Aemetis, Inc. reported significant growth in its dairy renewable natural gas platform and efficiency improvements across operations in its fourth quarter and full year 2025 financial results. The company's biogas segment saw dairy RNG production increase 61% year over year in the fourth quarter, generating net income of $12.2 million during that period. For the full year, the biogas segment increased annual revenues and production tax credits by 53%, achieving annual segment net income of $6.9 million.
The company's capital investments increased 28% over the prior year to $26.0 million, supporting dairy RNG expansion and ethanol plant energy efficiency upgrades. Dairy digester projects generated cash proceeds of $18 million during 2025 from the sale of investment tax credits, while ethanol and biogas operations generated additional income of $10.4 million from production tax credits during the fourth quarter alone. Revenues for the full year of 2025 were $197.6 million plus production tax credit income of $10.4 million for total income of $208.0 million.
Eric McAfee, Chairman and CEO of Aemetis, noted that with RNG production scaling, ethanol plant efficiency improvements underway, and federal clean fuel incentives beginning to be monetized, the company is positioned for meaningful growth in revenue and cash flow as it moves through 2026. He cited policy support from the White House and Congress in the One Big Beautiful Bill that is now being implemented, as well as California legislative approval of year-round E15 in October 2025 which allows the ethanol market to grow by 50% in the state.
The Aemetis Dairy RNG platform continued to scale during 2025, reaching 12 operating digesters that produced approximately 405,000 MMBtu of renewable natural gas during the year. The biogas segment generated $15 million of RNG revenue, $5 million of production tax credits, and $18 million of investment tax credit proceeds. The California Air Resource Board approved 7 new Low Carbon Fuel Standard pathways for the Renewable Natural Gas business, increasing from the negative 150 default value to an average carbon intensity score of negative 380. The company also signed a $27 million agreement with NPL to construct H2S and compression units for 15 new dairy digesters.
In the ethanol segment, the Aemetis 65 million gallon per year ethanol plant in Keyes, California generated $158.3 million of revenue and production tax credits during 2025. The company signed an agreement with NPL Construction to complete the procurement and installation of a Mechanical Vapor Recompression system at the Keyes plant, which is expected to significantly improve plant economics. When completed, the MVR system 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 per year. More details about the company's financial performance and strategic initiatives are available through their investor relations materials at http://www.aemetis.com/investors/conference-calls/.
The Aemetis biodiesel production facility in India generated $29.7 million of revenue during 2025, utilizing about 10% of the plant capacity of 80 million gallons per year of biodiesel production. The company appointed a new CFO with IPO experience for its India subsidiary, which is targeting a public listing in 2026. India remains a large and growing market for renewable fuels supported by government blending mandates and expanding fuel demand, as well as global geopolitical issues that strongly support the expansion of biofuels production in India.
For the three months ended December 31, 2025, revenues and production tax credits were $53.7 million, an increase from $47.0 million from the fourth quarter of 2024. Gross profit for the fourth quarter of 2025 was $7.7 million, compared to a gross loss of $2.0 million during the same period in 2024. Net loss was $5.3 million for the fourth quarter of 2025, compared to a net loss of $16.2 million for the fourth quarter of 2024. Cash at the end of the fourth quarter of 2025 was $4.9 million, compared to $898 thousand at the end of the fourth quarter of 2024.
