Investment Thesis
AEMETIS exhibits severe financial distress with negative stockholders equity of -$306.8M, indicating liabilities exceed assets after accounting for equity. The company is unprofitable with a -39% net margin, negative gross margin, and severely constrained liquidity (0.07x current ratio) while burning cash operationally relative to capital expenditure requirements. Fundamental business economics are broken and require substantial operational or structural restructuring to survive.
AMTX Strengths
- Positive operating cash flow of $3.3M suggests core operations generated some cash despite massive net losses
- Revenue base of $197.6M indicates established market presence in industrial chemicals sector
- 5 Form 4 insider filings suggest active management engagement with the company
AMTX Risks
- Negative stockholders equity of -$306.8M means company is technically insolvent from an accounting perspective
- Critical liquidity crisis with current ratio of 0.07x and only $4.9M cash against substantial liabilities
- Operating model fundamentally broken: negative gross margin means revenue-generating activities lose money before operating expenses
- Massive net losses of -$77M with negative ROA of -29.6% indicate asset destruction
- Long-term debt of $63.9M represents 13.6x annual cash available from operations
- Free cash flow of -$22.7M and -11.5% FCF margin indicates capital allocation is negative value-destroying
Key Metrics to Watch
- Stockholders equity trajectory - movement toward positive territory or deeper insolvency
- Gross margin - must turn positive for business to be viable
- Operating cash flow sustainability - whether positive $3.3M can be maintained or deteriorates
- Debt refinancing ability - critical given low liquidity and negative equity position
- Revenue stabilization - whether -26.2% YoY decline continues or stabilizes
AMTX Financial Metrics
AMTX Profitability Ratios
AMTX Balance Sheet & Liquidity
AMTX 5-Year Financial Trend
5-Year Trend Summary: AEMETIS, INC's revenue has shown modest growth of 4% over the 5-year period. The most recent EPS of $-1.91 indicates the company is currently unprofitable.
AMTX Growth Metrics (YoY)
AMTX Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $59.2M | -$17.9M | $-0.37 |
| Q2 2025 | $52.2M | -$23.4M | $-0.41 |
| Q1 2025 | $42.9M | -$24.2M | $-0.47 |
| Q3 2024 | $68.7M | -$17.9M | $-0.38 |
| Q2 2024 | $45.1M | -$24.2M | $0.66 |
| Q1 2024 | $2.2M | -$24.2M | $-0.58 |
| Q3 2023 | $68.7M | N/A | $-0.56 |
| Q2 2023 | $45.1M | -$209.0K | $-0.01 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AMTX Capital Allocation
AMTX SEC Filings
Access official SEC EDGAR filings for AEMETIS, INC (CIK: 0000738214)