# EDGAR Filing Document

**Accession Number:** 0000738214
**File Stem:** 0001437749-25-025271
**Filing Date:** 2025-8
**Character Count:** 146169
**Document Hash:** 3ca2aa33444b8839db82d8a4fe61fa87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-025271.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001437749-25-025271

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEMETIS, INC
- **CENTRAL INDEX KEY:** 0000738214
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 261407544
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36475
- **FILM NUMBER:** 251192195

**BUSINESS ADDRESS:**
- **STREET 1:** 20400 STEVENS CREEK BLVD
- **STREET 2:** SUITE 700
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014
- **BUSINESS PHONE:** 408-517-3304

**MAIL ADDRESS:**
- **STREET 1:** 20400 STEVENS CREEK BLVD
- **STREET 2:** SUITE 700
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AE BIOFUELS, INC.
- **DATE OF NAME CHANGE:** 20110714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AE Biofuels, Inc.
- **DATE OF NAME CHANGE:** 20071212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARWICH II LTD
- **DATE OF NAME CHANGE:** 19840123

?xml version='1.0' encoding='ASCII'? amtx20250630_10q.htm

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[**Table of Contents**](#toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36475

## Aemetis, Inc.
*(Exact name of registrant as specified in its charter)*

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---

| | |
|:---|:---|
| **Delaware** | **26-1407544** |
| *(State or other jurisdiction* | *(I.R.S. Employer* |
| *of incorporation or organization)* | *Identification No.)* |

---

**20400 Stevens Creek Blvd., Suite 700**

**Cupertino, CA 95014**

**(408) 213-0940**

*(Address and telephone number of principal executive offices)*

---

| | | |
|:---|:---|:---|
| Title of each class of registered securities | Trading Symbol | Name of each exchange on which registered |
| **Common Stock, $0.001 par value** | **AMTX** | **NASDAQ** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☑ Non-accelerated filer ☐ Smaller reporting company ☑ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares outstanding of the registrant's Common Stock on July 31, 2025, was 63,240,956 shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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[**Table of Contents**](#toc)

**AEMETIS, INC.**

**FORM 10-Q**

Quarterly Period Ended June 30, 2025

---

| | | |
|:---|:---|:---|
| **INDEX** | **INDEX** | **INDEX** |
| [**PART I--FINANCIAL INFORMATION**](#part1) | [**PART I--FINANCIAL INFORMATION**](#part1) | [**PART I--FINANCIAL INFORMATION**](#part1) |
| [Item 1](#item1fs) | [Financial Statements.](#item1fs) | [4](#item1fs) |
| [Item 2.](#item2mda) | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#item2mda) | [22](#item2mda) |
| [Item 3.](#item3qqd) | [Quantitative and Qualitative Disclosures about Market Risk.](#item3qqd) | [28](#item3qqd) |
| [Item 4.](#item4controls) | [Controls and Procedures.](#item4controls) | [28](#item4controls) |
| [**PART II--OTHER INFORMATION**](#part2) | [**PART II--OTHER INFORMATION**](#part2) | [**PART II--OTHER INFORMATION**](#part2) |
| [Item 1.](#item1legal) | [Legal Proceedings](#item1legal). | [29](#item1legal) |
| [Item 1A.](#item1aRisk) | [Risk Factors.](#item1aRisk) | [29](#item1aRisk) |
| [Item 2.](#item2unregistered) | [Unregistered Sales of Equity Securities and Use of Proceeds.](#item2unregistered) | [29](#item2unregistered) |
| [Item 3.](#item3defaults) | [Defaults Upon Senior Securities.](#item3defaults) | [29](#item3defaults) |
| [Item 4.](#item4mine) | [Mine Safety Disclosures.](#item4mine) | [29](#item4mine) |
| [Item 5.](#item5other) | [Other Information.](#item5other) | [29](#item5other) |
| [Item 6.](#item6exhibits) | [Exhibits.](#item6exhibits) | [29](#item6exhibits) |
| [Signatures](#signatures) | [Signatures](#signatures) | [30](#signatures) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**SPECIAL NOTE REGARDING FORWARD**-**LOOKING STATEMENTS**

We make forward-looking statements in this Quarterly Report on Form 10-Q, including statements regarding our assumptions, projections, expectations, targets, intentions, or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements regarding management's plans; trends in market conditions with respect to prices for inputs for our products and prices for our products; our ability to leverage approved feedstock pathways; our ability to leverage our location and infrastructure; our ability to incorporate lower-cost, non-food advanced biofuels feedstock at the Keyes Plant; our ability to expand into alternative markets for biodiesel and its byproducts, including continuing to expand our sales into international markets; our ability to maintain and expand strategic relationships with suppliers; our ability to access governmental carbon reduction incentives; our ability to supply gas into transportation markets; our ability to continue to develop, maintain, and protect new and existing intellectual property rights; our ability to adopt, develop and commercialize new technologies; our ability to extend or refinance our senior debt on terms reasonably acceptable to us or at all; our ability to continue to fund operations and our future sources of liquidity and capital resources; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our California Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our carbon capture sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to obtain additional financing under the EB-5 program; our ability to generate and sell or utilize various credits, including California Low Carbon Fuel Standard ("LCFS"), federal Renewable Fuel Standard D3 RINs, production tax credits, and investment tax credits; our ability to improve margins; and our ability to raise additional debt and equity funding at the parent, subsidiary, or project level. Words or phrases such as "anticipates," "may," "will," "should," "could," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "targets," "will likely result," "will continue" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, the risks set forth under the caption "Risk Factors" below, which are incorporated herein by reference, as well as those business risks and factors described elsewhere in this report and in our other filings with the Securities and Exchange Commission (the "SEC"), including without limitation, our most recent Annual Report on Form 10-K and subsequent Form 10-Q filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**AEMETIS, INC.**

**CONSOLIDATED CONDENSED BALANCE SHEETS**

(In thousands except for par value)

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
|  | ***Unaudited*** |  |
| Assets |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $1645 | $898 |
| Accounts receivable ($483 and $57 respectively from VIE) | 2699 | 1805 |
| Inventories ($236 and $157 respectively from VIE) | 12371 | 25442 |
| Prepaid expenses ($57 and $85 respectively from VIE) | 1540 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit sale receivable ($0 and $8,125 respectively from VIE) |  | 12300 |
| Other current assets ($2 and $2 respectively from VIE) | 1831 | 2409 |
| Total current assets | 20086 | 44696 |
| Property, plant and equipment, net ($99,200 and $97,363 respectively from VIE) | 204641 | 199392 |
| Operating lease right-of-use ($1,090 and $648 respectively from VIE) | 2492 | 2237 |
| Other assets ($6,140 and $6,057 respectively from VIE) | 12797 | 12977 |
| Total assets | $**240016** | $**259302** |
| **Liabilities and stockholders' deficit** |  |  |
| Current liabilities: |  |  |
| Accounts payable ($6,834 and $5,917 respectively from VIE) | $21894 | $33139 |
| Current portion of long term debt ($1,233 and $1,004 respectively from VIE) | 247615 | 63745 |
| Short term borrowings ($90 and $290 respectively from VIE) | 22995 | 26789 |
| Other current liabilities ($492 and $1,920 respectively from VIE) | 29423 | 20295 |
| Total current liabilities | 321927 | 143968 |
| Long term liabilities: |  |  |
| Senior secured notes and revolving notes |  | 169826 |
| EB-5 notes | 19000 | 21500 |
| Other long term debt ($47,771 and $47,803 respectively from VIE) | 54622 | 56201 |
| Series A preferred units ($128,880 and $126,593 respectively from VIE) | 128880 | 126593 |
| Other long term liabilities ($922 and $475 respectively from VIE) | 4842 | 5142 |
| Total long term liabilities | 207344 | 379262 |
| Stockholders' deficit: |  |  |
| Common stock, $0.001 par value; 80,000 authorized; 61,995 and 51,139 shares issued and outstanding each period, respectively | 62 | 51 |
| Additional paid-in capital | 327905 | 305329 |
| Accumulated deficit | (610866) | (562942) |
| Accumulated other comprehensive loss | (6356) | (6366) |
| &nbsp;&nbsp;&nbsp; Total stockholders' deficit | (289255) | (263928) |
| Total liabilities and stockholders' deficit | $**240016** | $**259302** |

---

*The accompanying notes are an integral part of the financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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[**Table of Contents**](#toc)

**AEMETIS, INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**

(Unaudited, in thousands except for loss per share)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30,*** | ***For the three months ended June 30,*** | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Revenues | $52243 | $66561 | $95129 | $139195 |
| Cost of goods sold | 55598 | 68367 | 103564 | 141613 |
| Gross loss | (3355) | (1806) | (8435) | (2418) |
| Selling, general and administrative expenses | 7319 | 11800 | 17794 | 20650 |
| Operating loss | (10674) | (13606) | (26229) | (23068) |
| Other expense (income): |  |  |  |  |
| Interest expense |  |  |  |  |
| Interest rate expense | 11235 | 9904 | 22253 | 18996 |
| Debt related fees and amortization expense | 1095 | 1820 | 3770 | 3241 |
| Accretion and other expenses of Series A preferred units | 2032 | 3477 | 4311 | 6788 |
| Other (income) expense | (1112) | (18) | (1327) | 49 |
| Loss before income taxes | (23924) | (28789) | (55236) | (52142) |
| Income tax (benefit) expense | (529) | 385 | (7312) | 1263 |
| Net loss | $(23395) | $(29174) | $(47924) | $(53405) |
| Other comprehensive loss |  |  |  |  |
| Foreign currency translation loss | (3) | 8 | 10 | (36) |
| Comprehensive loss | $(23398) | $(29166) | $(47914) | $(53441) |
| Net loss per common share |  |  |  |  |
| Basic | $(0.41) | $(0.66) | $(0.87) | $(1.24) |
| Diluted | (0.41) | $(0.66) | $(0.87) | $(1.24) |
| Weighted average shares outstanding |  |  |  |  |
| Basic | 57676 | 44417 | 55144 | 43153 |
| Diluted | 57676 | 44417 | 55144 | 43153 |

---

*The accompanying notes are an integral part of the financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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[**Table of Contents**](#toc)

**AEMETIS, INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS**

(Unaudited, in thousands)

---

| | | |
|:---|:---|:---|
|  | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
|  | ***2025*** | ***2024*** |
| **Operating activities:** |  |  |
| Net loss | $(47924) | $(53405) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Share-based compensation | 3691 | 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock issued for services | 50 |  |
| Depreciation | 4708 | 3847 |
| Debt related fees and amortization expense | 3770 | 3241 |
| Intangibles and other amortization expense | 23 | 24 |
| Accretion and other expenses of Series A preferred units | 4311 | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on asset disposals |  | 3644 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (444) | (145) |
| Inventories | 12958 | 8028 |
| Prepaid expenses | 274 | 1082 |
| Tax credit sale receivable | 12300 |  |
| Other assets | 150 | (1318) |
| Accounts payable | (9467) | (5961) |
| Accrued interest expense and fees | 9380 | 12614 |
| Other liabilities | 643 | 1243 |
| Net cash used in operating activities | (5577) | (15372) |
| **Investing activities:** |  |  |
| Capital expenditures | (5350) | (8980) |
| Grant proceeds and other reimbursements received for capital expenditures | 411 | 3045 |
| Net cash used in investing activities | (4939) | (5935) |
| **Financing activities:** |  |  |
| Proceeds from borrowings | 21319 | 8436 |
| Repayments of borrowings | (25411) | (4015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on Series A preferred financing | (2200) |  |
| Lender debt renewal and waiver fee payments | (495) | (1444) |
| Payments on finance leases | (162) | (161) |
| Proceeds from sales of common stock | 17960 | 15891 |
| Proceeds from exercise of stock options | 257 | 36 |
| Net cash provided by financing activities | 11268 | 18743 |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 7 | 26 |
| Net change in cash, cash equivalents, and restricted cash for period | 759 | (2538) |
| Cash, cash equivalents, and restricted cash at beginning of period | 3831 | 6280 |
| Cash, cash equivalents and restricted cash at end of period | $4590 | $3742 |
| Supplemental disclosures of cash flow information, cash paid: |  |  |
| Cash paid for interest | $11404 | $5074 |
| Income taxes paid |  | 878 |
| Supplemental disclosures of cash flow information, non-cash transactions: |  |  |
| Settlement of AP via issuance of Common Stock | 45 |  |
| Subordinated debt extension fees added to debt | 680 | 340 |
| Fair value of warrants issued to subordinated debt holders | 584 | 593 |
| Lender debt extension, waiver, and other fees added to debt | 2595 | 595 |
| Cumulative capital expenditures in accounts payable | 14429 | 11360 |

---

*The accompanying notes are an integral part of the financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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[**Table of Contents**](#toc)

