Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36475

Aemetis, Inc.

(Exact name of registrant as specified in its charter)

Delaware	26-1407544
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

20400 Stevens Creek Blvd., Suite 700

Cupertino, CA 95014

(408) 213-0940

(Address and telephone number of principal executive offices)

Title of each class of registered securities	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	AMTX	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☑ Non-accelerated filer ☐ Smaller reporting company ☑ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares outstanding of the registrant’s Common Stock on October 31, 2024, was 49,734,572 shares.

Table of Contents

AEMETIS, INC.

FORM 10-Q

Quarterly Period Ended September 30, 2024

INDEX

PART I--FINANCIAL INFORMATION


Item 1	Financial Statements.	4

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	22

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	27

Item 4.	Controls and Procedures.	27

PART II--OTHER INFORMATION

Item 1.	Legal Proceedings.	28

Item 1A.	Risk Factors.	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	28

Item 3.	Defaults Upon Senior Securities.	28

Item 4.	Mine Safety Disclosures.	28

Item 5.	Other Information.	28

Item 6.	Exhibits.	28

Signatures		29

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

We make forward-looking statements in this Quarterly Report on Form 10-Q, including statements regarding our assumptions, projections, expectations, targets, intentions, or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, statements regarding management’s plans; trends in market conditions with respect to prices for inputs for our products and prices for our products; our ability to leverage approved feedstock pathways; our ability to leverage our location and infrastructure; our ability to incorporate lower-cost, non-food advanced biofuels feedstock at the Keyes Plant; our ability to expand into alternative markets for biodiesel and its byproducts, including continuing to expand our sales into international markets; our ability to maintain and expand strategic relationships with suppliers; our ability to access governmental carbon reduction incentives; our ability to supply gas into transportation markets; our ability to continue to develop, maintain, and protect new and existing intellectual property rights; our ability to adopt, develop and commercialize new technologies; our ability to extend or refinance our senior debt on terms reasonably acceptable to us or at all; our ability to continue to fund operations and our future sources of liquidity and capital resources; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our California Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our carbon capture sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to obtain additional financing under the EB-5 program; our ability to generate and sell or utilize various credits, including LCFS, D3 RINs, production tax credits, and investment tax credits; our ability to improve margins; and our ability to raise additional debt and equity funding at the parent, subsidiary, or project level. Words or phrases such as “anticipates,” “may,” “will,” “should,” “could,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will likely result,” “will continue” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, the risks set forth under the caption “Risk Factors” below, which are incorporated herein by reference, as well as those business risks and factors described elsewhere in this report and in our other filings with the Securities and Exchange Commission (the “SEC”), including without limitation, our most recent Annual Report on Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands except for par value)

	*September 30, 2024*			*December 31, 2023*
		*Unaudited*
Assets
Current assets:
Cash and cash equivalents ($0 and $1,093 respectively from VIE)	$	296		$	2,667
Accounts receivable ($60 and $55 respectively from VIE)		8,027			8,633
Inventories		19,792			18,291
Prepaid expenses ($164 and $1,438 respectively from VIE)		1,781			3,347
Other current assets ($2 and $289 respectively from VIE)		5,004			3,462
Total current assets		34,900			36,400

Property, plant and equipment, net ($91,468 and $81,966 respectively from VIE)		195,939			195,108
Operating lease right-of-use assets ($630 and $145 respectively from VIE)		2,333			2,056
Other assets ($7,024 and $4,881 respectively from VIE)		14,253			9,842
Total assets	$	247,425		$	243,406

Liabilities and stockholders' deficit
Current liabilities:
Accounts payable ($4,725 and $3,815 respectively from VIE)	$	37,254		$	32,132
Current portion of long term debt ($730 and $190 respectively from VIE)		55,797			13,585
Short term borrowings ($0 and $9 respectively from VIE)		21,418			23,443
Other current liabilities ($40 and $48 respectively from VIE)		17,773			15,229
Total current liabilities		132,242			84,389
Long term liabilities:
Senior secured notes and revolving notes		164,408			176,476
EB-5 notes		26,000			29,500
Other long term debt ($45,880 and $40,857, respectively from VIE)		54,583			51,717
Series A preferred units ($123,869 and $113,189 respectively from VIE)		123,869			113,189
Other long term liabilities ($516 and $67 respectively from VIE)		5,232			5,112
Total long term liabilities		374,092			375,994

Stockholders' deficit:
Common stock, $0.001 par value; 80,000 authorized; 47,817 and 40,966 shares issued and outstanding each period, respectively		48			41
Additional paid-in capital		293,611			264,058
Accumulated deficit		(546,745	)		(475,405	)
Accumulated other comprehensive loss		(5,823	)		(5,671	)
Total stockholders' deficit		(258,909	)		(216,977	)
Total liabilities and stockholders' deficit	$	247,425		$	243,406

The accompanying notes are an integral part of the financial statements.

Table of Contents

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands except for loss per share)

	*For the three months ended September 30,*						*For the nine months ended September 30,*
	*2024*			*2023*			*2024*			*2023*
Revenues	$	81,441		$	68,690		$	220,636		$	115,953
Cost of goods sold		77,563			68,198			219,176			114,800
Gross profit		3,878			492			1,460			1,153

Selling, general and administrative		7,750			9,021			28,400			29,595
Operating loss		(3,872	)		(8,529	)		(26,940	)		(28,442	)

Other expense (income):
Interest expense
Interest rate expense		10,096			8,749			29,092			24,126
Debt related fees and amortization expense		1,651			1,433			4,892			4,732
Accretion and other expenses of Series A preferred units		3,267			7,739			10,055			20,188
Other income		(1,225	)		(1,853	)		(1,176	)		(2,020	)
Loss before income taxes		(17,661	)		(24,597	)		(69,803	)		(75,468	)
Income tax expense (benefit)		274			(55,308	)		1,537			(54,490	)
Net income (loss)	$	(17,935	)	$	30,711		$	(71,340	)	$	(20,978	)

Other comprehensive income (loss)
Foreign currency translation loss		(116	)		(260	)		(152	)		(127	)
Comprehensive income (loss)	$	(18,051	)	$	30,451		$	(71,492	)	$	(21,105	)

Net income (loss) per common share
Basic	$	(0.38	)	$	0.79		$	(1.60	)	$	(0.56	)
Diluted	$	(0.38	)	$	0.73		$	(1.60	)	$	(0.56	)

Weighted average shares outstanding
Basic		47,216			38,881			44,517			37,504
Diluted		47,216			41,841			44,517			37,504

The accompanying notes are an integral part of the financial statements.

Table of Contents

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	*For the nine months ended September 30,*
	*2024*			*2023*
Operating activities:
Net loss	$	(71,340	)	$	(20,978	)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation		6,928			6,223
Depreciation		6,121			5,208
Debt related fees and amortization expense		4,892			4,732
Intangibles and other amortization expense		36			35
Accretion and other expenses of Series A preferred units		10,055			20,188
Loss on asset disposals		3,644			-
Gain on debt extinguishment		(162	)		-
Warrants issued for working capital agreement		-			409
Deferred tax expense		-			(144	)
Changes in operating assets and liabilities:
Accounts receivable		557			(3,344	)
Inventories		(1,618	)		(3,616	)
Prepaid expenses		1,566			2,379
Other assets		(6,930	)		(56,797	)
Accounts payable		3,481			4,728
Accrued interest expense and fees		20,873			18,483
Other liabilities		1,545			2,356
Net cash used in operating activities		(20,352	)		(20,138	)

Investing activities:
Capital expenditures		(13,470	)		(18,595	)
Grant proceeds and other reimbursements received for capital expenditures		3,045			7,682
Net cash used in investing activities		(10,425	)		(10,913	)

Financing activities:
Proceeds from borrowings		12,534			41,449
Repayments of borrowings		(4,841	)		(22,586	)
Lender debt renewal and waiver fee payments		(1,445	)		(1,681	)
Payments on finance leases		(170	)		(394	)
Proceeds from sales of common stock		21,680			14,767
Proceeds from exercise of stock options		36			45
Net cash provided by financing activities		27,794			31,600

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(4	)		117
Net change in cash, cash equivalents, and restricted cash for period		(2,987	)		666
Cash, cash equivalents, and restricted cash at beginning of period		6,280			6,999
Cash, cash equivalents and restricted cash at end of period	$	3,293		$	7,665

Supplemental disclosures of cash flow information, cash paid:
Cash paid for interest	$	6,272		$	6,926
Income taxes paid		878			20
Supplemental disclosures of cash flow information, non-cash transactions:
Subordinated debt extension fees added to debt		680			680
Debt fees added to revolving lines		-			2,236
Fair value of warrants issued to subordinated debt holders		916			1,278
Fair value of warrants issued to lender for debt issuance costs		-			245
Lender debt extension, waiver, and other fees added to debt		695			384
Cumulative capital expenditures in accounts payable, including net increase of $2,160 and $474		10,060			13,459

The accompanying notes are an integral part of the financial statements.

