Aemetis, Inc. (AMTX) 10-Year Financial Performance & Capital Metrics

AMTX • • Industrial / General

EnergyOil Refining & MarketingRenewable & Alternative FuelsBiofuels Producers

AboutAemetis, Inc. operates as a renewable natural gas and renewable fuels company in North America and India. It operates through three segments: California Ethanol, Dairy Renewable Natural Gas, and India Biodiesel. The company focuses on the acquisition, development, and commercialization of negative carbon intensity products and technologies that replace traditional petroleum-based products. It sells biodiesel primarily to government oil marketing companies, transport companies, resellers, distributors, and private refiners through its own sales force and independent sales agents, as well as to brokers who resell the product to end-users. The company also produces and sells ethanol; and wet distillers grains, distillers corn oil, and condensed distillers solubles to dairies and feedlots as animal feed. In addition, it produces dairy biogas; produces and sells high-grade alcohol and various feed products, as well as hand sanitizers; and researches and develops conversion technologies using waste feedstocks to produce biofuels and biochemicals. The company was formerly known as AE Biofuels, Inc. and changed its name to Aemetis, Inc. in November 2011. Aemetis, Inc. was founded in 2005 and is headquartered in Cupertino, California.Show more

Revenue $268M +43.3%
EBITDA -$32M -5.4%
Net Income -$88M -88.6%
EPS (Diluted) -1.91 -56.6%
Gross Margin -0.22% -120.1%
EBITDA Margin -11.97% +26.5%
Operating Margin -15.1% +24.6%
Net Margin -32.71% -31.6%
ROE -
ROIC -40.28% +13.9%
Debt/Equity -
Interest Coverage -1.01 +11.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 20.6% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.57%

