Revenue volatility remains high with a 27.4% growth spike in 2026Q1, yet the company continues to struggle with profitability, evidenced by a -11.6% operating margin in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Jan'07 | Jan'06 | Jan'05 |
|---|
| Sales/Revenue | 209.36M | 207.98M | 267.64M | 186.72M | 256.51M | 211.95M | 165.56M | 202M | 171.53M | 150.16M | 143.16M | 146.65M | 207.68M | 177.51M | 189M | 141.86M | 8.13M | 9.18M | 815.65K | 0 | 744.45K | 0 | 0 |
| Revenue Growth % | -11.99% | -22.29% | 43.34% | -27.21% | 21.03% | 28.02% | -18.04% | 17.77% | 14.23% | 4.89% | -2.38% | -29.39% | 17% | -6.08% | 33.23% | 1644.44% | -11.37% | 1024.86% | - | -100% | - | - | - |
| Cost of Goods Sold | 202.29M | 208.75M | 268.22M | 184.7M | 262.05M | 204.01M | 154.53M | 189.3M | 166.12M | 146.78M | 131.56M | 142.45M | 170.54M | 159.22M | 197.9M | 137.22M | 8.25M | 9.05M | 2.21M | 0 | 735K | 0 | 0 |
| COGS % of Revenue | - | 100.37% | 100.22% | 98.92% | 102.16% | 96.25% | 93.34% | 93.71% | 96.85% | 97.75% | 91.9% | 97.14% | 82.12% | 89.69% | 104.71% | 96.73% | 101.5% | 98.6% | 271.44% | - | 98.73% | - | - |
| Gross Profit | 7.07M | -768K | -580K | 2.02M | -5.54M | 7.94M | 11.03M | 12.7M | 5.41M | 3.38M | 11.6M | 4.2M | 37.14M | 18.29M | -8.93M | 4.64M | -122K | -672K | -1.4M | 0 | 9.45K | 0 | 0 |
| Gross Margin % | 3.38% | -0.37% | -0.22% | 1.08% | -2.16% | 3.75% | 6.66% | 6.29% | 3.15% | 2.25% | 8.1% | 2.86% | 17.88% | 10.31% | -4.72% | 3.27% | -1.5% | -7.32% | -171.52% | - | 1.27% | - | - |
| Gross Profit Growth % | - | -32.41% | -128.76% | 136.44% | -169.72% | -27.99% | -13.18% | 134.93% | 60.15% | -70.9% | 176.23% | -88.7% | 103.04% | 304.93% | -292.31% | 3904.92% | 81.85% | 51.97% | - | -100% | - | - | - |
| Operating Expenses | 35.07M | 36.45M | 39.84M | 39.42M | 28.87M | 23.76M | 17.09M | 17.63M | 16.33M | 15.56M | 12.38M | 12.81M | 13.05M | 15.81M | 11.9M | 9.15M | 5.03M | 8.88M | 10.74M | 9.72M | 103.78K | 9.69K | 9.71K |
| OpEx % of Revenue | - | 17.53% | 14.88% | 21.11% | 11.25% | 11.21% | 10.33% | 8.73% | 9.52% | 10.36% | 8.65% | 8.73% | 6.29% | 8.91% | 6.3% | 6.45% | 61.88% | 96.84% | 1316.61% | - | 13.94% | - | - |
| Selling, General & Admin | 25.98M | 36.45M | 39.84M | 39.27M | 28.69M | 23.68M | 16.88M | 17.42M | 16.09M | 13.19M | 12.01M | 12.36M | 12.6M | 15.28M | 9.6M | 8.57M | 4.71M | 6.26M | 9.73M | 9.47M | 103.78K | 9.69K | 9.71K |
| SG&A % of Revenue | - | 17.53% | 14.88% | 21.03% | 11.18% | 11.17% | 10.2% | 8.63% | 9.38% | 8.78% | 8.39% | 8.43% | 6.06% | 8.61% | 5.08% | 6.04% | 57.92% | 68.23% | 1192.91% | - | 13.94% | - | - |
| Research & Development | 0 | 0 | 0 | 152K | 180K | 88K | 213K | 205K | 246K | 2.37M | 369K | 447K | 459K | 538.92K | 600K | 576.63K | 322.56K | 538.91K | 1.04M | 257.76K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.08% | 0.07% | 0.04% | 0.13% | 0.1% | 0.14% | 1.58% | 0.26% | 0.3% | 0.22% | 0.3% | 0.32% | 0.41% | 3.97% | 5.87% | 127.14% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -28M | -37.22M | -40.42M | -37.4M | -34.4M | -15.82M | -6.07M | -4.93M | -10.93M | -12.18M | -781K | -8.61M | 24.09M | 2.48M | -21.16M | -4.5M | -5.15M | -6.67M | -12.17M | -9.79M | -6.15M | -9.69K | -9.71K |
