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• Like Neste, but focused on a wider range of US-based renewable fuels from agricultural waste.
• A greener ADM, specializing in advanced biofuels and renewable diesel.
• Clean Energy Fuels, but primarily focused on producing renewable natural gas from dairy farms.

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• Renewable Ethanol: A low-carbon fuel produced primarily from corn for blending into gasoline.
• Renewable Diesel & Biodiesel: Advanced biofuels that serve as a cleaner-burning substitute for petroleum diesel.
• Dairy Renewable Natural Gas (RNG): Biogas generated from dairy animal waste, upgraded to pipeline-quality natural gas for use as vehicle fuel or grid injection.
• Sustainable Aviation Fuel (SAF): Advanced low-carbon jet fuel designed to significantly reduce greenhouse gas emissions from air travel.

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Major Customers of Aemetis (AMTX)

Aemetis (AMTX) primarily sells its renewable fuels and biochemical products to other companies, operating on a business-to-business (B2B) model. Its customers typically include large petroleum companies, fuel blenders, marketers, and distributors who incorporate Aemetis's ethanol and biodiesel into their fuel supplies. The company is also developing sustainable aviation fuel (SAF) and renewable diesel (RD) projects, which are expected to be sold to airlines, freight companies, and other large industrial partners upon completion.

While Aemetis's financial filings (such as its annual 10-K reports) indicate that a significant portion of its revenues comes from a limited number of customers (for example, in 2023, two customers accounted for approximately 49% and 12% of consolidated revenues), the company does not publicly disclose the specific names of these major customers in its regulatory filings. Therefore, the names of its largest customer companies cannot be provided.

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Eric Armstrong McAfee, Chairman, CEO, and Founder

Mr. McAfee is an entrepreneur, venture capitalist, and philanthropist who has founded and funded over thirty companies in various sectors, including renewable energy, oil & gas, networking equipment, enterprise software, medical devices, and agriculture through McAfee Capital, Cagan McAfee Capital Partners, and Berg McAfee Companies. He has successfully taken seven companies public, including Aemetis, Pacific Ethanol (Nasdaq), Evolution Petroleum (NYSE), and Procera Networks (Nasdaq), which was subsequently sold. He also co-founded Pacific Ethanol and played pivotal roles in the formation of Solargen Energy. His career demonstrates extensive experience in private equity and venture capital.

Todd A. Waltz, Executive Vice President, Chief Financial Officer, and Secretary

Mr. Waltz brings over 20 years of experience in finance and accounting to Aemetis, including previous positions at Apple Computer. He has a strong background in financial management and leadership, with a particular focus on online services products, having been instrumental in the success of businesses such as .Mac and Print Services. Prior to Aemetis, he served as Chairman, President, CEO, Secretary & Treasurer of Vision Global Solutions, Inc. from 2011 to 2013 and as Chief Financial Officer & Executive Vice President of AE Biofuels, Inc. from 2010 to 2011.

Andrew B. Foster, President and Chief Operating Officer

Mr. Foster serves as the President and Chief Operating Officer at Aemetis, Inc., and holds the same role at Aemetis Advanced Fuels Keyes, Inc., and American Ethanol Inc. His prior experience includes executive roles such as VP:Corporate Marketing at BMC Software and Director, Corporate Marketing at eSilicon Corporation.

Sanjeev Gupta, Executive Vice President, Aemetis International

Mr. Gupta is an Executive Vice President at Aemetis, overseeing the company's international operations.

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1. Financial Distress and Going Concern Risk: Aemetis has consistently reported negative cash flow and net losses, raising "substantial doubt" about its ability to continue as a going concern. The company carries a high level of debt, including significant amounts due within the next 12 months, and has a negative equity position. This financial fragility necessitates reliance on refinancing and the cooperation of its senior lenders to meet obligations.
2. Market Volatility and Regulatory Dependence: The company operates in volatile markets where it has limited control over major input costs and product revenues. Aemetis's financial performance is highly dependent on government regulations, tax credits (such as LCFS and Section 45Z), and grants. Fluctuations in these areas, including shifting government orders affecting its India Biodiesel segment, can significantly impact its profitability and operational stability.
3. Operational and Execution Risks of Expansion Projects: Aemetis is undertaking ambitious expansion plans for renewable natural gas (RNG), sustainable aviation fuel (SAF)/renewable diesel (RD), and carbon capture projects. These projects involve substantial capital investment and are subject to risks associated with construction delays, permitting processes, successful ramp-up of operations, and securing necessary financing.

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Aemetis (AMTX) operates in several renewable energy markets, with significant addressable markets for its main products and services:

• Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market was valued at USD 1.7 billion in 2024 and is estimated to grow to USD 74.6 billion by 2034. In the United States, the SAF market is projected to reach USD 6.97 billion by 2030 from USD 0.86 billion in 2024. The U.S. market size was also valued at USD 450.41 million in 2024 and is expected to reach USD 43,165.13 million by 2034. North America is expected to reach over USD 28 billion by 2034.