5Y5.79%

3Y8.09%

TTM-30.91%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM9.21%

EPS CAGR

10Y-

5Y-

3Y-

TTM28.64%

ROCE

10Y Avg-20.38%

5Y Avg-26.78%

3Y Avg-29.5%

Latest-29.46%

Peer Comparison

Biofuels Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AMTXAemetis, Inc.	100.62M	1.52	-0.80	43.34%	-43.65%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	146.65M	143.16M	150.16M	171.53M	202M	165.56M	211.95M	256.51M	186.72M	267.64M
Revenue Growth %	-0.29%	-0.02%	0.05%	0.14%	0.18%	-0.18%	0.28%	0.21%	-0.27%	0.43%
Cost of Goods Sold+	142.45M	131.56M	146.78M	166.12M	189.3M	154.53M	204.01M	262.05M	184.7M	268.22M
COGS % of Revenue	0.97%	0.92%	0.98%	0.97%	0.94%	0.93%	0.96%	1.02%	0.99%	1%
Gross Profit+	4.2M	11.6M	3.38M	5.41M	12.7M	11.03M	7.94M	-5.54M	2.02M	-580K
Gross Margin %	0.03%	0.08%	0.02%	0.03%	0.06%	0.07%	0.04%	-0.02%	0.01%	-0%
Gross Profit Growth %	-0.89%	1.76%	-0.71%	0.6%	1.35%	-0.13%	-0.28%	-1.7%	1.36%	-1.29%
Operating Expenses+	12.81M	12.38M	15.56M	16.33M	17.63M	17.09M	23.76M	28.87M	39.42M	39.84M
OpEx % of Revenue	0.09%	0.09%	0.1%	0.1%	0.09%	0.1%	0.11%	0.11%	0.21%	0.15%
Selling, General & Admin	12.36M	12.01M	13.19M	16.09M	17.42M	16.88M	23.68M	28.69M	39.27M	39.84M
SG&A % of Revenue	0.08%	0.08%	0.09%	0.09%	0.09%	0.1%	0.11%	0.11%	0.21%	0.15%
Research & Development	447K	369K	2.37M	246K	205K	213K	88K	180K	152K	0
R&D % of Revenue	0%	0%	0.02%	0%	0%	0%	0%	0%	0%	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-8.61M	-781K	-12.18M	-10.93M	-4.93M	-6.07M	-15.82M	-34.4M	-37.4M	-40.42M
Operating Margin %	-0.06%	-0.01%	-0.08%	-0.06%	-0.02%	-0.04%	-0.07%	-0.13%	-0.2%	-0.15%
Operating Income Growth %	-1.36%	0.91%	-14.6%	0.1%	0.55%	-0.23%	-1.61%	-1.17%	-0.09%	-0.08%
EBITDA+	-3.75M	4.01M	-7.17M	-6.21M	138K	-1.13M	-10.33M	-28.82M	-30.4M	-32.03M
EBITDA Margin %	-0.03%	0.03%	-0.05%	-0.04%	0%	-0.01%	-0.05%	-0.11%	-0.16%	-0.12%
EBITDA Growth %	-1.13%	2.07%	-2.79%	0.13%	1.02%	-9.17%	-8.16%	-1.79%	-0.05%	-0.05%
D&A (Non-Cash Add-back)	4.86M	4.8M	5.01M	4.72M	5.07M	4.94M	5.49M	5.58M	7M	8.39M
EBIT	-10.25M	1.59M	-17.86M	-18.07M	-10.33M	-10.02M	-27.14M	-85.3M	-41.85M	-58.21M
Net Interest Income+	-16.88M	-17.22M	-19.3M	-25.73M	-28.01M	-31.02M	-20.14M	-21.41M	-32.99M	-40.16M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	16.88M	17.22M	19.3M	18.21M	28.01M	31.02M	20.14M	21.41M	32.99M	40.16M
Other Income/Expense	-18.52M	-14.85M	-19.58M	-25.35M	-33.41M	-31.57M	-31.45M	-72.3M	-62.76M	-57.95M
Pretax Income+	-27.13M	-15.63M	-31.76M	-36.28M	-38.35M	-37.63M	-47.27M	-106.7M	-100.16M	-98.37M
Pretax Margin %	-0.19%	-0.11%	-0.21%	-0.21%	-0.19%	-0.23%	-0.22%	-0.42%	-0.54%	-0.37%
Income Tax+	6K	6K	6K	7K	1.13M	-976K	-128K	1.05M	-53.74M	-10.83M
Effective Tax Rate %	1%	1%	0.95%	0.91%	0.93%	0.97%	1%	1.01%	0.46%	0.89%
Net Income+	-27.14M	-15.64M	-30.3M	-33.02M	-35.72M	-36.66M	-47.15M	-107.76M	-46.42M	-87.54M
Net Margin %	-0.19%	-0.11%	-0.2%	-0.19%	-0.18%	-0.22%	-0.22%	-0.42%	-0.25%	-0.33%
Net Income Growth %	-4.8%	0.42%	-0.94%	-0.09%	-0.08%	-0.03%	-0.29%	-1.29%	0.57%	-0.89%
Net Income (Continuing)	-27.14M	-15.64M	-31.77M	-36.29M	-39.48M	-36.66M	-47.15M	-107.76M	-46.42M	-87.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	-1.47M	-4.74M	0	0	0	0	0	0
EPS (Diluted)+	-1.37	-0.79	-1.53	-1.63	-1.75	-1.74	-1.54	-3.12	-1.22	-1.91
EPS Growth %	-5.03%	0.42%	-0.94%	-0.07%	-0.07%	0.01%	0.11%	-1.03%	0.61%	-0.57%
EPS (Basic)	-1.37	-0.79	-1.53	-1.63	-1.75	-1.74	-1.54	-3.12	-1.22	-1.91
Diluted Shares Outstanding	19.82M	19.77M	19.83M	20.25M	20.47M	21.01M	30.68M	34.59M	38.06M	45.9M
Basic Shares Outstanding	19.81M	19.77M	19.8M	20.25M	20.41M	21.01M	30.61M	34.54M	38.06M	45.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8M	7.04M	11.46M	10.31M	12.58M	8.68M	20.69M	18.14M	36.4M	44.7M
