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- **Revenue Growth**: Q3 2025 revenue up 12% YoY to $59.2M, driven by RNG expansion and India biofuels.
- **Tax Credit Windfall**: $40M+ 45Z PTCs and $83M ITCs sold, with DOE updates poised to double 2026 credits.
- **Ethanol Expansion**: $20M MVR system to cut natural gas use by 80%, adding $32M annual cash flow.
- **India IPO**: 20-25% stake sale targeting $100-200M valuation, diversifying growth into renewable diesel and SAF.

**【CFO Financial Overview】**
- Q3 2025 revenue: $59.2 million, up $7 million from Q2, driven by biodiesel orders in India and ethanol production in California.
- Operating loss improved sequentially; SG&A expenses remained stable at $13 million.
- Cash position: $5.6 million at quarter-end, with $4.1 million invested in carbon intensity reduction and RNG expansion.
- Future outlook: $14 million in Q4 from LCFS credits, India biofuels, and federal tax incentives.

**【CEO Strategic Updates】**
- **Dairy RNG Expansion**: 30% production capacity increase in Q3, targeting 500,000 MMBtu annual run rate by end-2025.
- **Ethanol Efficiency**: $20M MVR system to reduce natural gas use by 80%, adding $32M annual cash flow from Q2 2026.
- **India Growth**: Resumed biodiesel deliveries to OMCs; targeting IPO in early 2026 with new CFO appointment.
- **Federal Tax Credits**: $83M Section 48 ITCs sold; $10M 45Z PTCs in pipeline for Q4.

**【Q&A Highlights】**
- **Ethanol Demand**: California E15 adoption could boost demand by 600M gallons/year, supported by $0.20/gallon price advantage.
- **Tax Credit Sales**: $40M+ 45Z PTCs expected in 2026, driven by DOE carbon intensity updates.
- **India IPO**: 20-25% stake sale targeting $100-200M valuation, with 75% retained ownership.
- **Debt Refinancing**: 45Z PTCs and ITCs to fund $118M debt refinancing by mid-2026.

Aemetis, Inc. (AMTX) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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AMTX

AMTX fundamentals

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