**AEMETIS, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS**' **DEFICIT**

(Unaudited, in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** |
|  | ***Common Stock*** | ***Common Stock*** | ***Additional*** |  | ***Accumulated Other*** | ***Total*** |
|  |  |  | ***Paid-in*** | ***Accumulated*** | ***Comprehensive*** | ***Stockholders'*** |
| **Description** | ***Shares*** | ***Dollars*** | ***Capital*** | ***Deficit*** | ***Loss*** | ***deficit*** |
| Balance at December 31, 2024 | 51139 | $51 | $305329 | $(562942) | $(6366) | (263928) |
| Issuance of common stock | 2739 | 3 | 5084 |  |  | 5087 |
| Stock options exercised | 51 |  | 50 |  |  | 50 |
| Stock-based compensation | *-* |  | 2308 |  |  | 2308 |
| Issuance and exercise of warrants | 113 |  | 304 |  |  | 304 |
| Foreign currency translation loss | *-* |  |  |  | 13 | 13 |
| Net loss | *-* |  |  | (24529) |  | (24529) |
| Balance at March 31, 2025 | 54042 | 54 | $313075 | $(587471) | $(6353) | $(280695) |
| Issuance of common stock | 7664 | 8 | 12960 |  |  | 12968 |
| Stock options exercised | 289 |  | 207 |  |  | 207 |
| Stock-based compensation | *-* |  | 1383 |  |  | 1383 |
| Issuance and exercise of warrants |  |  | 280 |  |  | 280 |
| Foreign currency translation loss | *-* |  |  |  | (3) | (3) |
| Net loss | *-* |  |  | (23395) |  | (23395) |
| Balance at June 30, 2025 | 61995 | 62 | $327905 | $(610866) | $(6356) | $(289255) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** |
|  | ***Common Stock*** | ***Common Stock*** | ***Additional*** |  | ***Accumulated Other*** | ***Total*** |
|  |  |  | ***Paid-in*** | ***Accumulated*** | ***Comprehensive*** | ***Stockholders'*** |
| **Description** | ***Shares*** | ***Dollars*** | ***Capital*** | ***Deficit*** | ***Loss*** | ***deficit*** |
| Balance at December 31, 2023 | 40966 | $41 | $264058 | $(475405) | $(5671) | $(216977) |
| Issuance of common stock | 1523 | 2 | 5511 |  |  | 5513 |
| Stock options exercised | 14 |  | 36 |  |  | 36 |
| Stock-based compensation | *-* |  | 2969 |  |  | 2969 |
| Issuance and exercise of warrants | 113 |  | 593 |  |  | 593 |
| Foreign currency translation gain | *-* |  |  |  | (44) | (44) |
| Net loss | *-* |  |  | (24231) |  | (24231) |
| Balance at March 31, 2024 | 42616 | $43 | $273167 | $(499636) | $(5715) | $(232141) |
| Issuance of common stock | 3166 | 3 | 10375 |  |  | 10378 |
| Stock-based compensation | *-* |  | 1977 |  |  | 1977 |
| Foreign currency translation loss | *-* |  |  |  | 8 | 8 |
| Net loss | *-* |  |  | (29174) |  | (29174) |
| Balance at June 30, 2024 | 45782 | $46 | $285519 | $(528810) | $(5707) | $(248952) |

---

*The accompanying notes are an integral part of the financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Tabular data in thousands, except par value and per share data)

[**Table of Contents**](#toc)

***1.* General**

***Nature of Activities***

Founded in *2006* and headquartered in Cupertino, California, Aemetis, Inc. (collectively with its subsidiaries on a consolidated basis referred to herein as "Aemetis," the "Company," "we," "our" or "us") is a renewable natural gas and biofuels company focused on the operation, acquisition, development, and commercialization of innovative technologies that lower fuel costs and reduce emissions. We do this by building a local circular bioeconomy using agricultural products and wastes. Our current operations include:

► **California Ethanol** – We own and operate a *65* million gallon per year capacity ethanol production facility in Keyes, California (the "Keyes Plant"). In addition to low carbon renewable fuel ethanol, the Keyes Plant produces Wet Distillers Grains ("WDG"), Distillers Corn Oil ("DCO"), and Condensed Distillers Solubles ("CDS"), all of which are sold as animal feed to local dairies and feedlots. The Keyes Plant also sells CO₂ that it captures from its fermenters for use to produce commercial grade CO₂ for the food, beverage, and other industries. We are implementing several energy efficiency initiatives at the Keyes Plant focused on reducing operating costs and lowering the carbon intensity of our ethanol to increase revenues.

► **California Dairy Renewable Natural Gas** – We produce Renewable Natural Gas ("RNG") in central California. We currently have *eleven* anaerobic digesters that produce biogas from dairy waste, a *36*-mile biogas collection pipeline leading to a central RNG production facility, and an interconnection to inject the RNG into the utility natural gas pipeline for delivery for use as transportation fuel. We are actively expanding our RNG production, with several additional dairy digesters under construction, agreements with a total of *50* dairies, and a completed environmental review for an additional *24* miles of biogas pipeline. We are also building our own RNG fuel dispensing station, which is planned to begin operating in *2025.*

► **India Biodiesel** – We own and operate a plant in Kakinada, India ("Kakinada Plant") with a capacity to produce about *80* million gallons per year of high-quality distilled biodiesel from a variety of vegetable oil and animal waste feedstocks. The Kakinada Plant is *one* of the largest biodiesel production facilities in India. The Kakinada Plant also distills the crude glycerin byproduct from the biodiesel refining process into refined glycerin that is sold to the pharmaceutical, personal care, paint, adhesive, and other industries.

In addition, we are actively growing our business by seeking to develop or acquire new facilities, including the following key projects:

► **Sustainable Aviation Fuel and Renewable Diesel** – We are developing a sustainable aviation fuel ("SAF") and renewable diesel ("RD") production plant to be located at the Riverbank Industrial Complex in Riverbank, CA. The plant is currently designed to produce *90* million gallons per year of RD or *78* million gallons per year of SAF from renewable vegetable and animal oils obtained from our other biofuels plants and other North American sources. The plant is designed to use low-carbon hydroelectric electricity and renewable hydrogen that will be generated from byproducts of SAF/RD production. We received the Use Permit and California Environmental Quality Act (CEQA) approvals for the development of the plant in *September 2023* and the Authority to Construct air permits in *March 2024.* We are continuing with the engineering and other required development activities for the facility.

► **Carbon Capture and Underground Sequestration** – We are developing a Carbon Capture and Underground Sequestration ("CCUS") facility, also to be located at the Riverbank Industrial Complex, that is designed to inject carbon dioxide more than *one* mile underground for geologic storage to reduce greenhouse gas emissions to the atmosphere that contribute to global warming. We have completed the *first* phase of drilling for the characterization well, and we are continuing engineering, permitting and other development activities for the characterization well and the permanent sequestration injection and monitoring wells.

Our current and planned businesses produce renewable fuels and reduce emissions, generating revenues from biofuel sales, federal Renewable Fuel Standard ("RFS") credits, federal Section *45Z* production tax credits (*"45Z* PTC"), California Low Carbon Fuel Standard ("LCFS") credits, and other investment and production tax credits.

***Basis of Presentation and Consolidation***

These consolidated financial statements include the accounts of Aemetis, Inc. and its subsidiaries. We consolidate all entities in which we have a controlling financial interest. A controlling financial interest is usually obtained through ownership of a majority of the voting interests. However, an enterprise must consolidate a variable interest entity ("VIE") if the enterprise is the primary beneficiary of the VIE, even if the enterprise does *not* own a majority of the voting interests. The primary beneficiary is the party that has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We consider Aemetis Biogas LLC ("ABGL") to be a VIE because Aemetis, Inc. owns all of the outstanding common units of ABGL and is the primary beneficiary of ABGL's operations; accordingly, the assets, liabilities, and operations of ABGL and its subsidiaries are consolidated in these financial statements.

All intercompany balances and transactions have been eliminated in consolidation.

The accompanying consolidated condensed balance sheet as of *June 30, 2025*, the consolidated condensed statements of operations and comprehensive income (loss) for the *three* and *six* months ended *June 30, 2025* and *2024*, the consolidated condensed statements of cash flows for the *six* months ended *June 30, 2025* and *2024*, and the consolidated statements of stockholders' deficit for the *three* and *six* months ended *June 30, 2025* and *2024*, are unaudited. The consolidated condensed balance sheet as of *December 31, 2024*, is derived from the *2024* audited consolidated financial statements and notes thereto.

The financial statements in this report should be read in conjunction with the *2024* audited consolidated financial statements and notes thereto included in our annual report on Form *10*-K for the year ended *December 31, 2024*. There have been *no* material changes to our significant accounting policies disclosed in Note *1* - Nature of Activities and Summary of Significant Accounting Policies and other Notes to the Consolidated Financial Statements included in our Annual Report on Form *10*-K for the fiscal year ended *December 31, 2024.*

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The accompanying consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of Company's management, the unaudited interim consolidated condensed financial statements as of and for the *three* and *six* months ended *June 30, 2025* and *2024*, have been prepared on the same basis as the audited consolidated statements as of and for the year ended *December 31, 2024*, and reflect all adjustments, consisting primarily of normal recurring adjustments, necessary for the fair presentation of its statement of financial position, results of operations and cash flows. The results of operations for the *three* and *six* months ended *June 30, 2025*, are *not* necessarily indicative of the operating results for any subsequent quarter, for the full fiscal year, or any future periods.

***Investment Tax Credits***

We sell certain transferable Investment Tax Credits ("ITCs") that we generate from qualifying investments to *third*-party purchasers. We account for ITC sales in accordance with ASC *740* by electing the flow-through method. For the *six* months ended *June 30, 2025,* the contractual net proceeds of ITC sales of $7.0 million are recorded as an income tax benefit.

***2.* Cash, Cash Equivalents, and Restricted Cash**

The following table reconciles cash, cash equivalents, and restricted cash reported in the consolidated balance sheet to the total of the same amounts shown in the statement of cash flows.

---

| | | |
|:---|:---|:---|
|  | ***As of*** | ***As of*** |
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Cash and cash equivalents | $1645 | $898 |
| Restricted cash included in other current assets | 2 | 31 |
| Restricted cash included in other assets | 2943 | 2902 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $4590 | $3831 |

---

Restricted cash shown in the table above includes amounts set aside pursuant to the Aemetis Biogas *1* LLC Term Loan Agreement and the Aemetis Biogas *2* LLC Construction and Term Loan Agreement for financing reserves and construction contingencies.

***3.* Inventories**

Inventories consist of the following:

---

| | | |
|:---|:---|:---|
|  | ***As of*** | ***As of*** |
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Raw materials | $8072 | $12529 |
| Work-in-progress | 1447 | 1683 |
| Finished goods | 2852 | 11230 |
| Total inventories | $12371 | $25442 |

---

As of *June 30, 2025* , and *December 31, 2024* , we recognized a lower of cost or net realizable value adjustment of $26 thousand and $112 thousand, respectively, related to inventory.

***4.* Property, Plant and Equipment**

Property, plant and equipment consist of the following:

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| | | |
|:---|:---|:---|
|  | ***As of*** | ***As of*** |
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Land | $8643 | $8642 |
| Plant and buildings | 183783 | 182724 |
| Furniture and fixtures | 2812 | 2686 |
| Machinery and equipment | 5966 | 5721 |
| Construction in progress | 54738 | 46201 |
| Property held for development | 15431 | 15431 |
| Finance lease right of use assets | 2889 | 2889 |
| Total gross property, plant & equipment | 274262 | 264294 |
| Less accumulated depreciation | (69621) | (64902) |
| Total net property, plant & equipment | $204641 | $199392 |

---

For the *three* months ended *June 30, 2025* and *2024*, interest capitalized in property, plant and equipment was $1.1 million and $1.3 million, respectively. For the *six* months ended *June 30, 2025* and *2024*, interest capitalized in property, plant and equipment was $2.1 million and $3.0 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

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Construction in progress includes biogas dairy digesters, mechanical vapor recompression at the Keyes Plant, the Riverbank sustainable aviation fuel and renewable diesel plant, and CCUS facilities. Property held for development is the partially completed Goodland Plant. Depreciation begins for each project when construction is complete and the project is placed into service, and is calculated using the straight-line method to allocate the depreciable amount over the estimated useful life of the applicable asset as follows:

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| | | |
|:---|:---|:---|
|  | **Years** | **Years** |
| Plant and buildings |  | 20 - 30 |
| Machinery and equipment |  | 5 - 15 |
| Furniture and fixtures |  | 3 - 5 |

---

For the *three* months ended *June 30, 2025* and *2024*, we recorded depreciation expense of $2.3 million and $2.0 million, respectively. For the *six* months ended *June 30, 2025* and *2024*, we recorded depreciation expense of $4.7 million and $3.8 million, respectively.