Table of Contents

AEMETIS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited, in thousands)

*For the nine months ended September 30, 2024*
	*Common Stock*				*Additional*					*Accumulated Other*			*Total*
					*Paid-in*		*Accumulated*			*Comprehensive*			*Stockholders'*
Description	*Shares*		*Dollars*		*Capital*		*Deficit*			*Loss*			*deficit*

Balance at December 31, 2023		40,966	$	41	$	264,058	$	(475,405	)	$	(5,671	)		(216,977	)

Issuance of common stock		1,523		2		5,511		-			-			5,513
Stock options exercised		14		-		36		-			-			36
Stock-based compensation		-		-		2,969		-			-			2,969
Issuance and exercise of warrants		113		-		593		-			-			593
Foreign currency translation loss		-		-		-		-			(44	)		(44	)
Net loss		-		-		-		(24,231	)		-			(24,231	)
Balance at March 31, 2024		42,616	$	43	$	273,167	$	(499,636	)	$	(5,715	)	$	(232,141	)

Issuance of common stock		3,166		3		10,375		-			-			10,378
Stock-based compensation		-		-		1,977		-			-			1,977
Foreign currency translation gain		-		-		-		-			8			8
Net loss		-		-		-		(29,174	)		-			(29,174	)
Balance at June 30, 2024		45,782	$	46	$	285,519	$	(528,810	)	$	(5,707	)	$	(248,952	)

Issuance of common stock		1,922		2		5,787		-			-			5,789
Stock-based compensation		-		-		1,982		-			-			1,982
Issuance and exercise of warrants		113		-		323		-			-			323
Foreign currency translation loss		-		-		-		-			(116	)		(116	)
Net loss		-		-		-		(17,935	)		-			(17,935	)
Balance at September 30, 2024		47,817	$	48		293,611	$	(546,745	)	$	(5,823	)	$	(258,909	)

Table of Contents

*For the nine months ended September 30, 2023*
	*Series B Preferred Stock*					*Common Stock*				*Additional*					*Accumulated Other*			*Total*
										*Paid-in*		*Accumulated*			*Comprehensive*			*Stockholders'*
Description	*Shares*			*Dollars*		*Shares*		*Dollars*		*Capital*		*Deficit*			*Loss*			*deficit*

Balance at December 31, 2022		1,270		$	1		35,869	$	36	$	232,546	$	(428,985	)	$	(5,452	)	$	(201,854	)
Issuance of common stock		-			-		668		1		2,616		-			-			2,617
Stock options exercised		-			-		40		-		-		-			-			-
Stock-based compensation		-			-		-		-		2,662		-			-			2,662
Issuance and exercise of warrants		-			-		113		-		448		-			-			448
Foreign currency translation gain		-			-		-		-		-		-			117			117
Net loss		-			-		-		-		-		(26,410	)		-			(26,410	)
Balance at March 31, 2023		1,270		$	1		36,690	$	37	$	238,272	$	(455,395	)	$	(5,335	)	$	(222,420	)

Issuance of common stock		-			-		1,353		1		6,298		-			-			6,299
Series B conversion to common stock		(10	)		-		1		-		-		-			-			-
Stock options exercised		-			-		72		-		38		-			-			38
Stock-based compensation		-			-		-		-		1,755		-			-			1,755
Issuance and exercise of warrants		-			-		62		-		654		-			-			654
Foreign currency translation gain		-			-		-		-		-		-			16			16
Net loss		-			-		-		-		-		(25,279	)		-			(25,279	)
Balance at June 30, 2023		1,260		$	1		38,178	$	38	$	247,017	$	(480,674	)	$	(5,319	)	$	(238,937	)

Issuance of common stock		-			-		1,062		1		5,850		-			-			5,851
Stock options exercised		-			-		35		-		7		-			-			7
Stock-based compensation		-			-		-		-		1,806		-			-			1,806
Issuance and exercise of warrants		-			-		113		-		830		-			-			830
Foreign currency translation loss		-			-		-		-		-		-			(260	)		(260	)
Net income		-			-		-		-		-		30,711			-			30,711
Balance at September 30, 2023		1,260		$	1		39,388	$	39	$	255,510	$	(449,963	)	$	(5,579	)	$	(199,992	)

The accompanying notes are an integral part of the financial statements.

(Tabular data in thousands, except par value and per share data)

Table of Contents

1. General

Nature of Activities

Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. (collectively with its subsidiaries on a consolidated basis referred to herein as “Aemetis,” the “Company,” “we,” “our” or “us”) is an international renewable natural gas and renewable fuels company focused on the operation, acquisition, development, and commercialization of innovative technologies to produce low and negative carbon intensity renewable fuels that replace fossil-based products. We do this by building a local circular bioeconomy using agricultural products and waste to produce low carbon, advanced renewable fuels that reduce greenhouse gas ("GHG") emissions and improve air quality. Our current operations include:

► California Ethanol - We own and operate a 65 million gallon per year capacity ethanol production facility in Keyes, California (the “Keyes Plant”). In addition to low carbon renewable fuel ethanol, the Keyes Plant produces Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”), all of which are sold as animal feed to local dairies and feedlots. The Keyes Plant also produces and sells CO₂ to Messer Gas who converts it to liquid and sells it to food, beverage, and industrial customers. We are implementing several energy efficiency initiatives at the Keyes Plant focused on reducing operating costs and lowering the carbon intensity of our fuel by reducing fossil fuel inputs.

► California Dairy Renewable Natural Gas - We produce Renewable Natural Gas (RNG) in central California. Our facilities include nine anaerobic digesters that produce biogas from dairy waste, a 36-mile biogas collection pipeline leading to a central upgrading hub, and a utility interconnection to inject the RNG into the natural gas pipeline for delivery to customers for use as transportation fuel. We are actively expanding our RNG production dairies, with five additional digesters under construction, agreements with a total of 48 dairies, and environmental review completed for an additional 24 miles of pipeline. We are also building our own RNG dispensing station, which is planned to begin operating in Q1 2025.

► India Biodiesel - We own and operate a plant in Kakinada, India ("Kakinada Plant" or "India Plant") with a capacity to produce 60 million gallons per year of high-quality distilled biodiesel from a variety of vegetable oil and animal waste feedstocks. The Kakinada Plant is one of the largest biodiesel production facilities in India. The Kakinada Plant also distills the crude glycerin byproduct from the biodiesel refining process into refined glycerin, which is sold to the pharmaceutical, personal care, paint, adhesive, and other industries.

In addition, we are actively growing our business by seeking to develop or acquire new facilities, including the following key projects:

► Sustainable Aviation Fuel and Renewable Diesel – We are developing a sustainable aviation fuel and renewable diesel (“SAF/RD”) production plant to be located at the Riverbank Industrial Complex in Riverbank, CA. The plant is currently designed to produce an expected 90 million gallons per year of SAF/RD from renewable oil and fats obtained from the Company’s biofuels plants and other sources. The plant will use low-carbon hydroelectric electricity and renewable hydrogen that is generated within the plant’s own processes using byproducts of the SAF/RD production. In 2023, we received approval of the Use Permit and California Environmental Quality Act ("CEQA") evaluation for the development of the plant, and in March 2024, we received the Authority to Construct air permits for the plant. We are continuing with the engineering and other required development activities for the plant.

► Carbon Capture and Underground Sequestration – We are developing Carbon Capture and Underground Sequestration (“CCUS”) facilities that will inject carbon dioxide captured from our biofuel production facilities and other sources deep into the ground for geologic storage to reduce emissions to the atmosphere of greenhouse gases that contribute to global warming. In May 2023, we received a permit from the State of California to build a geologic characterization well that will provide information for the permitting and design of a CCUS well located in Riverbank, California. We drilled the first phase of the characterization well in September 2024, and plan to complete the drilling in 2025 while at the same time continuing engineering, permitting and other development activities for the sequestration well.

The Company’s current and planned businesses produce renewable fuels and reduce carbon emissions, while generating valuable Renewable Fuel Standard credits, California Low Carbon Fuel Standard credits, and federal tax credits.

Basis of Presentation and Consolidation

These consolidated financial statements include the accounts of Aemetis, Inc. and its subsidiaries. We consolidate all entities in which we have a controlling financial interest. A controlling financial interest is usually obtained through ownership of a majority of the voting interests. However, an enterprise must consolidate a variable interest entity (“VIE”) if the enterprise is the primary beneficiary of the VIE, even if the enterprise does not own a majority of the voting interests. The primary beneficiary is the party that has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We consider Aemetis Biogas LLC ("ABGL") to be a VIE because the Company owns all of the outstanding common units of ABGL and is the primary beneficiary of ABGL's operations; accordingly, the assets, liabilities, and operations of ABGL are consolidated in these financial statements.

All intercompany balances and transactions have been eliminated in consolidation.

The accompanying consolidated condensed balance sheet as of September 30, 2024, the consolidated condensed statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023, the consolidated condensed statements of cash flows for the nine months ended September 30, 2024 and 2023, and the consolidated condensed statements of stockholders’ deficit for the three and nine months ended September 30, 2024 and 2023, are unaudited. The consolidated condensed balance sheet as of December 31, 2023, is derived from the 2023 audited consolidated financial statements and notes thereto.

The consolidated condensed financial statements in this report should be read in conjunction with the 2023 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The accompanying consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

(Tabular data in thousands, except par value and per share data)

Table of Contents

In the opinion of Company’s management, the unaudited interim consolidated condensed financial statements as of and for the three and nine months ended September 30, 2024 and 2023, have been prepared on the same basis as the audited consolidated statements as of and for the year ended December 31, 2023 and reflect all adjustments, consisting primarily of normal recurring adjustments, necessary for the fair presentation of its statement of financial position, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the operating results for any subsequent quarter, for the full fiscal year, or any future periods.

There have been no material changes to our significant accounting policies disclosed in Note 1 - Nature of Activities and Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

2. Revenue

We derive revenue primarily from sales of ethanol and related co-products in California, renewable natural gas ("RNG") and related environmental attributes in California, and biodiesel and refined glycerin in India.

California Ethanol Revenues: We sell most of our ethanol to J.D. Heiskell Holdings, LLC ("J.D. Heiskell"), who sells it to a customer designated by us, Murex, LLC, who markets the product. We also buy our corn feedstock from J.D. Heiskell, and J.D. Heiskell pays us the net balance between the sales of ethanol and other products we sell to J.D. Heiskell and the cost of our corn purchases from J.D. Heiskell. Our accounting (i) treats us as the purchaser/customer for corn purchases from J.D. Heiskell and accordingly we record the full purchase cost in cost of goods sold, and (ii) treats us as the seller for ethanol and other product sales and accordingly we recognize the full amount as revenue.

