AMTX

Aemetis sells renewable fuels across three segments — the 65M-gal/yr Keyes ethanol plant, California dairy RNG (twelve digesters, 36 miles of pipeline built), and the ~80M-gal/yr Kakinada biodiesel plant in India. The operating story is real, but the financial structure is broken. FY2025 revenue fell 26% to $198M and, more damning, gross profit was NEGATIVE (-$768K, a -0.4% gross margin): the company loses money before a single dollar of overhead, marketing, or interest. Net loss was -$77.0M, the fifth straight year of large losses (cumulative retained deficit of -$640M), and reported diluted EPS was -$1.28. This is not a temporary dip — it is a structurally unprofitable enterprise dependent on RIN/LCFS credit economics it does not control.

The balance sheet is where this crosses from 'poor stock' to 'not investable.' Stockholders' equity is -$307M — shareholders own a deeply negative book. Current liabilities of $371M tower over current assets of $26.9M, a ~0.07 current ratio, and the current portion of debt exploded 338% to $279M against just $4.89M of cash. Even the 445% jump in cash is meaningless against a debt wall of that size. Operating cash flow of $3.26M cannot service, let alone repay, near-term obligations; meanwhile capex ran $26.0M as management keeps funding new digesters and CCUS/SAF projects. The math requires refinancing or fresh capital, and the 25% YoY jump in share count already shows how that gets funded — by diluting existing holders.