Cash & Short-Term Investments	283K	1.49M	428K	1.19M	656K	592K	7.75M	4.31M	2.67M	898K
Cash Only	283K	1.49M	428K	1.19M	656K	592K	7.75M	4.31M	2.67M	898K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.17M	1.56M	2.22M	1.1M	2.04M	1.82M	1.57M	1.26M	8.63M	14.11M
Days Sales Outstanding	2.9	3.97	5.39	2.33	3.68	4.01	2.71	1.8	16.88	19.24
Inventory	4.8M	3.24M	5.74M	6.13M	6.52M	3.97M	5.13M	4.66M	18.29M	25.44M
Days Inventory Outstanding	12.31	8.99	14.27	13.47	12.57	9.37	9.17	6.49	36.15	34.62
Other Current Assets	1.22M	206K	643K	956K	2.57M	1.55M	644K	3.65M	3.46M	2.41M
Total Non-Current Assets+	75.14M	70.77M	82.87M	81.51M	87.32M	116.46M	140.14M	188.98M	207.01M	214.61M
Property, Plant & Equipment	70.72M	66.37M	78.84M	78.49M	84.78M	112.77M	137.56M	167.45M	181.73M	186.2M
Fixed Asset Turnover	2.07x	2.16x	1.90x	2.19x	2.38x	1.47x	1.54x	1.53x	1.03x	1.44x
Goodwill	3.04M	3.1M	0	0	0	0	0	0	0	0
Intangible Assets	1.38M	1.3M	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	0	4.03M	3.02M	2.54M	3.69M	2.58M	21.52M	25.27M	28.41M
Total Assets+	83.14M	77.81M	94.33M	91.82M	99.9M	125.14M	160.83M	207.11M	243.41M	259.3M
Asset Turnover	1.76x	1.84x	1.59x	1.87x	2.02x	1.32x	1.32x	1.24x	0.77x	1.03x
Asset Growth %	-0.07%	-0.06%	0.21%	-0.03%	0.09%	0.25%	0.29%	0.29%	0.18%	0.07%
Total Current Liabilities+	29.3M	27.22M	36.02M	42.58M	57.82M	102.23M	65.33M	88.28M	84.39M	143.97M
Accounts Payable	10.18M	7.84M	10.46M	13.5M	15.97M	20.74M	16.41M	26.17M	32.13M	33.14M
Days Payables Outstanding	26.09	21.76	26	29.66	30.79	48.98	29.37	36.45	63.5	45.1
Short-Term Debt	14.69M	14.25M	18.57M	20.35M	22.74M	59.52M	22.78M	49.22M	37.03M	90.53M
Deferred Revenue (Current)	0	0	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	4.42M	2.47M	3.31M	5.4M	8.44M	9.79M	12.85M	12.56M	14.82M	20.3M
Current Ratio	0.27x	0.26x	0.32x	0.24x	0.22x	0.08x	0.32x	0.21x	0.43x	0.31x
Quick Ratio	0.11x	0.14x	0.16x	0.10x	0.10x	0.05x	0.24x	0.15x	0.21x	0.13x
Cash Conversion Cycle	-10.88	-8.8	-6.34	-13.86	-14.54	-35.6	-17.49	-28.16	-10.48	8.76
Total Non-Current Liabilities+	89.14M	100.41M	136.71M	154.82M	196.45M	207.65M	215.74M	320.69M	375.99M	379.26M
Long-Term Debt	88.95M	100.31M	138.16M	164.82M	179.69M	170.1M	165.99M	197.02M	257.69M	247.53M
Capital Lease Obligations	0	0	0	0	200K	2.58M	2.32M	2.19M	1.78M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	190K	102K	15K	0	16.56M	34.97M	47.43M	121.48M	116.52M	131.74M
Total Liabilities	118.44M	127.62M	172.72M	197.4M	254.27M	309.88M	281.07M	408.97M	460.38M	523.23M
Total Debt+	11.95M	11.41M	15.63M	17.3M	203M	232.51M	191.34M	248.77M	296.91M	338.06M
Net Debt	11.66M	9.92M	15.2M	16.11M	202.35M	231.92M	183.59M	244.45M	294.24M	337.16M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	-	2.84x	-	-	1471.03x	-	-	-	-	-
Net Debt / EBITDA	-	2.47x	-	-	1466.28x	-	-	-	-	-
Interest Coverage	-0.51x	-0.05x	-0.63x	-0.60x	-0.18x	-0.20x	-0.79x	-1.61x	-1.13x	-1.01x
Total Equity+	-35.29M	-49.81M	-79.86M	-105.58M	-154.37M	-184.74M	-120.24M	-201.85M	-216.98M	-263.93M
Equity Growth %	-10.88%	-0.41%	-0.6%	-0.32%	-0.46%	-0.2%	0.35%	-0.68%	-0.07%	-0.22%
Book Value per Share	-1.78	-2.52	-4.03	-5.21	-7.54	-8.79	-3.92	-5.84	-5.70	-5.75
Total Shareholders' Equity	-35.29M	-49.81M	-78.39M	-100.84M	-154.37M	-184.74M	-120.24M	-201.85M	-216.98M	-263.93M
Common Stock	20K	20K	20K	20K	21K	23K	33K	36K	41K	51K
Retained Earnings	-114.25M	-129.89M	-160.19M	-193.2M	-237.42M	-274.08M	-321.23M	-428.99M	-475.4M	-562.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.18M	-3.39M	-2.9M	-3.58M	-3.83M	-4.11M	-4.35M	-5.45M	-5.67M	-6.37M
Minority Interest	0	0	-1.47M	-4.74M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-786K	371K	-8.69M	-5.51M	-2.03M	2.48M	-20.65M	-22.87M	13.82M	-32.93M
Operating CF Margin %	-0.01%	0%	-0.06%	-0.03%	-0.01%	0.01%	-0.1%	-0.09%	0.07%	-0.12%