Given the similarity of the individual sales transactions with J.D. Heiskell, we have assessed them as a portfolio of similar contracts. The performance obligation is satisfied by delivery of the physical product to our finished goods tank that is leased by J.D. Heiskell. The transaction price is determined based on daily market prices and quarterly contract pricing negotiated by Murex for its customers for ethanol and based on dry distillers' market and local demand by our marketing partner A.L. Gilbert Company (“A.L. Gilbert”) for WDG. The transaction price is allocated to one performance obligation.

The following table shows sales in our California Ethanol segment by product category:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Ethanol sales	$	33,925	$	36,375	$	88,748	$	45,388
Wet distiller's grains sales		8,961		9,427		27,476		11,980
Other sales		2,048		1,637		4,931		1,878
Total	$	44,934	$	47,439	$	121,155	$	59,246

From December 2022 until May 2023, we undertook an extended maintenance cycle and accelerated the implementation of several important ethanol plant energy efficiency upgrades, which accounts for lower revenue amounts shown in the table above for the nine months ending September 30, 2023.

California Dairy Renewable Natural Gas Revenues: As of September 30, 2024, we operate nine anaerobic digesters that process feedstock from ten dairies into biogas, a 36-mile collection pipeline leading to a central upgrading hub, and an interconnect to inject the RNG into the utility natural gas pipeline for delivery to customers for use as transportation fuel. In connection with dispensing the RNG, we generate sellable credits under the federal Renewable Fuel Standard (referred to as "D3 RINs") and the California Low Carbon Fuel Standard ("LCFS"). We began selling D3 RINs in the third quarter of 2023 and began selling LCFS credits in the first quarter of 2024. We recognize revenue from sales of RNG concurrently with our production and injection into the pipeline. We recognize revenue from sales of D3 RINs and LCFS credits at the time we sell the credits.

The following table represents sales in our Renewable Natural Gas segment:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
RNG, LCFS and D3 RIN sales	$	4,250	$	1,107	$	9,640	$	1,523

India Biodiesel Revenues:

The following table shows our sales in our India Biodiesel segment by product category:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Biodiesel sales	$	31,121	$	19,291	$	85,821	$	53,292
Other sales		1,136		853		4,020		1,892
Total	$	32,257	$	20,144	$	89,841	$	55,184

(Tabular data in thousands, except par value and per share data)

Table of Contents

3. Cash and Cash Equivalents

The following table reconciles cash, cash equivalents, and restricted cash reported in the consolidated condensed balance sheet to the statement of cash flows:

	*As of*
	*September 30, 2024*		*December 31, 2023*
Cash and cash equivalents	$	296	$	2,667
Restricted cash included in other current assets		115		289
Restricted cash included in other assets		2,882		3,324
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	3,293	$	6,280

Restricted cash shown in the table above includes amounts required to be set aside by the Aemetis Biogas 1 LLC Term Loan Agreement and Aemetis Biogas 2 LLC Construction and Term Loan Agreement for financing reserves and construction contingencies.

4. Basic and Diluted Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the dilution of common stock equivalents such as options, debt and warrants to the extent the impact is dilutive.

The following table shows the number of potentially dilutive shares excluded from the diluted net income (loss) per share calculation as of September 30, 2024 and 2023:

	As of
	*September 30, 2024*		*September 30, 2023*
Common stock options and warrants		7,728		3,281
Debt with conversion feature at $30 per share of common stock		1,151		1,259
Total number of potentially dilutive shares		8,879		4,540

5. Inventories

Inventories consist of the following:

	*As of*
	*September 30, 2024*		*December 31, 2023*
Raw materials	$	10,642	$	9,907
Work-in-progress		1,591		1,682
Finished goods		7,559		6,702
Total inventories	$	19,792	$	18,291

As of September 30, 2024 , and December 31, 2023 , the Company recognized a lower of cost or net realizable value adjustment of $2 thousand and $58 thousand, respectively, related to inventory.

6. Property, Plant and Equipment

Property, plant and equipment consist of the following:

	*As of*
	*September 30, 2024*			*December 31, 2023*
Land	$	7,341		$	7,345
Plant and buildings		171,814			136,318
Furniture and fixtures		2,641			2,266
Machinery and equipment		5,695			14,982
Construction in progress		52,978			73,057
Property held for development		15,431			15,431
Finance lease right of use assets		2,889			2,889
Total gross property, plant & equipment		258,789			252,288
Less accumulated depreciation		(62,850	)		(57,180	)
Total net property, plant & equipment	$	195,939		$	195,108

For the three months ended September 30, 2024 and 2023, interest capitalized in property, plant and equipment was $1.0 million and $1.5 million (not including depreciation), respectively. For the nine months ended September 30, 2024 and 2023, interest capitalized in property, plant and equipment was $4.0 million and $3.9 million, respectively.

(Tabular data in thousands, except par value and per share data)

Table of Contents

Construction in progress includes costs for biogas digesters that are under construction, the Riverbank sustainable aviation fuel and renewable diesel plant, the carbon capture and sequestration characterization well, and energy efficiency projects at the Keyes Plant. Property held for development is the partially completed Goodland Plant which is not ready for operation. Depreciation will begin for each project when the project is operational and placed into service. Depreciation on the components of property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows:

	Years
Plant and buildings		20 - 30
Machinery and equipment		5 - 15
Furniture and fixtures		3 - 5

For the three months ended September 30, 2024 and 2023, the Company recorded depreciation expense of $2.3 million and $1.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded depreciation expense of $6.1 million and $5.2 million, respectively.

7. Debt

Debt consists of the following:

	*September 30, 2024*		*December 31, 2023*
Third Eye Capital term notes	$	7,182	$	7,159
Third Eye Capital revolving credit facility		29,921		20,922
Third Eye Capital revolving notes Series B		64,719		54,412
Third Eye Capital revenue participation term notes		12,066		12,011
Third Eye Capital acquisition term notes		26,737		26,655
Third Eye Capital Fuels Revolving Line		39,284		32,511
Third Eye Capital Carbon Revolving Line		25,382		23,486
Construction and term loans		46,585		41,024
Cilion shareholder purchase obligation		7,188		7,028
Subordinated notes		18,771		17,625
EB-5 promissory notes		38,925		42,211
EB-5 broker promissory note		2,775		-
Working capital loans		2,647		3,827
Term loans on capital expenditures		24		5,850
Total debt		322,206		294,721
Less current portion of debt		77,215		37,028
Total long term debt	$	244,991	$	257,693

Third Eye Capital Keyes Notes

On July 6, 2012, Aemetis, Inc. and Aemetis Advanced Fuels Keyes, Inc. (“AAFK”), entered into an Amended and Restated Note Purchase Agreement (the “Note Purchase Agreement”) with Third Eye Capital Corporation (“Third Eye Capital”). Pursuant to the Note Purchase Agreement, Third Eye Capital extended credit in the form of (i) senior secured term loans in an aggregate principal amount of approximately $7.2 million to replace existing notes held by Third Eye Capital (the “Term Notes”); (ii) senior secured revolving loans in an aggregate principal amount of $18.0 million (the “Revolving Credit Facility”); (iii) senior secured term loans in the principal amount of $10.0 million to convert the prior revenue participation agreement to a note (the “Revenue Participation Term Notes”); and (iv) senior secured term loans in an aggregate principal amount of $15.0 million (the “Acquisition Term Notes”) used to fund the cash portion of the acquisition of Cilion, Inc. On May 16, 2023, Third Eye Capital and the Company entered into new Revolving Notes Series B related to certain existing principal under the Revolving Credit Facility and for subsequent principal increases. The Term Notes, Revolving Credit Facility, Revolving Notes Series B, Revenue Participation Term Notes, and Acquisition Term Notes are referred to herein collectively as the “Third Eye Capital Keyes Notes.” The Third Eye Capital Keyes Notes have been amended several times, and the current key terms are as follows:

A.	Term Notes. As of September 30, 2024, the Company had $7.2 million in principal and interest outstanding under the Term Notes and $55.8 thousand unamortized debt issuance costs. The Term Notes accrue interest at 14% per annum. The Term Notes mature on April 1, 2025.

Revolving Credit Facility. The Revolving Credit Facility accrues interest at the prime rate plus 13.75% (21.75% as of September 30, 2024) payable monthly in arrears. The Revolving Credit Facility matures on April 1, 2025. As of September 30, 2024, AAFK had $30.5 million in principal and interest and waiver fees outstanding and $0.6 million unamortized debt issuance costs under the Revolving Credit Facility.

Revolving Notes Series B. The Revolving Notes Series B accrues interest at the prime rate plus 13.75% (21.75% as of September 30, 2024) payable monthly in arrears. The Revolving Notes Series B matures on April 1, 2025. As of September 30, 2024, AAFK had $65.2 million in principal and interest and waiver fees outstanding and $0.5 million unamortized debt issuance costs under the Revolving Notes Series B.

Revenue Participation Term Notes. The Revenue Participation Term Notes bear interest at 5% per annum and mature on April 1, 2025. As of September 30, 2024, AAFK had $12.2 million in principal and interest outstanding under the Revenue Participation Term Notes and $86.1 thousand unamortized debt issuance costs.

Acquisition Term Notes. The Acquisition Term Notes accrue interest at the prime rate plus 10.75% (18.75% per annum as of September 30, 2024) and mature on April 1, 2025. As of September 30, 2024, Aemetis Facility Keyes, Inc. had $26.9 million in principal and interest and redemption fees outstanding under the Acquisition Term Notes and $187.1 thousand unamortized debt issuance costs. The outstanding principal balance includes $7.5 million in redemption fee on which interest is not charged.

