Capital allocation remains aggressive, with capital expenditure intensity peaking at 38.2% of revenue in 2025Q4, further exacerbating the company's reliance on external financing to cover its cash-burning operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Jan'07 | Jan'06 | Jan'05 |
|---|
| Cash from Operations | 3.1M | 3.26M | -32.93M | 13.82M | -22.87M | -20.65M | 2.48M | -2.03M | -5.51M | -8.69M | 371K | -786K | 20.59M | -1.68M | -16.93M | -1.25M | -3.68M | -2.36M | -8.68M | -7.09M | -13.79K | -9.14K | -10.07K |
| Operating CF Margin % | - | 1.57% | -12.3% | 7.4% | -8.91% | -9.74% | 1.5% | -1.01% | -3.21% | -5.79% | 0.26% | -0.54% | 9.92% | -0.95% | -8.96% | -0.88% | -45.28% | -25.68% | -1064.21% | - | -1.85% | - | - |
| Operating CF Growth % | 194.88% | 109.91% | -338.18% | 160.46% | -10.75% | -932.54% | 221.93% | 63.06% | 36.63% | -2441.78% | 147.2% | -103.82% | 1323.44% | 90.06% | -1257.91% | 66.14% | -56.27% | 72.86% | -22.48% | -51279.32% | -50.97% | 9.26% | - |
| Net Income | -74.19M | -77M | -87.54M | -46.42M | -107.76M | -47.15M | -36.66M | -39.48M | -36.29M | -31.77M | -15.64M | -27.14M | 7.13M | -24.44M | -4.28M | -18.3M | -8.56M | -11.34M | -15.84M | -5.04M | -103.78K | -9.69K | -10.72K |
| Depreciation & Amortization | 9.68M | 9.63M | 8.39M | 7M | 5.58M | 5.49M | 4.94M | 4.48M | 4.72M | 5.01M | 4.8M | 4.86M | 4.81M | 4.89M | 3.04M | 1.14M | 760.05K | 800.59K | 425.03K | 69.78K | 0 | 0 | 0 |
| Stock-Based Compensation | 3.56M | 5.77M | 8.31M | 7.66M | 6.41M | 3.93M | 995K | 694K | 836K | 1.1M | 747K | 938K | 624K | 1.76M | 686.06K | 177.28K | 377.67K | 717.72K | 1.98M | 1.27T | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -750K | 832K | 0 | -984K | 1.12M | 874K | 5.4M | 3.7M | 8.04M | 7.55M | 0 | -1.09M | -98.48K | 1.38M | 2.66M | 3.17M | -1.27T | 0 | 0 | 0 |
| Other Non-Cash Items | 28.78M | 14.55M | 22.7M | 32.25M | 66.02M | 11.69M | 9.33M | 6.92M | 7.59M | 118K | -25K | 204K | 645K | 15.65M | -25.87M | 5.26M | 283.18K | 903.07K | 1.49M | 1.27M | 0 | 0 | 0 |
| Working Capital Changes | 35.26M | 50.32M | 15.21M | 14.08M | 6.05M | 5.39M | 24.85M | 24.22M | 16.77M | 11.45M | 6.79M | 12.32M | -168K | 453.21K | 10.58M | 10.57M | 2.08M | 3.9M | 92.08K | 597.41K | 89.99K | 552 | 648 |
| Change in Receivables | 12.85M | 13.6M | -5.55M | -7.42M | 294K | 94K | -1.09M | -963K | 1.08M | -1.01M | -403K | 72K | 1.5M | -1.49M | 3.11M | -1.32M | -78.71K | -31.38K | 8.62M | -8.93T | 0 | 0 | 0 |
| Change in Inventory | 10.61M | 13.12M | -7.77M | -13.84M | 360K | -2.21M | 2.39M | -491K | -721K | -2.37M | 1.5M | -450K | -457K | 210.84K | -740.24K | -3.72M | -331.52K | -371.64K | -2.54M | 87.14B | 0 | 0 | 0 |
| Change in Payables | -6.88M | -7.53M | -1.29M | 13.73M | 2.18M | -5.2M | 1.4M | 1M | 2.21M | 2.58M | -2.1M | 2.02M | -879K | -5.41M | 799.62K | 9.6M | 1.06M | 265.46K | -6.48M | 8.85T | 0 | 0 | 0 |
| Cash from Investing | -23.77M | -25.59M | -14.15M | -23.69M | -31.31M | -22.89M | -17.31M | -8.58M | -4.07M | -1.12M | -629K | -71K | -1.97M | 224K | -16.46M | -967.96K | -672.97K | -49.52K | -2.52M | -2.1M | 0 | 0 | 0 |
