Aemetis, Inc. announced financial results for the fourth quarter and year ending December 31, 2025, showcasing significant scaling in its dairy renewable natural gas platform and outlining efficiency upgrades expected to enhance future cash flow. The company reported total income of $208.0 million for the full year, comprising $197.6 million in revenues and $10.4 million in production tax credit income. Capital expenditures focused on carbon intensity reduction and biogas production expansion reached $26 million for the year.
The Aemetis Biogas segment demonstrated robust performance, with net income increasing to $12.2 million in the fourth quarter of 2025. Dairy RNG production surged 61% year-over-year during the same period, reflecting the continued expansion of the company's dairy digester network. For the full year, the biogas segment achieved annual net income of $6.9 million, with revenues and production tax credits increasing by 53%. The platform now operates 12 digesters that produced approximately 405,000 MMBtu of renewable natural gas during 2025.
A key development for the company's ethanol segment involves a Mechanical Vapor Recompression system upgrade at its Keyes, California plant. This efficiency improvement, detailed in the company's investor materials available at http://www.aemetis.com/investors/conference-calls/, is expected to reduce natural gas consumption, lower the carbon intensity of ethanol production, and increase plant cash flow from operations by approximately $32 million annually upon completion in 2026. The 65 million gallon per year ethanol plant generated $158.3 million of revenue and production tax credits during 2025.
The company's progress is supported by regulatory developments and policy incentives. The California Air Resources Board approved seven new Low Carbon Fuel Standard pathways for Aemetis's renewable natural gas business, improving the average carbon intensity score from negative 150 to negative 380. Chairman and CEO Eric McAfee cited policy support from federal legislation and California's approval of year-round E15 in October 2025, which could allow the state's ethanol market to grow by 50% to offset rising gasoline prices.
Internationally, Aemetis's biodiesel production facility in India generated $29.7 million of revenue during 2025, utilizing about 10% of its 80 million gallon per year capacity. The company appointed a new CFO with IPO experience for its India subsidiary, which is targeting a public listing in 2026. Despite broader structural challenges in India's biodiesel program that affected fourth-quarter sales, the company noted a resumption of sales by December 2025.
Financially, the fourth quarter of 2025 showed improvement over the prior year. Revenues and production tax credits reached $53.7 million, up from $47.0 million in the fourth quarter of 2024. Gross profit was $7.7 million, compared to a gross loss of $2.0 million during the same period in 2024. The net loss narrowed to $5.3 million from $16.2 million year-over-year. For the full year, the net loss was $77.0 million, improved from $87.5 million in 2024. Cash at the end of the fourth quarter was $4.9 million, significantly higher than the $898 thousand reported at the end of 2024.
The company's dairy digester projects generated $18 million in cash proceeds during 2025 from the sale of investment tax credits, while ethanol and biogas operations generated an additional $10.4 million from production tax credits during the fourth quarter. Aemetis also signed a $27 million agreement with NPL to construct hydrogen sulfide and compression units for 15 new dairy digesters, indicating continued expansion of its renewable energy infrastructure. These developments position Aemetis for what management describes as meaningful growth in revenue and cash flow through 2026 as it monetizes federal clean fuel incentives and scales its low-carbon energy platforms.