On July 31, 2024, the Company and Third Eye Capital entered into Amendment 29 to Amended and Restated Note Purchase Agreement ("Amendment 29") that provides the Company with a right to extend the maturity dates of the Third Eye Capital Keyes Notes by one year from April 1, 2025, to April 1, 2026, by providing written notice to Third Eye Capital. As a condition of such extension, the Company would pay a fee of 1% of the amount due under the applicable note, of which 50% can be added to the outstanding debt and 50% would be paid in cash or common stock (if paid using common stock, the value of shares issued would equal 110% of the 50% portion of the extension fee). As a result of the Company's ability to extend the maturity date, the Third Eye Capital Keyes Notes are classified as non-current debt.

(Tabular data in thousands, except par value and per share data)

Table of Contents

The Third Eye Capital Keyes Notes contain various covenants, including but not limited to, debt to plant value ratio, minimum production requirements, and restrictions on capital expenditures. The terms of the notes allow the lender to accelerate the maturity in the event of any default that could reasonably be expected to have a material adverse effect on the Company, such as any change in the business, operations, or financial condition. The Company has evaluated the likelihood of such an acceleration event and determined such an event to not be probable in the next twelve months. The notes allow interest to be added to the outstanding principal balance. The notes are secured by first priority liens on all real and personal property of, assignment of proceeds from all government grants and guarantees from the Company’s North American subsidiaries except for Aemetis Biogas LLC and its subsidiaries, and contain cross-collateral and cross-default provisions. McAfee Capital, LLC (“McAfee Capital”), owned by Eric McAfee, the Company’s Chair and CEO, provided a guaranty of payment and performance secured by all Company shares owned by McAfee Capital and additional assets, and Mr. McAfee has also provided a personal guaranty of up to $10 million plus a pledge of his ownership interests in several personal assets.

Third Eye Capital Reserve Facility. On March 6, 2020, we entered into a reserve liquidity facility governed by a promissory note, payable to Third Eye Capital Corporation, in the principal amount of $18 million. The reserve liquidity facility has been amended several times. Most recently, on March 25, 2024, the Company and Third Eye Capital entered into a "Seventh Amended and Restated Promissory Note" that increased the amount available under the reserve liquidity facility to $85 million and extended the maturity date to April 1, 2025. Borrowings under the Note are available until maturity. Interest on borrowed amounts would accrue at a rate of 30% per annum, to be paid monthly in arrears, or 40% if an event of default has occurred and continues. Interest payments due may be capitalized into the principal balance of the Note. The Company pays a standby fee of 2% per annum of the difference between the aggregate principal outstanding under the Note and the commitment, payable monthly in arrears in either cash or stock. The Note also requires the Company to pay a fee in the amount of $0.5 million in connection with a request for an advance on the Note, provided that such fee may be added to the principal amount of the Note. In addition, the Company would be required to make payments on the Note with funds received from the closing of certain new debt or equity financing or transactions, as described in the Note. The Note is secured by liens and security interests on the property and assets of the Company. As of September 30, 2024, we have no borrowings outstanding under the Reserve Liquidity Note.

Third Eye Capital Revolving Credit Facility for Fuels and Carbon Lines. On March 2, 2022, Goodland Advanced Fuels, Inc. ("GAFI") and Aemetis Carbon Capture, Inc. (“ACCI”) entered into an Amended and Restated Credit Agreement (“Credit Agreement”) with Third Eye Capital, as administrative agent and collateral agent, and the lender party thereto (the “New Credit Facility”). The New Credit Facility provides for two credit lines with aggregate availability of up to $100 million, consisting of a revolving credit facility with GAFI for up to $50 million (the “Fuels Revolving Line”) and a revolving credit facility with ACCI for up to $50 million (the “Carbon Revolving Line” and together with the Fuels Revolving Line, the “Revolving Lines”). Loans received under the Fuels Revolving Line have a maturity date of March 1, 2025, and accrue interest per annum at a rate equal to the greater of (i) the prime rate plus 6.00% and (ii) ten percent (10.0%). Loans received under the Carbon Revolving Line have a maturity date of March 1, 2026 and accrue interest per annum at a rate equal to the greater of (i) the prime rate plus 4.00% and (ii) eight percent (8.0%). Loans under the Fuels Revolving Line are available for working capital purposes and loans made under the Carbon Revolving Line are available for projects that reduce, capture, use, or sequester carbon with the objective of reducing carbon dioxide emissions. As of September 30, 2024, GAFI had principal and interest outstanding of $40.2 million classified as current debt net of $0.9 million unamortized debt issuance costs. As of September 30, 2024, ACCI had principal and interest outstanding of $1.6 million classified as current debt, $24.9 million classified as long-term debt, and $1.1 million in unamortized debt issuance costs.

Cilion Shareholder Purchase Obligation. In connection with the Company’s merger with Cilion, Inc. (“Cilion”), on July 6, 2012, the Company incurred a $5.0 million payment obligation to Cilion shareholders as merger compensation subordinated to the senior secured Third Eye Capital Notes. The liability bears interest at 3% per annum and is due and payable after the Third Eye Capital Notes have been paid in full. As of September 30, 2024, Aemetis Facility Keyes, Inc. had $7.2 million in principal and interest outstanding under the Cilion payment obligation under the merger agreement.

Subordinated Notes. On January 6 and January 9, 2012, AAFK entered into Note and Warrant Purchase Agreements with two accredited investors pursuant to which it issued $3.4 million in original notes to the investors (“Subordinated Notes”). The Subordinated Notes mature every six months and the current maturity date is December 31, 2024. Upon maturity, the Subordinated Notes are renewable at the Company's election for six month periods with a fee of 10% added to the balance outstanding plus issuance of warrants exercisable at $0.01 with a two-year term. Interest accrues at 10% per annum and is due at maturity. Neither AAFK nor Aemetis may make any principal payments under the Subordinated Notes until all loans made by Third Eye Capital to AAFK are paid in full. As of September 30, 2024, and December 31, 2023, the Company had, in aggregate, $18.8 million and $17.6 million in principal and interest outstanding, respectively, under the Subordinated Notes.

EB-5 Promissory Notes. EB-5 is a U.S. government program authorized by the Immigration and Nationality Act that is designed to foster employment-based visa preference for immigrant investors to encourage the flow of capital into the U.S. economy and to promote employment of U.S. workers. The Company entered into a Note Purchase Agreement dated March 4, 2011 (as further amended on January 19, 2012 and July 24, 2012) with Advanced BioEnergy, LP, a California limited partnership authorized by U.S. Citizenship and Immigration Services as a “Regional Center” to receive EB-5 investments, for the issuance of up to 72 subordinated convertible promissory notes (the “EB-5 Notes”) bearing interest at 2 to 3%. The EB-5 Notes are convertible into Aemetis, Inc. common stock at a conversion price of $30 per share. Advanced BioEnergy, LP received equity investments from foreign investors, and then Advanced BioEnergy used the invested equity to make loans to the Keyes Plant. The EB-5 Notes are subordinated to the Company's senior secured debt to Third Eye Capital. On February 27, 2019, Advanced BioEnergy, LP, and the Company entered into an Amendment to the EB-5 Notes that modified the stated maturity dates of the EB-5 Notes to provide automatic six-month extensions as long as the Advanced BioEnergy investors’ immigration processes are in progress. Accordingly, notes derived from Advanced BioEnergy equity provided by investors pending green card approval have been recognized as long-term debt while notes derived from Advanced BioEnergy equity provided by investors who have obtained green card approval have been classified as current debt. In July 2024, in connection with settlement of litigation initiated by a broker engaged by Advanced BioEnergy, we entered into a further amendment of a portion of the EB-5 notes to reduce the interest rate to 1% in exchange for the Company entering into a separate promissory note and agreeing to pay the broker certain of Advanced Bioenergy's obligations. In connection with this amendment, we recognized a gain of $162 thousand which is recorded in the Statement of Operations as Other Income. As of September 30, 2024, and December 31, 2023, $34.5 million and $37.9 million was outstanding, respectively, on the EB-5 Notes.

On October 16, 2016, the Company launched its EB-5 Phase II funding (the “EB-5 Phase II Funding”) and entered into certain Note Purchase Agreements with Advanced BioEnergy II, LP, a California limited partnership authorized to receive EB-5 equity funding investments. The Company received $4.0 million in loan funds from Advanced BioEnergy II, LP before certain changes to and expiration of the EB-5 program prevented further funding. The federal EB-5 program was recently reauthorized, and in March 2024, U.S. Citizenship and Immigration Services approved the Company's project for up to $200 million of additional investment using EB-5 funds. Under the new rules, the minimum investment is raised from $0.5 million per investor to $0.8 million per investor. The terms of the EB-5 Phase II Funding are similar to the terms of the first round of EB-5 funding. As of both September 30, 2024, and December 31, 2023, $4.4 million was outstanding on the notes under the EB-5 Phase II funding, respectively.

EB-5 Broker Promissory Note. In July 2024 we signed a promissory note with a broker engaged by Advanced BioEnergy in an agreement to pay the broker certain of Advanced BioEnergy's obligations. The note principal was $3.3 million, and payable through fourth quarter of 2026 at 0% interest. As of September 30, 2024, $1.3 million was outstanding as current portion of long-term debt, and $1.5 million in other long-term debt.

(Tabular data in thousands, except par value and per share data)

Table of Contents

India Biodiesel Secured and Unsecured Loans. On November 13, 2023, the Company entered into a secured loan agreement with Secunderabad Oils Limited in an amount not to exceed $3.6 million. The loan is secured by the fixed assets and currents assets of the Kakinada Plant and bears interest at 18% payable monthly. On November 6, 2023, the Company entered into a short-term loan with Leo Edibles & Fats Limited in an amount not to exceed $1.27 million. The loans bear interest at 18% and are payable monthly. The loans are repayable on demand by the lender or within one year from the date of issuance. As of September 30, 2024 and December 31, 2023, the Company had outstanding balances totaling $2.6 million and $3.8 million, respectively.

