Aemetis, Inc. (AMTX) Cash Flow Statement

The operating cash flow to net income ratio swung from 1.33 in 2026Q2 to -1.08 in 2025Q4, which suggests working capital timing and non-cash items are driving most of the quarter-to-quarter variance rather than a stable underlying cash generation trend. Because net losses appear in every quarter shown, the periods where operating cash flow approximates or exceeds losses may reflect payables and receivables timing that warrants further investigation before being treated as durable. Investors should monitor whether operating cash flow turns consistently positive relative to net loss over a longer window.

The free cash flow margin has ranged widely, from -1.7% in 2025Q3 to -43.9% in 2026Q2, and the most recent quarter reflects both an operating outflow and elevated capital spending. This pattern suggests the business is not self-funding at current revenue levels, and the trajectory does not show a clear inflection toward sustained positive free cash flow. Investors should monitor whether capital expenditure normalizes relative to revenue.

Capex intensity has been highly uneven, moving from low single digits to near one-third of revenue within several quarters, which suggests discretionary or project-driven spending rather than steady maintenance replacement. Given that depreciation and amortization ran between $2.2M and $5.1M per quarter, recent capex materially exceeds depreciation, which may indicate growth or plant-expansion investment whose returns remain unproven in the reported figures. The distinction between maintenance and growth capex is not disclosed in the supplied data and warrants further investigation.

The magnitude of working capital movements relative to net income suggests that a significant portion of reported operating cash flow depends on balance sheet timing rather than core operating profitability. The $20.0M build in 2025Q3 coincided with near-breakeven operating cash flow of $3.1M, implying the underlying business may have consumed cash that was masked by payables or receivables changes. Collection efficiency, inventory levels, and payables management are not separately disclosed in the supplied data, so their drivers cannot be confirmed.

Summing the quarterly figures shows that net losses and free cash flow deficits have both persisted, so the business has not demonstrated a period in which accounting losses were offset by cash generation on a cumulative basis. Stock-based compensation of $1.3M to $3.0M per quarter adds a non-cash layer that partly explains the gap but does not account for the scale of cash burn. Investors should monitor whether the cumulative shortfall narrows as operating margins improve, though the reported data does not yet show that convergence.