***5.* Debt**

Debt consists of the following:

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| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Third Eye Capital term notes | $7258 | $7212 |
| Third Eye Capital revenue participation term notes | 12188 | 12110 |
| Third Eye Capital revolving credit facility | 30449 | 31434 |
| Third Eye Capital revolving notes Series B | 76257 | 68476 |
| Third Eye Capital acquisition term notes | 26900 | 26788 |
| Third Eye Capital Fuels Revolving Line | 44936 | 41286 |
| Third Eye Capital Carbon Revolving Line | 27683 | 26302 |
| Third Eye Capital short term promissory note |  | 2006 |
| Biogas construction and term loans | 48436 | 48235 |
| Cilion purchase obligation | 7351 | 7242 |
| Subordinated notes | 20013 | 19391 |
| EB-5 promissory notes | 39212 | 41615 |
| Working capital loans | 2892 | 5102 |
| Term loans on capital expenditures | 657 | 862 |
| Total debt | 344232 | 338061 |
| Less current portion of debt | 270610 | 90534 |
| Total long term debt | $73622 | $247527 |

---

***Third Eye Capital Keyes Notes.*** On *July 6, 2012,* Aemetis, Inc., Aemetis Advanced Fuels Keyes, Inc. ("AAFK"), and Aemetis Facility Keyes, Inc. ("AFK") entered into an Amended and Restated Note Purchase Agreement (the "Note Purchase Agreement") with Third Eye Capital Corporation ("Third Eye Capital"). Pursuant to the Note Purchase Agreement, Third Eye Capital, as administrative agent on behalf of several noteholders, extended credit in the form of (i) senior secured term loans in an aggregate principal amount of approximately $7.2 million to replace existing notes held by Third Eye Capital (the "Term Notes"); (ii) senior secured revolving loans in an aggregate principal amount of $18.0 million (the "Revolving Credit Facility"); (iii) senior secured term loans in the principal amount of $10.0 million to convert the prior revenue participation agreement to notes (the "Revenue Participation Term Notes"); and (iv) senior secured term loans in an aggregate principal amount of $15.0 million (the "Acquisition Term Notes") used to fund the cash portion of the acquisition of Cilion, Inc. On *May 16, 2023,* we entered into a new Revolving Notes Series B agreement with Third Eye Capital related to certain existing principal under the Revolving Credit Facility and for subsequent principal increases. The Term Notes, Revolving Credit Facility, Revolving Notes Series B, Revenue Participation Term Notes, and Acquisition Term Notes are referred to herein collectively as the "Third Eye Capital Keyes Notes." The Third Eye Capital Keyes Notes have been amended several times, and the current key terms are as follows:

A. *Term Notes*. The Term Notes accrue interest at 14% per annum and mature on *April 1, 2026*. As of *June 30, 2025*, we had $7.3 million in principal, interest and fees outstanding under the Term Notes and $52.5 thousand in unamortized debt issuance costs.

B. *Revolving Credit Facility*. The Revolving Credit Facility accrues interest at prime rate plus 13.75% (21.25% as of *June 30, 2025*) payable monthly in arrears and matures on *April 1, 2026*. As of *June 30, 2025*, we had $30.8 million in principal, interest and waiver fees outstanding and $0.3 million in unamortized debt issuance costs under the Revolving Credit Facility.

C. *Revolving Notes Series B*. The Revolving Notes Series B accrue interest at prime rate plus 13.75% (21.25% as of *June 30, 2025*) payable monthly in arrears and mature on *April 1, 2026.* As of *June 30, 2025*, we had $77.0 million in principal, interest and waiver fees outstanding and $0.7 million in unamortized debt issuance costs under the Revolving Notes Series B.

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| | |
|:---|:---|
| D.  | *Revenue Participation Term Notes*. The Revenue Participation Term Notes accrue interest at 5% per annum and mature on *April 1, 2026.* As of *June 30, 2025*, we had $12.3 million in principal and interest outstanding under the Revenue Participation Term Notes and $85.8 thousand in unamortized debt issuance costs. |

---

E. *Acquisition Term Notes*. The Acquisition Term Notes accrue interest at prime rate plus 10.75% (18.25% as of *June 30, 2025*) and mature on *April 1, 2026.* As of *June 30, 2025*, we had $27.1 million in principal, interest and redemption fees outstanding under the Acquisition Term Notes and $0.2 million in unamortized debt issuance costs. The outstanding principal balance includes a $7.5 million redemption fee which is *not* subject to interest.

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The Third Eye Capital Keyes Notes contain various covenants, including but *not* limited to, debt to plant value ratio, minimum production requirements, and restrictions on capital expenditures. The terms of the Notes allow the lender to accelerate the maturity in the event of a default that could reasonably be expected to have a material adverse effect on the Company, such as any change in the business, operations, or financial condition. We have evaluated the likelihood of such an acceleration event and determined such an event to *not* be probable in the next *twelve* months. The notes allow interest to be added to the outstanding principal balance. The notes are secured by *first* priority liens on all real and personal property of, assignment of proceeds from all government grants, and guarantees from our North American subsidiaries except for Aemetis Biogas LLC and its subsidiaries and contain cross-collateral and cross-default provisions. McAfee Capital, LLC ("McAfee Capital"), owned by Eric McAfee, the Company's Chairman and CEO, provided a guaranty of payment and performance secured by all Company shares owned by McAfee Capital and additional assets, and Mr. McAfee has also provided a personal guaranty of up to $10 million plus a pledge of his ownership interest in several personal assets.

***Third Eye Capital Credit Facilities for Fuels and Carbon Revolving Lines.*** On *March 2, 2022,* Goodland Advanced Fuels, Inc. ("GAFI") and Aemetis Carbon Capture, Inc. ("ACCI") entered into an Amended and Restated Credit Agreement ("Credit Agreement") with Third Eye Capital, as administrative agent and collateral agent, and the lender parties thereto that provides *two* credit lines, *one* with GAFI (the "Fuels Revolving Line") and a *second* with ACCI (the "Carbon Revolving Line"). Loans received under the Fuels Revolving Line had an original maturity date of *March 1, 2025,* and are now due on demand. They accrue interest per annum at a rate equal to the greater of (i) the prime rate plus 6.00% and (ii) *ten* percent (10.0%). Loans received under the Carbon Revolving Line have a maturity date of *March 1, 2026,* and accrue interest per annum at a rate equal to the greater of (i) the prime rate plus 4.00% and (ii) *eight* percent (8.0%). The Credit Agreement contain several affirmative and negative covenants, and loans under the Credit Agreement are secured by *first* priority liens on all real and personal property of and guarantees from the Company's North American subsidiaries except for Aemetis Biogas LLC. As of *June 30, 2025*, GAFI had principal and interest outstanding of $44.9 million classified as current debt. As of *June 30, 2025*, ACCI had principal and interest outstanding of $28.3 million classified as current debt, and $0.7 million in unamortized debt issuance costs.

***Cilion Purchase Obligation***. In connection with the merger between Aemetis Facility Keyes, Inc. and Cilion, Inc. ("Cilion") on *July 6, 2012,* we incurred a $5.0 million payment obligation to Cilion shareholders as merger compensation. The liability accrues interest at 3% per annum. As of *June 30, 2025*, we had $7.4 million in principal and interest outstanding under the Cilion purchase obligation.

***Subordinated Notes***. Between *2012* and *2013* AAFK entered into Note and Warrant Purchase Agreements with *two* accredited investors pursuant to which it issued $3.4 million in notes to the investors ("Subordinated Notes"). The Subordinated Notes mature every *six* months, and the current maturity date is *December 31, 2025.* Upon maturity, the Subordinated Notes are renewable at our election for *six*-month periods with a fee of 10% of the original note amount added to the balance outstanding plus issuance of warrants exercisable for the purchase of 113 thousand shares of Aemetis, Inc. common stock at $0.01 per share with a two-year term. Interest accrues at 10% per annum and is due at maturity. Neither AAFK nor Aemetis *may* make any principal payments under the Subordinated Notes until all AAFK debts to Third Eye Capital are paid in full. As of *June 30, 2025*, and *December 31, 2024*, AAFK had, in aggregate, $20.6 million and $19.4 million in principal and interest outstanding, respectively, under the Subordinated Notes. As of *June 30, 2025*, AAFK had $0.7 million in unamortized debt issuance costs related to the subordinated notes.

***EB-*5* Promissory Notes***. EB-*5* is a U.S. government program authorized by the Immigration and Nationality Act that is designed to foster employment-based visa preference for immigrant investors to encourage the flow of capital into the U.S. economy and to promote employment of U.S. workers. The Company's subsidiary AE Advanced Fuels, Inc. ("AEAF") entered into a Note Purchase Agreement dated *March 4, 2011 (*as further amended on *January 19, 2012* and *July 24, 2012)* with Advanced BioEnergy, LP, a California limited partnership authorized by U.S. Citizenship and Immigration Services as a Regional Center to receive EB-*5* investments, for the issuance of up to *72* subordinated convertible promissory notes (the "EB-*5* Notes") bearing interest at *2* to *3%.* The EB-*5* Notes are convertible into Aemetis, Inc. common stock at a conversion price of $30 per share. Advanced BioEnergy, LP received equity investments from foreign investors, and then Advanced BioEnergy used the invested equity to make loans to AEAF. The EB-*5* Notes are subordinated to the Company's senior secured debt to Third Eye Capital. On *February 27, 2019,* Advanced BioEnergy, LP, and AEAF entered into an Amendment to the EB-*5* Notes that modified the stated maturity dates of the EB-*5* Notes to provide automatic *six*-month extensions as long as the Advanced BioEnergy investors' immigration processes are in progress. Accordingly, notes derived from Advanced BioEnergy equity provided by investors pending green card approval have been recognized as long-term debt while notes derived from Advanced BioEnergy equity provided by investors who have obtained green card approval have been classified as current debt. As of *June 30, 2025*, and *December 31, 2024*, $34.8 million and $34.6 million was outstanding, respectively, on the EB-*5* Notes.

In *2016,* the Company launched its EB-*5* Phase II funding (the "EB-*5* Phase II Funding") and entered into certain Note Purchase Agreements with Advanced BioEnergy II, LP, a California limited partnership authorized to receive EB-*5* equity funding investments. The Company's subsidiary Aemetis Advanced Products Keyes, Inc. received $4 million in loan funds from Advanced BioEnergy II, LP from *2018* to *2019.* As of both *June 30, 2025*, and *December 31, 2024*, $4.4 million was outstanding on the notes under the EB-*5* Phase II funding, respectively.

In *July 2024,* in connection with settlement of litigation initiated by a broker previously engaged by Advanced BioEnergy, we entered into an agreement to pay the broker certain of its claimed fees. In *April 2025,* that broker initiated litigation against Aemetis, Inc. to collect *$2.3* million (plus interest and fees) under the agreement. The liability previously accrued for the amount at issue in the litigation has been reclassified from debt as of *December 31, 2024,* to other current liabilities as of *June 30, 2025*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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***India Biodiesel Secured and Unsecured Loans.*** On *November 13, 2023,* the Company's subsidiary Universal Biofuels Private Limited ("UBPL") entered into a secured loan agreement with a trade partner in an amount *not* to exceed $3.6 million that is secured by the fixed and currents assets of the Kakinada Plant. On *November 6, 2023,* UBPL entered into a short-term loan agreement with a different trade partner in an amount *not* to exceed $1.27 million. Each loan bears interest at 18% that is payable monthly. The loans are repayable on demand by the lenders, or by the extended maturity date in *November 2025.* As of *June 30, 2025*, and *December 31, 2024*, UBPL had outstanding balances under these agreements totaling $2.9 million and $5.1 million, respectively.

***Aemetis Biogas *1* LLC Term Loan.*** On *October 4, 2022,* Aemetis Biogas *1* LLC (*"AB1"*) entered into a Construction Loan Agreement (*"AB1* Construction Loan") pursuant to which the lender made available an aggregate principal amount of $25 million. Effective *December 22, 2023,* the *AB1* Construction Loan was refinanced and replaced with a term loan (*"AB1* Term Loan") that is secured by all personal and real property of *AB1.* It bears interest at a rate of 9.25% per annum, to be adjusted every *five* years to equal the *five*-year Treasury Constant Maturity Rate, as published by the Board of Governors of the Federal Reserve System as of the adjustment date, plus 5.00% or (ii) the index floor. Other material terms of the loan include: (i) monthly payments of interest only beginning *January 22, 2024, (*ii) equal monthly payments of principal and interest beginning *January 22, 2025,* and (iii) a maturity date of *December 22, 2042,* at which time the entire unpaid principal amount, together with accrued and unpaid interest, is due and payable. The *AB1* Term Loan contains certain financial covenants to be measured as of the last day of each fiscal year beginning fiscal year end *2025,* and annually for the term of the loan. The *AB1* Term Loan also contains other affirmative and negative covenants, representations and warranties, and events of default customary for loan agreements of this nature. As of *June 30, 2025*, and *December 31, 2024*, *AB1* had $24.8 million and $25.1 million outstanding, respectively, under the *AB1* Term Loan.