Aemetis Biogas 1 LLC Term Loan. On October 4, 2022, the Company entered into a Construction Loan Agreement ("AB1 Construction Loan") with Greater Nevada Credit Union (“GNCU”). Pursuant to the AB1 Construction Loan, the lender made available an aggregate principal amount of $25 million, secured by all personal property collateral and real property collateral of Aemetis Biogas 1 LLC. Effective as of December 22, 2023, the AB1 Construction Loan was refinanced and replaced with a term loan ("AB1 Term Loan"). The AB1 Term Loan is secured by all personal property collateral and real property collateral of Aemetis Biogas 1 LLC. It bears interest at a rate of 9.25% per annum, to be adjusted every five years to equal the five-year Treasury Constant Maturity Rate, as published by the Board of Governors of the Federal Reserve System as of the adjustment date, plus 5.00% or (ii) the index floor. Other material terms of the loan include: (i) payments of interest only to be paid in monthly installments beginning January 22, 2024, (ii) payments of equal combined monthly installments of principal and interest beginning on January 22, 2025, and (iii) a maturity date of December 22, 2042, at which time the entire unpaid principal amount, together with accrued and unpaid interest thereon, shall become due and payable. The AB1 Term Loan contains certain financial covenants to be measured as of the last day of each fiscal year beginning fiscal year end 2025, and annually for the term of the loan. The AB1 Term Loan also contains other affirmative and negative covenants, representations and warranties and events of default customary for loan agreements of this nature. As of both September 30, 2024, and December 31, 2023, the Company had $25.1 million outstanding under the AB1 Term Loan.

Aemetis Biogas 2 LLC Construction and Term Loan. On July 28, 2023, the Company entered into a Construction and Term Loan Agreement ("AB2 Loan") with Magnolia Bank, Incorporated. Pursuant to the AB2 Loan, the lender has made available an aggregate principal amount not to exceed $25 million. The loan is secured by all personal property collateral and real property collateral of Aemetis Biogas 2 LLC. The loan bears interest at a rate of 8.75% per annum, to be adjusted every five years thereafter to equal the five-year Treasury Constant Maturity Rate, as published by the Board of Governors of the Federal Reserve System as of the adjustment date, plus 5.00%. Other material terms of the AB2 Loan include: (i) payments of interest only to be paid in monthly installments beginning August 15, 2023, (ii) payments of equal combined monthly installments of principal and interest beginning on August 15, 2025, and (iii) a maturity date of July 28, 2043, at which time the entire unpaid principal amount, together with accrued and unpaid interest thereon, shall become due and payable. The AB2 Loan contains certain financial covenants to be measured as of the last day of each fiscal year beginning fiscal year end 2025, and annually for the term of the loan. The AB2 Loan also contains other affirmative and negative covenants, representations and warranties and events of default customary for loan agreements of this nature. As of September 30, 2024, and December 31, 2023, the Company had $22.3 million and $16.8 million, respectively, outstanding and unamortized discount issuance costs of $0.8 million for each period, respectively, under the AB2 Loan.

Financing Agreement for Capital Expenditures. In 2018, the Company entered into an agreement with Mitsubishi Chemical America, Inc. ("MCA") to purchase ZEBREX^TM membrane dehydration equipment to conserve energy and improve operating efficiencies at the Keyes Plant. The Company is no longer operating the equipment, and in June 2024, entered into an Agreement with MCA to amicably resolve all differences and terminate the 2018 equipment purchase agreement. As a result, the Company derecognized $9.6 million in net property, plant, and equipment; $3.6 million in long-term liabilities; $2.2 million in short-term liabilities and $0.2 million in accounts payable from its consolidated condensed balance sheet. The derecognition resulted in a net $3.6 million loss that is included in selling, general and administrative expense on the consolidated condensed statement of operations for the nine months ended September 30, 2024.

Maturity Date Schedule

Scheduled debt repayments for the Company’s loan obligations by year are as follows:

Twelve Months ended September 30,	*Debt Repayments*
2025	$	77,215
2026		183,492
2027		17,469
2028		4,238
2029		1,421
Thereafter		41,605
Total debt		325,440
Debt issuance costs		(3,234	)
Total debt, net of debt issuance costs	$	322,206

8. Leases

The Company is a party to operating leases for the Company's corporate office in Cupertino, modular offices at the Keyes Plant and Biogas operations center, and laboratory facilities. We have also entered into several finance leases for mobile equipment and for the Riverbank Industrial Complex. These finance leases have a purchase option at the end of the term that we are reasonably certain we will exercise, so the leases are classified as finance leases. Our leases have remaining terms of one year to 13 years. We made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. We will recognize those lease payments in the Consolidated Statements of Operations as we incur the expenses.

The Company evaluates leases in accordance with ASC 842 – Lease Accounting. When discount rates implicit in leases cannot be readily determined, we use the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure lease liabilities and right of use (ROU) assets. The incremental borrowing rate used by the Company is based on weighted average baseline rates commensurate with the Company’s secured borrowing rate over a similar term. At each reporting period when there is a new lease initiated, the rates established for that quarter are used.

(Tabular data in thousands, except par value and per share data)

Table of Contents

The components of lease expense are as follows:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating lease cost
Operating lease expense	$	195	$	180	$	571	$	542
Short term lease expense		32		89		95		131
Variable lease expense		23		26		90		70
Total operating lease cost	$	250	$	295	$	756	$	743

Finance lease cost
Amortization of right-of-use assets	$	30	$	30	$	90	$	91
Interest on lease liabilities		87		83		256		256
Total finance lease cost	$	117	$	113	$	346	$	347

Cash paid for amounts included in the measurement of lease liabilities:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating cash flows used in operating leases	$	189	$	169	$	603	$	499
Operating cash flows used in finance leases		87		83		256		256
Financing cash flows used in finance leases	$	9	$	83	$	170	$	394

Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three and nine months ended September 30, 2024 and 2023:

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*		*2023*
Operating leases
Accretion of the lease liability	$	82		$	81		$	245	$	252
Amortization of right-of-use assets		112			100			325		291

The weighted average remaining lease term and weighted average discount rate as of September 30, 2024 are as follows:

Weighted Average Remaining Lease Term
Operating leases (in years)		8.2			4.5
Finance leases (in years)		12.4			13.3

Weighted Average Discount Rate
Operating leases		13.7	%		14.1	%
Finance leases		13.3	%		13.2	%

Supplemental balance sheet information related to leases is as follows:

	*September 30, 2024*			*December 31, 2023*
Operating leases
Operating lease right-of-use assets	$	2,333		$	2,056

Other current liability		494			406
Other long term liabilities		1,939			1,783
Total operating lease liabilities		2,433			2,189

Finance leases
Property and equipment, at cost	$	2,889		$	2,889
Accumulated depreciation		(318	)		(228	)
Property and equipment, net		2,571			2,661

Other current liability		245			30
Other long term liabilities		2,557			2,687
Total finance lease liabilities		2,802			2,717

(Tabular data in thousands, except par value and per share data)

Table of Contents

Maturities of operating lease liabilities are as follows:

Twelve months ended September 30,	*Operating leases*			*Finance leases*

2025	$	783		$	176
2026		710			145
2027		703			145
2028		498			145
2029		63			145
Thereafter		1,219			9,960
Total lease payments		3,976			10,716
Less imputed interest		(1,543	)		(7,914	)
Total lease liability	$	2,433		$	2,802

The Company acts as sublessor in certain leasing arrangements, primarily related to land and buildings. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. Sublease income and head lease expense for these transactions are recognized on net basis on the consolidated financial statements. Sublease income is recorded in the General and Administrative Expense section of the Consolidated Statements of Operations and Comprehensive Loss.

The components of lease income are as follows for the three and nine months ended September 30, 2024 and 2023, respectively:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Lease income	$	569	$	230	$	1,576	$	1,182

Future lease commitments to be received by the Company as of September 30, 2024, are as follows:

Twelve months ended September 30,
2025	$	1,385
2026		1,473
2027		1,419
2028		1,271
2029		1,309
Thereafter		431
Total future lease commitments	$	7,288

9. Aemetis Biogas LLC – Series A Preferred Financing

On December 20, 2018, Aemetis Biogas LLC ("ABGL") entered into a Series A Preferred Unit Purchase Agreement for the sale of Series A Preferred Units to Protair-X Americas, Inc., with Third Eye Capital acting as an agent. ABGL is authorized to issue 11,000,000 common units and 6,000,000 convertible, redeemable, secured, preferred membership units (the “Series A Preferred Units”). ABGL issued 6,000,000 common units to Aemetis, Inc. at a value of $5.00 per common unit, and 5,000,000 common units of ABGL are held in reserve as potential conversion units issuable to the Preferred Unit holder upon certain triggering events. From inception of the agreement through 2022, ABGL issued 6,000,000 Series A Preferred Units in exchange for $30.0 million in funding, reduced by a redemption of 20,000 Series A Preferred Units for $0.3 million. The original Preferred Unit Purchase Agreement included requirements for preference payments and mandatory redemption, in addition to several operating covenants.

