Aemetis Q4 Dairy RNG Production Jumps 61%, Net Income Hits $12.2M
Aemetis’s dairy RNG output rose 61% year over year in Q4 2025, driving Biogas segment net income to $12.2 million and full-year revenue of $197.6 million plus $10.4 million in production tax credits. A planned MVR upgrade at its Keyes ethanol plant is forecast to add $32 million in cash flow upon 2026 completion.
1. Q4 and Full-Year Financial Performance
Aemetis reported Q4 2025 revenues and production tax credits of $53.7 million, up from $47.0 million a year earlier, contributing to full-year 2025 revenues of $197.6 million plus $10.4 million in production tax credits. Gross profit in Q4 improved to $7.7 million from a $2.0 million loss, driven by lower corn costs and higher ethanol pricing.
2. Dairy RNG Expansion
The Biogas segment scaled to 12 operating dairy digesters, producing approximately 405,000 MMBtu in 2025. Q4 dairy RNG production climbed 61% year over year, lifting segment net income to $12.2 million, aided by $5 million in production tax credits and $18 million in investment tax credit proceeds.
3. Ethanol Segment and Efficiency Upgrade
The Keyes, California ethanol plant generated $158.3 million in revenue and tax credits in 2025, selling 14.3 million gallons at an average price of $2.01 per gallon. A $27 million MVR system installation is underway, expected to reduce natural gas use, lower carbon intensity and boost cash flow by about $32 million annually upon 2026 completion.
4. Capital Investments and India Operations
Capital expenditures rose 28% to $26.0 million in 2025, funding dairy RNG buildout and energy efficiency projects. The India biodiesel facility generated $29.7 million in revenue at 10% capacity, with a new CFO appointed to pursue a 2026 public listing for the subsidiary.