***Aemetis Biogas *2* LLC Construction and Term Loan.*** On *July 28, 2023,* Aemetis Biogas *2* LLC (*"AB2"*) entered into a Construction and Term Loan Agreement (*"AB2* Loan"), pursuant to which the lender has made available an aggregate principal amount *not* to exceed $25 million. The loan is secured by all personal and real property of *AB2.* The loan bears interest at a rate of 8.75% per annum, to be adjusted every *five* years thereafter to equal the *five*-year Treasury Constant Maturity Rate, as published by the Board of Governors of the Federal Reserve System as of the adjustment date, plus 5.00%. Other material terms of the *AB2* Loan include: (i) monthly payments of interest only beginning *August 15, 2023, (*ii) equal monthly payments of principal and interest beginning *August 15, 2025,* and (iii) a maturity date of *July 28, 2043,* at which time the entire unpaid principal amount, together with accrued and unpaid interest, is due and payable. The *AB2* Loan contains certain financial covenants to be measured as of the last day of each fiscal year beginning fiscal year end *2025,* and annually for the term of the loan. The *AB2* Loan also contains other affirmative and negative covenants, representations and warranties, and events of default customary for loan agreements of this nature. As of *June 30, 2025*, and *December 31, 2024*, *AB2* had $24.4 million and $23.9 million outstanding, respectively, and unamortized discount issuance costs of $0.8 million and for both periods, under the *AB2* Loan.

***Jessup land acquisition notes*.** In connection with its acquisition of real property in *November 2024,* the Company's subsidiary Aemetis RNG Fuels *1* LLC (*"RNG1"*) entered into *two* installment note agreements with private lenders totaling $840 thousand with interest payable monthly at 11.99% per year. As of *June 30, 2025*, and *December 31, 2024*, *RNG1* had outstanding balances under these agreements totaling $640 thousand and $840 thousand, respectively.

***Maturity Date Schedule***

The following table shows scheduled repayments for the Company's debt obligations by year:

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| | |
|:---|:---|
| **Twelve Months ended June 30,** | ***Debt Repayments*** |
| 2026 | $270610 |
| 2027 | 23412 |
| 2028 | 4447 |
| 2029 | 2174 |
| 2030 | 1450 |
| Thereafter | 42900 |
| Total debt | 344993 |
| Debt issuance costs | (761) |
| Total debt, net of debt issuance costs | $344232 |

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 ***6.* Basic and Diluted Net Income (Loss) Per Share**

Basic net income (loss) per share is computed by dividing the income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the dilution of common stock equivalents such as options, convertible debt, and warrants to the extent the impact is dilutive. The following table shows the number of potentially dilutive shares excluded from the diluted net income (loss) per share calculation as of *June 30, 2025* and *2024*:

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| | | |
|:---|:---|:---|
|  | ***As of*** | ***As of*** |
|  | ***June 30, 2025*** | ***June 30, 2024*** |
| Common stock options and warrants | &nbsp;&nbsp;&nbsp;9244 | &nbsp;&nbsp;&nbsp;7731 |
| Debt with conversion feature at $30 per share of common stock | &nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;1277 |
| Total number of potentially dilutive shares | &nbsp;&nbsp;&nbsp;10403 | &nbsp;&nbsp;&nbsp;9008 |

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 ***7.* Revenue and Accounts Receivable**

 ***California Ethanol Revenues:*** We sell our ethanol segment products to J.D. Heiskell, which sells them to *third* parties designated by us. We record revenue when we transfer ethanol into our storage tank, which is leased to J.D. Heiskell, and when product is loaded into shipping trucks for products other than ethanol. We also buy our corn feedstock from J.D. Heiskell. Transaction prices for ethanol sales and corn purchases are based on daily market prices. We invoice J.D. Heiskell each business day for the net balance between ethanol and other product sales and our corn purchases, and J.D. Heiskell pays on the next business day. The following table shows our sales in the California Ethanol segment:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30,*** | ***For the three months ended June 30,*** | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Ethanol sales | $27724 | $29437 | $55783 | $54823 |
| Wet distiller's grains sales | 7828 | 9302 | 15828 | 18516 |
| Other sales | 1736 | 1393 | 3425 | 2882 |
| Total | $37288 | $40132 | $75036 | $76221 |

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 ***California Dairy Renewable Natural Gas Revenues:*** Our renewable natural gas ("RNG") production facilities as of *June 30, 2025*, include *eleven* anaerobic digesters that process feedstock from dairies into biogas, a *36*-mile collection pipeline leading to a central upgrading hub that produces RNG, and an interconnect to inject the RNG into the utility natural gas pipeline for delivery to customers for use as transportation fuel. We also generate sellable credits under the federal Renewable Fuel Standard (referred to as *"D3* RINs") and the California Low Carbon Fuel Standard ("LCFS"), as well as other tax credit programs. We recognize revenue from natural gas sales when we inject the RNG into the utility pipeline and we recognize revenue from sales of *D3* RINs and LCFS credits when we sell the credits. The following table shows sales in our RNG segment:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30,*** | ***For the three months ended June 30,*** | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Gas sales | $292 | $192 | $551 | $437 |
| LCFS credit sales | 773 | 324 | 1933 | 1512 |
| RIN sales | 1986 | 1082 | 3010 | 3441 |
| Total | $3051 | $1598 | $5494 | $5390 |

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 ***India Biodiesel Revenues:*** We sell biodiesel to the government-owned India Oil Market Companies pursuant to tender offers, and we sell refined glycerin to private parties. We also occasionally sell feedstock based on market conditions. The following table shows sales in our India Biodiesel segment by product category:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30,*** | ***For the three months ended June 30,*** | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Biodiesel sales | $9541 | $23708 | $9541 | $54700 |
| Other sales | 2363 | 1123 | 5058 | 2884 |
| Total | $11904 | $24831 | $14599 | $57584 |

---

Across all segments, revenue is recognized at the point in time when performance obligations have been met. Accounts receivable for all segments represent invoicing for products with varying payment terms, but with *no* variable consideration or financing. The opening balance of accounts receivable for all segments as of *January 1, 2025* and *2024,* was $1.8 million and $8.6 million, respectively, and the closing balance as of *June 30, 2025*, and *December 31, 2024,* were $$2.7 million and $1.8 million, respectively. Allowance for credit losses as of *June 30, 2025*, and *December 31, 2024,* for all segments was $0 and $36 thousand, respectively. There were no liabilities for unearned revenue for any segments as of *June 30, 2025*.

***8.* Leases**

We are a party to operating leases for our corporate office in Cupertino, modular offices, and laboratory facilities. We have also entered into several finance leases for mobile equipment and for the Riverbank Industrial Complex. These finance leases have a purchase option at the end of the term that we are reasonably certain we will exercise, so the leases are classified as finance leases. All of our leases have remaining terms of one year to 13 years. We apply an accounting policy election to keep leases with an initial term of *12* months or less off the balance sheet, and recognize those lease payments in the Consolidated Statements of Operations as we incur the expenses.

We evaluate leases in accordance with ASC **842* – *Lease Accounting*. When discount rates implicit in leases cannot be readily determined, we use the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure lease liabilities and right of use (ROU) assets. The incremental borrowing rate we use is based on weighted average baseline rates commensurate with our secured borrowing rate, over a similar term. At each reporting period when there is a new lease initiated, the rates established for that quarter are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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The components of lease expense are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30,*** | ***Three months ended June 30,*** | ***Six months ended June 30,*** | ***Six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **Operating lease cost** |  |  |  |  |
| Operating lease expense | $202 | $196 | $392 | $377 |
| Short term lease expense | 45 | 42 | 86 | 63 |
| Variable lease expense | 23 | 35 | 46 | 67 |
| Total operating lease cost | $270 | $273 | $524 | $507 |
| **Finance lease cost** |  |  |  |  |
| Amortization of right-of-use assets | $30 | $30 | $60 | $60 |
| Interest on lease liabilities | 89 | 83 | 179 | 169 |
| Total finance lease cost | $119 | $113 | $239 | $229 |

---

Cash paid for amounts included in the measurement of lease liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30,*** | ***Three months ended June 30,*** | ***Six months ended June 30,*** | ***Six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Operating cash flows used in operating leases | $233 | $246 | $419 | $414 |
| Operating cash flows used in finance leases | 89 | 83 | 179 | 169 |
| Financing cash flows used in finance leases | 154 | 154 | 162 | 161 |

---

Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the *three* and *six* months ended *June 30, 2025* and *2024*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30,*** | ***Three months ended June 30,*** | ***Six months ended June 30,*** | ***Six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| **Operating leases** |  |  |  |  |
| Accretion of the lease liability | $84 | $89 | $161 | $164 |
| Amortization of right-of-use assets | 118 | 106 | 231 | 211 |
| The weighted average remaining lease term and weighted average discount rate as of June 30, 2025 are as follows: |  |  |  |  |
| *Weighted Average Remaining Lease Term* | *Weighted Average Remaining Lease Term* |  |  |  |
| Operating leases (in years) | 11.0 | 6.5 |  |  |
| Finance leases (in years) | 11.7 | 12.6 |  |  |
| Weighted Average Discount Rate |  |  |  |  |
| Operating leases | 12.8% | 13.7% |  |  |
| Finance leases | 13.3% | 13.3% |  |  |

---

Supplemental balance sheet information related to leases is as follows:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| **Operating leases** |  |  |
| Operating lease right-of-use assets | $2492 | $2237 |
| Other current liability | 551 | 534 |
| Other long term liabilities | 2019 | 1809 |
| Total operating lease liabilities | 2570 | 2343 |
| **Finance leases** |  |  |
| Property and equipment, at cost | $2889 | $2889 |
| Accumulated depreciation | (409) | (349) |
| Property and equipment, net | 2480 | 2540 |
| Other current liability | 242 | 244 |
| Other long term liabilities | 2658 | 2639 |
| Total finance lease liabilities | 2900 | 2883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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Maturities of operating and finance lease liabilities are as follows:

---

| | | |
|:---|:---|:---|
| Twelve months ended June 30, | ***Operating leases*** | ***Finance leases*** |
| 2026 | $837 | $150 |
| 2027 | 752 | 145 |
| 2028 | 706 | 145 |
| 2029 | 108 | 145 |
| 2030 | 110 | 145 |
| Thereafter | 2146 | 9815 |
| Total lease payments | 4659 | 10545 |
| Less imputed interest | (2089) | (7645) |
| Total lease liability | $2570 | $2900 |

---

We act as sublessor in certain leasing arrangements, primarily related to land and buildings. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. Sublease income and head lease expense for these transactions are recognized on a net basis on the consolidated financial statements. Sublease income is recorded in the General and Administrative Expense section of the Consolidated Statements of Operations and Comprehensive Loss.

The components of lease income are as follows for the *three* and *six* months ended *June 30, 2025* and *2024*, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three months ended June 30,*** | ***Three months ended June 30,*** | ***Six months ended June 30,*** | ***Six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Lease income | $732 | $516 | $1415 | $1007 |

---

Future lease commitments to be received as of *June 30, 2025*, are as follows:

---

| | |
|:---|:---|
| Twelve months ended June 30, |  |
| 2026 | $1742 |
| 2027 | 1758 |
| 2028 | 1547 |
| 2029 | 1594 |
| 2030 | 1012 |
| Thereafter |  |
| Total future lease commitments | $7653 |

---

***9.* Stock Based Compensation**

 ***2019* Stock Plan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Aemetis, Inc. Amended and Restated *2019* Stock Plan (the *"2019* Stock Plan") allows our Board of Directors or delegated Board committee to grant Incentive Stock Options, Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, and other stock or cash awards to employees, directors, and consultants. During the *six* months ended *June 30, 2025*, we issued stock options to employees exercisable for 1.8 million shares, issued 368 thousand shares of stock to members of our Board of Directors as compensation, and 29 thousand shares to an executive officer in lieu of cash compensation. The following table summarizes activity under the *2019* Stock Plan during the *six* months ending *June 30, 2025*:

---

| | | | |
|:---|:---|:---|:---|
|  | ***Shares Available for Grant*** | ***Number of Shares Outstanding*** | ***Weighted-Average Exercise Price*** |
| Balance as of December 31, 2024 | 78 | 7201 | $4.06 |
| Authorized | 2148 |  | *-* |
| Options Granted | (1816) | 1816 | 2.73 |
| Common Stock Granted | (396) | *-* | *-* |
| Exercised | *-* | (340) | 0.76 |
| Forfeited/expired | 76 | (76) | 4.54 |
| Balance as of June 30, 2025 | 90 | 8601 | $3.91 |

---

The options outstanding as of *June 30, 2025*, include vested rights to purchase 5.6 million shares and the remaining purchase rights are *not* yet vested.