On November 6, 2024, ABGL entered into an agreement entitled Seventh Waiver and Amendment to Series A Preferred Unit Purchase Agreement (“PUPA Seventh Amendment") with an Effective Date of August 31, 2024, that provides, among other provisions, the right for ABGL to redeem all of the outstanding Series A Preferred Units by January 31, 2025, for an aggregate redemption price of $115.5 million. The PUPA Seventh Amendment further provides that if ABGL does not redeem the Series A Preferred Units by the redemption date, ABGL will enter into a credit agreement with Protair-X and Third Eye Capital effective as of February 1, 2025, and maturing January 31, 2026, in substantially the form attached to the PUPA Seventh Amendment and specifies that entry of the credit agreement will satisfy the obligation to redeem the units. The credit agreement would bear an interest rate equal to the greater of (i) the prime rate plus 10.0% and (ii) 16.0%. The PUPA Seventh Amendment is attached to this Form 10-Q as Exhibit 10.1. We will evaluate the terms of the PUPA Seventh Amendment in accordance with ASC 470. The Company recorded Series A Preferred Unit liabilities of $123.9 million and $113.2 million as long term liabilities as of September 30, 2024, and December 31, 2023, respectively.

(Tabular data in thousands, except par value and per share data)

Table of Contents

10. Stock-Based Compensation

2019 Stock Plan

On August 26, 2021, the stockholders of the Company approved the Aemetis, Inc. Amended and Restated 2019 Stock Plan (the “2019 Stock Plan”) which allows our Board or delegated Board committee to grant Incentive Stock Options, Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, and other stock or cash awards to employees, Directors, and consultants. The Company did not issue any stock options or RSAs during the three months ending September 30, 2024. The following table summarizes activity under the 2019 Stock Plan during the nine-month period ending September 30, 2024:

	*Shares Available for Grant*			*Number of Shares Outstanding*			*Weighted-Average Exercise Price*
Balance as of December 31, 2023		456			5,526		$	4.42
Authorized		1,740
Options Granted		(1,761	)		1,761		$	3.10
RSAs Granted		(364	)		-		$	-
Exercised		-			(15	)	$	2.56
Forfeited/expired		75			(75	)	$	7.25
Balance as of September 30, 2024		146			7,197		$	4.07

The number of outstanding option shares as of September 30, 2024, includes 4.9 million shares that are vested.

Inducement Equity Plan

In March 2016, the Board of Directors of the Company approved an Inducement Equity Plan authorizing the issuance of 100,000 non-statutory stock options to purchase common stock. This plan was not approved by stockholders, and as a result is available only for grants to prospective employees. As of September 30, 2024, there are no option grants outstanding under the Inducement Equity Plan.

Stock-based Compensation Expense

Stock-based compensation is accounted for in accordance with ASC 718, Compensation - Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, directors, and consultants based on estimated fair value on the grant date. We estimate the fair value using the Black-Scholes option pricing model and recognize that fair value as an expense over the vesting period of each grant using the straight-line method. We only record compensation cost for vested options. The Black-Scholes valuation model for stock-based compensation expense requires us to make assumptions and judgments about the variables used in the calculation, including the expected term (the period of time that the options granted are expected to be outstanding), the volatility of our common stock, a risk-free interest rate, expected dividends, and expected forfeitures. We use the simplified calculation of expected term described in SEC Staff Accounting Bulletin Topic 14, Share-Based Payment. Volatility is based on an average of the historical volatility of Aemetis, Inc. common stock during the period of time preceding the date of option issuance that matches the term of the option grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the treasury maturity term corresponding with the expected life of the option. We use an expected dividend yield of zero, as we do not anticipate paying any dividends in the foreseeable future. Expected forfeitures are assumed to be zero due to the small number of plan participants. To the extent actual forfeitures occur, the difference is recorded as an adjustment in the scheduled expense during the period of the forfeiture.

The weighted average fair value calculations for the options granted during the nine months ended September 30, 2024 and 2023, are based on the following assumptions:

	*For the nine months ended September 30,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		3.93	%		3.86	%
Expected volatility		115.42	%		124.62	%
Expected life (years)		5.81			7.00
Market value per share on grant date	$	3.10		$	3.60
Fair value per option on grant date	$	2.65		$	3.29

During the nine months ended September 30, 2024 and 2023, the Company granted 363,500 and 243,850 restricted stock awards, respectively, with a fair value on date of grant of $3.10 and $3.60, respectively, per share.

As of September 30, 2024, the Company had $5.9 million of total unrecognized compensation expense for option issuance, which the Company will amortize over the remaining vesting period for each applicable grant, which has a weighted average of 1.73 years as of September 30, 2024.

(Tabular data in thousands, except par value and per share data)

Table of Contents

11. Warrants

On July 1, 2024, the maturity dates on two accredited investor's Subordinated Notes were extended to December 31, 2024. In connection with the extension, the Company issued the noteholders warrants exercisable for the purchase of 113 thousand shares of Aemetis, Inc. common stock with a term of two years and an exercise price of $0.01 per share. The warrants were subsequently fully exercised. The following table summarizes warrant activity during the nine months ending September 30, 2024:

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2023		530		$	11.70		5.77
Granted		226		$	0.01
Exercised		(226	)	$	0.01
Outstanding September 30, 2024		530		$	11.70		5.03

All of the above outstanding warrants are fully vested and exercisable as of September 30, 2024.

The fair value calculations for issued warrants are based on the following weighted average factors:

	*For the nine months ended September 30,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		4.50	%		3.80	%
Expected volatility		99.85	%		117.60	%
Expected life (years)		2.00			4.63
Exercise price per share	$	0.01		$	1.18
Market value per share on grant date	$	4.05		$	4.11
Fair value per share on grant date	$	4.04		$	3.97

12. Agreements

J.D. Heiskell Working Capital Agreements. The Company procures whole yellow corn from J.D. Heiskell pursuant to a Corn Procurement and Working Capital Agreement. The Company has the ability to obtain grain from other sources subject to certain conditions; however, in the past all the Company’s grain purchases have been from J.D. Heiskell. Title and risk of loss of the corn pass to the Company when the corn is deposited into the Keyes Plant weigh bin. Pursuant to a separate agreement entered in May 2023, J.D. Heiskell also purchases all of our ethanol and other products and sells them to customers designated by us. We have designated Murex to purchase ethanol and A.L Gilbert to purchase WDG. The Company’s relationships with J.D. Heiskell, Murex, and A.L. Gilbert are well established, and the Company believes that the relationships are beneficial to all parties involved by utilizing distribution logistics to reach our customer base, managing inventory, and providing working capital relationships.

The sales and purchases activity associated with the J.D. Heiskell Purchase Agreement and J.D. Heiskell Procurement Agreement during the three and nine months ended September 30, 2024 and 2023, was as follows:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Ethanol sales	$	32,812	$	36,375	$	87,635	$	45,388
Wet distiller's grains sales		8,961		9,427		27,476		11,980
Corn oil sales		1,746		1,487		4,199		1,613
CDS sales		24		9		49		62
Corn purchases		33,170		37,030		97,489		48,029

	*September 30, 2024*		*December 31, 2023*
Accounts receivable		19		1,073
Accounts payable		124		1,207

Ethanol and Wet Distillers Grains Marketing Arrangement. On May 30, 2023, the Company entered into Amendment No. 1 to the Fuel Ethanol Purchase and Sale Agreement with Murex that suspends the agreement for the duration of the Company's Working Capital Agreement with J.D. Heiskell and extends the term to March 31, 2025. While the Murex agreement is suspended, Murex remains as our marketing partner to market the ethanol we sold to J.D Heiskell. The Company has a Wet Distillers Grains Marketing Agreement with A.L. Gilbert that matures on December 31, 2024, with automatic one-year renewals thereafter.

The agreements with J.D. Heiskell, Murex, and A.L. Gilbert include marketing and transportation services. For the three months ended September 30, 2024 and 2023, the Company expensed marketing costs of $0.7 million and $0.8 million, respectively, and for the nine months ended September 30, 2024 and 2023, the Company expensed marketing costs of $1.9 million and $0.7 million respectively, under the terms of both the Ethanol Marketing Agreement and the Wet Distillers Grains Marketing Agreement. These marketing costs are presented as part of selling, general, and administration expenses. For the three months ended September 30, 2024 and 2023, the Company expensed transportation costs of $1.1 million and $0.7 million related to sales of ethanol and $1.5 million and $1.4 million related to sales of WDG, respectively. For the nine months ended September 30, 2024 and 2023, the Company expensed transportation costs of $2.6 million and $0.9 million related to sales of ethanol and $4.4 million and $1.8 million related to sales of WDG, respectively.

(Tabular data in thousands, except par value and per share data)

Table of Contents

Supply Trade Agreement. On July 1, 2022, the Company entered into an operating agreement with Gemini Edibles and Fats India Private Limited (“Gemini”) pursuant to which Gemini supplies the Company with feedstock up to a credit limit of $12.7 million with collateral interest in inventories, current assets, and fixed assets. If the Company fails to pay an invoice within the ten-day credit period, the outstanding balance bears interest at 18%. The agreement lasts until June 2025, and either party can terminate the agreement by giving one month's notice in writing. As of September 30, 2024, and December 31, 2023, the Company had accounts payable of $0.1 million and $0.5 million, respectively, under this agreement.

Forward Sale Commitments. As of September 30, 2024, we have no forward sale commitments.

Natural Gas Purchase Agreement. As of September 30, 2024, we have forward purchase agreement in place to buy approximately 394 thousand MMBtu of natural gas at a fixed price from July through October 2024, which aligns with our expected natural gas usage at the Keyes Plant. The Company has elected to apply the normal purchases and normal sales scope exception under ASC 815, hence the natural gas purchased under this agreement is accounted for and presented as cost of goods sold in the Company's financial statements.

13. Segment Information

Aemetis recognizes three reportable segments: “California Ethanol,” “California Dairy Renewable Natural Gas,” and “India Biodiesel.”

● The “California Ethanol” segment includes the Company’s 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased to produce CO₂.