| Capital Expenditures | -24.18M | -26M | -20.25M | -33.12M | -39.16M | -26.65M | -19.34M | -8.58M | -4.07M | -1.12M | -629K | -71K | -1.97M | -1.28M | -1.37M | -2.57M | -672.97K | -49.52K | -5.19M | -12.12M | 0 | 0 | 0 |
| CapEx % of Revenue | 11.55% | 12.5% | 7.57% | 17.74% | 15.27% | 12.57% | 11.68% | 4.25% | 2.38% | 0.74% | 0.44% | 0.05% | 0.95% | 0.72% | 0.72% | 1.81% | 8.28% | 0.54% | 636.56% | - | - | - | - |
| Acquisitions | 822K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -411K | 411K | 6.11M | 9.43M | 7.85M | 3.76M | 2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | 1.4M | 1.6M | 0 | 0 | 2.67M | 12.48M | 0 | 0 | 0 |
| Cash from Financing | 25.16M | 26.41M | 44.62M | 9.09M | 53.63M | 50.7M | 14.78M | 10.09M | 10.39M | 8.38M | 1.63M | 816K | -23.23M | 6.25M | 33.34M | 1.87M | 4.86M | 2.22M | 10.91M | 8.68M | 3K | 0 | 30K |
| Debt Issued (Net) | 9.04M | 7.65M | 14.27M | 18.92M | 42.61M | -56.03M | -4.29M | 4.44M | 3.43M | 8.38M | 1.63M | 1.04M | -23.06M | 5.17M | 33.34M | 1.87M | 4.86M | 1.91M | 12.87M | -1.49M | 1.49M | 0 | 0 |
| Equity Issued (Net) | 23.2M | 28.33M | 31.75M | -8.28M | 11.99M | 106.42M | 18.87M | 4.82M | 0 | 0 | 0 | 0 | 0 | 1.08M | 1.43K | 0 | 0 | 0 | 0 | 10.06M | 21.85M | 0 | 30K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 451K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.08M | -9.58M | -1.41M | -1.55M | -963K | 311K | 193K | 834K | 6.96M | 0 | 0 | -222K | -167K | 0 | 0 | 0 | 0 | 315.4K | -1.97M | 110K | -23.34M | 0 | 0 |
| Net Change in Cash | 4.32M | 4.05M | -2.45M | -719K | -752K | 7.16M | -64K | -532K | 760K | -1.06M | 1.2M | -49K | -4.59M | 4.64M | 41.14K | -433.55K | 630.84K | -325.73K | -342.5K | -492.73K | -10.79K | -9.14K | 19.93K |
| Free Cash Flow | -21.07M | -22.74M | -53.18M | -19.29M | -62.02M | -47.3M | -16.86M | -10.61M | -9.58M | -9.8M | -258K | -857K | 18.63M | -2.96M | -18.3M | -3.81M | -4.36M | -2.41M | -13.87M | -19.2M | -13.79K | -9.14K | -10.07K |
| FCF Margin % | -10.07% | -10.93% | -19.87% | -10.33% | -24.18% | -22.32% | -10.18% | -5.25% | -5.59% | -6.53% | -0.18% | -0.58% | 8.97% | -1.67% | -9.68% | -2.69% | -53.55% | -26.22% | -1700.77% | - | -1.85% | - | - |
| FCF Growth % | 48.58% | 57.24% | -175.65% | 68.89% | -31.13% | -180.54% | -58.88% | -10.77% | 2.28% | -3700% | 69.89% | -104.6% | 729.51% | 83.83% | -379.7% | 12.4% | -81.03% | 82.66% | 27.77% | -139124.43% | -50.97% | 9.26% | - |
| FCF per Share | -0.32 | -0.35 | -1.16 | -0.51 | -1.79 | -1.54 | -0.80 | -0.52 | -0.47 | -0.49 | -0.01 | -0.04 | 0.89 | -0.15 | -1.21 | -0.37 | -0.50 | -0.28 | -1.64 | -2.55 | -0.04 | -0.02 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.28x | -0.04x | 0.38x | -0.30x | 0.21x | 0.44x | -0.07x | 0.06x | 0.17x | 0.29x | -0.02x | 0.03x | 2.89x | 0.07x | 3.95x | 0.07x | 0.44x | 0.21x | 0.55x | 1.41x | 0.00x | 0.94x | 0.94x |
| Interest Paid | 1.42M | 0 | 9.22M | 9.81M | 19.52M | 5.68M | 1.32M | 2.48M | 5.59M | 3.09M | 4.89M | 478K | 6.82M | 4.52M | 2.08M | 1.02M | 0 | 0 | 534.73K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.81M | 20K | 10K | 7K | 8K | 8K | 6K | 6K | 6K | 6K | 6K | 6K | 4K | 3.2K | 0 | 0 | 51.83K | 0 | 0 | 0 | 0 |