 ***Inducement Equity Plan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In *March 2016,* the Board of Directors approved an Inducement Equity Plan authorizing the issuance of non-statutory options for the purchase of up 100,000 shares of common stock. This plan was *not* approved by stockholders so it is available only for grants to prospective employees. As of *June 30, 2025*, there are no option grants outstanding under the Inducement Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

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 ***Stock-based Compensation Expense***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation is accounted for in accordance with *ASC *718,* Compensation - Stock Compensation*, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, directors, and consultants based on estimated fair value on the grant date. We estimate the fair value using the Black-Scholes option pricing model and recognize that fair value as an expense over the vesting period of each grant using the straight-line method. We only record compensation cost for vested options. The Black-Scholes valuation model for stock-based compensation expense requires us to make assumptions and judgments about the variables used in the calculation, including the expected term (the period of time that the options granted are expected to be outstanding), the volatility of our common stock, a risk-free interest rate, expected dividends, and expected forfeitures. We use the simplified calculation of expected term described in SEC Staff Accounting Bulletin Topic *14, Share-Based Payment*. Volatility is based on an average of the historical volatility of Aemetis, Inc. common stock during the period of time preceding the date of option issuance that matches the term of the option grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the treasury maturity term corresponding with the expected life of the option. We use an expected dividend yield of zero, as we do *not* anticipate paying any dividends in the foreseeable future. Expected forfeitures are assumed to be *zero* due to the small number of plan participants. To the extent actual forfeitures occur, the difference is recorded as an adjustment in the scheduled expense during the period of the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The weighted average fair value calculations for the options granted during the *six* months ended *June 30, 2025* and *2024*, are based on the following assumptions:

---

| | | |
|:---|:---|:---|
|  | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
| **Description** | ***2025*** | ***2024*** |
| Dividend-yield | -% | -% |
| Risk-free interest rate | 4.30% | 4.08% |
| Expected volatility | 113.50% | 115.42% |
| Expected life (years) | 5.81 | 5.81 |
| Market value per share on grant date | $2.73 | $3.10 |
| Fair value per option on grant date | $2.32 | $2.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the *six* months ended *June 30, 2025* and *2024*, we granted 396 thousand and 364 thousand shares of common stock under the *2019* Stock Plan, respectively, with a fair value on date of grant of $2.73 and $3.10, respectively, per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of *June 30, 2025*, we had $6.0 million of total unrecognized compensation expense for option issuances, which we will amortize over the remaining vesting period for each applicable grant, which has a weighted average of 1.99 years as of *June 30, 2025*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *16*

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***10.* Warrants to Purchase Common Stock**

On *June 30, 2025,* the maturity dates on *two* accredited investor's Subordinated Notes were extended to *December 31, 2025.* In connection with the extension, we issued the noteholders warrants exercisable for the purchase of 113 thousand shares of Aemetis, Inc. common stock with a term of two years and an exercise price of $0.01 per share. The warrants were subsequently fully exercised in the *third* quarter.

The following table summarizes warrant activity during the *six* months ending *June 30, 2025*:

---

| | | | |
|:---|:---|:---|:---|
|  | ***Warrants Outstanding & Exercisable*** | ***Weighted - Average Exercise Price*** | ***Average Remaining Term in Years*** |
| Outstanding December 31, 2024 | 530 | $11.70 | 4.78 |
| Granted | 226 | 0.01 |  |
| Exercised | (113) | 0.01 |  |
| Outstanding June 30, 2025 | 643 | $9.64 | 3.88 |

---

All of the above outstanding warrants are fully vested and exercisable as of *June 30, 2025*.

The fair value calculations for issued warrants are based on the following weighted average factors:

---

| | | |
|:---|:---|:---|
|  | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
| **Description** | ***2025*** | ***2024*** |
| Dividend-yield | -% | -% |
| Risk-free interest rate | 3.99% | 4.23% |
| Expected volatility | 90.48% | 101.36% |
| Expected life (years) | 2.00 | 2.00 |
| Exercise price per share | $0.01 | $0.01 |
| Market value per share on grant date | $2.59 | $5.24 |
| Fair value per share on grant date | $2.58 | $5.23 |

---

***11.* Aemetis Biogas LLC** – **Series A Preferred Financing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On *December 20, 2018,* Aemetis Biogas LLC ("ABGL") entered into a Series A Preferred Unit Purchase Agreement for the sale of Series A Preferred Units to Protair- *X* Americas, Inc., with Third Eye Capital acting as an agent. ABGL is authorized to issue 11,000,000 common units and 6,000,000 convertible, redeemable, secured, preferred membership units (the "Series A Preferred Units"). ABGL issued 6,000,000 common units to Aemetis, Inc. at a stated value of $5.00 per common unit, and 5,000,000 common units of ABGL are held in reserve as potential conversion units issuable to the Preferred Unit holder upon certain triggering events. From inception of the agreement through *2022,* ABGL issued 6,000,000 Series A Preferred Units in exchange for $30.0 million in funding, reduced by a redemption of 20,000 Series A Preferred Units for $0.3 million. The original Preferred Unit Purchase Agreement included requirements for preference payments and mandatory redemption, grant of a security interest to the Preferred Unit holder in all assets of ABGL and its subsidiaries in connection with the preference payments due under the agreement, and several operating covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Preferred Unit Purchase Agreement has been amended multiple times. Most recently, in *May 2025,* ABGL entered into an agreement entitled Ninth Waiver and Amendment to Series A Preferred Unit Purchase Agreement ("PUPA Ninth Amendment") with an effective date of *April 30, 2025,* that, among other provisions, requires ABGL to redeem all of the outstanding Series A Preferred Units by *August 31, 2025,* for an aggregate redemption price of $116.8 million which includes a $2 million incremental fee for the PUPA Ninth Amendment. The PUPA Ninth Amendment further provides that if ABGL does *not* redeem the Series A Preferred Units by the redemption date, ABGL will enter into a credit agreement with Protair- *X* and Third Eye Capital effective as of *September 1, 2025,* and maturing *August 31, 2026,* in substantially the form attached to the PUPA Ninth Amendment and specifies that entry into such credit agreement will satisfy the obligation to redeem the Series A Preferred Units. The credit agreement would bear an interest rate equal to the greater of (i) prime rate plus 10.0% and (ii) 16.0%. We evaluated the PUPA Ninth Amendment and prior similar amendments in accordance with ASC *470* and applied troubled debt restructuring accounting, resulting in *no* gain or loss from the execution of the particular amendment. In addition, consistent with ASC *470*-*60,* we accreted the amount of principal and interest due using the effective interest method from the starting liability on the effective date of the amendment to the amount that would be due as of the maturity date of the credit agreement. Following this methodology, we recorded Series A Preferred Unit liabilities of $128.9 million and $126.6 million as long-term liabilities as of *June 30, 2025* , and *December 31, 2024* , respectively.

***12.* Agreements**

***J.D. Heiskell Working Capital Agreements**.* Pursuant to a Corn Procurement and Working Capital Agreement with J.D. Heiskell, AAFK procures whole yellow corn from J.D. Heiskell. AAFK has the ability to obtain grain from other sources subject to certain conditions; however, in the past all AAFK grain purchases have been from J.D. Heiskell. Title to and risk of loss of the corn pass to AAFK when the corn is deposited into the Keyes Plant weigh bin. Pursuant to a separate agreement entered in *May 2023,* J.D. Heiskell also purchases all of our ethanol, WDG, corn oil, and CDS and sells them to marketing companies designated by us. We have designated Murex to purchase and market ethanol and A.L. Gilbert to purchase and market WDG and corn oil. Our relationships with J.D. Heiskell, Murex, and A.L. Gilbert are well established, and we believe that the relationships are beneficial to all parties involved in utilizing the distribution logistics, reaching a widespread customer base, managing inventory, and providing working capital relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *17*

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The following table summarizes the J.D. Heiskell purchase and sales activity during the *three* and *six* months ended *June 30, 2025* and *2024*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30,*** | ***For the three months ended June 30,*** | ***For the six months ended June 30,*** | ***For the six months ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Ethanol sales | $27724 | $29437 | $55783 | $54823 |
| Wet distiller's grains sales | 7828 | 9302 | 15828 | 18516 |
| Corn oil sales | 1497 | 1161 | 2951 | 2452 |
| CDS sales | 6 | 5 | 15 | 26 |
| Corn purchases | 29935 | 33407 | 61289 | 64320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***June 30, 2025*** | ***June 30, 2025*** | ***December 31, 2024*** | ***December 31, 2024*** |
| Accounts receivable |  | 71 |  | 25 |

---

The agreements with J.D. Heiskell, Murex, and A.L. Gilbert include marketing and transportation services. For the *three* months ended *June 30, 2025* and *2024*, we expensed marketing costs of $0.6 million and $0.7 million, respectively, in connection with the marketing arrangements and these costs are included in Selling, General, and Administration. For the *six* months ended *June 30, 2025* and *2024*, we expensed marketing costs of $1.2 million in both periods. For the *three* months ended *June 30, 2025*, we expensed transportation costs of $1.1 million related to sales of ethanol and $1.3 million related to sales of WDG. For the *six* months ended *June 30, 2025*, we expensed transportation costs of $2.3 million related to sales of ethanol and $2.7 million related to sales of WDG. For the *three* months ended *June 30, 2024*, we expensed $0.8 million related to sales of ethanol and $1.5 million related to sales of WDG. For the *six* months ended *June 30, 2024*, we expensed transportation costs of $1.5 million related to sales of ethanol and $2.9 million related to sales of WDG. Transportation costs are included in costs of goods sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *18*

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***Supply Trade Agreement.*** On *July 1, 2022,* UBPL entered into an operating agreement with Gemini Edibles and Fats India Private Limited ("Gemini") pursuant to which Gemini supplies UBPL with feedstock up to a credit limit of $12.7 million and has a collateral interest in inventories, current assets, and fixed assets of UBPL. If UBPL fails to pay an invoice within the *ten*-day credit period, the outstanding balance bears interest at 18%. The agreement continued through *June 2025.* As of *June 30, 2025*, and *December 31, 2024*, UBPL had accounts payable of none and $6.2 million respectively, under this agreement.

***Forward Sale Commitments.*** As of *June 30, 2025*, we have no forward sale commitments.

***Natural Gas Purchase Agreement.*** As of *June 30, 2025*, we have a forward purchase agreement in place to buy approximately 3,700 MMBtu of natural gas per day at a fixed price of $3.30 per MMBtu through *October 2025.* We have elected to apply the *normal purchases and normal sales scope exception under ASC *815,** hence the natural gas purchased under this agreement is accounted for and included as cost of goods sold in our financial statements.

***13.* Segment Information**

We recognize three reportable segments: "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel."

The "California Ethanol" segment includes our 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased to upgrade our CO₂ production to commercial quality.

The "California Dairy Renewable Natural Gas" segment includes the production and sale of Renewable Natural Gas ("RNG") and associated environmental attributes, consisting of anaerobic digesters located at dairies, a *36*-mile biogas collection pipeline, a biogas upgrading hub that produces RNG from the biogas, a pipeline interconnect, and ongoing construction of additional digesters.

The "India Biodiesel" segment includes our 80 million gallon per year biodiesel production plant in Kakinada, India, and administrative offices in Hyderabad, India.

We have additional operating segments that were determined *not* to be separately reportable segments, including our key projects under development which consist of a sustainable aviation fuel and renewable diesel production in Riverbank and Carbon Capture and Underground Sequestration ("CCUS") wells in California. Additionally, our corporate offices, Goodland Plant in Kansas, Riverbank Industrial Complex management, and our research and development facility in Minnesota are included in the "All Other" category.

