Aemetis' RNG Output Jumps 61% in Q4, Biogas Yields $12.2M Net Income
Aemetis’ Dairy RNG operations ran 12 digesters delivering about 405,000 MMBtu in 2025 with fourth-quarter output up 61% year-over-year. Biogas contributed $10.3 million in production tax credits and generated $12.2 million segment net income in Q4, supporting a median valuation target of $11.70 per share and signaling an EBITDA inflection.
1. Q4 RNG Operations Performance
Aemetis operated 12 Dairy RNG digesters throughout 2025, producing approximately 405,000 MMBtu for the year. Fourth-quarter output surged 61% year-over-year, driven by full ramp-up of new digesters and optimized processing protocols.
2. Biogas Financial Contribution
In Q4, the biogas segment generated $12.2 million in net income and delivered $10.3 million of federal production tax credits. These results mark the first quarter of meaningful profitability for the low-carbon fuels platform.
3. Valuation Outlook and EBITDA Inflection
Analyst models assign a median valuation target of $11.70 per share, implying significant upside. Scaling RNG production and improving ethanol economics are expected to drive an EBITDA inflection and sustained operating cash flow growth.
4. Pathway Approvals and Carbon Intensity Improvements
The company secured seven new CARB pathway approvals, reducing its average RNG carbon intensity from the negative-150 default to negative 380. These approvals enhance revenue potential from D3 RINs, LCFS credits, and federal incentives.