● The “California Dairy Renewable Natural Gas” segment includes the production and sale of Renewable Natural Gas ("RNG") and associated environmental attributes, consisting of nine anaerobic digesters processing waste from ten dairies, a 36 mile biogas collection pipeline, a biogas upgrading hub that produces RNG from the biogas, a pipeline interconnect, and ongoing construction of additional digesters.

● The “India Biodiesel” segment includes the Company’s 60 million gallon per year biodiesel manufacturing plant in Kakinada, India, and administrative offices in Hyderabad, India.

The Company has additional operating segments that have been determined not to be separately reportable so are reported in the "All Other" category, including our key projects for the development of a sustainable aviation fuel and renewable diesel production plant in Riverbank, California, and Carbon Capture and Underground Sequestration wells in California. Additionally, our corporate offices, Goodland Plant in Kansas, and research and development facility in Minnesota are included in the “All Other” category.

Summarized financial information by reportable segment for the three months ended September 30, 2024 and 2023, follows:

	*For the three months ended September 30, 2024*
	*California Ethanol*		*California Dairy Renewable Natural Gas*		*India Biodiesel*		*All Other*		*Total*

Revenues	$	44,934	$	4,250	$	32,257	$	-	$	81,441
Gross profit		85		1,897		1,896		-		3,878

Interest expense including amortization of debt fees		7,911		808		30		2,998		11,747
Accretion and other expenses of Series A preferred units		-		3,267		-		-		3,267
Income tax expense		-		-		274		-		274
Capital expenditures		154		3,762		257		317		4,490
Depreciation		1,111		866		241		56		2,274

	*For the three months ended September 30, 2023*
	*California Ethanol*			*California Dairy Renewable Natural Gas*			*India Biodiesel*			*All Other*		*Total*

Revenues		47,439		$	1,107		$	20,144		$	-	$	68,690
Gross profit (loss)		(1,473	)		(807	)		2,772			-		492

Interest expense including amortization of debt fees		6,729			620			19			2,814		10,182
Accretion and other expenses of Series A preferred units		-			7,739			-			-		7,739
Income tax expense (benefit)		-			(55,164	)		(145	)		1		(55,308	)
Capital expenditures		1,363			6,819			372			233		8,787
Depreciation		960			598			158			31		1,747

(Tabular data in thousands, except par value and per share data)

Table of Contents

The following table summarizes financial information by reportable segment for the nine months ended September 30, 2024 and 2023:

	For the nine months ended September 30, 2024
	California Ethanol			California Dairy Renewable Natural Gas		India Biodiesel		All other		Total

Revenues	$	121,155		$	9,640	$	89,841	$	-	$	220,636
Gross profit (loss)		(9,494	)		3,971		6,983		-		1,460

Interest expense including amortization of debt fees		22,807			2,174		659		8,344		33,984
Accretion and other expenses of Series A preferred units		-			10,055		-		-		10,055
Income tax expense		-			36		1,501		-		1,537
Loss on asset disposals		3,644			-		-		-		3,644
Capital expenditures		584			10,911		575		1,400		13,470
Depreciation		3,120			2,206		629		166		6,121

	*For the nine months ended September 30, 2023*
	*California Ethanol*			*California Dairy Renewable Natural Gas*			*India Biodiesel*		*All other*		*Total*

Revenues	$	59,246		$	1,523		$	55,184	$	-	$	115,953
Gross profit (loss)		(3,807	)		(2,644	)		7,604		-		1,153

Interest expense including amortization of debt fees		18,499			1,841			313		8,205		28,858
Accretion and other expenses of Series A preferred units		-			20,188			-		-		20,188
Income tax expense (benefit)		-			(55,151	)		653		8		(54,490	)
Capital expenditures		2,423			14,622			523		1,027		18,595
Depreciation		3,029			1,578			470		131		5,208

California Ethanol: Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 97.0% and 99.7% of the Company’s California Ethanol segment revenues for the three months ended September 30, 2024 and 2023, respectively. Sales of ethanol, WDG, and corn oil to one customer (J.D. Heiskell) accounted for 98.6% and 99.7% of the Company’s California Ethanol segment revenues for the nine months ended September 30, 2024 , and 2023, respectively.

California Dairy Renewable Natural Gas: During the three and nine months ended September 30, 2024, we sold RNG to a single customer and sold D3 RINs and LCFS credits to two other customers. During the three and nine months ended September 30, 2023, we sold RNG to one customer and sales of D3 RINs to another separate customer.

India Biodiesel: Three biodiesel customers accounted for 40%, 29%, and 28% of the Company’s India segment revenues for the three months ended September 30, 2024. Three biodiesel customers accounted for 42%, 35%, and 19% of the Company’s India segment revenues for the three months ended September 30, 2023. Three biodiesel customers accounted for 41%, 33%, and 21% of the Company’s India segment revenues for the nine months ended September 30, 2024. Three biodiesel customers accounted for 43%, 28%, and 24% of the Company’s India segment revenues for the nine months ended September 30, 2023.

Total assets by reportable segment as of September 30, 2024, and December 31, 2023, are as follows:

	*September 30, 2024*		*December 31, 2023*
California Ethanol	$	57,060	$	67,991
California Dairy Renewable Natural Gas		110,975		92,794
India Biodiesel		40,116		34,769
All Other		39,274		47,852
Total consolidated assets	$	247,425	$	243,406

14. Related Party Transactions

The Company owes Eric McAfee, the Company’s Chairman and CEO, and McAfee Capital LLC (“McAfee Capital”), owned by Eric McAfee, $1 million in connection with employment agreements, bonus awards, expense reimbursements, and guarantee fees in connection with McAfee Capital’s guarantees of the Company’s indebtedness with Third Eye Capital.

The Company owes various members of the Board amounts totaling $0.3 million as of September 30, 2024, and December 31, 2023, in connection with board compensation fees, which are included in accounts payable on the balance sheet. For the three months ended September 30, 2024 and 2023, the Company expensed $0.1 million respectively, in connection with board compensation fees. For the nine months ended September 30, 2024 and 2023, the Company expensed $0.3 million respectively, in connection with board compensation fees.

(Tabular data in thousands, except par value and per share data)

Table of Contents

15. Subsequent Events

Series A Preferred Unit Purchase Agreement

On November 6, 2024, ABGL, Third Eye Capital Corporation, and Protair-X Technologies Inc. entered into an agreement entitled Seventh Waiver and Amendment to Series A Preferred Unit Purchase Agreement (“PUPA Seventh Amendment") with an Effective Date of August 31, 2024, that provides, among other provisions, that ABGL will redeem all of the outstanding Series A Preferred Units by January 31, 2025, for an aggregate redemption price of $115.5 million. The PUPA Seventh Amendment further provides that if ABGL does not redeem the Series A Preferred Units by the redemption date, ABGL will enter into a credit agreement with Protair-X and Third Eye Capital effective as of February 1, 2025, and maturing January 31, 2026, in substantially the form attached to the PUPA Seventh Amendment and specifies that entry of the credit agreement will satisfy the obligation to redeem the units. The credit agreement would bear an interest rate equal to the greater of (i) the prime rate plus 10.0% and (ii) 16.0%. The PUPA Seventh Amendment and the form of credit agreement are attached to this Form 10-Q as Exhibit 10.1, and this summary description is subject to the terms of the actual agreements.

16. Liquidity

The accompanying financial statements have been prepared contemplating the realization of assets and satisfaction of liabilities in the normal course of business. As a result of negative capital, negative operating results, and collateralization of substantially all of the Company assets, the Company has been reliant on its senior secured lender to provide extensions to the maturity dates of its debt and loan facilities and was required in 2023 to remit excess cash from operations to our senior secured lender. In order to meet our obligations during the next twelve months, we will need to refinance debt with our senior lender for amounts becoming due in the next twelve months or receive the continued cooperation of our senior lender. This dependence on our senior lender raises substantial doubt about the Company's ability to continue as a going concern. While we believe our India biodiesel and California RNG businesses will generate positive cash flow from operations and reduce cash demands and allows payments against other obligations, we will also continue to sell equity through our at-the-market registration and pursue the following strategies to improve liquidity:

Operations and Project Development

For the Keyes Plant, we plan to operate the plant and continue to improve its financial performance by adopting new technologies or process changes that allow for energy efficiency, cost reduction, or revenue enhancements, as well as execute upon awarded grants that support investments in equipment to improve energy and operational efficiencies resulting in lower cost, lower carbon emissions, and overall margin improvement.

For Aemetis Biogas, we plan to operate our existing biogas digesters to produce and sell Renewable Natural Gas (RNG) and the associated Federal D3 RINs and California LCFS credits. We are continuing to build new dairy digesters and pipeline extensions. We began generating revenue from biogas operations in 2023 and we expect that this revenue will continue for the full year 2024, as well as increase as we build new digesters. We also expect revenue to increase when the California Air Resource Board processes our LCFS pathway applications and approves a provisional carbon intensity that is lower than the temporary carbon intensity we currently use to calculate the quantity of LCFS credits that we generate. We are seeking debt financing from a variety of sources to accelerate the construction of additional digesters.

For the Kakinada Plant, we plan to continue to sell our biodiesel to India Oil Marketing Companies ("OMCs") pursuant to cost-plus contracts. We are also continuing to upgrade the plant to increase feedstock flexibility (and thereby lower feedstock costs), increase production capacity, and produce new products. Additionally, we are in the process of negotiating contractual arrangements for the export of refined animal tallow into international markets.

Financing

We plan to continue to locate funding for existing and new business opportunities through a combination of working with our senior lender, restructuring existing loan agreements, entering into additional debt agreements for specific projects, obtaining project specific equity and debt for development projects, and obtaining additional debt from the current EB-5 Phase II offering.

(Tabular data in thousands, except par value and per share data)

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is provided in addition to the accompanying consolidated condensed financial statements and notes to assist readers in understanding our results of operations, financial condition, and cash flows. MD&A is organized as follows:

●

Overview. Discussion of our business and overall analysis of financial and other highlights affecting us, to provide context for the remainder of MD&A.