| Operating Margin % | -13.37% | -17.89% | -15.1% | -20.03% | -13.41% | -7.47% | -3.67% | -2.44% | -6.37% | -8.11% | -0.55% | -5.87% | 11.6% | 1.4% | -11.2% | -3.18% | -63.38% | -72.7% | -1491.56% | - | -826.65% | - | - |
| Operating Income Growth % | - | 7.91% | -8.06% | -8.72% | -117.38% | -160.71% | -23.1% | 54.87% | 10.32% | -1459.92% | 90.93% | -135.74% | 871.37% | 111.72% | -369.7% | 12.59% | 22.73% | 45.18% | -24.21% | -59.16% | -63415.33% | 0.22% | - |
| EBITDA | -20.79M | -27.64M | -32.03M | -30.4M | -28.82M | -10.33M | -1.13M | 138K | -6.21M | -7.17M | 4.01M | -3.75M | 28.9M | 7.37M | -18.12M | -3.36M | -4.39M | -5.87M | -11.74M | -9.73M | -6.15M | -9.69K | -8.7K |
| EBITDA Margin % | -9.93% | -13.29% | -11.97% | -16.28% | -11.24% | -4.87% | -0.68% | 0.07% | -3.62% | -4.77% | 2.8% | -2.56% | 13.91% | 4.15% | -9.59% | -2.37% | -54.03% | -63.97% | -1439.45% | - | -826.65% | - | - |
| EBITDA Growth % | 44.66% | 13.71% | -5.37% | -5.47% | -178.97% | -815.87% | -917.39% | 102.22% | 13.43% | -278.56% | 207.07% | -112.98% | 292.09% | 140.68% | -438.58% | 23.44% | 25.14% | 50.01% | -20.73% | -58.03% | -63415.33% | -11.33% | - |
| D&A (Non-Cash Add-back) | 7.21M | 9.58M | 8.39M | 7M | 5.58M | 5.49M | 4.94M | 5.07M | 4.72M | 5.01M | 4.8M | 4.86M | 4.81M | 4.89M | 3.04M | 1.14M | 760.05K | 800.59K | 425.03K | 69.78K | 0 | 0 | 1.01K |
| EBIT | -23.26M | -37.22M | -58.21M | -41.85M | -85.3M | -27.14M | -10.02M | -10.33M | -18.07M | -17.86M | 1.59M | -10.25M | 23.23M | -156K | 12.29M | -4.83M | -4.53M | -8.66M | -15.21M | 148.39K | -6.15M | -9.69K | -10.72K |
| Net Interest Income | -66.11M | -61.14M | -40.16M | -32.99M | -21.41M | -20.14M | -31.02M | -28.01M | -25.73M | -19.3M | -17.22M | -16.88M | -16.09M | -24.27M | -17.66M | -13.54M | -4.01M | -2.65M | -564K | 28.95M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.44K | 24.46K | 23.33K | 50.69K | 97.75K | 0 | 0 | 0 |
| Interest Expense | 66.11M | 61.14M | 40.16M | 32.99M | 21.41M | 20.14M | 31.02M | 28.01M | 18.21M | 19.3M | 17.22M | 16.88M | 16.09M | 24.27M | 17.66M | 13.56M | 4.03M | 2.67M | 614.43K | 97.75B | 0 | 0 | 0 |
| Other Income/Expense | -58.28M | -58.53M | -57.95M | -62.76M | -72.3M | -31.45M | -31.57M | -33.41M | -25.35M | -19.58M | -14.85M | -18.52M | -16.95M | -26.91M | 13.74M | -13.89M | -3.41M | -2.58M | -3.12M | 9.94M | 0 | 0 | -1.01K |
| Pretax Income | -86.28M | -95.75M | -98.37M | -100.16M | -106.7M | -47.27M | -37.63M | -38.35M | -36.28M | -31.76M | -15.63M | -27.13M | 7.14M | -24.43M | -5.36M | -18.39M | -8.56M | -11.34M | -15.82M | -4.97M | -104K | 0 | -10.72K |
| Pretax Margin % | -41.21% | -46.04% | -36.75% | -53.64% | -41.6% | -22.3% | -22.73% | -18.98% | -21.15% | -21.15% | -10.92% | -18.5% | 3.44% | -13.76% | -2.84% | -12.97% | -105.28% | -123.54% | -1939.67% | - | -13.97% | - | - |
| Income Tax | -12.1M | -18.75M | -10.83M | -53.74M | 1.05M | -128K | -976K | 1.13M | 7K | 6K | 6K | 6K | 6K | 5.76K | -1.08M | -95.28K | 3.2K | 2.31M | 15.08K | 78.58K | 103.78K | 9.69K | 0 |
