Aemetis Inc. released third quarter results on Nov. 6, reporting increased renewable natural gas (RNG) capacity and higher capacity utilization at the company’s California ethanol plant. Aemetis also provided an update of biodiesel, sustainable aviation fuel (SAF) and carbon capture and sequestration (CCS) projects.
During an earnings call, Aemetis Chairman and CEO Eric McAfee reported that the company’s RNG business significantly increased biogas production capacity at the end of the third quarter with a new multi-dairy digester that came online in September. That facility increased RNG capacity by more than 30%. According to McAfee, Aemetis remains on track to have more than 500,000 MMBtus of RNG capacity in place by the end of 2025, increasing to 1 MMBtus by the end of 2026. Aemetis is currently operating or building digesters to process waste from 18 dairies.
The California Air Resources Board earlier this year approved Low Carbon Fuel Standard pathways for seven of Aemetis’ dairy digesters, with an average carbon intensity (CI) score of -384 gCO2e/MJ. “These pathway approvals increased our LCFS credit revenue by 160% for these dairies starting in the third quarter of this year, compared to dairy digesters with the -150 default pathway score while pathways are pending approval,” McAfee said, noting four additional LCFS pathways are currently under review at CARB.
McAfee confirmed that the company’s RNG facilities qualify for the Section 48 energy investment tax credit. RNG output also qualifies for 45Z clean fuel production tax credits. “Collectively, molecule revenues, LCFS credit sales, D3 [renewable identification number (RIN)] sales and the sale of 45Z production tax credits are expected to generate strong positive cash flow from operations in the fourth quarter of this year and expanding operating cash flow in 2026, as new dairy RNG production comes online 45Z calculations are issued by the Department of Energy and LCFS credit prices continue to rise,” he said.
Regarding operations at the Keyes ethanol plant, McAfee reported that the mechanical vapor recompression (MVR) system is completing equipment fabrication. On-site construction is expected to begin during the fourth quarter of 2025 and be complete during the second quarter of 2026. The MVR system is expected to reduce natural gas consumption at the ethanol plant by 80%, according to McAfee.
The Keyes plant reduced ethanol production during Spring 2025 in order to optimize ethanol margins. McAfee said the facility ramped up production during the third quarter due to higher ethanol demand and improved margins. Higher production is expected to continue during the fourth quarter.
Aemetis also operates a biodiesel subsidiary in India, which is targeting an initial public offering (IPO) in early 2026. McAfee said the company is actively seeking to expand into biogas and ethanol production in India.
In addition, Aemetis is working to develop the Riverbank biorefinery, a 90 MMgy SAF and renewable diesel facility in California, along with CCS capacity. According to McAfee, the company continues to engage in active discussions on financing structures for the Riverbank project, and is waiting further clarity on the 45Z production credit and biofuel mandates to support project financing. For the adjacent CCS project, Aemetis has completed initial site and installation work for its CO2 characterization well. The data obtained from the next phase of drill will support the company’s Class VI permit application.
Aemetis sold 14.7 million gallons of ethanol during the third quarter of 2025, down from 15.5 million gallons sold during the same period of 2024. For the first nine months of the year, ethanol sales reached 42.6 million gallons, down from 44.4 million gallons sold during the same period of last year.
RNG sales for the third quarter reached 114,000 MMBtu, up from 86,000 MMBtu during the same period of last year. RNG sales for the first nine months of the year reached 291,300 MMBtu, up from 234,800 MMBtu.
Third quarter biodiesel sales reached 12,500 metric tons during the third quarter, down from 26,000 metric tons during the same period of last year.
Aemetis reported third quarter revenues of $59.2 million for the third quarter, down from $81.4 million during the same period of last year. Operating loss was $8.5 million, compared to an operating loss of $3.9 million. Net loss was $23.7 million, compared to a net loss of $17.9 million.
