What is Aemetis' operating income?

Aemetis' total operating income in 2025 was -$37.22 million, based on the following breakdown: Total Gross Profit: -$768 thousand Total Operating Expenses: $36.45 million

Aemetis (AMTX) Financials

$1.72 0.00 (0.00%)

Closing price 08/7/2026 04:00 PM Eastern

Extended Trading

$1.71 -0.01 (-0.35%)

As of 04:45 AM Eastern

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Annual Income Statements for Aemetis

This table shows Aemetis' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-27	-16	-30	-33	-25	-36	-47	-109	-47	-88	-78
Consolidated Net Income / (Loss)	-27	-16	-32	-36	-39	-37	-47	-108	-46	-88	-77
Net Income / (Loss) Continuing Operations	-27	-16	-32	-36	-29	-36	-47	-108	-46	-88	-77
Total Pre-Tax Income	-27	-16	-32	-36	-38	-38	-47	-107	-100	-98	-96
Total Operating Income	-8.61	-0.78	-12	-11	-4.93	-6.07	-16	-34	-37	-40	-37
Total Gross Profit	4.20	12	3.38	5.41	13	11	7.94	-5.54	2.02	-0.58	-0.77
Total Revenue	147	143	150	172	202	166	212	257	187	268	198
Operating Revenue	147	143	150	172	202	166	212	257	187	268	198
Total Cost of Revenue	142	132	147	166	189	155	204	262	185	268	198
Operating Cost of Revenue	142	132	147	166	189	155	204	262	185	268	209
Other Cost of Revenue	-	-	-	-	-	-	-	-	-	0.00	-10
Total Operating Expenses	13	12	16	16	14	22	24	29	39	40	36
Selling, General & Admin Expense	12	12	13	16	17	17	24	29	39	40	36
Total Other Income / (Expense), net	-19	-15	-20	-25	-27	-26	-31	-72	-63	-58	-59
Interest Expense	10	9.46	14	18	21	23	23	78	40	47	53
Other Income / (Expense), net	-8.03	-5.39	-5.68	-7.18	-5.46	-2.85	-8.53	5.85	-23	-11	-5.62
Income Tax Expense	0.01	0.01	0.01	0.01	1.13	-0.98	-0.13	1.05	-54	-11	-19
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.22	-	-	-	-	-	0.24	1.10	0.22	0.70	0.99
Basic Earnings per Share	($1.37)	($0.79)	($1.53)	($1.63)	($1.75)	($1.74)	($1.54)	($3.12)	($1.22)	($1.91)	($1.28)
Weighted Average Basic Shares Outstanding	19.82M	19.77M	19.83M	20.25M	20.47M	21.01M	30.68M	34.59M	38.06M	45.90M	59.98M
Diluted Earnings per Share	($1.37)	($0.79)	($1.53)	($1.63)	($1.75)	($1.74)	($1.54)	($3.12)	($1.22)	($1.91)	($1.28)
Weighted Average Diluted Shares Outstanding	19.82M	19.77M	19.83M	20.25M	20.47M	21.01M	30.68M	34.59M	38.06M	45.90M	59.98M
Weighted Average Basic & Diluted Shares Outstanding	19.66M	19.70M	20.22M	20.38M	20.57M	27.10M	33.83M	36.65M	42.61M	53.32M	66.63M

This table shows Aemetis' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-26	-24	-29	-18	-17	-25	-23	-25	-5.57	-23	-9.43
Consolidated Net Income / (Loss)	-25	-24	-29	-18	-16	-25	-23	-24	-5.33	-22	-9.37
Net Income / (Loss) Continuing Operations	-25	-24	-29	-18	-16	-25	-23	-24	-5.33	-22	-9.37
Total Pre-Tax Income	-25	-23	-29	-18	-29	-31	-24	-24	-17	-22	-9.37
Total Operating Income	-8.96	-9.46	-14	-3.87	-13	-16	-11	-8.51	-2.48	-6.34	5.77
Total Gross Profit	0.86	-0.61	-1.81	3.88	-2.04	-5.08	-3.36	-0.06	7.73	2.76	14
Total Revenue	71	73	67	81	47	43	52	59	43	55	63
Operating Revenue	71	73	67	81	47	43	52	59	43	55	63
Total Cost of Revenue	70	73	68	78	49	48	56	59	36	52	49
Operating Cost of Revenue	70	73	68	78	49	48	56	59	46	52	49
Total Operating Expenses	9.82	8.85	12	7.75	11	10	7.32	8.45	10	9.09	7.74
Selling, General & Admin Expense	9.82	8.85	12	7.75	11	10	7.32	8.45	10	9.09	7.74
Total Other Income / (Expense), net	-16	-14	-15	-14	-15	-16	-13	-15	-14	-16	-15
Interest Expense	11	11	12	12	13	14	12	13	14	14	14
Other Income / (Expense), net	-5.07	-3.38	-3.46	-2.04	-2.45	-2.06	-0.92	-2.28	-0.35	-1.14	-1.48
Income Tax Expense	0.75	0.88	0.39	0.27	-12	-6.78	-0.53	0.01	-11	-0.13	0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.09	0.04	-0.01	0.12	0.54	-0.01	0.00	0.76	0.24	0.94	0.06
Basic Earnings per Share	($0.60)	($0.58)	($0.66)	($0.38)	($0.29)	($0.47)	($0.41)	($0.37)	($0.03)	($0.33)	($0.13)
Weighted Average Basic Shares Outstanding	38.06M	41.89M	44.42M	47.22M	45.90M	52.58M	57.68M	63.70M	59.98M	66.80M	70.89M
Diluted Earnings per Share	($0.54)	($0.58)	($0.66)	($0.38)	($0.29)	($0.47)	($0.41)	($0.37)	($0.03)	($0.33)	($0.13)
Weighted Average Diluted Shares Outstanding	38.06M	41.89M	44.42M	47.22M	45.90M	52.58M	57.68M	63.70M	59.98M	66.80M	70.89M
Weighted Average Basic & Diluted Shares Outstanding	42.61M	44.40M	47.20M	49.73M	53.32M	55.37M	63.24M	65.57M	66.63M	70.37M	72.17M

