Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AEMETIS, INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
143
150
172
202
166
212
257
187
268
198
Cost of revenue
132
147
166
189
155
204
262
185
268
209
Gross profit
11.6
3.38
5.41
12.7
11
7.94
-5.54
2.02
-0.58
-0.77
Research and development
0.37
2.37
0.25
0.21
0.21
0.09
0.18
0.15
Selling, general and administrative
12
13.2
16.1
17.4
16.9
23.7
28.7
39.4
39.8
36.5
Operating income
-0.78
-12.2
-10.9
-4.93
-6.07
-15.8
-34.4
-37.4
-40.4
-37.2
Interest expense
17.2
19.3
25.7
21.1
22.9
24.1
28.8
39.5
46.6
52.9
Other non-operating income
0.33
-0.28
1.25
-0.8
0.55
-0.81
14.3
2.08
1.37
2.61
Pre-tax income
-15.6
-31.8
-36.3
0
0
-47.3
-107
-100
-98.4
-95.7
Income tax
0.01
0.01
0.01
1.13
-0.98
-0.13
1.05
-53.7
-10.8
-18.7
Net income to minority interests
0
-1.47
-3.27
-3.76
0
0
Net income
-15.6
-31.8
-36.3
-39.5
-36.7
-47.1
-108
-46.4
-87.5
-77
EBITDA
3.89
-7.56
-6.35
-0.53
-1.17
-10.4
-28.9
-30.5
-32
-27.6
EPS, basic
-0.79
-1.53
-1.63
-1.75
-1.74
-1.54
-3.12
-1.22
-1.91
-1.28
EPS, diluted
-0.79
-1.53
-1.63
-1.75
-1.74
-1.54
-3.12
-1.22
-1.91
-1.28
Shares, basic (weighted)
0.02
0.02
0.02
20.5
21
30.7
34.6
38.1
45.9
60
Shares, diluted (weighted)
0.02
0.02
0.02
20.5
21
30.7
34.6
38.1
45.9
60
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
1.49
0.43
1.19
0.66
0.59
7.75
4.31
2.67
0.9
4.89
Receivables
1.57
1.26
Inventory
3.24
5.74
6.13
6.52
3.97
5.13
4.66
18.3
25.4
11.6
Other current assets
0.21
0.64
0.96
2.57
1.55
0.64
3.65
3.46
2.41
2.86
Total current assets
7.05
11.5
10.3
12.6
8.68
20.7
18.1
36.4
44.7
26.9
Property, plant and equipment
66.4
78.8
78.5
84.2
110
135
180
195
199
220
Lease right-of-use assets
0
0.56
2.89
2.46
2.45
2.06
2.24
2.26
Total assets
77.8
94.3
91.8
99.9
125
161
207
243
259
260
Accounts payable
7.84
10.5
13.5
16
20.7
16.4
26.2
32.1
33.1
23.4
Accrued liabilities
0.8
0.3
Short-term debt
11.4
15.6
17.3
22.7
59.5
22.8
49.2
37
90.5
318
Total current liabilities
27.2
36
42.6
57.8
102
65.3
88.3
84.4
144
371
Long-term debt
100
138
158
180
170
166
197
258
248
63.9
Lease liabilities
0
0.2
2.58
2.32
2.19
1.78
1.81
1.78
Other non-current liabilities
2.49
2.94
2.45
5.48
5.11
5.14
4.61
Total liabilities
128
174
207
254
310
281
409
460
523
567
Total debt
100
138
158
180
230
190
246
295
338
343
Paid-in capital
83.4
84.7
85.9
86.9
93.4
205
233
264
305
340
Retained earnings
-130
-160
-193
-237
-274
-321
-429
-475
-563
-640
Other comprehensive income
-3.39
-2.9
-3.58
-3.83
-4.11
-4.35
-5.45
-5.67
-6.37
-7.36
Shareholders' equity
-49.8
-78.4
-116
-154
-185
-120
-202
-217
-264
-307
Minority interests
0
-1.47
-4.74
0
Total equity
-49.8
-79.9
-116
-154
-185
-120
-202
-217
-264
-307
Total liabilities and equity
77.8
94.3
91.8
99.9
125
161
207
243
259
260
Shares outstanding
0.02
0.02
0.02
0.02
0.02
33.5
35.9
41
51.1
66.2
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-15.6
-31.8
-36.3
-39.5
-36.7
-47.1
-108
-46.4
-87.5
-77
Depreciation and amortization
4.67
4.62
4.58
4.4
4.9
5.4
5.54
6.93
8.39
9.63
Stock-based compensation
0.75
1.1
0.98
0.77
1
3.93
6.41
7.66
8.31
5.77
Deferred income tax
0
1.12
-0.98
0
0.83
-0.75
0
Change in receivables
-0.4
-1.02
1.08
0.96
1.09
0.09
0.29
-7.42
6.75
1.3
Change in inventory
1.5
-2.37
-0.72
0.49
-2.39
-2.21
0.36
-13.8
-7.77
13.1
Change in payables
-2.1
2.58
2.21
1
1.4
-5.2
2.18
13.7
-1.29
-7.53
Cash from operations
