Aemetis, Inc. (AMTX): Business Model Canvas [Dec-2025 Updated]

As a former BlackRock analyst, I can tell you that understanding Aemetis, Inc.'s current business model requires looking past just the fuel sales; it's about policy monetization. You're seeing a company that generated $59.2 million in Q3 2025 revenue by aggressively building out RNG capacity and developing Sustainable Aviation Fuel, but the real juice comes from selling those low-carbon credits-like the $19 million cash proceeds from 48C tax credits they saw earlier in 2025. This canvas lays out exactly how Aemetis, Inc. is structuring its operations around dairy waste, Indian oil contracts, and massive capital expenditures to capture the value of the clean energy transition. See the full breakdown below to grasp their complex, credit-driven strategy.

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

You're looking at the core relationships Aemetis, Inc. (AMTX) relies on to execute its low-carbon fuel and RNG strategy as of late 2025. These aren't just vendor relationships; they are critical enablers for scaling production and monetizing environmental attributes.

The partnerships are segmented across the different business lines-India biodiesel, California RNG, and the Keyes ethanol plant upgrades.

For the RNG segment, the relationship with California dairy farmers is foundational, providing the feedstock for the biogas-to-RNG facilities. Aemetis has agreements with a total of 50 dairies for its Central Dairy Project, which is designed to eventually produce over 1.65 million MMBtu of RNG annually when fully scaled. By the third quarter of 2025, 12 operating digesters were processing waste from 16 dairies, generating approximately 114,000 MMBtu of RNG and about $4.0 million in revenue for that quarter.

To build out this RNG capacity, Aemetis relies heavily on infrastructure partners. Centuri Holdings, noted as a $2.6 billion infrastructure services contractor, signed a significant equipment agreement. This agreement, valued at $27 million, is for building biogas cleanup systems for 15 dairy digesters. This supports the overall plan to scale up to the 50 dairies under contract. As of Summer 2025, 16 dairies were scheduled to be operating near Modesto, California, supported by 36 miles of biogas pipeline already in operation.

The decarbonization effort at the Keyes, California, ethanol plant involves a key technology partner. Praj Industries is supplying the equipment for the $30 million Mechanical Vapor Recompression (MVR) upgrade. This system is expected to cut natural gas usage by approximately 80% and is projected to add roughly $32 million in incremental annual cash flow starting in 2026.

The India operations depend on securing offtake from state-owned entities. Aemetis's subsidiary, Universal Biofuels, recently secured multiple orders totaling $31 million from the three government-owned Oil Marketing Companies (OMCs) for the delivery of over 33,000 kiloliters of biodiesel during May, June, and July 2025. This supports the Indian government's goal of increasing the biodiesel blend from 1% to 5%. The Kakinada plant has an expanded annual capacity of 80 million gallons.

Monetizing regulatory incentives is a crucial financial component, involving various government bodies. Aemetis has successfully sold tax credits to generate cash proceeds. For instance, the company received $19.0 million from investment tax credit sales in the first quarter of 2025. For the Keyes MVR project, approximately $19.7 million in grants and tax credits from the California Energy Commission, Pacific Gas & Electric, and IRA 45Z credits have been secured. Furthermore, an initial sale of about $20 million of Section 45Z and 48 credits is planned starting in the fourth quarter of 2025.

Here's a quick look at the key financial and operational metrics tied to these partnerships:

Partner/Agency	Project/Activity	Key Metric/Amount (2025 Data)
Centuri Holdings	Biogas Cleanup Systems (15 Digesters)	$27 million equipment agreement
California Dairy Farmers	RNG Feedstock Supply (Central Project)	Agreements for 50 dairies
Praj Industries	Keynes MVR System Supply	Part of a $30 million upgrade
India OMCs	Biodiesel Offtake	$31 million in orders for May-July 2025
Federal/State Agencies	Tax Credit Monetization (Q1 2025)	$19.0 million cash proceeds from ITC sales
California Dairy RNG Operations (Q3 2025)	Production Volume	114,000 MMBtu from 12 digesters

The reliance on these external parties means execution risk is shared, but also concentrated. For instance, the successful monetization of the RNG is tied directly to the CARB pathway approvals, which are necessary to realize the full value of the waste supply agreements.

• RNG Production Capacity Target (End of 2025): 550,000 MMBtu
• Projected Annual Cash Flow from Keyes MVR (Starting 2026): $32 million
• India Biodiesel Plant Capacity: 80 million gallons per year
• Planned 45Z/48 Credit Sale (Starting Q4 2025): Initial ~$20 million
• Total Dairies Under Construction/Operation (Late 2025): 18

Also, the $27 million Centuri contract is for equipment to support the scale-up toward the 50-dairy goal.

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

You're looking at the core engine of Aemetis, Inc. (AMTX) operations as of late 2025, which is all about maximizing throughput and monetizing low-carbon attributes across its facilities. These are the day-to-day actions that drive their revenue streams.

The company's physical asset base is centered around two major production facilities. The California operation runs a 65 MMgy renewable ethanol production facility in Keyes, which has been operating since 2011. For the first nine months of 2025, this plant sold 42.6 million gallons of ethanol. In the third quarter of 2025 alone, Aemetis, Inc. sold 14.7 million gallons of ethanol, ramping up production due to better margins.