This table details how cash moves in and out of Aemetis' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.05	1.20	-1.06	0.76	3.43	-3.09	7.16	-0.75	-0.72	-2.45	4.06
Net Cash From Operating Activities	-0.79	0.37	-8.69	-5.51	-2.03	2.48	-21	-23	14	-33	3.26
Net Cash From Continuing Operating Activities	-0.79	0.37	-8.69	-5.51	1.93	-0.54	-21	-23	14	-33	3.26
Net Income / (Loss) Continuing Operations	-27	-16	-32	-36	-39	-37	-47	-108	-46	-88	-77
Consolidated Net Income / (Loss)	-27	-16	-32	-36	-39	-37	-47	-108	-46	-88	-77
Depreciation Expense	4.73	4.67	4.62	4.58	4.43	4.89	5.45	5.54	6.93	8.34	9.58
Amortization Expense	6.84	5.85	5.79	7.66	4.71	3.45	3.97	7.41	6.60	6.51	6.75
Non-Cash Adjustments To Reconcile Net Income	2.46	-1.30	1.22	1.78	3.11	7.11	12	65	33	25	14
Changes in Operating Assets and Liabilities, net	12	6.79	11	17	29	21	5.39	6.88	13	15	50
Net Cash From Investing Activities	-0.07	-0.63	-1.12	-4.07	-8.58	-17	-23	-31	-24	-14	-26
Net Cash From Continuing Investing Activities	-0.07	-0.63	-1.12	-4.07	-7.21	-19	-23	-31	-24	-14	-26
Purchase of Property, Plant & Equipment	-0.07	-0.63	-1.12	-4.07	-8.58	-19	-27	-39	-33	-20	-26
Other Investing Activities, net	-	-	-	0.00	1.36	0.26	3.76	7.85	9.43	6.11	0.41
Net Cash From Financing Activities	0.82	1.63	8.38	10	10	15	51	54	9.09	45	26
Net Cash From Continuing Financing Activities	0.82	1.63	8.38	10	8.72	17	51	54	9.09	45	26
Repayment of Debt	-29	-19	-10	-20	-52	-16	-57	-27	-58	-5.01	-37
Repurchase of Preferred Equity	-	-	-	-	0.00	0.00	-0.30	0.00	-30	0.00	-8.27
Issuance of Debt	30	21	18	23	56	13	0.00	69	75	19	45
Issuance of Common Equity	-	-	0.00	6.96	0.00	5.11	104	12	22	32	28
Other Financing Activities, net	-0.22	0.00	-	0.00	0.00	0.85	0.91	-0.28	-0.30	-1.58	-1.22
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	0.01	-0.03
Cash Interest Paid	0.48	4.89	3.09	5.59	2.48	1.32	5.68	20	9.81	9.22	14
Cash Income Taxes Paid	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	1.81	0.63

This table details how cash moves in and out of Aemetis' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-1.39	-1.34	-1.20	-0.45	0.54	-0.41	1.17	4.10	-0.80	-1.02	-3.31
Net Cash From Operating Activities	34	-10	-5.09	-4.98	-13	0.16	-5.74	3.07	5.77	-11	-1.88
Net Cash From Continuing Operating Activities	34	-10	-5.09	-4.98	-13	0.16	-5.79	3.12	5.77	-11	-1.83
Net Income / (Loss) Continuing Operations	-25	-24	-29	-18	-16	-25	-23	-24	-5.33	-22	-9.37
Consolidated Net Income / (Loss)	-25	-24	-29	-18	-16	-25	-23	-24	-5.33	-22	-9.37
Depreciation Expense	1.73	1.80	2.05	2.27	2.22	2.36	2.35	2.33	2.55	2.52	2.53
Amortization Expense	1.83	1.43	1.83	1.66	1.58	2.69	1.11	1.07	1.89	1.98	0.37
Non-Cash Adjustments To Reconcile Net Income	6.56	6.28	9.10	5.09	4.09	4.59	3.42	16	-10	3.60	2.87
Changes in Operating Assets and Liabilities, net	49	4.44	11	3.93	-4.27	15	11	7.70	17	3.01	1.76
Net Cash From Investing Activities	-13	-1.68	-4.25	-4.49	-3.72	-1.83	-3.11	-4.09	-17	-5.11	-8.54
Net Cash From Continuing Investing Activities	-13	-1.68	-4.25	-4.49	-3.72	-1.83	-3.11	-4.09	-17	-6.55	-7.10
Purchase of Property, Plant & Equipment	-15	-3.58	-5.40	-4.49	-6.78	-1.83	-3.53	-4.09	-17	-6.55	-8.54
Net Cash From Financing Activities	-23	11	8.14	9.05	17	1.25	10	5.13	10	15	7.06
Net Cash From Continuing Financing Activities	-23	11	8.14	9.05	17	1.25	10	5.13	10	16	5.62
Repayment of Debt	-35	-1.16	-4.30	0.62	-0.17	-5.18	-20	-10	-1.38	-7.88	-5.43
Issuance of Debt	34	6.22	2.21	4.10	6.93	3.80	18	7.93	16	16	5.48
Issuance of Common Equity	6.95	5.51	10	5.79	10	5.09	13	7.53	2.59	6.59	7.11
Other Financing Activities, net	1.74	0.03	-0.15	-1.45	-0.01	-0.25	-0.15	-0.01	-0.81	1.44	-1.54
Cash Interest Paid	2.89	2.96	2.11	1.20	2.95	10	1.10	1.42	1.03	1.21	3.65

This table presents Aemetis' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	83	78	94	92	100	125	161	207	243	259	260
Total Current Assets	8.00	7.05	11	10	13	8.68	21	18	36	45	27
Cash & Equivalents	0.28	1.49	0.43	1.19	0.66	0.59	7.75	4.31	2.67	0.90	4.89
Accounts Receivable	1.17	1.56	2.22	1.10	2.04	1.82	1.57	1.26	8.63	1.81	0.48
Inventories, net	4.80	3.24	5.74	6.13	6.52	3.97	5.13	4.66	18	25	12
Prepaid Expenses	0.53	0.56	2.44	0.94	0.79	0.75	5.60	4.25	3.35	1.84	1.53
Other Current Assets	1.22	0.21	0.64	0.96	2.57	1.55	0.64	3.65	3.46	2.41	8.33
Plant, Property, & Equipment, net	71	66	79	78	84	110	135	180	0.00	0.00	0.00
Total Noncurrent Assets	4.42	4.40	4.03	3.02	3.09	6.58	5.04	8.54	207	215	233
Other Noncurrent Operating Assets	3.04	4.40	4.03	3.02	3.09	6.58	5.04	8.54	207	215	233
Total Liabilities & Shareholders' Equity	83	78	94	92	100	125	161	207	243	259	260
Total Liabilities	118	128	174	207	254	310	281	409	460	523	567
Total Current Liabilities	29	27	36	43	58	102	65	88	84	144	371
Short-Term Debt	12	11	16	17	23	60	23	49	37	91	318
Accounts Payable	10	7.84	10	14	16	21	16	26	32	33	23
Other Current Liabilities	4.92	5.32	6.26	8.44	15	16	19	13	15	20	30
Total Noncurrent Liabilities	89	100	138	165	196	208	216	321	376	379	195
Long-Term Debt	5.71	5.78	30	31	146	170	166	197	258	248	64
Other Noncurrent Operating Liabilities	83	95	108	133	51	35	47	121	118	132	132
Total Equity & Noncontrolling Interests	-35	-50	-80	-116	-154	-185	-120	-202	-217	-264	-307
Total Preferred & Common Equity	-35	-50	-78	-111	-154	-185	-120	-202	-217	-264	-307
Total Common Equity	-35	-50	-78	-111	-154	-185	-120	-202	-217	-264	-307
Common Stock	82	83	85	86	87	93	205	233	264	305	340
Retained Earnings	-114	-130	-160	-193	-237	-274	-321	-429	-475	-563	-640
Accumulated Other Comprehensive Income / (Loss)	-3.18	-3.39	-2.90	-3.58	-3.83	-4.11	-4.35	-5.45	-5.67	-6.37	-7.36

