Revenue climbed to $62.7M in 2026Q2 with gross margin rebounding to 21.6% and operating margin turning positive at 9.2%, yet the company still posted a net loss of $9.4M and EPS of -$0.13, indicating non-operating charges continue to overwhelm operating gains.
Aemetis, Inc. (AMTX) annual income statement — 22-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 259.13M | 207.98M | 267.64M | 186.72M | 256.51M | 211.95M | 165.56M | 202M | 171.53M | 150.16M | 143.16M | 146.65M | 207.68M | 177.51M | 189M | 141.86M | 8.13M | 9.18M | 815.65K | 0 | 744.45K | 0 | 0 |
| Revenue Growth % | 28.72% | -22.29% | 43.34% | -27.21% | 21.03% | 28.02% | -18.04% | 17.77% | 14.23% | 4.89% | -2.38% | -29.39% | 17% | -6.08% | 33.23% | 1644.44% | -11.37% | 1024.86% | - | -100% | - | - | - |
| Cost of Goods Sold | 205.66M | 208.75M | 268.22M | 184.7M | 262.05M | 204.01M | 154.53M | 189.3M | 166.12M | 146.78M | 131.56M | 142.45M | 170.54M | 159.22M | 197.9M | 137.22M | 8.25M | 9.05M | 2.21M | 0 | 735K | 0 | 0 |
| COGS % of Revenue | - | 100.37% | 100.22% | 98.92% | 102.16% | 96.25% | 93.34% | 93.71% | 96.85% | 97.75% | 91.9% | 97.14% | 82.12% | 89.69% | 104.71% | 96.73% | 101.5% | 98.6% | 271.44% | - | 98.73% | - | - |
| Gross Profit | 53.47M | -768K | -580K | 2.02M | -5.54M | 7.94M | 11.03M | 12.7M | 5.41M | 3.38M | 11.6M | 4.2M | 37.14M | 18.29M | -8.93M | 4.64M | -122K | -672K | -1.4M | 0 | 9.45K | 0 | 0 |
| Gross Margin % | 20.63% | -0.37% | -0.22% | 1.08% | -2.16% | 3.75% | 6.66% | 6.29% | 3.15% | 2.25% | 8.1% | 2.86% | 17.88% | 10.31% | -4.72% | 3.27% | -1.5% | -7.32% | -171.52% | - | 1.27% | - | - |
| Gross Profit Growth % | - | -32.41% | -128.76% | 136.44% | -169.72% | -27.99% | -13.18% | 134.93% | 60.15% | -70.9% | 176.23% | -88.7% | 103.04% | 304.93% | -292.31% | 3904.92% | 81.85% | 51.97% | - | -100% | - | - | - |
| Operating Expenses | 35.66M | 36.45M | 39.84M | 39.42M | 28.87M | 23.76M | 17.09M | 17.63M | 16.33M | 15.56M | 12.38M | 12.81M | 13.05M | 15.81M | 11.9M | 9.15M | 5.03M | 8.88M | 10.74M | 9.72M | 103.78K | 9.69K | 9.71K |
| OpEx % of Revenue | - | 17.53% | 14.88% | 21.11% | 11.25% | 11.21% | 10.33% | 8.73% | 9.52% | 10.36% | 8.65% | 8.73% | 6.29% | 8.91% | 6.3% | 6.45% | 61.88% | 96.84% | 1316.61% | - | 13.94% | - | - |
| Selling, General & Admin | 26.57M | 36.45M | 39.84M | 39.27M | 28.69M | 23.68M | 16.88M | 17.42M | 16.09M | 13.19M | 12.01M | 12.36M | 12.6M | 15.28M | 9.6M | 8.57M | 4.71M | 6.26M | 9.73M | 9.47M | 103.78K | 9.69K | 9.71K |
| SG&A % of Revenue | - | 17.53% | 14.88% | 21.03% | 11.18% | 11.17% | 10.2% | 8.63% | 9.38% | 8.78% | 8.39% | 8.43% | 6.06% | 8.61% | 5.08% | 6.04% | 57.92% | 68.23% | 1192.91% | - | 13.94% | - | - |