• Renewable Diesel: The global renewable diesel market was valued at USD 23 billion in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 8.1% from 2025 to 2034. The U.S. renewable diesel market was valued at USD 10.3 billion in 2024 and is expected to hit around USD 21.70 billion by 2034. The North American renewable diesel market was valued at USD 12.9 billion in 2023 and is projected to reach USD 49.1 billion by 2044.

• Dairy Renewable Natural Gas (RNG): The global Renewable Natural Gas from Dairies market size reached USD 3.2 billion in 2024 and is forecasted to grow to USD 7.1 billion by 2033. In the United States, the RNG market, where dairy is a significant contributor (approximately 20%), increased from $458 million in 2018 to $2.4 billion in 2024. The global renewable natural gas market (which includes dairy RNG) is estimated to be valued at USD 15.20 billion in 2025 and is expected to reach USD 26.57 billion by 2032.

• Ethanol: Aemetis produces low-carbon ethanol in California. The total fuel ethanol consumption in California is approximately 1.4 billion gallons annually.

• Biodiesel (India): Aemetis produces biodiesel in India for customers in Europe and Asia. The global biodiesel market size was valued at USD 32.09 billion in 2021 and is projected to reach USD 73.05 billion by 2030. Europe accounted for more than 46.7% of the global market in 2021.

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Aemetis (AMTX) is positioned for future revenue growth over the next 2-3 years, driven by several key initiatives and market tailwinds:

1. Expansion of Dairy Renewable Natural Gas (RNG) Production: Aemetis is actively expanding its biogas digester network and is targeting a significant increase in renewable natural gas production capacity. The company aims to reach more than 500,000 MMBtu of RNG production capacity by the end of 2025 and grow to a 1 million MMBtu annual run rate by the end of 2026. This expansion directly contributes to increased revenue as more RNG is produced and sold.
2. India Biodiesel Segment Growth and Potential IPO: The company's India biodiesel business has demonstrated revenue generation, with recent increases driven by orders from India Oil Marketing Companies (OMC). Aemetis is targeting an initial public offering (IPO) for its India subsidiary in 2026, which could provide capital for further expansion and enhance the segment's growth trajectory.
3. Development of Sustainable Aviation Fuel (SAF) and Renewable Diesel Plant: Aemetis has received authority to construct air permits for a 90 million gallon per year sustainable aviation fuel and renewable diesel plant. This represents a significant future growth opportunity in the renewable fuels market, with the permitting a crucial step towards future production and revenue generation from these high-demand, low-carbon fuels.
4. Monetization of Low Carbon Fuel Standard (LCFS) Credits and Federal Tax Incentives (45Z): The company anticipates increasing income streams from California's Low Carbon Fuel Standard (LCFS) credits and federal tax incentives, particularly the Section 45Z production tax credit under the Inflation Reduction Act. These are expected to ramp up in the fourth quarter of 2025 and further increase in 2026 as new projects are completed and regulatory guidance is issued. Policy approvals and tax credits are projected to boost revenue by stimulating market demand and lowering operational costs.
5. Improved Ethanol Plant Economics via Mechanical Vapor Recompression (MVR) System: Aemetis has signed an agreement for a $30 million Mechanical Vapor Recompression (MVR) system, which is expected to add $32 million to annual cash flow from operations. This system is anticipated to positively improve the economics of the company's fuel ethanol business, potentially leading to higher margins and increased competitiveness, which can indirectly drive revenue growth or strengthen the ethanol segment's financial contribution.

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Share Repurchases

No significant share repurchases were reported over the last 3-5 years; instead, the company has diluted shareholders.

Share Issuance

• Aemetis has significantly diluted shareholders by at least two-thirds since 2020.
• For the nine months ended September 30, 2025, the company reported the issuance of common stock valued at approximately $5.084 million.
• The additional paid-in capital increased from $305.329 million at December 31, 2024, to $336.814 million at September 30, 2025, indicating further equity issuance.

Inbound Investments

• Aemetis sold $83 million in Section 48 investment tax credits, generating approximately $70 million in cash.
• The company secured approximately $19.7 million in grants and tax credits from the California Energy Commission and Pacific Gas & Electric for its Mechanical Vapor Recompression (MVR) system.
• In Q1 2025, Aemetis received $19 million in cash proceeds from the sale of solar and biogas-related investment tax credits.

Outbound Investments

• In December 2020, an Aemetis subsidiary acquired less than a 20% ownership stake in Nevo Motors, Inc.

Capital Expenditures

• Aemetis made $9.4 million in capital investments during the first three quarters of 2025, with $7.4 million primarily focused on Aemetis Biogas projects.
• The company is investing $30 million in a Mechanical Vapor Recompression (MVR) system at its Keyes, California ethanol plant, projected to reduce natural gas use by approximately 80% and generate an estimated $32 million in incremental annual cash flow starting in 2026.
• Aemetis expanded its dairy digester network for Renewable Natural Gas (RNG) production, with plans to increase capacity to 1.0 million MMBtus by the end of 2026.