This table presents Aemetis' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	277	242	232	247	243	240	241	270	289
Total Current Assets	78	33	24	35	28	20	16	35	33
Cash & Equivalents	3.90	1.63	0.23	0.30	0.50	1.65	5.58	4.80	0.97
Accounts Receivable	60	8.87	8.76	8.03	1.04	2.70	1.65	6.58	2.32
Inventories, net	8.14	16	10	20	23	12	4.78	10	14
Prepaid Expenses	2.90	2.42	2.27	1.78	1.87	1.54	1.63	1.14	1.54
Other Current Assets	3.81	4.03	2.35	5.00	2.15	1.83	1.91	12	15
Plant, Property, & Equipment, net	188	198	194	196	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	11	12	14	17	214	220	226	236	256
Other Noncurrent Operating Assets	11	12	14	17	214	220	226	236	256
Total Liabilities & Shareholders' Equity	277	242	232	247	243	240	241	270	289
Total Liabilities	477	474	481	506	523	529	546	591	611
Total Current Liabilities	114	118	121	132	175	322	343	396	415
Short-Term Debt	66	73	75	77	120	271	287	343	354
Accounts Payable	29	30	29	37	32	22	30	24	31
Other Current Liabilities	18	15	17	18	23	29	27	30	30
Total Noncurrent Liabilities	363	356	360	374	349	207	203	195	196
Long-Term Debt	220	234	234	245	217	74	67	62	62
Other Noncurrent Operating Liabilities	143	122	126	129	132	134	136	133	135
Total Equity & Noncontrolling Interests	-200	-232	-249	-259	-281	-289	-305	-321	-322
Total Preferred & Common Equity	-200	-232	-249	-259	-281	-289	-305	-321	-322
Total Common Equity	-200	-232	-249	-259	-281	-289	-305	-321	-322
Common Stock	256	273	286	294	313	328	337	349	357
Retained Earnings	-450	-500	-529	-547	-587	-611	-635	-662	-671
Accumulated Other Comprehensive Income / (Loss)	-5.58	-5.72	-5.71	-5.82	-6.35	-6.36	-7.12	-8.29	-8.35