The following tables summarize financial information by reportable segment for the *three* months ended *June 30, 2025* and *2024*:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30, 2025*** | ***For the three months ended June 30, 2025*** | ***For the three months ended June 30, 2025*** | ***For the three months ended June 30, 2025*** | ***For the three months ended June 30, 2025*** |
|  | ***California Ethanol*** | ***California Dairy Renewable Natural Gas*** | ***India Biodiesel*** | ***All Other*** | ***Total*** |
| Revenues | $37288 | $3051 | $11904 | $- | $52243 |
| Gross profit (loss) | (3806) | 855 | (404) |  | (3355) |
| Net Loss | (12611) | (3533) | (586) | (6665) | (23395) |
| Interest expense including amortization of debt fees | 8001 | 939 | 291 | 3099 | 12330 |
| Accretion and other expenses of Series A preferred units |  | 2032 |  |  | 2032 |
| Income tax expense | 1 |  | (530) |  | (529) |
| Depreciation | 1075 | 1012 | 198 | 65 | 2350 |
| Stock-based compensation expense |  |  |  | 1433 | 1433 |
| Other amortization | 11 |  |  |  | 11 |
| EBITDA | (3523) | 450 | (627) | (2068) | (5768) |
| Capital expenditures | 339 | 2836 | 60 | 290 | 3525 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *19*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***For the three months ended June 30, 2024*** | ***For the three months ended June 30, 2024*** | ***For the three months ended June 30, 2024*** | ***For the three months ended June 30, 2024*** | ***For the three months ended June 30, 2024*** |
|  | ***California Ethanol*** | ***California Dairy Renewable Natural Gas*** | ***India Biodiesel*** | ***All Other*** | ***Total*** |
| Revenues | $40132 | $1598 | $24831 | $- | $66561 |
| Gross profit (loss) | (3921) | (136) | 2251 |  | (1806) |
| Net Income (Loss) | (17254) | (5349) | 1210 | (7781) | (29174) |
| Interest expense including amortization of debt fees | 7919 | 730 | 204 | 2871 | 11724 |
| Accretion and other expenses of Series A preferred units |  | 3477 |  |  | 3477 |
| Income tax expense |  | 2 | 383 |  | 385 |
| Depreciation | 1043 | 771 | 180 | 55 | 2049 |
| Stock-based compensation expense |  |  |  | 1977 | 1977 |
| Other amortization | 12 |  |  |  | 12 |
| Loss on asset disposals | 3644 |  |  |  | 3644 |
| EBITDA | (4636) | (369) | 1977 | (2878) | (5906) |
| Capital expenditures | 323 | 4306 | 14 | 754 | 5397 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** | ***For the six months ended June 30, 2025*** |
|  | ***California Ethanol*** | ***California Dairy Renewable Natural Gas*** | ***India Biodiesel*** | ***All other*** | ***Total*** |
| Revenues | $75036 | $5494 | $14599 | $- | $95129 |
| Gross profit (loss) | (8744) | 1160 | (851) |  | (8435) |
| Net Income (Loss) | (27521) | (1771) | (2298) | (16334) | (47924) |
| Interest expense including amortization of debt fees | 16462 | 1887 | 747 | 6927 | 26023 |
| Accretion and other expenses of Series A preferred units |  | 4311 |  |  | 4311 |
| Income tax expense (benefit) | 1 | (6995) | (329) | 11 | (7312) |
| Depreciation | 2176 | 2021 | 382 | 129 | 4708 |
| Stock-based compensation expense |  |  |  | 3741 | 3741 |
| Other amortization | 23 |  |  |  | 23 |
| EBITDA | (8859) | (547) | (1498) | (5526) | (16430) |
| Capital expenditures | 382 | 4093 | 439 | 436 | 5350 |
| Total assets as of June 30, 2025 | 53230 | 124099 | 25462 | 37225 | 240016 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** | ***For the six months ended June 30, 2024*** |
|  | ***California Ethanol*** | ***California Dairy Renewable Natural Gas*** | ***India Biodiesel*** | ***All other*** | ***Total*** |
| Revenues from external customers | $76221 | $5390 | $57584 | $- | $139195 |
| Gross profit (loss) | (9579) | 2074 | 5087 |  | (2418) |
| Net Loss | (31354) | (8515) | 2524 | (16060) | (53405) |
| Interest expense including amortization of debt fees | 14896 | 1366 | 629 | 5346 | 22237 |
| Accretion and other expenses of Series A preferred units |  | 6788 |  |  | 6788 |
| Income tax expense |  | 36 | 1227 |  | 1263 |
| Depreciation | 2009 | 1340 | 388 | 110 | 3847 |
| Stock-based compensation expense |  |  |  | 4946 | 4946 |
| Other amortization | 24 |  |  |  | 24 |
| Loss on asset disposals | 3644 |  |  |  | 3644 |
| EBITDA | (10781) | 1015 | 4768 | (5658) | (10656) |
| Capital expenditures | 430 | 7149 | 318 | 1083 | 8980 |
| Total assets as of December 31, 2024 | 57076 | 126113 | 37587 | 38526 | 259302 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *California Ethanol:* Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 99.4% and 95.6% of our California Ethanol segment revenues for the *three* months ended *June 30, 2025* and *2024*, respectively. Sales to J.D. Heiskell account for 99.4% and 92.9% of our California Ethanol segment revenues for the *six* months ended *June 30, 2025* and *2024*. J.D. Heiskell accounts for over *90%* of all Ethanol Segment sales for the *three* and *six* months ended *June 30, 2025* and *2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *California Dairy Renewable Natural Gas:* Sales of RNG during the *three* and *six* months ended *June 30, 2025* and *2024*, were to a single customer. We sold *D3* RINs and LCFS credits to *two* other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *India Biodiesel:* For the *three* months ended *June 30, 2025* , four customers accounted for 34%, 25%, 23%, and 16% of our India Biodiesel segment's revenues. For the *three* months ended *June 30, 2024*, three biodiesel customers accounted for 44%, 34%, and 17% of the segment's revenues. For the *six* months ended *June 30, 2025*, four customers accounted for 28%, 26%, 20%, and 19% of the segment's revenues. For the *six* months ended *June 30, 2024*, three customers accounted for 42%, 36%, and 17% of the segment's revenues.

***14.* Related Party Transactions**

The Company owes Eric McAfee, our Chairman and CEO, and McAfee Capital LLC ("McAfee Capital"), which is owned by Mr. McAfee, $1.3 million as of *June 30, 2025*, in connection with employment agreements, bonus awards, expense reimbursements, and guarantee fees in connection with guarantees of the Company's indebtedness to Third Eye Capital provided by McAfee Capital and by Mr. McAfee personally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *20*

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***15.* Subsequent Events**

We evaluated subsequent events through the date these financial statements were issued, and we concluded that there were *no* material subsequent events requiring disclosure.

***16.* Liquidity and Going Concern**

The accompanying financial statements have been prepared contemplating the realization of assets and satisfaction of liabilities in the normal course of business. This approach to presentation is qualified by the following additional descriptions of our financial position.

***Debt***

We have substantial accumulated debt and our senior lender has a security interest in substantially all of the Company's assets. We have been reliant on our senior secured lender to provide extensions to the maturity dates of its debt facilities and have been required to remit substantially all excess cash from tax credit sales as payments of that debt, in addition to other periodic payments. In order to meet our obligations during the next *twelve* months, we will need to refinance debt with our senior lender for amounts becoming due in the next *twelve* months or receive its continued cooperation.

***Operational Cash Flows***

We do *not* currently generate positive cash flow from our consolidated operations. We are pursuing the following strategies to improve liquidity:

<u>California Ethanol</u>

*Optimize Operations*. We plan to continue to operate the Keyes Plant and to optimize operating parameters based on market conditions. For example, we recently improved ethanol yields and operating margins by scaling back throughput by about *15%.*

*Reduce Natural Gas Use and Reduce Ethanol Carbon Intensity*. We are constructing a Mechanical Vapor Recompression ("MVR") system that will reduce the Keyes Plant's natural gas consumption by about *80%* and lower the carbon intensity of the ethanol produced at the Plant. This will reduce overall fuel costs and volatility and will increase income from LCFS credits and Section *45Z* tax credits. The MVR project is expected to become operational in the *first* half of *2026.*

*Monetize New Section *45Z* Tax Credits*. The Keyes Plant started earning Section *45Z* tax credits effective *January 1, 2025,* and we are in the process of monetizing the credits that have been earned so far. The recent federal tax and budget legislation referred to as the "One Big Beautiful Bill" that was enacted in *July 2025* contains provisions that are expected to increase our future income from Section *45Z* tax credits for ethanol production, including an increase in the credit amount earned for each gallon of ethanol we produce and an extension of the term of the credits to a total of *five* years.

*Evaluate New Technologies*. We continue to evaluate other opportunities to improve the Keyes Plant's financial performance by adopting new technologies or process changes that allow for further improvement to energy efficiency, use of lower cost feedstocks, and other margin enhancements.

<u>California Renewable Natural Gas</u>

*Operate Eleven Digesters.* We completed construction of *four* new digesters in *2024* so will generate full cash flow from continuing to operate our *eleven* existing digesters for a full year in *2025* to produce and sell Renewable Natural Gas and the associated environmental attributes.

*Construct New Digesters*. We plan to continue to build new dairy digesters that increase cash flow as allowed by capital availability. We have agreements with a total of *fifty* dairies and expect the next set of digesters to begin producing biogas in the *third* quarter of *2025.* We are seeking debt from a variety of sources to facilitate additional digester construction.

*Increase LCFS Credit Revenue*. In the *second* quarter of *2025,* the California Air Resource Board approved provisional pathways for *seven* dairy locations, which is expected to increase our LCFS credit revenue from biogas we produce from those dairies by about *100%* starting in the *third* quarter of *2025,* compared to the temporary pathways that previously applied. We still generate LCFS credits under temporary pathways at *four* operating digesters and expect LCFS revenue to increase further as we obtain more provisional LCFS pathways for those dairies. In addition, CARB's recently approved amendments to the LCFS regulation became effective *July 1, 2025,* which are expected to reduce the oversupply of LCFS credits and lead to higher credit prices in the future.

*Monetize New Section *45Z* Tax Credits*. Our RNG production started earning Section *45Z* production tax credits effective *January 1, 2025,* and we are in the process of monetizing the credits earned so far. The recent federal tax and budget legislation referred to as the "One Big Beautiful Bill" that was enacted in *July 2025* contains provisions that are expected to increase our future income from Section *45Z* tax credits for RNG production, including an increase in the credit amount earned for each MMBtu of RNG we produce and an extension of the term of the credits to a total of *five* years.

<u>India Biodiesel</u>

*Continue Sales to OMCs*. We plan to continue to operate the Kakinada Plant to produce biodiesel and glycerin and to sell the biodiesel to government-owned Oil Marketing Companies ("OMCs") to help them achieve government mandates to increase the percentage of biodiesel used in India as a percentage of total diesel uses.

*Expand Operations and Plan for IPO*. We have hired a new executive team in India to help develop plans for additional growth of our India business and to execute on a potential public stock offering of our India subsidiary.

*Maintain Self-Sustaining Cash Flow*. Notably, our India business has been self-sustaining from a cash and liquidity perspective for several years, and we expect this to continue.

***Financing***

While we are implementing our plans to improve liquidity, we have been raising cash for operations by selling equity through our at-the-market stock registration, and we expect to continue to do so. We also plan to seek additional funding for existing and new business opportunities through a combination of working with our senior lender, restructuring or refinancing existing loan agreements, entering into additional debt agreements for specific projects, and obtaining project specific equity and debt for development projects, and obtaining additional debt from the current EB-*5* Phase II offering.

***Summary***

As discussed above, there have been several events in the last *six* months that are expected to improve our ability to execute on the strategies for improving liquidity, including, for example, recent approval of biogas LCFS pathways, effectiveness of the new LCFS rule amendments, availability of Section *45Z* tax credits for both ethanol and RNG production, and hiring of a new CFO in India to help manage an expected IPO.

Notwithstanding our plans to improve liquidity and these favorable recent events, the extent of our debt and reliance on our senior secured lender, along with expected near-term shortfalls in cash flow from operations, require us to continue to carry forward the conclusion that there is substantial doubt about our ability to continue as a going concern over the next *twelve* months.

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**Item 2. Management**'**s Discussion and Analysis of Financial Condition and Results of Operations**

*Our Management*'*s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is provided in addition to the accompanying consolidated condensed financial statements and notes to assist readers in understanding our results of operations, financial condition, and cash flows. MD&A is organized as follows:*

*●* *Overview. Discussion of our business and overall analysis of financial and other highlights affecting us, to provide context for the remainder of MD&A.*

*●* *Results of Operations. An analysis of our financial results comparing the three and six months ended June 30, 2025 and 2024.*

*●* *Liquidity and Capital Resources. An analysis of changes in our balance sheets and cash flows and discussion of our financial condition.*

*●* *Critical Accounting Policies and Estimates. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.*

*The following discussion should be read in conjunction with our consolidated condensed financial statements and accompanying notes included in Item 1 of Part 1 of this report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report and in other reports we file with the SEC. All references to years relate to the calendar year ended December 31 of the particular year.*

**Overview**

Founded in 2006 and headquartered in Cupertino, California, we are an international renewable natural gas and biofuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies. We operate in three reportable segments consisting of "California Ethanol," "California Dairy Renewable Natural Gas," and "India Biodiesel." We have other operating segments determined *not* to be separately reportable that are collectively represented by the "All Other" category. Our mission is to generate innovative renewable fuel solutions that benefit communities and improve the environment. We are executing our mission by building a circular bioeconomy using agricultural products and waste to produce low carbon renewable fuels that create jobs, reduce greenhouse gas ("GHG") emissions, and improve air quality. For revenue and other information regarding our operating segments, see Note 13 - Segment Information, of the Notes to Consolidated Financial Statements of this Form 10-Q.

Our California Ethanol segment consists of a 65 million gallon per year capacity ethanol production facility located in Keyes, California (the "Keyes Plant") that we own and operate. In addition to low carbon renewable fuel ethanol, the Keyes Plant produces alcohol for other uses, Wet Distillers Grains ("WDG"), Distillers Corn Oil ("DCO"), and Condensed Distillers Solubles ("CDS"). WDG, DCO, and CDS are sold as animal feed to more than 80 local dairies and feedlots. We also capture the Carbon Dioxide ("CO2") generated by our fermenters and sell it to an industrial gas company to produce liquid CO₂ that it sells to food, beverage, and industrial customers. We are implementing several energy efficiency initiatives focused on lowering the carbon intensity of our ethanol, primarily by decreasing the use of fossil natural gas. Recently completed energy efficiency projects include high efficiency heat exchangers and a solar micro grid. A significant energy efficiency project in progress is the Mechanical Vapor Recompression (MVR) system that will use low carbon electricity instead of natural gas. These changes will reduce our energy costs and will also lower the carbon intensity (CI) of the ethanol we produce and generate increased cash flows from LCFS and tax credits. We have already begun procuring MVR equipment and expect it to be installed later this year and begin operating in the first half of 2026.

Our California Dairy Renewable Natural Gas segment operates anaerobic digesters at local dairies near the Keyes Plant (many of whom also purchase WDG produced by the Keyes Plant as animal feed) to produce biogas from dairy waste, transports the biogas by pipeline to the Keyes Plant site, and converts the biogas to Renewable Natural Gas ("RNG") that is delivered to customers through the utility natural gas pipeline. We currently have eleven operating digesters that receive waste from twelve dairies, and we are actively growing with additional digesters under construction. We have constructed 36 miles of biogas collection pipeline and have received environmental approval to construct an additional 24 miles of pipeline. We currently have agreements to build digesters and receive waste from a total of 50 dairies and are seeking to sign agreements with additional dairies.

