California Ethanol was Aemetis’s largest segment in fiscal 2025, bringing in $115.83M of $148.00M (78%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| North America | — | — | — | — | ||||||
| Ethanol Sales | — | — | — | — | ||||||
| Ethanol & High-Grade Alcohol Sales | — | — | — | — | ||||||
| California Ethanol | $165.88M | $78.40M | $118.88M | $115.83M | ||||||
| India Biodiesel | $27.04M | $74.50M | $86.65M | $23.51M | ||||||
| Wet Distiller'S Grains Sales | — | — | — | — | ||||||
| Biodiesel Sales | — | — | — | — | ||||||
| India | — | — | — | — | ||||||
| California Dairy Renewable Natural Gas | — | $4.47M | $9.21M | $8.66M | ||||||
| Other Sales | — | — | — | — | ||||||
| Refined Glycerin Sales | — | — | — | — | ||||||
| Pfad Sales | — | — | — | — | ||||||
| Total | $192.92M | $157.38M | $214.74M | $148.00M |
Aemetis brought in $148.00M from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 31.1% from $214.74M in fiscal 2024. California Ethanol was the largest at $115.83M (78.3%), ahead of India Biodiesel at $23.51M (15.9%) and California Dairy Renewable Natural Gas at $8.66M (5.9%).
Compared with fiscal 2024, every segment above 2% of revenue shrank. California Ethanol held up best, down 2.6% to $115.83M, and India Biodiesel fell the most, down 72.9% to $23.51M.
Aemetis began breaking out California Dairy Renewable Natural Gas in fiscal 2023, when it brought in $4.47M.
Ethanol Sales was Aemetis’s largest product and service line in fiscal 2024, bringing in $118.88M of $261.45M (45%).
| Product and Service | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Alternative Energy, Ethanol | $165.88M | — | — |
| Ethanol Sales | — | $78.40M | $118.88M |
| Renewable Energy, Biodiesel | $27.04M | $74.50M | $86.65M |
| Wet Distillers Grains | $50.93M | $21.96M | $36.21M |
| Product & Service, Other | $11.39M | $3.70M | $6.66M |
| Rin Sales | — | $4.47M | $9.21M |
| Lcfs Credit Sales | — | — | $2.92M |
| Gas Sales | — | $981.00K | $907.00K |
| Gas Molecules & Rin Credits | $208.00K | — | — |
| Total | $255.44M | $184.03M | $261.45M |
Aemetis brought in $261.45M from its seven product and service lines in fiscal 2024, the year ended December 31, 2024. Aemetis regrouped these lines after fiscal 2023, so the total does not compare directly with that year's $184.03M. Ethanol Sales was the largest at $118.88M (45.5%), ahead of Renewable Energy, Biodiesel at $86.65M (33.1%) and Wet Distillers Grains at $36.21M (13.9%). The other four lines brought in $19.70M combined.
Compared with fiscal 2023, Rin Sales grew fastest, up 105.8% to $9.21M. Every line above 2% of revenue grew.
Aemetis began breaking out Ethanol Sales in fiscal 2023, Rin Sales in fiscal 2023, Lcfs Credit Sales in fiscal 2024 and Gas Sales in fiscal 2023. Aemetis stopped reporting Alternative Energy, Ethanol ($165.88M in fiscal 2022) and Gas Molecules & Rin Credits ($208.00K in fiscal 2022) as separate lines.
Kinergy was Aemetis’s largest revenue line in fiscal 2021, bringing in $110.70M of $203.88M (54%).
| Counterparty Name | FY 2021 |
|---|---|
| Kinergy | $110.70M |
| Murex | $51.70M |
| J.D. Heiskell | $41.48M |
| Total | $203.88M |
Aemetis brought in $203.88M from its three revenue lines in fiscal 2021, the year ended December 31, 2021. Kinergy was the largest at $110.70M (54.3%), ahead of Murex at $51.70M (25.4%) and J.D. Heiskell at $41.48M (20.3%).
Aemetis (AMTX) reports its revenue by segment, by product and service and by counterparty name. In fiscal 2025, California Ethanol was its largest segment, bringing in $115.83M (78.3% of the total), followed by India Biodiesel at $23.51M (15.9%).
California Ethanol was Aemetis' largest segment in fiscal 2025, bringing in $115.83M, or 78.3% of the $148.00M total across its three segments.
Ethanol Sales was Aemetis' largest product and service line in fiscal 2024, bringing in $118.88M, or 45.5% of the $261.45M total across its seven product and service lines.
Kinergy was Aemetis' largest revenue line in fiscal 2021, bringing in $110.70M, or 54.3% of the $203.88M total across its three revenue lines.
Every figure comes from Aemetis' annual financial filings, as reported. Each line keeps the name Aemetis gives it, and years follow its fiscal calendar.
Aemetis' revenue by segment goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.