Aemetis (AMTX) financial statements
Aemetis reported revenue of $198M in fiscal 2025, up 3.6% a year over 9 years.
Net income was -$77M and the operating margin -18.8%, against -0.5% in 2016.
Free cash flow was -$23M.
The diluted share count rose 203% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Aemetis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $143M | $150M | $172M | $202M | $166M | $212M | $257M | $187M | $268M | $198M |
| Cost of revenue | $132M | $147M | $166M | $189M | $155M | $204M | $262M | $185M | $268M | $209M |
| Gross profit | $12M | $3M | $5M | $13M | $11M | $8M | -$6M | $2M | -$580,000 | -$768,000 |
| Research and development | $369,000 | $2M | $246,000 | $205,000 | $213,000 | $88,000 | $180,000 | $152,000 | — | — |
| Selling, general and admin | $12M | $13M | $16M | $17M | $17M | $24M | $29M | $39M | $40M | $36M |
| Operating income | -$781,000 | -$12M | -$11M | -$5M | -$6M | -$16M | -$34M | -$37M | -$40M | -$37M |
| Interest expense | $11M | $14M | $18M | $21M | $23M | $20M | $21M | $33M | $40M | $46M |
| Pre-tax income | -$16M | -$32M | -$36M | -$38M | -$38M | -$47M | -$107M | -$100M | -$98M | -$96M |
| Income tax | $6,000 | $6,000 | $7,000 | $1M | -$976,000 | -$128,000 | $1M | -$54M | -$11M | -$19M |
| Net income | -$16M | -$32M | -$36M | -$39M | -$37M | -$47M | -$108M | -$46M | -$88M | -$77M |
| EPS (diluted) | -$0.79 | -$1.53 | -$1.63 | -$1.75 | -$1.74 | -$1.54 | -$3.12 | -$1.22 | -$1.91 | -$1.28 |
| Diluted shares | 20M | 20M | 20M | 20M | 21M | 31M | 35M | 38M | 46M | 60M |
| Gross margin | 8.1% | 2.2% | 3.2% | 6.3% | 6.7% | 3.7% | -2.2% | 1.1% | -0.2% | -0.4% |
| Operating margin | -0.5% | -8.1% | -6.4% | -2.4% | -3.7% | -7.5% | -13.4% | -20.0% | -15.1% | -18.8% |
| Net margin | -10.9% | -21.2% | -21.2% | -19.5% | -22.1% | -22.2% | -42.0% | -24.9% | -32.7% | -39.0% |
Balance sheet
Fiscal years, from Aemetis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1M | $428,000 | $1M | $656,000 | $592,000 | $8M | $4M | $3M | $898,000 | $5M |
| Receivables | — | — | — | — | — | $2M | $1M | — | — | — |
| Inventory | $3M | $6M | $6M | $7M | $4M | $5M | $5M | $18M | $25M | $12M |
| Total current assets | $7M | $11M | $10M | $13M | $9M | $21M | $18M | $36M | $45M | $27M |
| Property, plant and equipment | $66M | $79M | $78M | $84M | $110M | $135M | $180M | $195M | $199M | $220M |
| Total assets | $78M | $94M | $92M | $100M | $125M | $161M | $207M | $243M | $259M | $260M |
| Total current liabilities | $27M | $36M | $43M | $58M | $102M | $65M | $88M | $84M | $144M | $371M |
| Long-term debt | $100M | $138M | $158M | $180M | $170M | $166M | $197M | $258M | $248M | $64M |
| Total liabilities | $128M | $174M | $207M | $254M | $310M | $281M | $409M | $460M | $523M | $567M |
| Shareholders' equity | -$50M | -$78M | -$116M | -$154M | -$185M | -$120M | -$202M | -$217M | -$264M | -$307M |
| Net debt | $101M | $140M | $159M | $185M | $214M | $166M | $205M | $269M | $310M | $338M |
Cash flow
Fiscal years, from Aemetis's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $371,000 | -$9M | -$6M | -$2M | $2M | -$21M | -$23M | $14M | -$33M | $3M |
| Capital spending | $629,000 | $1M | $4M | $9M | $19M | $27M | $39M | $33M | $20M | $26M |
| Free cash flow | -$258,000 | -$10M | -$10M | -$11M | -$17M | -$47M | -$62M | -$19M | -$53M | -$23M |
| Stock-based compensation | $747,000 | $1M | $981,000 | $774,000 | $995,000 | $4M | $6M | $8M | $8M | $6M |
| Share buybacks (net) | $0 | — | — | — | — | — | — | — | — | — |
| Net borrowing | $21M | $15M | $20M | $56M | $13M | $0 | $69M | $75M | $19M | $45M |
| Free cash flow margin | -0.2% | -6.5% | -5.6% | -5.3% | -10.2% | -22.3% | -24.2% | -10.3% | -19.9% | -11.5% |
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Open AMTX in InvestinglyQuestions
What was Aemetis's revenue in 2025?
$198M in fiscal 2025, from its 10-K filing.
How much free cash flow does Aemetis generate?
-$23M in fiscal 2025 (operating cash flow minus capital spending).
From Aemetis's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.