This table displays calculated financial ratios and metrics derived from Aemetis' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	19,580,427.00	19,858,182.00	19,822,962.00	20,345,437.00	20,570,187.00	21,815,654.00	33,250,807.00	35,043,877.00	39,451,266.00	49,734,572.00	65,568,542.00
DEI Adjusted Shares Outstanding	19,580,427.00	19,858,182.00	19,822,962.00	20,345,437.00	20,570,187.00	21,815,654.00	33,250,807.00	35,043,877.00	39,451,266.00	49,734,572.00	65,568,542.00
DEI Earnings Per Adjusted Shares Outstanding	-1.40	-0.79	-1.53	-1.62	-1.21	-1.63	-1.43	-3.11	-1.18	-1.77	-1.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-29.39%	-2.38%	4.89%	14.23%	17.77%	-18.04%	28.02%	21.03%	-27.21%	43.34%	-26.16%
EBITDA Growth	-117.24%	185.88%	-271.19%	21.16%	78.77%	53.45%	-2,475.34%	-4.47%	-201.88%	21.67%	28.17%
EBIT Growth	-189.76%	62.92%	-189.43%	-1.41%	42.61%	14.15%	-172.91%	-17.23%	-112.40%	14.66%	17.22%
NOPAT Growth	-125.04%	90.93%	-1,459.92%	10.32%	54.87%	-23.10%	-160.71%	-117.38%	-8.72%	-8.06%	7.91%
Net Income Growth	-480.46%	42.38%	-103.19%	-14.22%	-8.79%	7.14%	-28.61%	-128.56%	56.92%	-88.58%	12.04%
EPS Growth	-502.94%	42.34%	-93.67%	-6.54%	-7.36%	0.57%	11.49%	-102.60%	60.90%	-56.56%	32.98%
Operating Cash Flow Growth	-103.82%	147.20%	-2,441.78%	36.63%	63.06%	221.93%	-932.54%	-10.75%	160.46%	-338.18%	109.91%
Free Cash Flow Firm Growth	-67.51%	-42.00%	-152.19%	417.27%	-427.51%	55.55%	27.66%	88.02%	-1,704.87%	55.17%	13.58%
Invested Capital Growth	-218.72%	-90.40%	-1.06%	-97.36%	119.67%	250.13%	34.60%	-33.00%	77.65%	-2.45%	-4.36%
Revenue Q/Q Growth	-4.29%	1.77%	1.00%	-0.02%	7.02%	-8.19%	14.62%	0.93%	2.21%	-8.15%	-1.84%
EBITDA Q/Q Growth	-100.08%	1,234.05%	-132.44%	-267.57%	93.31%	-105.52%	47.54%	-1,131.39%	-3.35%	-4.70%	34.12%
EBIT Q/Q Growth	-23.46%	38.87%	-32.12%	-97.15%	62.65%	-512.53%	35.70%	-185.80%	-2.38%	-3.82%	23.42%
NOPAT Q/Q Growth	0.84%	70.43%	-56.15%	-43.33%	61.23%	-323.66%	45.01%	-67.83%	-0.72%	-12.58%	22.81%
Net Income Q/Q Growth	-13.58%	26.16%	-31.41%	-9.91%	10.55%	-23.30%	22.52%	-24.97%	-6.99%	9.55%	12.37%
EPS Q/Q Growth	-19.13%	27.52%	-29.66%	-9.40%	11.62%	-24.29%	31.56%	-28.40%	8.27%	11.57%	16.88%
Operating Cash Flow Q/Q Growth	81.42%	-84.98%	-35.14%	3.17%	37.95%	-59.66%	15.96%	-34.82%	151.78%	-341.93%	121.63%
Free Cash Flow Firm Q/Q Growth	31.44%	132.05%	-156.50%	436.77%	-711.53%	41.13%	70.39%	-104.62%	16.67%	-382.01%	-65.45%
Invested Capital Q/Q Growth	-138.56%	-190.08%	-292.03%	-973.61%	189.26%	-8.10%	-48.72%	11.68%	-9.16%	16.24%	62.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	2.86%	8.10%	2.25%	3.15%	6.29%	6.66%	3.75%	-2.16%	1.08%	-0.22%	-0.39%
EBITDA Margin	-3.45%	3.04%	-4.96%	-3.42%	-0.62%	-0.35%	-7.05%	-6.08%	-25.23%	-13.79%	-13.41%
Operating Margin	-5.87%	-0.55%	-8.11%	-6.37%	-2.44%	-3.67%	-7.47%	-13.41%	-20.03%	-15.10%	-18.83%
EBIT Margin	-11.35%	-4.31%	-11.89%	-10.56%	-5.15%	-5.39%	-11.49%	-11.13%	-32.48%	-19.33%	-21.68%
Profit (Net Income) Margin	-18.51%	-10.92%	-21.16%	-21.16%	-19.54%	-22.14%	-22.24%	-42.01%	-24.86%	-32.71%	-38.96%
Tax Burden Percent	100.02%	100.04%	100.02%	100.02%	102.95%	97.41%	99.73%	100.99%	46.35%	88.99%	80.42%
Interest Burden Percent	163.07%	253.32%	177.87%	200.33%	368.92%	421.78%	194.13%	373.76%	165.17%	190.09%	223.52%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-14.11%	-20.15%	-45.72%	-44.62%	-38.15%	-36.37%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-30.34%	-37.54%	-84.88%	-52.17%	-56.98%	-50.64%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	35.73%	51.07%	112.63%	66.79%	74.56%	63.35%
Return on Equity (ROE)	141.84%	36.74%	49.00%	37.13%	29.25%	21.62%	30.92%	66.91%	22.17%	36.41%	26.98%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-634.14%	-125.24%	-49.65%	-6.21%	-100.56%	-35.67%	-31.91%
Operating Return on Assets (OROA)	-19.31%	-7.67%	-20.75%	-19.46%	-10.84%	-7.93%	-17.03%	-15.52%	-26.92%	-20.59%	-16.50%
Return on Assets (ROA)	-31.50%	-19.43%	-36.91%	-38.99%	-41.18%	-32.58%	-32.97%	-58.57%	-20.61%	-34.83%	-29.66%
Return on Common Equity (ROCE)	141.85%	36.75%	48.45%	35.95%	28.73%	21.62%	30.92%	66.91%	22.17%	36.41%	26.98%
Return on Equity Simple (ROE_SIMPLE)	76.89%	31.39%	40.53%	32.74%	25.57%	19.84%	39.21%	53.38%	21.39%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.03	-0.55	-8.53	-7.65	-3.45	-4.25	-11	-24	-26	-28	-26
NOPAT Margin	-4.11%	-0.38%	-5.68%	-4.46%	-1.71%	-2.57%	-5.23%	-9.39%	-14.02%	-10.57%	-13.18%
Net Nonoperating Expense Percent (NNEP)	119.14%	91.24%	76.10%	61.63%	33.47%	16.23%	17.39%	39.15%	7.55%	18.83%	14.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-33.68%	-38.16%	-34.77%
Cost of Revenue to Revenue	97.14%	91.90%	97.75%	96.85%	93.71%	93.34%	96.25%	102.16%	98.92%	100.22%	100.39%
SG&A Expenses to Revenue	8.43%	8.39%	8.78%	9.38%	8.63%	10.20%	11.17%	11.18%	21.11%	14.88%	18.44%
R&D to Revenue	0.30%	0.26%	1.58%	0.14%	0.10%	0.13%	0.04%	0.07%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.73%	8.65%	10.36%	9.52%	6.78%	13.15%	11.21%	11.25%	21.11%	14.88%	18.44%
Earnings before Interest and Taxes (EBIT)	-17	-6.17	-18	-18	-10	-8.92	-24	-29	-61	-52	-43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-5.06	4.35	-7.45	-5.87	-1.25	-0.58	-15	-16	-47	-37	-27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.39	0.19	0.07	0.07	0.08	0.33	1.93	0.54	1.11	0.50	0.46
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	13.81	6.10	9.39	9.06	6.64	6.43	6.68
Enterprise Value to Revenue (EV/Rev)	0.51	0.30	0.37	0.32	0.92	1.73	2.79	1.49	2.67	1.76	2.37
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	116.72	0.00	0.00	0.00	115.29	0.00	0.00	36.08	0.00	143.43
Enterprise Value to Free Cash Flow (EV/FCFF)	2.75	2.77	0.00	2.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.50	-0.35	-0.57	-0.42	-1.09	-1.26	-1.59	-1.23	-1.36	-1.28	-1.24
Long-Term Debt to Equity	-0.16	-0.12	-0.38	-0.27	-0.94	-0.93	-1.40	-0.99	-1.19	-0.94	-0.21
Financial Leverage	-0.93	-0.39	-0.47	-0.48	-0.80	-1.18	-1.36	-1.33	-1.28	-1.31	-1.25
Leverage Ratio	-4.50	-1.89	-1.33	-0.95	-0.71	-0.66	-0.94	-1.14	-1.08	-1.05	-0.91
Compound Leverage Factor	-7.34	-4.79	-2.36	-1.91	-2.62	-2.80	-1.82	-4.27	-1.78	-1.99	-2.03
Debt to Total Capital	-100.15%	-52.67%	-134.57%	-72.90%	1,199.52%	489.32%	269.72%	533.40%	379.09%	456.02%	509.47%
Short-Term Debt to Total Capital	-67.75%	-34.97%	-45.89%	-25.88%	161.97%	125.42%	32.15%	105.68%	47.63%	122.12%	424.20%
Long-Term Debt to Total Capital	-32.40%	-17.70%	-88.67%	-47.02%	1,037.55%	363.90%	237.56%	427.72%	331.46%	333.90%	85.27%
Preferred Equity to Total Capital	-0.01%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	4.31%	7.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	200.15%	152.67%	230.26%	165.81%	-1,099.52%	-389.32%	-169.72%	-433.40%	-279.09%	-356.02%	-409.47%
Debt to EBITDA	-3.49	3.95	-6.15	-8.30	-135.16	-400.34	-12.79	-15.92	-6.26	-9.16	-14.40
Net Debt to EBITDA	-3.43	3.61	-6.10	-8.10	-134.64	-399.32	-12.27	-15.64	-6.20	-9.14	-14.22
Long-Term Debt to EBITDA	-1.13	1.33	-4.06	-5.36	-116.91	-297.73	-11.27	-12.77	-5.47	-6.71	-2.41
Debt to NOPAT	-2.93	-31.43	-5.37	-6.37	-48.79	-54.65	-17.25	-10.32	-11.26	-11.95	-14.65
Net Debt to NOPAT	-2.88	-28.72	-5.32	-6.22	-48.60	-54.51	-16.55	-10.14	-11.16	-11.92	-14.47
Long-Term Debt to NOPAT	-0.95	-10.57	-3.54	-4.11	-42.20	-40.64	-15.19	-8.27	-9.84	-8.75	-2.45
Altman Z-Score	-0.84	-0.94	-1.69	-2.11	-2.15	-2.77	-1.44	-2.32	-2.76	-2.97	-4.73
Noncontrolling Interest Sharing Ratio	-0.01%	0.00%	1.13%	3.18%	1.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.27	0.26	0.32	0.24	0.22	0.08	0.32	0.21	0.43	0.31	0.07
Quick Ratio	0.05	0.11	0.07	0.05	0.05	0.02	0.14	0.06	0.13	0.10	0.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	27	16	-8.17	26	-85	-38	-27	-3.27	-59	-26	-23
Operating Cash Flow to CapEx	-1,107.04%	58.98%	-778.49%	-135.15%	-23.71%	12.82%	-77.47%	-58.40%	41.74%	-162.58%	12.55%
Free Cash Flow to Firm to Interest Expense	2.57	1.65	-0.59	1.43	-4.02	-1.64	-1.19	-0.04	-1.49	-0.57	-0.43
Operating Cash Flow to Interest Expense	-0.07	0.04	-0.62	-0.30	-0.10	0.11	-0.90	-0.29	0.35	-0.71	0.06
Operating Cash Flow Less CapEx to Interest Expense	-0.08	-0.03	-0.71	-0.53	-0.50	-0.73	-2.06	-0.79	-0.49	-1.14	-0.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.70	1.78	1.74	1.84	2.11	1.47	1.48	1.39	0.83	1.06	0.76