Our India Biodiesel segment includes a biodiesel production plant in Kakinada, India ("Kakinada Plant") with a production capacity of about 80 million gallons per year. The plant produces high quality distilled biodiesel and refined glycerin for customers in India. We believe the Kakinada Plant is one of the highest capacity biodiesel production facilities in India. The Kakinada Plant is capable of processing a variety of vegetable and animal oil waste feedstocks into biodiesel that meets applicable product standards. Our Kakinada Plant also distills the crude glycerin coproduct from the biodiesel refining process into refined glycerin, which is sold to the pharmaceutical, personal care, paint, adhesive, and other industries.

Our "All Other" segment consists of our projects that are under development, including our planned Carbon Capture and Underground Sequestration ("CCUS") operations and the planned sustainable aviation fuel ("SAF") and renewable diesel ("RD") plant in Riverbank, California. The All Other segment also includes our research and development facility in Minneapolis, Minnesota, operation of the Riverbank Industrial Complex, and our corporate offices in Cupertino, California.

Our SAF/RD production plant is currently designed to produce 90 million gallons per year of combined SAF/RD or 78 million gallons per year of SAF from feedstocks consisting of renewable waste vegetable and animal oils. Our project is located at the Riverbank Industrial Complex in Riverbank, California. We signed a lease with an option to purchase the Riverbank Industrial Complex in 2021 and took possession of the site in 2022. In 2023, we received a Use Permit and the California Environmental Quality Act ("CEQA") approval for the SAF/RD plant and in 2024 we received Authority to Construct air permits for the plant. We are continuing with development activities, including engineering, and financing. The Riverbank site has access to low carbon hydroelectric power, and our plant is designed to use renewable hydrogen that will be produced from byproducts of the SAF/RD production process.

Our planned CCUS projects will compress and inject CO₂ into deep wells that are monitored to ensure the long-term sequestration of carbon underground. California's Central Valley has been identified as one of the world's most favorable regions for large-scale CO₂ injection projects due to the subsurface geologic formations that absorb and contain CO₂ gas. The two initial Aemetis CCUS injection projects are being designed to capture and sequester more than two million metric tons per year of CO₂ at the Aemetis biofuels plant sites in Keyes and Riverbank, California. Once operational, these projects will generate revenue by selling California LCFS credits and federal Internal Revenue Code Section 45Q tax credits.

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Our Minneapolis, Minnesota research and development laboratory evaluates and develops technologies that would use low carbon intensity and waste feedstocks to produce low or below zero carbon intensity biofuels and biochemicals. We are focused on processes that extract sugar from cellulosic feedstocks and produce low carbon ethanol, renewable hydrogen, SAF, and RD.

**Results of Operations**

**Three Months Ended June 30, 2025, Compared to Three Months Ended June 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.&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| California Ethanol | $37288 | $40132 | $(2844) | (7.1)% |
| California Dairy Renewable Natural Gas | 3051 | 1598 | 1453 | 90.9% |
| India Biodiesel | 11904 | 24831 | (12927) | (52.1)% |
| Total | $52243 | $66561 | $(14318) | (21.5)% |

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*California Ethanol.* For the three months ended June 30, 2025, this segment generated 74.4% of its revenue from sales of ethanol, and the rest from sales of WDG, Corn Oil, CDS, and CO₂. For the three months ended June 30, 2025, the Keyes Plant sold 13.8 million gallons of ethanol at an average price of $2.01 per gallon and 91 thousand tons of WDG at an average price of $86 per ton, compared to sales during the three months ended June 30, 2024, when the Keyes Plant sold 14.8 million gallons of ethanol at an average price of $1.99 per gallon and 105 thousand tons of WDG at an average price of $89 per ton. Overall revenue decreased by 7.1% 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 7% and WDG by 13%.

*California Dairy Renewable Natural Gas.* During the three months ended June 30, 2025, we sold 106.4 thousand MMBtu ("million British thermal units") of RNG at an average price of $2.75 per MMBtu, compared to the three months ended June 30, 2024, when we sold 88 thousand MMBtu of RNG at an average price of $2.19 per MMBtu. During the three months ended June 30, 2025, we sold 763.6 thousand D3 RINs at an average price of $2.60 per D3 RIN, compared to the three months ended June 30, 2024, when we sold 341 thousand D3 RINs at an average price of $3.17 per RIN. We have been generating LCFS credits associated with the RNG sales based on the default carbon intensity ("CI") of negative 150 while our individual dairy CI pathways were waiting for approval from the California Air Resources Board ("CARB"). During the period ended June 30, 2025, we sold 14 thousand LCFS credits at an average price of $55.25 each, compared to 5 thousand LCFS credits at an average price of $64.75 each during the period ended June 30, 2024.

*India Biodiesel.* In 2024 and 2025, all of our India sales of biodiesel were to government owned Oil Marketing Companies ("OMCs") pursuant to the OMC tender and allocation process. For the three months ended June 30, 2025, we generated 80% of our India segment revenues from the sale of biodiesel, and 20% from other sales, compared to 96% of revenue from biodiesel, and 4% from other sales for the three months ended June 30, 2024. The decrease in revenues was primarily due to delays in receiving the tender contracts from Oil Marketing Companies and a change in the purchase price offered in the tender from cost-plus to a fixed price specified in the tender. We sold 9.4 thousand metric tons of biodiesel during the three months ended June 30, 2025, compared to 20.4 thousand metric tons of biodiesel sold during the three months ended June 30, 2024.

***Cost of Goods Sold***

Cost of goods sold consists primarily of feedstock, energy, chemicals, direct costs (principally labor and labor related costs), and overhead. Depending on the costs of these inputs in comparison to the sales price of our end products, our gross margins at any given time can vary from positive to negative. Overhead includes direct and indirect costs associated with plant operations, including the cost of repairs and maintenance, consumables, maintenance, on-site security, insurance, and depreciation.

We purchase our feedstock for California Ethanol from J.D. Heiskell based on daily market prices for corn plus costs of rail transportation, local basis, and a handling fee paid to J.D. Heiskell. The credit term for the corn purchased from J.D. Heiskell is one day, netted from our product sales. Cost of goods sold also includes the cost of electricity and natural gas, chemicals, maintenance, direct labor, depreciation, and freight.

We obtain the feedstock for producing RNG from dairy operators who lease us their land for construction of our digesters and supply our digesters with manure in liquid form. Our cost of feedstock is established by manure supply agreements based on the value of the environmental attributes and the number of cows at each dairy.

We procure several different feedstocks for the Kakinada Plant, including stearin, a non-edible feedstock, from neighboring natural oil processing plants. Raw material is received by truck and loaded at our vendor's nearby facilities. Credit terms vary by vendor. However, we generally receive 15 days of credit for the purchases. We purchase crude glycerin in the international market on letters of credit or advance payment terms as market prices become viable.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| California Ethanol | $41094 | $44053 | $(2959) | (6.7)% |
| California Dairy Renewable Natural Gas | 2196 | 1734 | 462 | 26.6% |
| India Biodiesel | 12308 | 22580 | (10272) | (45.5)% |
| Total | $55598 | $68367 | $(12769) | (18.7)% |

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*California Ethanol.* We ground 4.7 million bushels of corn at an average cost of $6.42 per bushel during the three months ended June 30, 2025, compared to 5.2 million bushels of corn at an average cost of $6.36 per bushel during the three months ended June 30, 2024. The 6.7% decrease in cost of goods sold for the three months ended June 30, 2025, is mainly due to the planned reduction in the quantity of corn ground.

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*California Dairy Renewable Natural Gas.* Cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase from the first quarter of 2024 to the first quarter of 2025 was primarily due to the increase in the number of operating digesters.

*India Biodiesel.* The decrease in cost of goods sold during the three months ended June 30, 2025, compared to June 30, 2024, was attributable to reduced biodiesel sales. The average cost of feedstock used to produce biodiesel was $1,165 per metric ton during the three months ended June 30, 2025, compared to $924 per metric ton during the three months ended June 30, 2024.

***Gross profit (loss)***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| California Ethanol | $(3806) | $(3921) | $115 | (2.9)% |
| California Dairy Renewable Natural Gas | 855 | (136) | 991 | (728.7)% |
| India Biodiesel | (404) | 2251 | (2655) | (117.9)% |
| Total | $(3355) | $(1806) | $(1549) | 85.8% |

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*California Ethanol.* The decrease in gross loss during the three months ended June 30, 2025, compared to the same period in 2024, was attributable primarily to decreased corn costs.

*California Dairy Renewable Natural Gas.* The increase in gross profit for the three months ended June 30, 2025, compared to the same period in 2024, is due to the increase in sales as a result of the increased number of operating digesters.

*India Biodiesel.* The decrease in gross profit for the three months ended June 30, 2025, compared to the same period in 2024, reflects the decrease in the quantity of biodiesel sold, as well as a decrease in glycerin sold, coupled with a 28% increase in feedstock costs.

***Operating (income)/expense and non-operating (income)/expense***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| Selling, general and administrative | 7319 | 11800 | (4481) | (38.0)% |
| Other expense (income): |  |  |  |  |
| Interest expense |  |  |  |  |
| Interest rate expense | $11235 | $9904 | $1331 | 13.4% |
| Debt related fees and amortization expense | 1095 | 1820 | (725) | (39.8)% |
| Accretion and other expenses of Series A preferred units | 2032 | 3477 | (1445) | (41.6)% |
| Other (income) expense | (1112) | (18) | (1094) | 6077.8% |

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SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 14% in the three months ended June 30, 2025, compared to 18% in the three months ended June 30, 2024. The decrease in SG&A expense was primarily due to a one-time $3.6 million loss on an asset write-off in the three months ended June 30, 2024, a $0.2 million increase in rental income from subleases in the three months ended June 30, 2025, and a reduction in legal, professional, and membership fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses consist primarily of interest and amortization expense on debt and accretion of the liability to repurchase biogas Series A Preferred Units. The cost of debt includes issuance of warrants as renewal fees. The fair value of stock and warrants are amortized as expenses, except when the extinguishment accounting method is applied, in which case refinanced debt costs are recorded as extinguishment expense. Interest expense and debt related fees and amortization increased in the three months ended June 30, 2025, due to higher variable interest rates and higher debt balances.

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**Six Months Ended June 30, 2025, Compared to Six Months Ended June 30, 2024**

***Revenues***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| California Ethanol | $75036 | $76221 | $(1185) | (1.6)% |
| California Dairy Renewable Natural Gas | 5494 | 5390 | 104 | 1.9% |
| India Biodiesel | 14599 | 57584 | (42985) | (74.6)% |
| Total | $95129 | $139195 | $(44066) | (31.7)% |

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*California Ethanol.* For the six months ended June 30, 2025, this segment generated 74% of its revenue from sales of ethanol, and the rest from sales of WDG, corn oil, CDS, and CO₂. During the six months ended June 30, 2025, the Keyes plant sold 27.9 million gallons of ethanol at an average price of $2.00 per gallon and 184 thousand tons of WDG at an average price of $86.00 per ton, compared to sales during the six months ended June 30, 2024, when the Keyes plant sold 28.9 million gallons of ethanol at an average price of $1.89 per gallon and 199 thousand tons of WDG at an average price of $93 per ton. This segment's revenue decreased slightly primarily due to decrease in the quantities sold for ethanol and WDG along with a decrease in the WDG price.

*California Dairy Renewable Natural Gas.* During the six months ended June 30, 2025, we sold 177.3 thousand MMBtu ("million British thermal units") of RNG at an average price of $3.11 per MMBtu, compared to the six months ended June 30, 2024, when we sold 148.8 thousand MMBtu of RNG at an average price of $2.94 per MMBtu. During the six months ended June 30, 2025, we sold 1.2 million D3 RINs at an average price of $2.61 per D3 RIN, compared to the six months ended June 30, 2024, when we sold 1.1 million D3 RINs at an average price of $3.11 per RIN. We have been generating LCFS credits associated with the RNG sales based on the default carbon intensity ("CI") of negative 150 while our individual dairy CI pathways were waiting for approval from the California Air Resources Board ("CARB"). During the six months ended June 30, 2025, we sold 30 thousand LCFS credits at an average price of $64.45 each, compared to 23 thousand metric tons of LCFS credits at an average price of $65.73 each during the six months ended June 30, 2024.

*India Biodiesel.* For the six months ended June 30, 2025, the Kakinada Plant generated $9.5 million in revenue from sales of biodiesel, and $5.1 million from other sales. The India biodiesel plant generated $54.7 million in revenue from biodiesel and $2.9 million in revenue from other sales during the same period in 2024. The segment's revenue decreased due to delays in OMC's issuing tenders and associated purchase contracts.