Operating CF Growth %	-1.04%	1.47%	-24.42%	0.37%	0.63%	2.22%	-9.33%	-0.11%	1.6%	-3.38%
Net Income	-27.14M	-15.64M	-31.77M	-36.29M	-39.48M	-36.66M	-47.15M	-107.76M	-46.42M	-87.54M
Depreciation & Amortization	4.86M	4.8M	5.01M	4.72M	4.48M	4.94M	5.49M	5.58M	7M	8.39M
Stock-Based Compensation	938K	747K	1.1M	836K	694K	995K	3.93M	6.41M	7.66M	8.31M
Deferred Taxes	8.04M	3.7M	5.4M	874K	1.12M	-984K	0	832K	-750K	0
Other Non-Cash Items	204K	-25K	118K	7.59M	6.92M	9.33M	11.69M	66.02M	32.25M	22.7M
Working Capital Changes	12.32M	6.79M	11.45M	16.77M	24.22M	24.85M	5.39M	6.05M	14.08M	15.21M
Change in Receivables	72K	-403K	-1.01M	1.08M	-963K	-1.09M	94K	294K	-7.42M	-5.55M
Change in Inventory	-450K	1.5M	-2.37M	-721K	-491K	2.39M	-2.21M	360K	-13.84M	-7.77M
Change in Payables	2.02M	-2.1M	2.58M	2.21M	1M	1.4M	-5.2M	2.18M	13.73M	-1.29M
Cash from Investing+	-71K	-629K	-1.12M	-4.07M	-8.58M	-17.31M	-22.89M	-31.31M	-23.69M	-14.15M
Capital Expenditures	-71K	-629K	-1.12M	-4.07M	-8.58M	-19.34M	-26.65M	-39.16M	-33.12M	-20.25M
CapEx % of Revenue	0%	0%	0.01%	0.02%	0.04%	0.12%	0.13%	0.15%	0.18%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	2.03M	3.76M	7.85M	9.43M	6.11M
Cash from Financing+	816K	1.63M	8.38M	10.39M	10.09M	14.78M	50.7M	53.63M	9.09M	44.62M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-222K	0	0	6.96M	834K	193K	311K	-963K	-1.55M	-1.41M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-857K	-258K	-9.8M	-9.58M	-10.61M	-16.86M	-47.3M	-62.02M	-19.29M	-53.18M
FCF Margin %	-0.01%	-0%	-0.07%	-0.06%	-0.05%	-0.1%	-0.22%	-0.24%	-0.1%	-0.2%
FCF Growth %	-1.05%	0.7%	-37%	0.02%	-0.11%	-0.59%	-1.81%	-0.31%	0.69%	-1.76%
FCF per Share	-0.04	-0.01	-0.49	-0.47	-0.52	-0.80	-1.54	-1.79	-0.51	-1.16
FCF Conversion (FCF/Net Income)	0.03x	-0.02x	0.29x	0.17x	0.06x	-0.07x	0.44x	0.21x	-0.30x	0.38x
Interest Paid	478K	4.89M	3.09M	5.59M	2.48M	1.32M	5.68M	19.52M	9.81M	9.22M
Taxes Paid	6K	6K	6K	6K	8K	8K	7K	10K	20K	1.81M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Invested Capital (ROIC)	-25.64%	-	-	-	-7.71%	-9.57%	-21.48%	-48.7%	-46.8%	-40.28%
Gross Margin	2.86%	8.1%	2.25%	3.15%	6.29%	6.66%	3.75%	-2.16%	1.08%	-0.22%
Net Margin	-18.51%	-10.92%	-20.18%	-19.25%	-17.68%	-22.14%	-22.24%	-42.01%	-24.86%	-32.71%
Interest Coverage	-0.51x	-0.05x	-0.63x	-0.60x	-0.18x	-0.20x	-0.79x	-1.61x	-1.13x	-1.01x
FCF Conversion	0.03x	-0.02x	0.29x	0.17x	0.06x	-0.07x	0.44x	0.21x	-0.30x	0.38x
Revenue Growth	-29.39%	-2.38%	4.89%	14.23%	17.77%	-18.04%	28.02%	21.03%	-27.21%	43.34%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Ethanol Sales	-	-	-	-	-	-	77.36M	116.24M
Ethanol Sales Growth	-	-	-	-	-	-	-	50.26%
Wet Distiller's Grains Sales	-	-	-	-	-	50.93M	21.96M	36.21M
Wet Distiller's Grains Sales Growth	-	-	-	-	-	-	-56.88%	64.89%
Sales of ethanol, WDG, and corn oil	-	-	-	-	211.25M	-	-	-
Sales of ethanol, WDG, and corn oil Growth	-	-	-	-	-	-	-	-
Ethanol sales	-	113.86M	114.59M	111.68M	-	-	-	-
Ethanol sales Growth	-	-	0.65%	-2.54%	-	-	-	-
Wet distiller's grains sales	-	32.36M	34.51M	32.05M	-	-	-	-
Wet distiller's grains sales Growth	-	-	6.64%	-7.13%	-	-	-	-
Biodiesel sales	-	17.01M	42.46M	13.8M	-	-	-	-
Biodiesel sales Growth	-	-	149.66%	-67.51%	-	-	-	-
Other sales	-	3.83M	5.04M	6.04M	-	-	-	-
Other sales Growth	-	-	31.79%	19.62%	-	-	-	-
Refined Glycerin sales	-	4.47M	2.81M	1.17M	-	-	-	-
Refined Glycerin sales Growth	-	-	-37.12%	-58.28%	-	-	-	-
PFAD sales	-	-	-	774K	-	-	-	-
PFAD sales Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
North America	136.74M	150.04M	154.15M	149.76M	-	-	-	-
North America Growth	-	9.73%	2.73%	-2.85%	-	-	-	-
India	13.42M	21.48M	47.85M	15.79M	-	-	-	-
India Growth	-	60.09%	122.75%	-66.99%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Aemetis, Inc. (AMTX) reported $201.3M in revenue for fiscal year 2024. This represents a 42% increase from $141.9M in 2011.