| Effective Tax Rate % | 14.02% | 19.58% | 11.01% | 53.65% | -0.99% | 0.27% | 2.59% | -2.95% | -0.02% | -0.02% | -0.04% | -0.02% | 0.08% | -0.02% | 20.16% | 0.52% | -0.04% | -20.41% | -0.1% | -1.58% | -99.79% | - | 0% |
| Net Income | -74.19M | -77M | -87.54M | -46.42M | -107.76M | -47.15M | -36.66M | -35.72M | -33.02M | -30.3M | -15.64M | -27.14M | 7.13M | -24.44M | -4.28M | -18.3M | -8.43M | -10.97M | -15.84M | -5.04M | -6.07M | -9.69K | -10.72K |
| Net Margin % | -35.43% | -37.02% | -32.71% | -24.86% | -42.01% | -22.24% | -22.14% | -17.68% | -19.25% | -20.18% | -10.92% | -18.51% | 3.43% | -13.77% | -2.27% | -12.9% | -103.6% | -119.6% | -1941.51% | - | -815.23% | - | - |
| Net Income Growth % | 15.54% | 12.04% | -88.58% | 56.92% | -128.56% | -28.61% | -2.64% | -8.18% | -8.96% | -93.79% | 42.38% | -480.46% | 129.19% | -470.69% | 76.6% | -117.16% | 23.22% | 30.71% | -213.96% | 16.89% | -62538.04% | 9.59% | - |
| Net Income (Continuing) | -74.19M | -77M | -87.54M | -46.42M | -107.76M | -47.15M | -36.66M | -39.48M | -36.29M | -31.77M | -15.64M | -27.14M | 7.13M | -24.44M | -4.28M | -18.3M | -8.56M | -11.34M | -15.84M | -5.04M | -104K | -9.69K | -10.72K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.74M | -1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -362.38K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.11 | -1.28 | -1.91 | -1.22 | -3.12 | -1.54 | -1.74 | -1.75 | -1.63 | -1.53 | -0.79 | -1.37 | 0.34 | -1.28 | -0.60 | -1.77 | -0.96 | -1.27 | -1.87 | -0.67 | -0.30 | -0.03 | -0.03 |
| EPS Growth % | 36.31% | 32.98% | -56.56% | 60.9% | -102.6% | 11.49% | 0.57% | -7.36% | -6.54% | -93.67% | 42.34% | -502.94% | 126.56% | -113.33% | 66.1% | -84.38% | 24.41% | 32.09% | -179.1% | -123.33% | -1071.88% | 9.54% | - |
| EPS (Basic) | - | -1.28 | -1.91 | -1.22 | -3.12 | -1.54 | -1.74 | -1.75 | -1.63 | -1.53 | -0.79 | -1.37 | 0.35 | -1.28 | -0.60 | -1.77 | -0.96 | -1.27 | -1.87 | -0.67 | -0.30 | -0.03 | -0.05 |
| Diluted Shares Outstanding | 66.8M | 65.78M | 45.9M | 38.06M | 34.59M | 30.68M | 21.01M | 20.47M | 20.25M | 19.83M | 19.77M | 19.82M | 21.05M | 19.1M | 15.1M | 10.35M | 8.74M | 8.61M | 8.46M | 7.53M | 378.57K | 378.57K | 378.57K |
| Basic Shares Outstanding | 66.8M | 65.78M | 45.9M | 38.06M | 34.54M | 30.61M | 21.01M | 20.41M | 20.25M | 19.8M | 19.77M | 19.81M | 20.37M | 19.09M | 15.1M | 10.35M | 8.74M | 8.61M | 8.46M | 7.53M | 378.57K | 378.57K | 226.57K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and liquidity dependency
As reported in recent financial filings, Aemetis experienced a 27.4% revenue increase in 2026Q1 following a period of significant contraction, yet the underlying trend remains erratic due to the company's heavy reliance on fluctuating environmental credit markets and cyclical biodiesel tender volumes in the Indian market.
The revenue trajectory appears highly sensitive to external policy variables rather than consistent organic volume growth. Investors should monitor whether the recent uptick represents a sustainable recovery or merely a temporary fluctuation in the timing of credit monetization and government-mandated fuel blending cycles.
