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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Operating Income

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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AMTX

AMTX fundamentals

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