0.37
-8.69
-5.51
-2.03
2.48
-20.6
-22.9
13.8
-32.9
3.26
Capital expenditures
-0.63
-1.12
-4.07
-8.58
-19.3
-26.7
-39.2
-33.1
-20.3
-26
Cash from investing
-0.63
-1.12
-4.07
-8.58
-17.3
-22.9
-31.3
-23.7
-14.1
-25.6
Debt issued
20.6
14.8
20.1
56.3
12.6
0
69.4
75.5
19.5
44.9
Stock issued
0
5.11
104
12
21.7
31.8
28.1
Share buybacks
0
Cash from financing
1.63
8.38
10.4
10.1
14.8
50.7
53.6
9.09
44.6
26.4
Exchange rate effect
-0.17
0.37
-0.05
-0.01
-0.01
-0
Net change in cash
1.2
-1.06
0.76
-0.53
-0.06
7.16
-0.75
-0.72
-2.45
4.06
Free cash flow
-0.26
-9.8
-9.58
-10.6
-16.9
-47.3
-62
-19.3
-53.2
-22.7
Interest paid
4.89
3.09
5.59
2.48
1.32
5.68
19.5
9.81
9.22
13.9
Income taxes paid
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.02
1.81
-22.3
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.79 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
10.9%
Gross profit / revenue.
Operating margin
-5.3%
Operating income / revenue.
EBITDA margin
-0.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-32.6%
Pre-tax income / revenue.
Net margin
-27.4%
Net income / revenue.
FCF margin
-17.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1.6%
Cash from operations / revenue.
Return on assets (ROA)
-20.8%
Net income / average total assets.
Return on invested capital (ROIC)
-21.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
16.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
2.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
16.3%
Capital expenditures / revenue.
D&A / revenue
4.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-26.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-8.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
3.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y
5.6%
Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
0.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
7.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
15.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
30.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
20.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
23.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.08x
Current assets / current liabilities.
Quick ratio
0.00x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.00x
(Cash + short-term investments) / current liabilities.
Debt / assets
126.3%
Total debt / total assets.
Liabilities / assets
211.4%
Total liabilities / total assets.
Net debt
$364.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$3.10
Revenue / diluted weighted shares.
FCF per share
-$0.55
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.05
Cash from operations / diluted weighted shares.
Book value per share
-$4.47
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.59x
Market cap / revenue.
EV/Sales
2.24x
Enterprise value / revenue.
FCF yield
-30.4%
Free cash flow / market cap.
Earnings yield
-46.6%
Net income / market cap (the inverse of P/E).
What was AEMETIS, INC's revenue in fiscal 2025?
AEMETIS, INC reported revenue of $197.6M for fiscal 2025, 26.2% lower than the year before.
Was AEMETIS, INC profitable in fiscal 2025?
No. It reported a net loss of $77.0M.
How much free cash flow did AEMETIS, INC generate in fiscal 2025?
Cash from operations of $3.3M minus capital expenditures of $26.0M left free cash flow of -$22.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.