Liquidity and regulatory dependency
As reported in financial statements, the persistent divergence between net losses and operating cash flow suggests that Aemetis relies heavily on non-cash adjustments and working capital fluctuations to mask the underlying cash-burning nature of its core refining operations, which frequently fail to generate positive organic cash.
The recurring gap between net income and operating cash flow indicates that the company's reported losses are not fully reflective of the cash drain occurring at the operational level. Investors should monitor the OCF/NI ratio, which frequently fluctuates, suggesting that cash generation is highly sensitive to timing differences in credit monetization rather than consistent operational profitability.
Based on historical data, Aemetis has struggled to achieve a positive free cash flow trajectory, with quarterly margins frequently deep in negative territory, such as the -41.2% margin observed in 2024Q4, underscoring the difficulty of funding capital-intensive growth initiatives through internal cash generation.
The consistent inability to generate positive free cash flow suggests that the company remains entirely dependent on external financing to sustain its operations and project pipeline. This trajectory warrants further investigation into how long the current cash position can support these capital requirements before additional dilutive measures become necessary.
According to recent SEC filings, the company's capital expenditure intensity, which peaked at 38.2% of revenue in 2025Q4, indicates a high-risk strategy of aggressive infrastructure investment that has yet to yield the anticipated cash flow improvements required to stabilize the balance sheet.
The high ratio of CapEx to revenue suggests that Aemetis is prioritizing long-term asset development over immediate cash flow stability. This capital intensity appears to be a significant burden, as the company continues to deploy resources into projects like the Riverbank SAF plant while the core business struggles to cover its own maintenance and operating costs.
As evidenced by the significant swings in working capital changes, such as the $49.9M inflow in 2023Q4 followed by subsequent volatility, Aemetis appears to rely on aggressive management of payables and receivables to manage its immediate liquidity, which may not be sustainable over the long term.
The reliance on working capital shifts to bolster operating cash flow suggests that the company's underlying cash conversion cycle is inefficient. Investors should monitor whether these fluctuations are indicative of genuine operational improvements or merely temporary timing maneuvers that could lead to liquidity crunches in future periods.
Quick answers to the most common questions about buying AMTX stock.
Aemetis, Inc. (AMTX) generated $3.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aemetis, Inc. (AMTX) reported negative free cash flow of $22.7M in 2025, indicating capital requirements exceeded cash from operations.
Aemetis, Inc. (AMTX) spent $26.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.