| Research & Development | 0 | 0 | 0 | 152K | 180K | 88K | 213K | 205K | 246K | 2.37M | 369K | 447K | 459K | 538.92K | 600K | 576.63K | 322.56K | 538.91K | 1.04M | 257.76K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.08% | 0.07% | 0.04% | 0.13% | 0.1% | 0.14% | 1.58% | 0.26% | 0.3% | 0.22% | 0.3% | 0.32% | 0.41% | 3.97% | 5.87% | 127.14% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 17.81M | -37.22M | -40.42M | -37.4M | -34.4M | -15.82M | -6.07M | -4.93M | -10.93M | -12.18M | -781K | -8.61M | 24.09M | 2.48M | -21.16M | -4.5M | -5.15M | -6.67M | -12.17M | -9.79M | -6.15M | -9.69K | -9.71K |
| Operating Margin % | 6.87% | -17.89% | -15.1% | -20.03% | -13.41% | -7.47% | -3.67% | -2.44% | -6.37% | -8.11% | -0.55% | -5.87% | 11.6% | 1.4% | -11.2% | -3.18% | -63.38% | -72.7% | -1491.56% | - | -826.65% | - | - |
| Operating Income Growth % | - | 7.91% | -8.06% | -8.72% | -117.38% | -160.71% | -23.1% | 54.87% | 10.32% | -1459.92% | 90.93% | -135.74% | 871.37% | 111.72% | -369.7% | 12.59% | 22.73% | 45.18% | -24.21% | -59.16% | -63415.33% | 0.22% | - |
| EBITDA | 25.58M | -27.64M | -32.03M | -30.4M | -28.82M | -10.33M | -1.13M | -449K | -6.21M | -7.17M | 4.01M | -3.75M | 28.9M | 7.37M | -18.12M | -3.36M | -4.39M | -5.87M | -11.74M | -9.73M | -6.15M | -9.69K | -8.7K |
| EBITDA Margin % | 9.87% | -13.29% | -11.97% | -16.28% | -11.24% | -4.87% | -0.68% | -0.22% | -3.62% | -4.77% | 2.8% | -2.56% | 13.91% | 4.15% | -9.59% | -2.37% | -54.03% | -63.97% | -1439.45% | - | -826.65% | - | - |
| EBITDA Growth % | 165.72% | 13.71% | -5.37% | -5.47% | -178.97% | -815.87% | -151.22% | 92.77% | 13.43% | -278.56% | 207.07% | -112.98% | 292.09% | 140.68% | -438.58% | 23.44% | 25.14% | 50.01% | -20.73% | -58.03% | -63415.33% | -11.33% | - |
| D&A (Non-Cash Add-back) | 7.77M | 9.58M | 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 | 1.01K |
| EBIT | -18.15M | -34.61M | -58.21M | -41.85M | -85.3M | -27.14M | -10.02M | -10.33M | -18.07M | -17.86M | 1.59M | -10.25M | 23.23M | -156K | 12.29M | -4.83M | -4.53M | -8.66M | -15.21M | 148.39K | -6.15M | -9.69K | -10.72K |
| Net Interest Income | -31.81M | -61.14M | -40.16M | -32.99M | -21.41M | -20.14M | -31.02M | -28.01M | -25.73M | -19.3M | -17.22M | -16.88M | -16.09M | -24.27M | -17.66M | -13.54M | -4.01M | -2.65M | -564K | 28.95M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.44K | 24.46K | 23.33K | 50.69K | 97.75K | 0 | 0 | 0 |
| Interest Expense | 46.01M | 61.14M | 40.16M | 32.99M | 21.41M | 20.14M | 31.02M | 28.01M | 18.21M | 19.3M | 17.22M | 16.88M | 16.09M | 24.27M | 17.66M | 13.56M | 4.03M | 2.67M | 614.43K | 97.75B | 0 | 0 | 0 |
| Other Income/Expense | -60.58M | -58.53M | -57.95M | -62.76M | -72.3M | -31.45M | -31.57M | -33.41M | -25.35M | -19.58M | -14.85M | -18.52M | -16.95M | -26.91M | 13.74M | -13.89M | -3.41M | -2.58M | -3.12M | 9.94M | 0 | 0 | -1.01K |
| Pretax Income | -42.77M | -95.75M | -98.37M | -100.16M | -106.7M | -47.27M | -37.63M | -38.35M | -36.28M | -31.76M | -15.63M | -27.13M | 7.14M | -24.43M | -5.36M | -18.39M | -8.56M | -11.34M | -15.82M | -4.97M | -104K | 0 | -10.72K |