Aemetis, Inc. (AMTX) grew revenue by 43.3% over the past year. This is strong growth.

Aemetis, Inc. (AMTX) reported a net loss of $87.9M for fiscal year 2024.

Dividend & Returns

Aemetis, Inc. (AMTX) had negative free cash flow of $31.3M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Aemetis, Inc. (AMTX) 10-Year Financial Performance & Capital Metrics

AMTX • • Industrial / General

EnergyOil Refining & MarketingRenewable & Alternative FuelsBiofuels Producers

Revenue $268M +43.3%
EBITDA -$32M -5.4%
Net Income -$88M -88.6%
EPS (Diluted) -1.91 -56.6%
Gross Margin -0.22% -120.1%
EBITDA Margin -11.97% +26.5%
Operating Margin -15.1% +24.6%
Net Margin -32.71% -31.6%
ROE -
ROIC -40.28% +13.9%
Debt/Equity -
Interest Coverage -1.01 +11.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 20.6% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.57%

5Y5.79%

3Y8.09%

TTM-30.91%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM9.21%

EPS CAGR

10Y-

5Y-

3Y-

TTM28.64%

ROCE

10Y Avg-20.38%

5Y Avg-26.78%

3Y Avg-29.5%

Latest-29.46%

Peer Comparison

Biofuels Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AMTXAemetis, Inc.	100.62M	1.52	-0.80	43.34%	-43.65%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	146.65M	143.16M	150.16M	171.53M	202M	165.56M	211.95M	256.51M	186.72M	267.64M
Revenue Growth %	-0.29%	-0.02%	0.05%	0.14%	0.18%	-0.18%	0.28%	0.21%	-0.27%	0.43%
Cost of Goods Sold+	142.45M	131.56M	146.78M	166.12M	189.3M	154.53M	204.01M	262.05M	184.7M	268.22M
COGS % of Revenue	0.97%	0.92%	0.98%	0.97%	0.94%	0.93%	0.96%	1.02%	0.99%	1%
Gross Profit+	4.2M	11.6M	3.38M	5.41M	12.7M	11.03M	7.94M	-5.54M	2.02M	-580K
Gross Margin %	0.03%	0.08%	0.02%	0.03%	0.06%	0.07%	0.04%	-0.02%	0.01%	-0%
Gross Profit Growth %	-0.89%	1.76%	-0.71%	0.6%	1.35%	-0.13%	-0.28%	-1.7%	1.36%	-1.29%
Operating Expenses+	12.81M	12.38M	15.56M	16.33M	17.63M	17.09M	23.76M	28.87M	39.42M	39.84M
OpEx % of Revenue	0.09%	0.09%	0.1%	0.1%	0.09%	0.1%	0.11%	0.11%	0.21%	0.15%
Selling, General & Admin	12.36M	12.01M	13.19M	16.09M	17.42M	16.88M	23.68M	28.69M	39.27M	39.84M
SG&A % of Revenue	0.08%	0.08%	0.09%	0.09%	0.09%	0.1%	0.11%	0.11%	0.21%	0.15%
Research & Development	447K	369K	2.37M	246K	205K	213K	88K	180K	152K	0
R&D % of Revenue	0%	0%	0.02%	0%	0%	0%	0%	0%	0%	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-8.61M	-781K	-12.18M	-10.93M	-4.93M	-6.07M	-15.82M	-34.4M	-37.4M	-40.42M
Operating Margin %	-0.06%	-0.01%	-0.08%	-0.06%	-0.02%	-0.04%	-0.07%	-0.13%	-0.2%	-0.15%
Operating Income Growth %	-1.36%	0.91%	-14.6%	0.1%	0.55%	-0.23%	-1.61%	-1.17%	-0.09%	-0.08%
EBITDA+	-3.75M	4.01M	-7.17M	-6.21M	138K	-1.13M	-10.33M	-28.82M	-30.4M	-32.03M
EBITDA Margin %	-0.03%	0.03%	-0.05%	-0.04%	0%	-0.01%	-0.05%	-0.11%	-0.16%	-0.12%
EBITDA Growth %	-1.13%	2.07%	-2.79%	0.13%	1.02%	-9.17%	-8.16%	-1.79%	-0.05%	-0.05%
D&A (Non-Cash Add-back)	4.86M	4.8M	5.01M	4.72M	5.07M	4.94M	5.49M	5.58M	7M	8.39M
EBIT	-10.25M	1.59M	-17.86M	-18.07M	-10.33M	-10.02M	-27.14M	-85.3M	-41.85M	-58.21M
Net Interest Income+	-16.88M	-17.22M	-19.3M	-25.73M	-28.01M	-31.02M	-20.14M	-21.41M	-32.99M	-40.16M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	16.88M	17.22M	19.3M	18.21M	28.01M	31.02M	20.14M	21.41M	32.99M	40.16M
