FAQ on Stonegate Capital Partners' Coverage Update on Aemetis, Inc. (Nasdaq: AMTX) Q2 2025

What is the main focus of Stonegate Capital Partners’ update on Aemetis, Inc.?

The update focuses on Aemetis, Inc.’s high-growth phase in its Dairy RNG platform, supported by regulatory approvals, capacity expansion, and favorable policy developments.

How much RNG did Aemetis produce in the quarter, and what was the revenue generated?

Aemetis produced 106,400 MMBtu of RNG in the quarter, generating $3.1M in revenue.

What are the monetization opportunities for Aemetis mentioned in the update?

Aemetis’ monetization opportunities include the sale of RNG molecules, D3 RIN credits, Low-Carbon Fuel Standard production tax credits, and section 45Z production tax credits.

What is the expected capacity of Aemetis’ RNG platform by the end of 2026?

The capacity is expected to reach 1.0M MMBtus by the end of 2026.

What are the major U.S. policy tailwinds mentioned that benefit Aemetis?

The major policy tailwinds include CARB’s 20-year LCFS framework, Section 45Z Production Tax Credits, nationwide E15 expansion, and strong low-carbon fuel mandates and incentives.

What was Aemetis’ revenue in the second quarter of 2025, and how does it compare to previous quarters?

Revenue was $52.2M in 2Q25, up $9.3M from 1Q25 but down from $66.6M in 2Q24 due to lower y/y biodiesel volumes.

What improvements are expected from the $30M mechanical vapor recompression (MVR) system at the California Ethanol segment?

The MVR system is expected to cut natural gas use by 80% and add $32M in annual cash flow starting in 2026, eliminating margin-related shutdowns at the Keyes Plant.

What is the valuation range for AMTX according to Stonegate Capital Partners’ model?

The valuation model returns a range of $8.30 to $18.77 with a midpoint of $12.39.

When is the India subsidiary of Aemetis expected to have an IPO?

The India subsidiary is on track for an early 2026 IPO.