Based on the provided income statement data, Aemetis has struggled to maintain positive gross margins, with figures frequently dipping into negative territory, such as the -11.8% margin recorded in 2025Q1, highlighting the company's inability to effectively pass through feedstock cost volatility to its end-market customers.
The structural inability to maintain positive gross margins suggests that the current refining model lacks the necessary pricing power to absorb commodity price swings. This margin profile implies that the company's profitability is fundamentally tethered to the volatile LCFS credit environment rather than core operational efficiency.
According to historical income statements, Aemetis consistently reports negative operating margins, reaching a low of -36.3% in 2025Q1, which indicates that the company's overhead and operating expenses are scaling disproportionately to its gross profit generation, thereby preventing any meaningful path toward operational break-even at current levels.
The lack of operating leverage suggests that the company's fixed cost base is too heavy for its current production scale. This persistent gap between revenue and operating expenses warrants further investigation into whether management can achieve the necessary scale to dilute these costs without further dilutive financing.
As evidenced by the recurring net losses, which reached $21.7M in 2026Q1, the quality of earnings appears strained by significant non-operating expenses and the potential impact of non-cash charges, such as warrant valuations, which frequently obscure the true cash-generating capability of the core renewable fuel business.
The consistent divergence between operating losses and net losses suggests that the company's bottom line is heavily influenced by financing costs and derivative adjustments. Investors should be cautious of relying on headline EPS figures, as they may not accurately reflect the underlying operational health of the firm.
Based on the reported $4.89M cash position, Aemetis faces a precarious liquidity profile that may necessitate further capital raises, potentially challenging the narrative that the company can successfully bridge the gap between its current struggling operations and its ambitious, capital-intensive Sustainable Aviation Fuel project pipeline.
Short-term liquidity constraints appear to be the most immediate threat to the company's strategic roadmap. The reliance on future project success to justify current valuations may be premature given the persistent cash burn and the lack of a clear, self-funding operational foundation.
Quick answers to the most common questions about buying AMTX stock.
For fiscal year 2025, Aemetis, Inc. (AMTX) reported total revenue of $208.0M.
Aemetis, Inc. (AMTX) reported a net loss of $77.0M for the fiscal year ending 2025.
Aemetis, Inc. (AMTX) reported an operating income of $-37.2M, resulting in an operating profit margin of -17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aemetis, Inc. (AMTX) generated $-0.8M in gross profit for the year, representing a gross profit margin of -0.4%. This demonstrates the company's core pricing power and production efficiency.