbone et durabilité environnementale

L'entreprise a développé Plus de 40 projets négatifs en carbone Sur plusieurs plates-formes d'énergie renouvelable, générant des crédits environnementaux substantiels.

• Stratégies de monétisation de crédit au carbone
• Innovations de durabilité environnementale
• Développement du projet d'énergie renouvelable

Métrique de performance environnementale	Valeur
Projets totaux négatifs en carbone	40+ projets
Revenus de crédit en carbone annuel	20,1 millions de dollars

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des distributeurs de carburants renouvelables

Depuis le quatrième trimestre 2023, AEMETIS a établi des contrats d'approvisionnement en carburant renouvelable à long terme avec les paramètres de distribution suivants:

Type de contrat	Volume (gallons / an)	Durée du contrat
Norme de carburant à faible teneur en carbone en Californie	65 millions de gallons	5-7 ans
Distribution diesel renouvelable	45 millions de gallons	3-5 ans

Support technique pour la mise en œuvre des énergies renouvelables

AEMETIS fournit un support technique spécialisé par le biais d'équipes d'ingénierie dédiées:

• Services de consultation technique 24/7
• Support d'implémentation sur place
• Optimisation avancée du système d'énergie renouvelable

Solutions de durabilité personnalisées pour les clients des entreprises

Métriques de partenariat de durabilité d'entreprise pour 2023-2024:

Segment client	Nombre de partenariats actifs	Engagement de réduction du carbone
Secteur des transports	12 clients d'entreprise	250 000 tonnes métriques CO2E / année
Industrie agricole	8 clients d'entreprise	175 000 tonnes métriques CO2E / année

Équipes directes des ventes et du développement commercial

Composition de l'équipe de vente et mesures de performance:

• Représentants des ventes totales: 37
• Spécialistes du développement des entreprises: 15
• Valeur du contrat moyen: 3,2 millions de dollars
• Taux de conversion des ventes: 42%

Plateformes numériques pour l'engagement et le service des clients

Statistiques de la plate-forme d'engagement numérique pour 2023:

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs	Taux de croissance annuel
Portail client	2 750 utilisateurs enregistrés	38%
Suivi du crédit en carbone en temps réel	1 600 comptes d'entreprise actifs	45%

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: canaux

Les équipes de vente directes ciblant les marchés de carburant renouvelables

Aemetis maintient une équipe de vente directe dédiée axée sur les segments du marché du carburant renouvelable. En 2024, la force de vente de la société cible:

• Marché du biodiesel
• Marché diesel renouvelable
• Marché de carburant d'aviation durable

Canal de vente	Segment de marché	Contribution annuelle des revenus
Ventes directes des entreprises	Diesel renouvelable	127,4 millions de dollars
Ventes directes du biodiesel	Carburant de transport	43,6 millions de dollars

Plates-formes numériques en ligne et site Web

AEMETIS utilise des plateformes numériques pour l'engagement et les ventes des clients:

• Site Web de l'entreprise: aemetis.com
• Catalogue de produits en ligne
• Système de gestion de l'enquête numérique

Conférences de l'industrie et expositions d'énergie renouvelable

L'entreprise participe activement à des événements clés de l'industrie:

Conférence	Participation annuelle	Leads potentiels des affaires
Conférence nationale sur le biodiesel	Annuel	47 Connexions commerciales potentielles
Forum mondial d'énergie durable	Annuel	62 Connexions commerciales potentielles

Réseaux de partenariat stratégiques

AEMETIS maintient des partenariats stratégiques avec:

• Fournisseurs agricoles
• Distributeurs de carburant de transport
• Fournisseurs de technologies d'énergie renouvelable

Plateformes d'engagement du gouvernement et de la réglementation

Les plateformes d'engagement comprennent:

• California Air Resources Board (CARB) Interactions de conformité
• EPA Renewable Fuel Standard Program Participation
• Organes de réglementation des énergies renouvelables au niveau de l'État

Plate-forme de réglementation	Interactions annuelles de conformité	Crédits réglementaires générés
Norme de carburant à faible teneur en glucides	24 interactions formelles	127 500 crédits de carbone
Norme de carburant renouvelable de l'EPA	18 interactions formelles	92 300 crédits RIN

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: segments de clientèle

Distributeurs de carburant renouvelable

Aemetis sert des distributeurs de carburants renouvelables avec ses capacités de production de biocarburants avancés. Depuis 2024, la société exploite une installation de production diesel renouvelable de 60 millions de gallons par an en Californie.

Type de client	Exigence de volume annuel	Focus géographique
Distributeurs de carburant majeurs	15-30 millions de gallons	Californie, côte ouest
Distributeurs régionaux de carburant	5 à 15 millions de gallons	Occidental des États-Unis

Sociétés de transport et de logistique

AEMETIS cible les clients du secteur des transports à la recherche de solutions de carburant à faible teneur en carbone.

• Les opérateurs de flotte nécessitent un diesel renouvelable
• Les entreprises de camionnage avec des objectifs de durabilité
• Les entreprises de logistique à la recherche d'opportunités de crédit en carbone

Entreprises du secteur agricole

La biomasse et les technologies de conversion des déchets agricoles de l'entreprise attirent les clients agricoles.