Other Income/Expense	-18.52M	-14.85M	-19.58M	-25.35M	-33.41M	-31.57M	-31.45M	-72.3M	-62.76M	-57.95M
Pretax Income+	-27.13M	-15.63M	-31.76M	-36.28M	-38.35M	-37.63M	-47.27M	-106.7M	-100.16M	-98.37M
Pretax Margin %	-0.19%	-0.11%	-0.21%	-0.21%	-0.19%	-0.23%	-0.22%	-0.42%	-0.54%	-0.37%
Income Tax+	6K	6K	6K	7K	1.13M	-976K	-128K	1.05M	-53.74M	-10.83M
Effective Tax Rate %	1%	1%	0.95%	0.91%	0.93%	0.97%	1%	1.01%	0.46%	0.89%
Net Income+	-27.14M	-15.64M	-30.3M	-33.02M	-35.72M	-36.66M	-47.15M	-107.76M	-46.42M	-87.54M
Net Margin %	-0.19%	-0.11%	-0.2%	-0.19%	-0.18%	-0.22%	-0.22%	-0.42%	-0.25%	-0.33%
Net Income Growth %	-4.8%	0.42%	-0.94%	-0.09%	-0.08%	-0.03%	-0.29%	-1.29%	0.57%	-0.89%
Net Income (Continuing)	-27.14M	-15.64M	-31.77M	-36.29M	-39.48M	-36.66M	-47.15M	-107.76M	-46.42M	-87.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	-1.47M	-4.74M	0	0	0	0	0	0
EPS (Diluted)+	-1.37	-0.79	-1.53	-1.63	-1.75	-1.74	-1.54	-3.12	-1.22	-1.91
EPS Growth %	-5.03%	0.42%	-0.94%	-0.07%	-0.07%	0.01%	0.11%	-1.03%	0.61%	-0.57%
EPS (Basic)	-1.37	-0.79	-1.53	-1.63	-1.75	-1.74	-1.54	-3.12	-1.22	-1.91
Diluted Shares Outstanding	19.82M	19.77M	19.83M	20.25M	20.47M	21.01M	30.68M	34.59M	38.06M	45.9M
Basic Shares Outstanding	19.81M	19.77M	19.8M	20.25M	20.41M	21.01M	30.61M	34.54M	38.06M	45.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8M	7.04M	11.46M	10.31M	12.58M	8.68M	20.69M	18.14M	36.4M	44.7M
Cash & Short-Term Investments	283K	1.49M	428K	1.19M	656K	592K	7.75M	4.31M	2.67M	898K
Cash Only	283K	1.49M	428K	1.19M	656K	592K	7.75M	4.31M	2.67M	898K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.17M	1.56M	2.22M	1.1M	2.04M	1.82M	1.57M	1.26M	8.63M	14.11M
Days Sales Outstanding	2.9	3.97	5.39	2.33	3.68	4.01	2.71	1.8	16.88	19.24
Inventory	4.8M	3.24M	5.74M	6.13M	6.52M	3.97M	5.13M	4.66M	18.29M	25.44M
Days Inventory Outstanding	12.31	8.99	14.27	13.47	12.57	9.37	9.17	6.49	36.15	34.62
Other Current Assets	1.22M	206K	643K	956K	2.57M	1.55M	644K	3.65M	3.46M	2.41M
Total Non-Current Assets+	75.14M	70.77M	82.87M	81.51M	87.32M	116.46M	140.14M	188.98M	207.01M	214.61M
Property, Plant & Equipment	70.72M	66.37M	78.84M	78.49M	84.78M	112.77M	137.56M	167.45M	181.73M	186.2M
Fixed Asset Turnover	2.07x	2.16x	1.90x	2.19x	2.38x	1.47x	1.54x	1.53x	1.03x	1.44x
Goodwill	3.04M	3.1M	0	0	0	0	0	0	0	0
Intangible Assets	1.38M	1.3M	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	0	4.03M	3.02M	2.54M	3.69M	2.58M	21.52M	25.27M	28.41M
Total Assets+	83.14M	77.81M	94.33M	91.82M	99.9M	125.14M	160.83M	207.11M	243.41M	259.3M
Asset Turnover	1.76x	1.84x	1.59x	1.87x	2.02x	1.32x	1.32x	1.24x	0.77x	1.03x
Asset Growth %	-0.07%	-0.06%	0.21%	-0.03%	0.09%	0.25%	0.29%	0.29%	0.18%	0.07%
Total Current Liabilities+	29.3M	27.22M	36.02M	42.58M	57.82M	102.23M	65.33M	88.28M	84.39M	143.97M
Accounts Payable	10.18M	7.84M	10.46M	13.5M	15.97M	20.74M	16.41M	26.17M	32.13M	33.14M
Days Payables Outstanding	26.09	21.76	26	29.66	30.79	48.98	29.37	36.45	63.5	45.1
Short-Term Debt	14.69M	14.25M	18.57M	20.35M	22.74M	59.52M	22.78M	49.22M	37.03M	90.53M