Overseas, the India biodiesel plant, located in Kakinada, Andhra Pradesh, has a current annual production capacity of 80 MMgy. This facility resumed deliveries to government-owned oil marketing companies (OMCs) in the second quarter of 2025, contributing $14.5 million in revenue for Q3 2025. Earlier in the year, Universal Biofuels had secured allocations totaling $58 million for 2025 delivery from the OMCs, and in April 2025, received new orders for an aggregate of $31 million for May through July delivery.

A major focus is expanding the dairy Renewable Natural Gas (RNG) digester network. Aemetis, Inc. is 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. This growth was significantly boosted in September 2025 when a new multi-dairy digester came online, increasing RNG production capacity by more than 30%. The network now involves digesters processing waste from 18 dairies and includes twelve operating biogas digesters across 36 miles of biopipeline. RNG sales for the third quarter of 2025 reached 114,000 MMBtu, generating approximately $4 million in revenue for that quarter.

Development activities are heavily weighted toward future low-carbon fuels. Aemetis, Inc. is actively developing the Riverbank Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD) project in Riverbank, California. This project is part of a strategy that previously targeted a 45 million gallon per year capacity for the 'Carbon Zero 1' plant.

Executing carbon intensity (CI) reduction projects is critical for margin enhancement. The key activity here is the installation of the Mechanical Vapor Recompression (MVR) system at the Keyes ethanol plant, a project with an estimated total cost of $30 million. Aemetis, Inc. secured approximately $19.7 million in grants and tax credits to support this investment. Once construction is complete in Q2 2026, the MVR system is projected to cut natural gas usage by roughly 80% and is expected to add $32 million in annual cash flow from operations starting mid-2026.

The final, and perhaps most lucrative, key activity is monetizing regulatory credits. This involves executing on the California Low Carbon Fuel Standard (LCFS) and federal tax credits like Section 48 and 45Z. Seven of the company's dairy digesters received LCFS pathway approvals from the California Air Resources Board (CARB) in June 2025, achieving an average CI score of -384 gCO2e/MJ. These specific pathway approvals increased LCFS credit revenue for those dairies by 160% compared to the default pathway score of -150. Separately, Aemetis Biogas generated $1.6 million in revenue from LCFS credits and D3 RINs in April 2025 alone. Furthermore, the company has received $70 million from the sale of tax credits over the past 18 months, including $19 million in Q1 2025 from solar and biogas-related ITCs.

Here's a summary of the key operational and financial metrics driving these activities:

Asset/Activity	Metric/Value	Unit/Period
California Ethanol Plant Capacity	65,000,000	Gallons per Year (MMgy)
India Biodiesel Plant Capacity	80,000,000	Gallons per Year (MMgy)
MVR Project Cost	$30,000,000	Estimated EPC Cost
MVR Expected Annual Cash Flow Boost	$32,000,000	Per Year (Starting mid-2026)
RNG Capacity Target (End of 2025)	500,000	MMBtu
Operating RNG Digesters	12	Units
LCFS Revenue (April 2025)	$1,600,000	LCFS and D3 RINs
Tax Credit Proceeds (Q1 2025)	$19,000,000	Cash Proceeds from ITC Sales
Approved LCFS Pathway CI Score (Average)	-384	gCO2e/MJ

The company is actively managing its operational output based on market conditions, as seen when the Keyes plant reduced production in Spring 2025 to optimize margins before ramping up in Q3 2025.

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

You're looking at the core assets Aemetis, Inc. (AMTX) relies on to execute its strategy as of late 2025. These aren't just buildings and permits; they are the foundation for generating high-value, low-carbon intensity products and credits. Honestly, the regulatory approvals are as critical as the steel in the ground right now.

The physical production and development sites represent significant sunk capital and future potential. We can map out the key operational assets here:

Asset Location	Primary Function/Capacity	Key Feature/Status
Keyes, California	65 million gallon per year renewable ethanol production facility	MVR project underway, projected to reduce natural gas use by 80% and add $32 million in annual cash flow starting mid-2026
India	60 million gallon per year biodiesel production facility	Generated $14.5 million in revenue during Q3 2025
Riverbank Industrial Complex	125-acre site for planned Sustainable Aviation Fuel (SAF) and Renewable Diesel biorefinery	Features an onsite hydroelectric substation with 100 percent low carbon hydroelectricity and a rail line with storage for 120 railcars

The Riverbank site's planned biorefinery is designed for 90 million gallons per year of SAF/Renewable Diesel, or 78 million gallons per year if dedicated solely to SAF.

The regulatory and intellectual property portfolio is where the premium value is being unlocked, particularly through the California Low Carbon Fuel Standard (LCFS) market. Here are the critical intangible resources:

• Approved CARB LCFS pathways for seven dairy digesters, boasting an average carbon intensity (CI) score of -384 gCO2e/MJ.
• These seven pathways increased LCFS credit revenue by 160% for those dairies starting in Q3 2025 compared to the default score.
• Intellectual property and permits for Carbon Capture and Sequestration (CCS) projects, with potential to generate approximately US$500 million per year in combined LCFS and IRS 45Q credits from injecting two million metric tonnes of $\text{CO}_2$ per year.
• The Keyes ethanol plant already captures around 150,000 tons of carbon dioxide annually for beverage-grade $\text{CO}_2$ use.

To support these capital-intensive projects and manage working capital, Aemetis, Inc. (AMTX) maintained a specific liquidity position as of the last reported quarter.

The balance sheet shows $5.6 million in cash reserves as of the end of Q3 2025. This cash position followed capital expenditures focused on the CI reduction and RNG buildout during the quarter.

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.