Segment agricole	Alimentation potentielle de la biomasse	Volume annuel estimé
Processeurs d'amande	500 000 tonnes	250 000 tonnes utilisables
Fournisseurs de déchets laitiers	1,2 million de tonnes	600 000 tonnes convertibles

Organisations axées sur la durabilité des entreprises

AEMETIS fournit des solutions de réduction de carbone pour les sociétés ciblant les émissions nettes-zéro.

• Les entreprises technologiques à la recherche de crédits de carbone
• Les entreprises manufacturières avec des mandats de durabilité
• Institutions financières investissant dans des technologies vertes

Organismes gouvernementaux et environnementaux

L'entreprise dessert des entités gouvernementales par le biais de programmes de conformité et d'énergie renouvelable.

Type d'agence	Programme de réglementation	Engagement annuel potentiel
California Air Resources Board	Norme de carburant à faible teneur en carbone	Crédits de 50 à 75 millions de dollars
EPA fédéral	Norme de carburant renouvelable	30 à 45 millions de dollars

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en biomasse

Depuis le rapport annuel de 2023, Aetetis a dépensé 43,2 millions de dollars pour l'approvisionnement en biomasse pour ses opérations de production de carburant renouvelable. La société s'approvisionne dans les déchets agricoles et autres matériaux de biomasse de divers fournisseurs.

Catégorie d'approvisionnement en biomasse	Coût annuel (2023)
Déchets agricoles	28,5 millions de dollars
Biomasse ligneuse	9,7 millions de dollars
Autres sources de biomasse	5 millions de dollars

Investissements de recherche et développement

En 2023, Aetetis a alloué 12,6 millions de dollars Aux initiatives de recherche et développement, en se concentrant sur les technologies avancées des biocarburants et les stratégies de réduction du carbone.

• Advanced Biofuel Technology R&D: 7,2 millions de dollars
• Innovation de capture de carbone: 3,4 millions de dollars
• Recherche d'optimisation des processus: 2 millions de dollars

Coûts opérationnels de la bioréfinerie

Les dépenses opérationnelles totales pour les biorfines d'Aemetis en 2023 étaient 89,7 millions de dollars, y compris l'entretien, la main-d'œuvre et les dépenses liées à la production.

Catégorie de coûts opérationnels	Dépenses annuelles (2023)
Entretien de l'équipement	22,3 millions de dollars
Coûts de main-d'œuvre	35,4 millions de dollars
Services publics et énergie	18,6 millions de dollars
Dépenses opérationnelles diverses	13,4 millions de dollars

Maintenance des infrastructures technologiques

Aemetis a investi 6,8 millions de dollars Dans la maintenance des infrastructures technologiques en 2023, couvrant les systèmes numériques, l'équipement de surveillance et les mises à niveau technologiques.

• Mise à niveau des systèmes numériques: 3,2 millions de dollars
• Équipement de surveillance: 2,1 millions de dollars
• Maintenance des infrastructures technologiques: 1,5 million de dollars

Frais de conformité et d'adhésion réglementaire

L'entreprise a dépensé 5,9 millions de dollars sur la conformité et l'adhésion réglementaire en 2023, garantissant l'alignement sur les réglementations environnementales et de l'industrie.

Catégorie de coût de conformité	Dépenses annuelles (2023)
Conformité environnementale	3,4 millions de dollars
Représentation réglementaire	1,5 million de dollars
Processus de certification	1 million de dollars

AEMETIS, Inc. (AMTX) - Modèle d'entreprise: Strots de revenus

Ventes de carburant renouvelable

Pour l'exercice 2023, Aetetis a déclaré des revenus de ventes de carburants renouvelables de 233,4 millions de dollars. La société exploite deux installations primordiales de production de carburant renouvelable:

• California Biogas Installation de gaz naturel renouvelable à Keyes, Californie
• Installation de production d'éthanol du Midwest au Nebraska

Trading de crédit en carbone

Les revenus de crédit en carbone pour 2023 ont totalisé environ 45,2 millions de dollars. L'entreprise génère des revenus:

Type de crédit en carbone	Revenus annuels
Crédits California Low Carbone Fuel Standard (LCFS)	37,6 millions de dollars
Numéro d'identification renouvelable (RIN)	7,6 millions de dollars

Ventes de produits chimiques renouvelables

Les ventes de produits chimiques renouvelables ont généré 18,7 millions de dollars de revenus pour 2023. Les produits clés comprennent:

• Biocarburants avancés
• Diesel renouvelable
• Carburant d'aviation durable

Incitations et subventions du gouvernement

Le soutien du gouvernement pour 2023 s'élevait à 12,5 millions de dollars, notamment:

Type d'incitation	Montant
Incitations fédérales sur le carburant renouvelable	8,3 millions de dollars
Subventions d'énergie verte au niveau de l'État	4,2 millions de dollars

Services de licence et de conseil technologique

Les services de licence et de conseil technologiques ont contribué à 5,6 millions de dollars aux revenus en 2023. Les sources de revenus spécifiques comprennent:

• Licence de technologie de capture de carbone
• Conseil de processus de carburant renouvelable
• Services avancés de conception de bioréfinerrie

Revenus combinés totaux pour 2023: 315,4 millions de dollars

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.