Deferred Revenue (Current)	0	0	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	4.42M	2.47M	3.31M	5.4M	8.44M	9.79M	12.85M	12.56M	14.82M	20.3M
Current Ratio	0.27x	0.26x	0.32x	0.24x	0.22x	0.08x	0.32x	0.21x	0.43x	0.31x
Quick Ratio	0.11x	0.14x	0.16x	0.10x	0.10x	0.05x	0.24x	0.15x	0.21x	0.13x
Cash Conversion Cycle	-10.88	-8.8	-6.34	-13.86	-14.54	-35.6	-17.49	-28.16	-10.48	8.76
Total Non-Current Liabilities+	89.14M	100.41M	136.71M	154.82M	196.45M	207.65M	215.74M	320.69M	375.99M	379.26M
Long-Term Debt	88.95M	100.31M	138.16M	164.82M	179.69M	170.1M	165.99M	197.02M	257.69M	247.53M
Capital Lease Obligations	0	0	0	0	200K	2.58M	2.32M	2.19M	1.78M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	190K	102K	15K	0	16.56M	34.97M	47.43M	121.48M	116.52M	131.74M
Total Liabilities	118.44M	127.62M	172.72M	197.4M	254.27M	309.88M	281.07M	408.97M	460.38M	523.23M
Total Debt+	11.95M	11.41M	15.63M	17.3M	203M	232.51M	191.34M	248.77M	296.91M	338.06M
Net Debt	11.66M	9.92M	15.2M	16.11M	202.35M	231.92M	183.59M	244.45M	294.24M	337.16M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	-	2.84x	-	-	1471.03x	-	-	-	-	-
Net Debt / EBITDA	-	2.47x	-	-	1466.28x	-	-	-	-	-
Interest Coverage	-0.51x	-0.05x	-0.63x	-0.60x	-0.18x	-0.20x	-0.79x	-1.61x	-1.13x	-1.01x
Total Equity+	-35.29M	-49.81M	-79.86M	-105.58M	-154.37M	-184.74M	-120.24M	-201.85M	-216.98M	-263.93M
Equity Growth %	-10.88%	-0.41%	-0.6%	-0.32%	-0.46%	-0.2%	0.35%	-0.68%	-0.07%	-0.22%
Book Value per Share	-1.78	-2.52	-4.03	-5.21	-7.54	-8.79	-3.92	-5.84	-5.70	-5.75
Total Shareholders' Equity	-35.29M	-49.81M	-78.39M	-100.84M	-154.37M	-184.74M	-120.24M	-201.85M	-216.98M	-263.93M
Common Stock	20K	20K	20K	20K	21K	23K	33K	36K	41K	51K
Retained Earnings	-114.25M	-129.89M	-160.19M	-193.2M	-237.42M	-274.08M	-321.23M	-428.99M	-475.4M	-562.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3.18M	-3.39M	-2.9M	-3.58M	-3.83M	-4.11M	-4.35M	-5.45M	-5.67M	-6.37M
Minority Interest	0	0	-1.47M	-4.74M	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-786K	371K	-8.69M	-5.51M	-2.03M	2.48M	-20.65M	-22.87M	13.82M	-32.93M
Operating CF Margin %	-0.01%	0%	-0.06%	-0.03%	-0.01%	0.01%	-0.1%	-0.09%	0.07%	-0.12%
Operating CF Growth %	-1.04%	1.47%	-24.42%	0.37%	0.63%	2.22%	-9.33%	-0.11%	1.6%	-3.38%
Net Income	-27.14M	-15.64M	-31.77M	-36.29M	-39.48M	-36.66M	-47.15M	-107.76M	-46.42M	-87.54M
Depreciation & Amortization	4.86M	4.8M	5.01M	4.72M	4.48M	4.94M	5.49M	5.58M	7M	8.39M
Stock-Based Compensation	938K	747K	1.1M	836K	694K	995K	3.93M	6.41M	7.66M	8.31M
Deferred Taxes	8.04M	3.7M	5.4M	874K	1.12M	-984K	0	832K	-750K	0
Other Non-Cash Items	204K	-25K	118K	7.59M	6.92M	9.33M	11.69M	66.02M	32.25M	22.7M
Working Capital Changes	12.32M	6.79M	11.45M	16.77M	24.22M	24.85M	5.39M	6.05M	14.08M	15.21M
Change in Receivables	72K	-403K	-1.01M	1.08M	-963K	-1.09M	94K	294K	-7.42M	-5.55M
Change in Inventory	-450K	1.5M	-2.37M	-721K	-491K	2.39M	-2.21M	360K	-13.84M	-7.77M
Change in Payables	2.02M	-2.1M	2.58M	2.21M	1M	1.4M	-5.2M	2.18M	13.73M	-1.29M
Cash from Investing+	-71K	-629K	-1.12M	-4.07M	-8.58M	-17.31M	-22.89M	-31.31M	-23.69M	-14.15M
Capital Expenditures	-71K	-629K	-1.12M	-4.07M	-8.58M	-19.34M	-26.65M	-39.16M	-33.12M	-20.25M