Accounts Receivable Turnover	120.80	105.15	79.53	103.48	128.99	85.85	124.86	180.77	37.73	51.28	172.67
Inventory Turnover	30.65	32.71	32.70	28.00	29.94	29.47	44.86	53.57	16.10	12.27	10.70
Fixed Asset Turnover	2.00	2.09	2.07	2.18	2.48	1.71	1.73	1.63	0.00	0.00	0.00
Accounts Payable Turnover	15.38	14.60	16.04	13.87	12.85	8.42	10.98	12.31	6.34	8.22	7.02
Days Sales Outstanding (DSO)	3.02	3.47	4.59	3.53	2.83	4.25	2.92	2.02	9.67	7.12	2.11
Days Inventory Outstanding (DIO)	11.91	11.16	11.16	13.04	12.19	12.39	8.14	6.81	22.68	29.76	34.10
Days Payable Outstanding (DPO)	23.73	25.00	22.75	26.32	28.41	43.35	33.24	29.66	57.61	44.41	52.03
Cash Conversion Cycle (CCC)	-8.80	-10.37	-7.00	-9.76	-13.39	-26.71	-22.18	-20.82	-25.26	-7.54	-15.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-18	-34	-34	-68	13	47	63	42	75	73	70
Invested Capital Turnover	-103.82	-5.50	-4.38	-3.35	-7.39	5.50	3.86	4.87	3.18	3.61	2.76
Increase / (Decrease) in Invested Capital	-33	-16	-0.36	-34	81	33	16	-21	33	-1.84	-3.20
Enterprise Value (EV)	74	43	55	55	185	286	592	383	499	471	468
Market Capitalization	57	28	11	12	17	54	409	139	207	134	91
Book Value per Share	($1.80)	($2.51)	($3.95)	($5.45)	($7.50)	($8.47)	($3.62)	($5.76)	($5.50)	($5.31)	($4.68)
Tangible Book Value per Share	($1.87)	($2.51)	($3.95)	($5.45)	($7.50)	($8.47)	($3.62)	($5.76)	($5.50)	($5.31)	($4.68)
Total Capital	-18	-33	-34	-67	14	47	71	47	78	74	75
Total Debt	18	17	46	49	168	232	191	248	295	338	382
Total Long-Term Debt	5.71	5.78	30	31	146	173	168	199	258	248	64
Net Debt	17	16	45	48	168	232	183	244	292	337	377
Capital Expenditures (CapEx)	0.07	0.63	1.12	4.07	8.58	19	27	39	33	20	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.63	-10	-9.36	-16	-23	-35	-30	-25	-14	-9.64	-31
Debt-free Net Working Capital (DFNWC)	-9.35	-8.76	-8.93	-15	-23	-34	-22	-21	-11	-8.74	-27
Net Working Capital (NWC)	-21	-20	-25	-32	-45	-94	-45	-70	-48	-99	-344
Net Nonoperating Expense (NNE)	21	15	23	29	36	32	36	84	20	59	51
Net Nonoperating Obligations (NNO)	17	16	45	48	168	232	183	244	292	337	377
Total Depreciation and Amortization (D&A)	12	11	10	12	9.15	8.34	9.42	13	14	15	16
Debt-free, Cash-free Net Working Capital to Revenue	-6.57%	-7.16%	-6.23%	-9.42%	-11.47%	-20.92%	-13.97%	-9.84%	-7.30%	-3.60%	-15.90%
Debt-free Net Working Capital to Revenue	-6.37%	-6.12%	-5.95%	-8.73%	-11.14%	-20.56%	-10.31%	-8.16%	-5.87%	-3.26%	-13.42%
Net Working Capital to Revenue	-14.52%	-14.09%	-16.35%	-18.81%	-22.40%	-56.51%	-21.06%	-27.35%	-25.70%	-37.09%	-174.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.37)	($0.79)	($1.53)	($1.63)	($1.75)	($1.74)	($1.54)	($3.12)	($1.22)	($1.91)	($1.28)
Adjusted Weighted Average Basic Shares Outstanding	19.82M	19.77M	19.83M	20.25M	20.47M	21.01M	30.68M	34.59M	38.06M	45.90M	59.98M
Adjusted Diluted Earnings per Share	($1.37)	($0.79)	($1.53)	($1.63)	($1.75)	($1.74)	($1.54)	($3.12)	($1.22)	($1.91)	($1.28)
Adjusted Weighted Average Diluted Shares Outstanding	19.82M	19.77M	19.83M	20.25M	20.47M	21.01M	30.68M	34.59M	38.06M	45.90M	59.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.66M	19.70M	20.22M	20.38M	20.57M	27.10M	33.83M	36.65M	42.61M	53.32M	66.63M
Normalized Net Operating Profit after Tax (NOPAT)	-6.03	-0.55	-8.53	-7.65	-7.79	-4.25	-11	-24	-26	-28	-26
Normalized NOPAT Margin	-4.11%	-0.38%	-5.68%	-4.46%	-3.86%	-2.57%	-5.23%	-9.39%	-14.02%	-10.57%	-13.18%
Pre Tax Income Margin	-18.50%	-10.92%	-21.15%	-21.15%	-18.98%	-22.73%	-22.30%	-41.60%	-53.64%	-36.75%	-48.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.59	-0.65	-1.28	-1.00	-0.49	-0.39	-1.06	-0.37	-1.53	-1.11	-0.81
NOPAT to Interest Expense	-0.57	-0.06	-0.61	-0.42	-0.16	-0.19	-0.48	-0.31	-0.66	-0.61	-0.49
EBIT Less CapEx to Interest Expense	-1.59	-0.72	-1.36	-1.22	-0.90	-1.23	-2.23	-0.87	-2.37	-1.54	-1.30
NOPAT Less CapEx to Interest Expense	-0.58	-0.12	-0.69	-0.65	-0.57	-1.03	-1.65	-0.81	-1.50	-1.04	-0.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Aemetis' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	39,451,266.00	42,608,698.00	44,397,833.00	47,196,649.00	49,734,572.00	53,319,340.00	55,369,358.00	63,240,956.00	65,568,542.00	66,631,852.00	70,366,477.00
DEI Adjusted Shares Outstanding	39,451,266.00	42,608,698.00	44,397,833.00	47,196,649.00	49,734,572.00	53,319,340.00	55,369,358.00	63,240,956.00	65,568,542.00	66,631,852.00	70,366,477.00
DEI Earnings Per Adjusted Shares Outstanding	-0.65	-0.57	-0.66	-0.38	-0.34	-0.46	-0.42	-0.39	-0.08	-0.34	-0.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.04%	3,276.76%	47.55%	18.56%	-33.58%	-40.96%	-21.51%	-27.32%	-7.87%	27.36%	20.02%
EBITDA Growth	-17.06%	30.57%	-13.83%	82.37%	-15.80%	-30.87%	38.28%	-273.95%	113.20%	76.43%	188.46%
EBIT Growth	-11.17%	27.09%	-17.01%	58.97%	-13.56%	-37.22%	32.06%	-82.47%	82.22%	57.60%	137.07%
NOPAT Growth	-3.06%	21.95%	-74.66%	54.60%	-50.42%	-64.39%	21.55%	-119.73%	81.59%	59.27%	154.08%
Net Income Growth	-13.53%	8.25%	-15.41%	-158.40%	36.34%	-1.23%	19.81%	-32.41%	67.09%	11.48%	59.96%
EPS Growth	16.92%	20.55%	2.94%	-152.05%	46.30%	18.97%	37.88%	2.63%	89.66%	29.79%	68.29%
Operating Cash Flow Growth	617.81%	8.70%	-87.35%	19.17%	-137.03%	101.56%	-12.62%	161.61%	145.89%	-6,698.13%	67.20%
Free Cash Flow Firm Growth	-365.41%	-262.14%	-181.92%	133.35%	80.58%	116.65%	97.79%	-17.44%	119.22%	-477.53%	-3,539.55%
Invested Capital Growth	77.65%	107.51%	136.28%	-23.77%	-2.45%	-24.96%	-10.86%	-31.64%	-4.36%	42.92%	74.03%
Revenue Q/Q Growth	3.02%	2.64%	-8.36%	22.36%	-42.28%	-8.76%	21.82%	13.30%	-26.83%	26.12%	14.80%
EBITDA Q/Q Growth	6.60%	8.25%	-37.20%	85.00%	-513.45%	-3.69%	35.29%	9.14%	121.66%	-285.13%	342.85%
EBIT Q/Q Growth	2.69%	8.46%	-32.91%	65.34%	-169.34%	-10.61%	34.20%	6.93%	73.76%	-163.77%	157.54%
NOPAT Q/Q Growth	-5.04%	-5.61%	-43.80%	71.54%	-248.04%	-15.43%	31.38%	20.29%	70.84%	-155.34%	191.13%
Net Income Q/Q Growth	-182.84%	4.76%	-20.40%	38.52%	9.69%	-51.44%	4.62%	-1.50%	77.56%	-307.37%	56.86%
EPS Q/Q Growth	-173.97%	-7.41%	-13.79%	42.42%	23.68%	-62.07%	12.77%	9.76%	91.89%	-1,000.00%	60.61%
Operating Cash Flow Q/Q Growth	651.26%	-130.26%	50.44%	2.24%	-152.55%	101.27%	-3,685.63%	153.48%	88.14%	-282.90%	82.17%
Free Cash Flow Firm Q/Q Growth	23.02%	-14.27%	1.41%	138.45%	-144.83%	197.99%	-113.09%	1,535.45%	-89.56%	-2,024.38%	-26.21%
Invested Capital Q/Q Growth	-9.16%	-2.20%	-18.51%	5.30%	16.24%	-24.77%	-3.20%	-19.25%	62.63%	12.43%	17.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	1.22%	-0.84%	-2.71%	4.76%	-4.34%	-11.85%	-6.42%	-0.10%	17.84%	5.05%	21.56%
EBITDA Margin	-14.80%	-13.23%	-19.81%	-2.43%	-25.80%	-29.32%	-15.58%	-12.49%	3.70%	-5.43%	11.48%
Operating Margin	-12.66%	-13.03%	-20.44%	-4.75%	-28.67%	-36.27%	-20.43%	-14.37%	-5.73%	-11.60%	9.21%
EBIT Margin	-19.82%	-17.68%	-25.64%	-7.26%	-33.89%	-41.08%	-22.19%	-18.23%	-6.54%	-13.68%	6.85%
Profit (Net Income) Margin	-35.95%	-33.36%	-43.83%	-22.02%	-34.46%	-57.20%	-44.78%	-40.12%	-12.31%	-39.75%	-14.94%
Tax Burden Percent	103.05%	103.76%	101.34%	101.55%	56.70%	78.34%	97.79%	100.03%	31.78%	99.40%	100.00%
Interest Burden Percent	176.00%	181.88%	168.70%	298.63%	179.33%	177.72%	206.35%	220.01%	592.20%	292.42%	-217.94%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-28.20%	-43.11%	-93.65%	-13.32%	-72.43%	-93.99%	-56.51%	-38.20%	-11.06%	-25.40%	19.39%
ROIC Less NNEP Spread (ROIC-NNEP)	-35.36%	-49.36%	-100.51%	-18.35%	-74.58%	-98.25%	-61.40%	-43.51%	-12.07%	-30.10%	15.85%
Return on Net Nonoperating Assets (RNNOA)	45.26%	61.18%	118.05%	24.18%	97.58%	122.87%	74.31%	51.69%	15.10%	36.79%	-19.64%
Return on Equity (ROE)	17.06%	18.07%	24.40%	10.86%	25.15%	28.87%	17.80%	13.50%	4.04%	11.39%	-0.25%
Cash Return on Invested Capital (CROIC)	-100.56%	-114.62%	-147.73%	-7.54%	-35.67%	-22.14%	-42.43%	-26.05%	-31.91%	-64.62%	-65.10%
Operating Return on Assets (OROA)	-16.43%	-20.09%	-32.13%	-8.06%	-36.08%	-40.32%	-21.02%	-15.03%	-4.98%	-11.17%	5.69%
Return on Assets (ROA)	-29.80%	-37.91%	-54.93%	-24.45%	-36.69%	-56.14%	-42.41%	-33.07%	-9.37%	-32.46%	-12.41%
Return on Common Equity (ROCE)	17.06%	18.07%	24.40%	10.86%	25.15%	28.87%	17.80%	13.50%	4.04%	11.39%	-0.25%
