Stonegate Capital Partners Updates Coverage on Aemetis, Inc. (AMTX) Q425

Dallas, Texas–(Newsfile Corp. – March 16, 2026) – Aemetis, Inc. (NASDAQ: AMTX): Stonegate Capital Partners updates coverage on Aemetis, Inc. (NASDAQ: AMTX). Aemetis’ 4Q25 results further support the view that the Company is beginning to transition from a capital-intensive buildout story toward a more monetizable low-carbon fuels platform. Dairy RNG remains the clearest proof point, with 12 operating digesters, approximately 405,000 MMBtu of full-year production, and 4Q output up 61% y/y. More importantly, Biogas contributed $10.3 million of production tax credits in the fourth quarter and generated $12.2 million of segment net income, reinforcing that the RNG business is no longer just a future earnings opportunity but an asset already producing meaningful profitability. That earnings base should continue to build as Aemetis captures value from RNG molecule sales, D3 RINs, LCFS credits, and federal production tax credits, with seven new CARB pathway approvals improving average RNG carbon intensity from the negative-150 default to negative 380. 

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Key Takeaways:

• Median valuation target suggests meaningful upside: Stonegate’s analysis indicates a median valuation target of $11.7 per share, implying substantial upside from current trading levels.
• AMTX nearing an EBITDA inflection: Scaling Dairy RNG production and improving ethanol economics position thecompany to transition from a capital-intensive buildout phase to sustained operating cash flow growth.
• Integrated platform drives stacked fuel and credit revenues: Dairy RNG, low-carbon ethanol, and SAF optionality enable Aemetis to monetize production through fuel sales, RINs, LCFS credits, and 45Z tax incentives, creating multiple revenue layers.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Source: Stonegate, Inc.

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