Company: AMTX
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001437749-25-033667
Chunk: 99

Company: AEMETIS, INC
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1F
Chunk 99
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 SAF, and RD.

Results of Operations

Three Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2024

Revenues

Our revenues are derived primarily from sales of ethanol and WDG for our California Ethanol segment, renewable natural gas ("RNG") environmental attributes for our California Dairy Renewable Natural Gas segment, and biodiesel for our India Biodiesel segment.    

      2025 

      2024 

      Inc/(dec) 

      % change 

      California Ethanol 
      
     $
     40,726

     $
     44,934

     $
     (4,208
     )

     (9.4
     )%

      California Dairy Renewable Natural Gas 

     3,996

     4,250

     (254
     )

     (6.0
     )%

      India Biodiesel 

     14,468

     32,257

     (17,789
     )

     (55.1
     )%

      Total 
      
     $
     59,190

     $
     81,441

     $
     (22,251
     )

     (27.3
     )%

California Ethanol. For the three months ended September 30, 2025, this segment generated 77% of its revenue from sales of ethanol, and the rest from sales of WDG, Corn Oil, CDS, and CO₂. For the three months ended September 30, 2025, the Keyes Plant sold 14.7 million gallons of ethanol at an average price of $2.13 per gallon and 96.0 thousand tons of WDG at an average price of $76.26 per ton, compared to sales during the three months ended September 30, 2024, when the Keyes Plant sold 15.5 million gallons of ethanol at an average price of $2.12 per gallon and 106.0 thousand tons of WDG at an average price of $84.35 per ton. Revenue decreased by 9% primarily due to our scaling back of the Keyes Plant production rate to optimize yields, resulting in a decrease in sales volume of ethanol by 5% and WDG by 10% along with a 10% decrease in the average price of WDG. 

California Dairy Renewable Natural Gas. During