CapEx % of Revenue	0%	0%	0.01%	0.02%	0.04%	0.12%	0.13%	0.15%	0.18%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	2.03M	3.76M	7.85M	9.43M	6.11M
Cash from Financing+	816K	1.63M	8.38M	10.39M	10.09M	14.78M	50.7M	53.63M	9.09M	44.62M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-222K	0	0	6.96M	834K	193K	311K	-963K	-1.55M	-1.41M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-857K	-258K	-9.8M	-9.58M	-10.61M	-16.86M	-47.3M	-62.02M	-19.29M	-53.18M
FCF Margin %	-0.01%	-0%	-0.07%	-0.06%	-0.05%	-0.1%	-0.22%	-0.24%	-0.1%	-0.2%
FCF Growth %	-1.05%	0.7%	-37%	0.02%	-0.11%	-0.59%	-1.81%	-0.31%	0.69%	-1.76%
FCF per Share	-0.04	-0.01	-0.49	-0.47	-0.52	-0.80	-1.54	-1.79	-0.51	-1.16
FCF Conversion (FCF/Net Income)	0.03x	-0.02x	0.29x	0.17x	0.06x	-0.07x	0.44x	0.21x	-0.30x	0.38x
Interest Paid	478K	4.89M	3.09M	5.59M	2.48M	1.32M	5.68M	19.52M	9.81M	9.22M
Taxes Paid	6K	6K	6K	6K	8K	8K	7K	10K	20K	1.81M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Invested Capital (ROIC)	-25.64%	-	-	-	-7.71%	-9.57%	-21.48%	-48.7%	-46.8%	-40.28%
Gross Margin	2.86%	8.1%	2.25%	3.15%	6.29%	6.66%	3.75%	-2.16%	1.08%	-0.22%
Net Margin	-18.51%	-10.92%	-20.18%	-19.25%	-17.68%	-22.14%	-22.24%	-42.01%	-24.86%	-32.71%
Interest Coverage	-0.51x	-0.05x	-0.63x	-0.60x	-0.18x	-0.20x	-0.79x	-1.61x	-1.13x	-1.01x
FCF Conversion	0.03x	-0.02x	0.29x	0.17x	0.06x	-0.07x	0.44x	0.21x	-0.30x	0.38x
Revenue Growth	-29.39%	-2.38%	4.89%	14.23%	17.77%	-18.04%	28.02%	21.03%	-27.21%	43.34%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Ethanol Sales	-	-	-	-	-	-	77.36M	116.24M
Ethanol Sales Growth	-	-	-	-	-	-	-	50.26%
Wet Distiller's Grains Sales	-	-	-	-	-	50.93M	21.96M	36.21M
Wet Distiller's Grains Sales Growth	-	-	-	-	-	-	-56.88%	64.89%
Sales of ethanol, WDG, and corn oil	-	-	-	-	211.25M	-	-	-
Sales of ethanol, WDG, and corn oil Growth	-	-	-	-	-	-	-	-
Ethanol sales	-	113.86M	114.59M	111.68M	-	-	-	-
Ethanol sales Growth	-	-	0.65%	-2.54%	-	-	-	-
Wet distiller's grains sales	-	32.36M	34.51M	32.05M	-	-	-	-
Wet distiller's grains sales Growth	-	-	6.64%	-7.13%	-	-	-	-
Biodiesel sales	-	17.01M	42.46M	13.8M	-	-	-	-
Biodiesel sales Growth	-	-	149.66%	-67.51%	-	-	-	-
Other sales	-	3.83M	5.04M	6.04M	-	-	-	-
Other sales Growth	-	-	31.79%	19.62%	-	-	-	-
Refined Glycerin sales	-	4.47M	2.81M	1.17M	-	-	-	-
Refined Glycerin sales Growth	-	-	-37.12%	-58.28%	-	-	-	-
PFAD sales	-	-	-	774K	-	-	-	-
PFAD sales Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
North America	136.74M	150.04M	154.15M	149.76M	-	-	-	-
North America Growth	-	9.73%	2.73%	-2.85%	-	-	-	-
India	13.42M	21.48M	47.85M	15.79M	-	-	-	-
India Growth	-	60.09%	122.75%	-66.99%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Aemetis, Inc. (AMTX) reported $201.3M in revenue for fiscal year 2024. This represents a 42% increase from $141.9M in 2011.

Aemetis, Inc. (AMTX) grew revenue by 43.3% over the past year. This is strong growth.

Aemetis, Inc. (AMTX) reported a net loss of $87.9M for fiscal year 2024.

Dividend & Returns

Aemetis, Inc. (AMTX) had negative free cash flow of $31.3M in fiscal year 2024, likely due to heavy capital investments.