| Pretax Margin % | -16.5% | -46.04% | -36.75% | -53.64% | -41.6% | -22.3% | -22.73% | -18.98% | -21.15% | -21.15% | -10.92% | -18.5% | 3.44% | -13.76% | -2.84% | -12.97% | -105.28% | -123.54% | -1939.67% | - | -13.97% | - | - |
| Income Tax | -11.57M | -18.75M | -10.83M | -53.74M | 1.05M | -128K | -976K | 1.13M | 7K | 6K | 6K | 6K | 6K | 5.76K | -1.08M | -95.28K | 3.2K | 2.31M | 15.08K | 78.58K | 103.78K | 9.69K | 0 |
| Effective Tax Rate % | 27.05% | 19.58% | 11.01% | 53.65% | -0.99% | 0.27% | 2.59% | -2.95% | -0.02% | -0.02% | -0.04% | -0.02% | 0.08% | -0.02% | 20.16% | 0.52% | -0.04% | -20.41% | -0.1% | -1.58% | -99.79% | - | 0% |
| Net Income | -31.2M | -77M | -87.54M | -46.42M | -107.76M | -47.15M | -36.66M | -35.72M | -33.02M | -30.3M | -15.64M | -27.14M | 7.13M | -24.44M | -4.28M | -18.3M | -8.43M | -10.97M | -15.84M | -5.04M | -6.07M | -9.69K | -10.72K |
| Net Margin % | -12.04% | -37.02% | -32.71% | -24.86% | -42.01% | -22.24% | -22.14% | -17.68% | -19.25% | -20.18% | -10.92% | -18.51% | 3.43% | -13.77% | -2.27% | -12.9% | -103.6% | -119.6% | -1941.51% | - | -815.23% | - | - |
| Net Income Growth % | 64.49% | 12.04% | -88.58% | 56.92% | -128.56% | -28.61% | -2.64% | -8.18% | -8.96% | -93.79% | 42.38% | -480.46% | 129.19% | -470.69% | 76.6% | -117.16% | 23.22% | 30.71% | -213.96% | 16.89% | -62538.04% | 9.59% | - |
| Net Income (Continuing) | -31.2M | -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 | -104K | -9.69K | -10.72K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.74M | -1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -362.38K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.43 | -1.28 | -1.91 | -1.22 | -3.12 | -1.54 | -1.74 | -1.75 | -1.63 | -1.53 | -0.79 | -1.37 | 0.34 | -1.28 | -0.60 | -1.77 | -0.96 | -1.27 | -1.87 | -0.67 | -0.30 | -0.03 | -0.03 |
| EPS Growth % | 65.16% | 32.98% | -56.56% | 60.9% | -102.6% | 11.49% | 0.57% | -7.36% | -6.54% | -93.67% | 42.34% | -502.94% | 126.56% | -113.33% | 66.1% | -84.38% | 24.41% | 32.09% | -179.1% | -123.33% | -1071.88% | 9.54% | - |
| EPS (Basic) | - | -1.28 | -1.91 | -1.22 | -3.12 | -1.54 | -1.74 | -1.75 | -1.63 | -1.53 | -0.79 | -1.37 | 0.35 | -1.28 | -0.60 | -1.77 | -0.96 | -1.27 | -1.87 | -0.67 | -0.30 | -0.03 | -0.05 |
| Diluted Shares Outstanding | 72.5M | 65.78M | 45.9M | 38.06M | 34.59M | 30.68M | 21.01M | 20.47M | 20.25M | 19.83M | 19.77M | 19.82M | 21.05M | 19.1M | 15.1M | 10.35M | 8.74M | 8.61M | 8.46M | 7.53M | 378.57K | 378.57K | 378.57K |
| Basic Shares Outstanding | 72.5M | 65.78M | 45.9M | 38.06M | 34.54M | 30.61M | 21.01M | 20.41M | 20.25M | 19.8M | 19.77M | 19.81M | 20.37M | 19.09M | 15.1M | 10.35M | 8.74M | 8.61M | 8.46M | 7.53M | 378.57K | 378.57K | 226.57K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMTX stock.
