Aemetis, Inc. reported financial results for the fourth quarter and full year ending December 31, 2025, highlighting substantial growth in its dairy renewable natural gas segment and progress on efficiency upgrades across its renewable energy platform. The company's biogas segment generated net income of $12.2 million in the fourth quarter, with dairy RNG production increasing 61% year over year during the same period.
The Aemetis Dairy RNG platform reached 12 operating digesters that produced approximately 405,000 MMBtu of renewable natural gas during 2025. The biogas segment generated $15 million of RNG revenue, $5 million of production tax credits, and $18 million of investment tax credit proceeds from dairy digester projects. Capital investments increased 28% over the prior year to $26.0 million, supporting dairy RNG expansion and ethanol plant energy efficiency upgrades.
Eric McAfee, Chairman and CEO of Aemetis, noted that with RNG production scaling, ethanol plant efficiency improvements underway, and federal clean fuel incentives beginning to be monetized, the company is positioned for meaningful growth in revenue and cash flow. He highlighted policy support from the White House and Congress in the One Big Beautiful Bill and California legislative approval of year-round E15 in October 2025, which allows the ethanol market to grow by 50% in the state.
The California Air Resource Board approved 7 new Low Carbon Fuel Standard pathways for the Renewable Natural Gas business, increasing from the negative 150 default value to an average carbon intensity score of negative 380. The company signed a $27 million agreement with NPL to construct H2S and compression units for 15 new dairy digesters, further expanding production capacity.
In the ethanol segment, the Aemetis 65 million gallon per year ethanol plant in Keyes, California generated $158.3 million of revenue and production tax credits during 2025. The company signed an agreement with NPL Construction to complete the procurement and installation of a Mechanical Vapor Recompression system at the Keyes plant. When completed, the MVR system is expected to reduce natural gas consumption, lower the carbon intensity of ethanol production, and increase plant cash flow from operations by approximately $32 million per year.
The Aemetis biodiesel production facility in India generated $29.7 million of revenue during 2025, utilizing about 10% of the plant capacity of 80 million gallons per year of biodiesel production. India remains a large and growing market for renewable fuels supported by government blending mandates and expanding fuel demand. The India subsidiary appointed a new CFO with IPO experience and is targeting a public listing in 2026.
Revenues and production tax credits were $53.7 million for the fourth quarter of 2025, an increase from $47.0 million from the fourth quarter of 2024. Biogas segment sold 108,000 MMBtu's during the fourth quarter. Gross profit for the fourth quarter of 2025 was $7.7 million, compared to a gross loss of $2.0 million during the same period in 2024. Net loss was $5.3 million for the fourth quarter of 2025, compared to a net loss of $16.2 million for the fourth quarter of 2024.
For the full year, revenues and production tax credits were $208.0 million for the twelve months ended December 31, 2025. Net loss was $77.0 million for the twelve months ending December 31, 2025, compared to a net loss of $87.5 million during the same period in 2024. Cash at the end of the fourth quarter of 2025 was $4.9 million, compared to $898 thousand at the end of the fourth quarter of 2024.
The company's progress demonstrates the growing economic viability of renewable energy projects, particularly in the dairy RNG sector where tax credits and regulatory support are creating new revenue streams. The expansion of production capacity and efficiency improvements across multiple business segments positions Aemetis to capitalize on increasing demand for low-carbon fuels in both domestic and international markets. For additional information about the company's financial results, please visit http://www.aemetis.com/investors/conference-calls/.