Return on Equity Simple (ROE_SIMPLE)	0.00%	19.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.27	-6.62	-9.52	-2.71	-9.43	-11	-7.47	-5.96	-1.74	-4.43	4.04
NOPAT Margin	-8.86%	-9.12%	-14.31%	-3.33%	-20.07%	-25.39%	-14.30%	-10.06%	-4.01%	-8.12%	6.45%
Net Nonoperating Expense Percent (NNEP)	7.15%	6.25%	6.86%	5.04%	2.15%	4.25%	4.89%	5.31%	1.01%	4.70%	3.54%
Return On Investment Capital (ROIC_SIMPLE)	-8.07%	-8.82%	-15.86%	-4.28%	-12.72%	-19.59%	-13.59%	-12.24%	-2.32%	-5.31%	4.31%
Cost of Revenue to Revenue	98.78%	100.84%	102.71%	95.24%	104.34%	111.85%	106.42%	100.10%	82.16%	94.95%	78.45%
SG&A Expenses to Revenue	13.88%	12.18%	17.73%	9.52%	24.33%	24.43%	14.01%	14.28%	23.57%	16.64%	12.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.88%	12.18%	17.73%	9.52%	24.33%	24.43%	14.01%	14.28%	23.57%	16.64%	12.35%
Earnings before Interest and Taxes (EBIT)	-14	-13	-17	-5.91	-16	-18	-12	-11	-2.83	-7.47	4.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-10	-9.61	-13	-1.98	-12	-13	-8.14	-7.39	1.60	-2.96	7.20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.11	0.99	0.48	0.37	0.50	0.39	0.61	0.71	0.46	1.02	0.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.64	7.64	7.39	6.83	6.43	7.78	9.00	11.38	6.68	7.78	5.71
Enterprise Value to Revenue (EV/Rev)	2.67	2.18	1.59	1.48	1.76	1.80	2.15	2.43	2.37	2.93	2.41
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	36.08	37.88	35.59	31.63	0.00	0.00	0.00	0.00	143.43	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.36	-1.32	-1.24	-1.24	-1.28	-1.20	-1.19	-1.16	-1.24	-1.26	-1.29
Long-Term Debt to Equity	-1.19	-1.01	-0.94	-0.95	-0.94	-0.77	-0.25	-0.22	-0.21	-0.19	-0.19
Financial Leverage	-1.28	-1.24	-1.17	-1.32	-1.31	-1.25	-1.21	-1.19	-1.25	-1.22	-1.24
Leverage Ratio	-1.08	-1.00	-0.91	-1.14	-1.05	-0.95	-0.88	-0.87	-0.91	-0.85	-0.87
Compound Leverage Factor	-1.89	-1.81	-1.54	-3.42	-1.87	-1.68	-1.81	-1.91	-5.39	-2.49	1.89
Debt to Total Capital	379.09%	409.18%	514.48%	509.04%	456.02%	604.88%	626.14%	726.61%	509.47%	484.40%	443.44%
Short-Term Debt to Total Capital	47.63%	96.97%	124.18%	121.99%	122.12%	215.03%	492.22%	589.33%	424.20%	410.13%	377.63%
Long-Term Debt to Total Capital	331.46%	312.21%	390.30%	387.05%	333.90%	389.86%	133.91%	137.28%	85.27%	74.27%	65.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-279.09%	-309.18%	-414.48%	-409.04%	-356.02%	-504.88%	-526.14%	-626.61%	-409.47%	-384.40%	-343.44%
Debt to EBITDA	-6.26	-7.17	-6.95	-9.14	-9.16	-8.44	-9.89	-8.79	-14.40	-23.96	-266.94
Net Debt to EBITDA	-6.20	-7.13	-6.94	-9.13	-9.14	-8.42	-9.84	-8.65	-14.22	-23.67	-266.32
Long-Term Debt to EBITDA	-5.47	-5.47	-5.27	-6.95	-6.71	-5.44	-2.11	-1.66	-2.41	-3.67	-39.61
Debt to NOPAT	-11.26	-12.63	-10.89	-12.82	-11.95	-10.33	-11.28	-10.47	-14.65	-20.65	-51.44
Net Debt to NOPAT	-11.16	-12.57	-10.88	-12.81	-11.92	-10.31	-11.23	-10.31	-14.47	-20.40	-51.32
Long-Term Debt to NOPAT	-9.84	-9.64	-8.26	-9.75	-8.75	-6.66	-2.41	-1.98	-2.45	-3.17	-7.63
Altman Z-Score	-2.12	-2.10	-2.57	-2.34	-2.52	-3.27	-4.14	-4.47	-4.22	-4.13	-3.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.43	0.28	0.20	0.26	0.31	0.16	0.06	0.05	0.07	0.09	0.08
Quick Ratio	0.13	0.09	0.07	0.06	0.10	0.01	0.01	0.02	0.01	0.03	0.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-39	-45	-44	17	-7.59	7.44	-0.97	14	1.46	-28	-35
Operating Cash Flow to CapEx	233.84%	-286.85%	-94.39%	-110.91%	-185.39%	8.77%	-162.75%	74.99%	34.85%	-161.27%	-22.05%
Free Cash Flow to Firm to Interest Expense	-3.67	-4.25	-3.76	1.44	-0.60	0.54	-0.08	1.08	0.10	-1.95	-2.59
Operating Cash Flow to Interest Expense	3.19	-0.98	-0.43	-0.42	-1.00	0.01	-0.47	0.24	0.41	-0.73	-0.14
Operating Cash Flow Less CapEx to Interest Expense	1.82	-1.32	-0.89	-0.81	-1.53	-0.12	-0.75	-0.08	-0.77	-1.19	-0.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	1.14	1.25	1.11	1.06	0.98	0.95	0.82	0.76	0.82	0.83
Accounts Receivable Turnover	37.73	56.35	37.35	8.60	51.28	48.01	39.01	41.61	172.67	54.90	87.68
Inventory Turnover	16.10	17.83	31.59	20.70	12.27	12.48	20.36	17.25	10.70	12.14	15.06
Fixed Asset Turnover	0.00	1.36	1.48	1.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	6.34	8.73	9.47	8.75	8.22	7.85	9.09	6.31	7.02	7.25	7.37
Days Sales Outstanding (DSO)	9.67	6.48	9.77	42.44	7.12	7.60	9.36	8.77	2.11	6.65	4.16
Days Inventory Outstanding (DIO)	22.68	20.47	11.55	17.64	29.76	29.25	17.93	21.16	34.10	30.05	24.23
Days Payable Outstanding (DPO)	57.61	41.80	38.54	41.70	44.41	46.50	40.17	57.85	52.03	50.37	49.55
Cash Conversion Cycle (CCC)	-25.26	-14.86	-17.22	18.38	-7.54	-9.65	-12.88	-27.92	-15.81	-13.67	-21.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	75	73	60	63	73	55	53	43	70	79	93
Invested Capital Turnover	3.18	4.73	6.54	4.00	3.61	3.70	3.95	3.80	2.76	3.13	3.01
Increase / (Decrease) in Invested Capital	33	38	35	-20	-1.84	-18	-6.50	-20	-3.20	24	39
Enterprise Value (EV)	499	561	442	430	471	429	480	490	468	612	530
Market Capitalization	207	255	134	109	134	93	137	142	91	213	115
Book Value per Share	($5.50)	($5.45)	($5.61)	($5.49)	($5.31)	($5.26)	($5.22)	($4.82)	($4.68)	($4.82)	($4.58)
Tangible Book Value per Share	($5.50)	($5.45)	($5.61)	($5.49)	($5.31)	($5.26)	($5.22)	($4.82)	($4.68)	($4.82)	($4.58)
Total Capital	78	75	60	63	74	56	55	49	75	84	94
Total Debt	295	307	309	322	338	336	344	354	382	405	416
Total Long-Term Debt	258	234	234	245	248	217	74	67	64	62	62
Net Debt	292	306	309	322	337	336	343	348	377	400	415
Capital Expenditures (CapEx)	15	3.58	5.40	4.49	6.78	1.83	3.53	4.09	17	6.55	8.54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-14	-23	-20	-9.64	-27	-33	-47	-31	-24	-29
Debt-free Net Working Capital (DFNWC)	-11	-12	-22	-20	-8.74	-27	-31	-41	-27	-19	-28
Net Working Capital (NWC)	-48	-85	-97	-97	-99	-146	-302	-328	-344	-362	-382
Net Nonoperating Expense (NNE)	19	18	20	15	6.76	14	16	18	3.59	17	13
Net Nonoperating Obligations (NNO)	292	306	309	322	337	336	343	348	377	400	415
Total Depreciation and Amortization (D&A)	3.55	3.23	3.88	3.94	3.80	5.04	3.46	3.40	4.43	4.51	2.90
Debt-free, Cash-free Net Working Capital to Revenue	-7.30%	-5.36%	-8.13%	-7.01%	-3.60%	-11.37%	-14.70%	-23.19%	-15.90%	-11.33%	-13.12%
Debt-free Net Working Capital to Revenue	-5.87%	-4.73%	-8.04%	-6.91%	-3.26%	-11.17%	-13.97%	-20.41%	-13.42%	-9.04%	-12.67%
Net Working Capital to Revenue	-25.70%	-33.04%	-34.81%	-33.40%	-37.09%	-61.42%	-135.01%	-162.83%	-174.26%	-172.70%	-173.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.60)	($0.58)	$0.66	($0.38)	($0.29)	($0.47)	($0.41)	($0.37)	($0.03)	($0.33)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	38.06M	41.89M	44.42M	47.22M	45.90M	52.58M	57.68M	63.70M	59.98M	66.80M	70.89M
Adjusted Diluted Earnings per Share	($0.54)	($0.58)	$0.66	($0.38)	($0.29)	($0.47)	($0.41)	($0.37)	($0.03)	($0.33)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	38.06M	41.89M	44.42M	47.22M	45.90M	52.58M	57.68M	63.70M	59.98M	66.80M	70.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.61M	44.40M	47.20M	49.73M	53.32M	55.37M	63.24M	65.57M	66.63M	70.37M	72.17M
Normalized Net Operating Profit after Tax (NOPAT)	-6.27	-6.62	-9.52	-2.71	-9.43	-11	-7.47	-5.96	-1.74	-4.43	4.04
Normalized NOPAT Margin	-8.86%	-9.12%	-14.31%	-3.33%	-20.07%	-25.39%	-14.30%	-10.06%	-4.01%	-8.12%	6.45%
Pre Tax Income Margin	-34.89%	-32.15%	-43.25%	-21.69%	-60.77%	-73.01%	-45.79%	-40.11%	-38.73%	-39.99%	-14.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.32	-1.22	-1.46	-0.50	-1.26	-1.29	-0.94	-0.83	-0.20	-0.52	0.31
NOPAT to Interest Expense	-0.59	-0.63	-0.81	-0.23	-0.75	-0.80	-0.61	-0.46	-0.12	-0.31	0.30
EBIT Less CapEx to Interest Expense	-2.68	-1.56	-1.92	-0.89	-1.80	-1.42	-1.23	-1.15	-1.39	-0.98	-0.31
NOPAT Less CapEx to Interest Expense	-1.95	-0.97	-1.27	-0.61	-1.28	-0.93	-0.89	-0.78	-1.31	-0.76	-0.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Aemetis’ latest quarter shows a mixed picture: revenue is growing, but profitability and balance-sheet stress remain significant. In Q1 2026, revenue rose to $54.6 million from $43.3 million in Q4 2025 and $42.9 million in Q1 2025, but the company still posted a net loss of $21.7 million. Cash flow and leverage trends suggest Aemetis remains highly dependent on financing to support operations and capital spending.