***Cost of Goods Sold***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| California Ethanol | $83780 | $85800 | $(2020) | (2.4)% |
| California Dairy Renewable Natural Gas | 4334 | 3316 | 1018 | 30.7% |
| India Biodiesel | 15450 | 52497 | (37047) | (70.6)% |
| Total | $103564 | $141613 | $(38049) | (26.9)% |

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*California Ethanol.* We ground 9.4 million bushels of corn at an average cost of $6.53 per bushel during the six months ended June 30, 2025, compared to 10.1 million bushels of corn at an average price of $6.35 per bushel during the six months ended June 30, 2024. The slight decrease in cost of goods sold for the six months ended June 30, 2025, is mainly due to the decrease in the quantity of the corn ground.

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*California Dairy Renewable Natural Gas.* Cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase from the second quarter of 2024 to the second quarter of 2025 was primarily due to the increase in the number of operating digesters.

*India Biodiesel.* The decrease in cost of goods sold during the six months ended June 30, 2025, compared to June 30, 2024, was attributable to a reduced use of feedstock due to reduced sales of biodiesel during the six months ended June 30, 2025, of 9.4 metric tons compared to 47.5 thousand metric tons of biodiesel sold during the six months ended June 30, 2024.

***Gross profit (loss)***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| California Ethanol | $(8744) | $(9579) | $835 | (8.7)% |
| California Dairy Renewable Natural Gas | 1160 | 2074 | (914) | (44.1)% |
| India Biodiesel | (851) | 5087 | (5938) | (116.7)% |
| Total | $(8435) | $(2418) | $(6017) | 248.8% |

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*California Ethanol.* The decrease in gross loss between the six months ended June 30, 2025, and the same period in 2024 was attributable primarily to the decrease in the costs of goods sold.

*California Dairy Renewable Natural Gas.* The decrease in gross profit for the six months ended June 30, 2025, compared to the same period in 2024 is due to the decrease in sales and increase in costs of goods sold, primarily depreciation, for the increased number of operating digesters.

*India Biodiesel.* The decrease in gross profit during the six months ended June 30, 2025, compared to the six months ended June 30, 2024 reflects the reduced sales in 2025 the increase in feedstock costs.

***Operating (income)/expense and non-operating (income)/expense***

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|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Inc/(dec)** | **% change** |
| Selling, general and administrative expenses | 17794 | 20650 | (2856) | (13.8)% |
| Other expense (income): |  |  |  |  |
| Interest expense |  |  |  |  |
| Interest rate expense | $22253 | $18996 | 3257 | 17.1% |
| Debt related fees and amortization expense | 3770 | 3241 | 529 | 16.3% |
| Accretion and other expenses of Series A preferred units | 4311 | 6788 | (2477) | (36.5)% |
| Other income | (1327) | 49 | (1376) | (2808.2)% |

---

SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue increased to 19% in the six months ended June 30, 2025, compared to 15% in the six months ended June 30, 2024. The overall decrease in SG&A expense was primarily due to a $3.6 million loss on an asset write-off in the six months ended June 30, 2024, offset by a $2.2 million increase in expenses such as taxes, insurance, rent, utilities, supplies, and services, and $0.4 million increase in rental income from subleases in the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses consist primarily of interest and amortization expense attributable to our debt and to accretion of biogas Series A Preferred Units. The cost of debt includes issuance of warrants as renewal fees. The fair value of stock and warrants are amortized as expenses, except when the extinguishment accounting method is applied, in which case refinanced debt costs are recorded as extinguishment expense. Interest expense and debt related fees and amortization increased in the six months ended June 30, 2025, due to higher variable interest rates and higher debt balances.

**Liquidity and Capital Resources**

***Cash and Cash Equivalents***

Cash and cash equivalents were $1.6 million at June 30, 2025, with $0.6 million held in our North American entities and $1.0 million in our India entity. Our current ratio was 0.06 at June 30, 2025, compared to 0.31 at December 31, 2024. We expect that our future available cash resources will be generated from operations, sales of equity, sales of tax credits, and new debt. Incurrence of new debt and the associated use of proceeds from future debt financings are subject to approval by our senior lender.

***Liquidity***

Cash and cash equivalents, current assets, current liabilities, and debt at the end of each period were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $1645 | $898 |
| Current assets (including cash, cash equivalents, and deposits) | 20086 | 44696 |
| Current and long-term liabilities (excluding all debt) | 185039 | 185169 |
| Current & long-term debt | 344232 | 338061 |

---

Our principal sources of liquidity have been cash provided by the sale of equity, operations, and borrowings under various debt arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Tabular data in thousands, except par value and per share data)

[**Table of Contents**](#toc)

We operate in a volatile market in which we have limited control over major components of input costs and product revenues. We are making investments in future facilities and facility upgrades that improve overall margins while lessening the impact of volatile markets. As such, we expect cash provided by operating activities to fluctuate in future periods primarily because of changes in the prices for corn, ethanol, WDG, DCO, CDS, biodiesel, waste fats and oils, glycerin, non-refined palm oil, natural gas, LCFS credits, and D3 RINs. To the extent that we experience periods in which the spread between ethanol prices and corn and energy costs narrow or the value of environmental attributes or tax credits is reduced, we require additional working capital to fund operations.

We are implementing several strategies to improve our cash flow from operations, as described in more detail in *Note 16 Liquidity* of our Consolidated Financial Statements in Item 1 of Part 1 above.

***Senior Secured Debt***

As of June 30, 2025, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital Notes totals $225.7 million. The maturity dates for the debts to Third Eye Capital are as follows:

● Due on demand: $45.6 million

● March 1, 2026: $27.7 million

● April 1, 2026: $152.4 million

Third Eye Capital has provided a series of accommodating amendments to our debt facilities as described in further detail in *Note 5. Debt* of the Notes to Consolidated Financial Statements in this Form 10-Q. However, future amendments or accommodations will continue to be at the discretion of the lender. In the event our senior lender does not extend our debt, we would likely not have sufficient cash to pay the debt when due unless we are able to obtain alternative financing.

***Change in Debt, Working Capital and Cash Flows***

The following table describes the changes in current and long-term debt (in thousands) during the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| Increases to debt: |  |  |
| Accrued interest | $22121 |  |
| Maturity date extension fee and other fees added to senior debt | 2410 |  |
| Sub debt extension fees | 680 |  |
| Construction Loan draw | 482 |  |
| Secured loans and Working capital loan draw | 17166 |  |
| TEC short term promissory note | 3800 |  |
| Total increases to debt |  | $46659 |
| Decreases to debt: |  |  |
| Principal, fees, and interest payments to senior lender | $(15276) |  |
| Principal and interest payments and reductions to EB-5 promissory note | (45) |  |
| Reclassification of EB-5 broker promissory note | (2595) |  |
| Change in debt issuance costs, net of amortization | (174) |  |
| Term Loan Payments | (5) |  |
| Construction Term Loan Payments | (2489) |  |
| Secured loans and Working capital loans payments | (19689) |  |
| Jessup purchase notes payments | (175) |  |
| Reclass to accounts payable for payment | (40) |  |
| Total decreases to debt |  | $(40488) |
| **Change in total debt** |  | $6171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Tabular data in thousands, except par value and per share data)

[**Table of Contents**](#toc)

Working capital changes reflect (i) a $13 million decrease in inventories primarily due to restarting shipment of biodiesel to the OMCs after a delay in tenders; (ii) a $12.3 million decrease in tax credit sale receivable due to our receipt of the credit sale proceeds; (iii) an increase in trade accounts receivable of $0.9 million; and (iv) a $0.9 million decrease in other current assets in the India Biodiesel segment.

Cash used in operating activities was $5.6 million, derived from a net loss of $47.9 million, non-cash changes of $16.6 million, and changes in operating assets and liabilities of $25.8 million. The non-cash changes primarily consisted of: (i) $3.7 million in stock-based compensation expense, (ii) $4.7 million in depreciation expenses, (iii) $3.8 million in amortization of debt issuance costs and other intangible assets, (iv) $4.3 million in preferred unit accretion and other expenses of Series A Preferred Units. Cash increases related to changes in operating assets and liabilities consisted primarily of (i) a decrease in inventory of $13.0 primarily due to the India biodiesel segment selling feedstock and biodiesel inventory, (ii) $12.3 million receipt from tax credit sales, (iii) $0.4 million reduction in other assets and prepaid expenses, (iv) $9.4 million increase in accrued interest expense and fees, and (v) $0.6 million increase in other liabilities. This was offset by (i) a $9.5 million decrease in accounts payable and (ii) an increase in accounts receivable of $0.4 million.

Cash used in investing activities was $4.9 million, of which $4.9 million was used for capital projects associated with production of RNG and energy efficiency projects in California offset by $0.4 million grants received, and $0.4 million was used for capital projects at the Kakinada Plant.

Cash provided by financing activities was $11.3 million, consisting primarily of (i) $21.3 million proceeds from borrowings, and (ii) $18.2 million from sales of common stock, offset by (i) $25.4 million in repayments of borrowings, (ii) $2.2 million in payments on Series A Preferred financing, and (iii) $0.5 million in debt renewal and waiver fee payments.

Our ongoing at-the-market stock sales registration allows us to sell shares of our common stock into the publicly traded market. During the three months ended June 30, 2025, we sold 7.6 million shares of common stock for net proceeds of $12.9 million net of commissions. During the six months ended June 30, 2025, we sold 10.0 million shares of common stock for net proceeds of $18.0 million net of commissions, which is included in the cash provided by financing activities noted above.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported net sales and expenses for each period. We believe that of our most significant accounting policies and estimates, defined as those policies and estimates that we believe are the most important to the portrayal of our financial condition and results of operations and that require management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain are: liquidity; debt covenant forecast; and recoverability of long-lived assets. These significant accounting principles are more fully described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies" in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Recently Issued Accounting Pronouncements**

None reported beyond those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Off Balance Sheet Arrangements**

None.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk.**

Not applicable.

**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures.***

Management, with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on this evaluation, our CEO and CFO concluded that, although remediation plans were initiated to address the material weaknesses over financial reporting as identified in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, IT general controls along with certain internal controls over financial reporting were not effective to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

***Changes in Internal Control over Financial Reporting.***

As discussed in greater detail under Item 9A, Controls and Procedures, in our Annual Report on Form 10-K for the year ended December 31, 2024, we are executing our remediation plans to address the material weaknesses in our internal controls related to information technology general controls and information technology systems as well as documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Tabular data in thousands, except par value and per share data)

[**Table of Contents**](#toc)

**PART II -- OTHER INFORMATION**

**Item 1. Legal Proceedings.**

None.

**Item 1A. Risk Factors.**

Not applicable.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

During the second quarter of 2025, we issued warrants to two subordinated lenders in connection with extensions of their debt. The warrants provided the right for the lenders to purchase 113 thousand shares of Aemetis, Inc. common stock for a period of two years at an exercise price of $0.01 per share. We then issued 113 thousand shares of common stock to the lenders in connection with their exercise of the warrants during the third quarter. The issuance of the warrants and the issuance of the common stock upon exercise of the warrants were exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, as issuances of securities not involving any public offering.

During the second quarter of 2025, we issued 29,240 shares of common stock to a vendor in connection with a services agreement at an effective value of $1.71 per share, which was the closing price on the Nasdaq market on the date prior to such issuance. The issuance of the shares was exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, as issuances of securities not involving any public offering.

**Item 3. Defaults Upon Senior Securities.**

No unresolved defaults on senior securities occurred during the six months ended June 30, 2025.

**Item 4. Mine Safety Disclosures.**

None.

**Item *5.* Other Information.**

*None.*

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| 31.1 | [Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex_820592.htm) |
| 31.2 | [Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex_820593.htm) |
| 32.1 | [Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex_820594.htm) |
| 32.2 | [Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex_820595.htm) |
| 101.INS \* | Inline XBRL Instance Document |
| 101.SCH \* | Inline XBRL Taxonomy Extension Schema |
| 101.CAL \* | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF \* | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB \* | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Aemetis, Inc.** | **Aemetis, Inc.** |
| Date: August 7, 2025 | By: | /s/ Eric A. McAfee |
|  |  | Eric A. McAfee<br> Chair of the Board and Chief Executive Officer<br> (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: August 7, 2025 | By: | /s/ Todd A. Waltz |
|  |  | Todd A. Waltz<br> Executive Vice President and Chief Financial Officer<br> (Principal Financial Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30

## Exhibit 31.1

**EXHIBIT 31.1**

CERTIFICATIONS

I, Eric A. McAfee, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2025 , of Aemetis, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| | |
|:---|:---|
| By: | /s/ Eric A. McAfee |
|  | Eric A. McAfee<br> Chair of the Board and Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

CERTIFICATIONS

I, Todd A. Waltz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2025 , of Aemetis, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

---

| | |
|:---|:---|
| By: | /s/ Todd A. Waltz |
|  | Todd A. Waltz<br> Executive Vice President and Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aemetis, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Eric A. McAfee, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Eric A. McAfee |
|  | Eric A. McAfee<br> Chair of the Board and Chief Executive Officer |

---

Date: August 7, 2025

## Exhibit 32.2

**EXHIBIT 32.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aemetis, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Todd Waltz, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| By: | /s/ Todd A. Waltz |
|  | Todd A. Waltz<br> Executive Vice President and Chief Financial Officer |

---

Date: August 7, 2025