For fiscal year 2025, Aemetis, Inc. (AMTX) reported total revenue of $208.0M.
Aemetis, Inc. (AMTX) reported a net loss of $77.0M for the fiscal year ending 2025.
Aemetis, Inc. (AMTX) reported an operating income of $-37.2M, resulting in an operating profit margin of -17.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aemetis, Inc. (AMTX) generated $-0.8M in gross profit for the year, representing a gross profit margin of -0.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent net losses and dilution
Metrics are mathematically derived from official filings.
Revenue Rebounds From Depressed Base
Based on Aemetis's reported figures, quarterly revenue climbed to $62.7M in 2026Q2, up 20.0% year over year, after a trough near $42.9M in 2025Q1 that suggests recovery from a weak operating base rather than a clearly durable growth trend.
Revenue has oscillated between roughly $43M and $81M across the ten quarters shown, with the 2024Q3 peak of $81.4M not yet exceeded, which implies the current rebound is still below prior highs. The 2026Q2 year-over-year gain of 20.0% is encouraging, but a single quarter of growth after several contractions warrants further investigation before treating it as sustained momentum.
Gross Margin Turned Positive Recently
As reported in the income statement, gross margin improved from negative territory in 2025 to 21.6% in 2026Q2, though the series has been volatile, with 2025Q3 near breakeven at -0.1%.
The swing from negative gross margins through most of 2024 and 2025 to 21.6% in the latest quarter suggests a meaningful improvement in spread or cost absorption, but the single-quarter nature of this figure limits confidence in its persistence. Given the commodity-linked, cyclical nature of ethanol and renewable fuel margins, investors should monitor whether the 2026Q2 level holds across subsequent periods.
Operating Losses Narrowing Only Intermittently
Based on reported figures, operating margin moved from -36.3% in 2025Q1 to a positive 9.2% in 2026Q2, but operating income has not been consistently positive across the period.
The move to positive operating income in 2026Q2 indicates gross profit is currently covering SG&A, which is a meaningful shift from the sustained operating losses of 2024 and 2025. However, SG&A of $7.7M against $13.5M of gross profit leaves a thin cushion, and the absence of a reported R&D line limits interpretation of cost structure.
Net Losses Persist Despite Operating Gains
As reported in the financial statements, Aemetis posted a net loss of $9.4M in 2026Q2 despite positive operating income of $5.8M, a gap that suggests significant non-operating charges such as interest or other expenses.
The divergence between operating income and net income in 2026Q2, and the much larger net losses of $21.7M in 2026Q1 with negative operating income, points to substantial below-the-line costs, which may include financing expense given the company's history of losses. Stock-based compensation of $2.8M in the latest quarter represents a material share of revenue-scale activity and warrants further investigation into how much it contributes to reported losses.
Dilution and Losses Threaten Recovery Thesis
Based on reported figures, EPS remained negative at -$0.13 in 2026Q2 and has been negative in every quarter shown, which may indicate that the operating improvement has not yet translated to shareholder returns.
A bear case would focus on the fact that the 2026Q2 operating profit does not carry through to net income, and that EPS has been negative across all ten quarters, suggesting ongoing financing burden or dilution. The high stock-based compensation relative to earnings and the thin gross margin history raise the possibility that the recent profitability is not yet durable, and investors should monitor subsequent quarters for confirmation.