Q1 2026 revenue increased year over year to $54.6 million, up from $42.9 million in Q1 2025.
Gross profit improved to $2.8 million in Q1 2026, versus a gross loss in several earlier quarters.
Operating cash flow improved sharply from a $5.8 million outflow in Q2 2025 to a $10.6 million outflow in Q1 2026, and was positive in Q4 2025.
The company generated $14.7 million of net financing cash in Q1 2026, helping offset operating and investing outflows.
Basic EPS improved from -$0.47 in Q1 2025 to -$0.33 in Q1 2026, reflecting some operating leverage improvement.
Capital spending remained elevated, with $6.5 million spent on property and equipment in Q1 2026 after $16.6 million in Q4 2025.
The balance sheet still shows negative equity of $321.1 million, meaning liabilities exceed assets by a wide margin.
Short-term debt rose to $342.6 million in Q1 2026 from $270.6 million in Q2 2025, increasing near-term refinancing risk.
Total liabilities climbed to $591.5 million in Q1 2026, up from $529.3 million in Q2 2025 and $523.2 million in Q1 2025.
Despite better revenue, Aemetis still posted a $21.7 million net loss in Q1 2026 and a $22.6 million loss attributable to common shareholders.

Looking at the multi-year trend, revenue has been volatile rather than steadily improving. Quarterly sales peaked above $80 million in Q3 2024, then fell into the low-to-mid $40 million range in late 2024 and early 2025 before rebounding in Q1 2026. That suggests demand is present, but not yet stable enough to deliver consistent profitability.

Profitability remains the biggest concern. Gross margins have swung widely, with some quarters barely breaking even and others losing money at the gross-profit level. SG&A also remains high relative to revenue, and interest expense continues to be a major burden at roughly $14 million per quarter in the latest period.

Cash flow is improving at times, but the business is still not self-funding. Aemetis has repeatedly relied on debt and equity issuance to cover cash needs. In Q1 2026, debt issuance and common equity issuance were again important sources of cash, while the company also repaid debt. That pattern underscores ongoing liquidity pressure.

Overall, Aemetis looks like a high-risk, high-financial-leverage story. There are signs of operational improvement in revenue and gross profit, but the company still carries heavy debt, negative equity, and persistent losses. Investors will likely want to see sustained positive operating cash flow and further reduction in debt before confidence in the turnaround improves.

08/10/26 05:01 AM ETAI Generated. May Contain Errors.

Aemetis Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Aemetis' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Aemetis' net income appears to be on an upward trend, with a most recent value of -$77.00 million in 2025, rising from -$27.14 million in 2015. The previous period was -$87.54 million in 2024. See where experts think Aemetis is headed by visiting Aemetis' forecast page.

Aemetis' total operating income in 2025 was -$37.22 million, based on the following breakdown:

Total Gross Profit: -$768 thousand
Total Operating Expenses: $36.45 million

Over the last 10 years, Aemetis' total revenue changed from $146.65 million in 2015 to $197.63 million in 2025, a change of 34.8%.

Aemetis' total liabilities were at $566.67 million at the end of 2025, a 8.3% increase from 2024, and a 378.5% increase since 2015.

In the past 10 years, Aemetis' cash and equivalents has ranged from $283 thousand in 2015 to $7.75 million in 2021, and is currently $4.89 million as of their latest financial filing in 2025.

Over the last 10 years, Aemetis' book value per share changed from -1.80 in 2015 to -4.68 in 2025, a change of 159.6%.

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Financial statements for NASDAQ:AMTX last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Aemetis (AMTX) Financials

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Aemetis (AMTX) Financials

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