●

Results of Operations. An analysis of our financial results comparing the three and nine months ended September 30, 2024 and 2023.

●

Liquidity and Capital Resources. An analysis of changes in our balance sheets and cash flows and discussion of our financial condition.

●

Critical Accounting Policies and Estimates. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

The following discussion should be read in conjunction with our consolidated condensed financial statements and accompanying notes included elsewhere in this report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, particularly under “Part II, Item 1A. Risk Factors,” and in other reports we file with the SEC. All references to years relate to the calendar year ended December 31 of the particular year.

Overview

Founded in 2006 and headquartered in Cupertino, California, Aemetis, Inc. (collectively with its subsidiaries on a consolidated basis referred to herein as “Aemetis,” the “Company,” “we,” “our” or “us”) is an international renewable natural gas and renewable fuels company focused on the operation, acquisition, development, and commercialization of innovative technologies to produce low and negative carbon intensity renewable fuels that replace fossil-based products. We do this by building a local circular bioeconomy using agricultural products and waste to produce low carbon, advanced renewable fuels that reduce greenhouse gas ("GHG") emissions and improve air quality.

Our California Ethanol segment consists of a 65 million gallon per year capacity ethanol production facility located in Keyes, California (the “Keyes Plant”) that we own and operate. In addition to low carbon renewable fuel ethanol, the Keyes Plant produces Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”), all of which are sold as animal feed to more than 80 local dairies and feedlots. We also capture the Carbon Dioxide (“CO2”) emissions from our fermenters and sell it to Messer Gas for use to produce liquid CO₂ that it sells to food, beverage, and industrial customers. We are implementing several energy efficiency initiatives focused on lowering the carbon intensity of our fuels, primarily by decreasing the use of fossil natural gas. These energy efficiency projects include high efficiency heat exchangers; a two-megawatt solar microgrid with battery storage that became operational in the second quarter; a Decision Control System (DCS) to manage and optimize energy use and other plant operations; and a Mechanical Vapor Recompression (MVR) system that is expected to replace about 80% of our natural gas consumption with low carbon electricity. These changes are expected to lower the carbon intensity (CI) of the ethanol we produce and allow us to sell it for a correspondingly higher price.

Our California Dairy Renewable Natural Gas segment, Aemetis Biogas or “ABGL,” operates anaerobic digesters at local dairies near the Keyes Plant (many of whom also purchase WDG produced by the Keyes Plant as animal feed) to produce biogas from dairy waste; transports the biogas by pipeline to the Keyes Plant site; and converts the biogas to Renewable Natural Gas (“RNG”) that is delivered to customers through the PG&E regional natural gas pipeline. As of September 30, 2024, we had nine operating digesters that receive dairy waste from ten dairies, and we are actively growing with an additional five digesters currently under construction that are expected to receive dairy waste from eight dairies. We expect to initiate construction on several additional digesters in the fourth quarter when we close on currently planned debt financing. We have constructed 36 miles of collection pipeline and have received environmental approval to construct an additional 24 miles. We currently have agreements with a total of 44 dairies and are seeking to increase that number.

Our India Biodiesel segment includes a biodiesel production plant in Kakinada, India (“Kakinada Plant”) with a nameplate production capacity of about 60 million gallons per year. It produces high quality distilled biodiesel and refined glycerin for customers in India. We believe the Kakinada Plant is one of the largest biodiesel production facilities in India on a nameplate capacity basis. The Kakinada Plant can process a variety of vegetable oils and animal fat waste feedstocks into biodiesel that meets applicable product standards. Our Kakinada Plant can also distill the crude glycerin byproduct from the biodiesel refining process into refined glycerin, which is sold to the pharmaceutical, personal care, paint, adhesive, and other industries.

Our planned sustainable aviation fuel (SAF) and renewable diesel (RD) production plant is currently designed to produce 90 million gallons per year of combined SAF and RD from feedstocks consisting of renewable waste oils and fats. Our planned facility will be located at the Riverbank Industrial Complex in Riverbank, California. We signed a lease with an option to purchase for the Riverbank Industrial Complex in 2021 and took possession of the site in 2022. In 2023, we received a Use Permit and CEQA approval for the SAF/RD plant, and in March 2024, we received Authority to Construct air permits for the plant. We are continuing with development activities, including permitting, engineering, and financing. The site has access to low carbon hydroelectric power, and our plant is designed to use renewable hydrogen that will be produced from byproducts of the SAF/RD production process.

Our planned CCUS projects will compress and inject CO₂ into deep wells that are monitored to ensure the long-term sequestration of carbon underground. California’s Central Valley has been identified as one of the world’s most favorable regions for large-scale CO₂ injection projects due to the subsurface geologic formation that absorbs and retains CO₂ gas. The two initial Aemetis CCUS injection projects are being designed to capture and sequester more than two million metric tons per year of CO₂ at the Aemetis biofuels plant sites in Keyes and Riverbank, California. In July 2022, Aemetis purchased 24 acres at the Riverbank Industrial Complex in Riverbank, California to develop a CCUS injection well with more than 1 million metric ton per year of CO₂ sequestration capacity. In 2023, we obtained a permit to construct a geologic characterization well at the Riverbank site to obtain information to support an EPA Class VI CO₂ injection well permit application. Once operational, we expect that these projects will generate revenue by selling California LCFS credits and federal Internal Revenue Code Section 45Q tax credits.

(Tabular data in thousands, except par value and per share data)

Table of Contents

Our Minneapolis, Minnesota research and development laboratory evaluates and develops technologies that would use low carbon intensity biomass and waste feedstocks to produce low or below zero carbon intensity biofuels and biochemicals. We are focused on processes that extract sugar from cellulosic feedstocks and then use the remaining biomass to produce low carbon ethanol, renewable hydrogen, sustainable aviation fuel, and renewable diesel.

Results of Operations

Three Months Ended September 30, 2024, Compared to Three Months Ended September 30, 2023

Revenues

Our revenues are derived primarily from sales of ethanol and WDG for our California Ethanol segment, renewable natural gas ("RNG") for our California Dairy Renewable Natural Gas segment, and biodiesel for our India Biodiesel segment.

	2024		2023		Inc/(dec)			% change
California Ethanol	$	44,934	$	47,439	$	(2,505	)		(5.3	)%
California Dairy Renewable Natural Gas		4,250		1,107		3,143			283.9	%
India Biodiesel		32,257		20,144		12,113			60.1	%
Total	$	81,441	$	68,690	$	12,751			18.6	%

California Ethanol. For the three months ended September 30, 2024, the Company sold 15.5 million gallons of ethanol at an average price of $2.12 per gallon and 106 thousand tons of WDG at a price of $84 per ton. For the three months ended September 30, 2023, the Company sold 13.8 million gallons of ethanol at an average price of $2.64 per gallon and 98 thousand tons of WDG at a price of $96 per ton. The change in revenue primarily was attributable to a 20% reduction in the ethanol average sales price and a 12.3% reduction in the WDG sales price.

California Dairy Renewable Natural Gas. During the three months ended September 30, 2024, we produced 86.6 thousand MMBtu of RNG and sold 86.0 thousand MMBtu at an average price of $2.77 per MMBtu. In the third quarter of 2024, we also sold 935 thousand D3 RINs at an average price of $3.37 per RIN and 20,000 LCFS credits at an average price of $43 per metric ton. As of September 30, 2024, we had 67.6 thousand MMBtu of RNG available for dispensing. During the three months ended September 30, 2023, we produced and sold 66.6 thousand MMBtu of RNG at an average price of $2.13 per MMBtu and we also sold 271 thousand D3 RINs at an average price of $2.97 per RIN and we did not sell any LCFS credits.

India Biodiesel. For the three months ended September 30, 2024, we generated 97% of our revenues from the sale of biodiesel, and 3% of our revenue from other sales compared to 96% of our revenue from biodiesel, and 4% of our revenue from other sales for the three months ended September 30, 2023. The increase in revenues was primarily due to an increase in biodiesel sales volume to 26.0 thousand metric tons in the three months ended September 30, 2024, compared to 15.5 thousand metric tons in the three months ended September 30, 2023, and offset by decrease in the sales price per metric ton by 4%.

Cost of Goods Sold

	2024		2023		Inc/(dec)			% change
California Ethanol	$	44,849	$	48,912	$	(4,063	)		(8.3	)%
California Dairy Renewable Natural Gas		2,353		1,914		439			22.9	%
India Biodiesel		30,361		17,372		12,989			74.8	%
Total	$	77,563	$	68,198	$	9,365			13.7	%

California Ethanol. For the three months ended September 30, 2024, we purchased 5.5 million bushels of corn at $6.07 per bushel and incurred $ 1.6 million in chemicals and denaturant costs, $ 2.2 million in natural gas costs, and $ 2.6 million in transportation costs. The decrease in cost of goods sold was due to 19% decrease in corn costs offset by 10% increase in bushels of corn grind.

California Dairy Renewable Natural Gas. Cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase from the third quarter of 2023 to the third quarter of 2024 was primarily due to the increase in the number of operating digesters.

India Biodiesel. In the three months ended September 30, 2024, we processed 26.0 thousand metric tons of feedstock, compared to 15.6 thousand metric tons of feedstock in the same period in 2023. During the three months ended September 30, 2024, the average price of biodiesel feedstock was $984 per metric ton compared to $752 per metric ton in the same period as in 2023. The increase was attributable to the increase in biodiesel production along with 31% increase in the average price per ton for feedstock.

Gross profit (loss)

	2024		2023			Inc/(dec)			% change
California Ethanol	$	85	$	(1,473	)	$	1,558			(105.8	)%
California Dairy Renewable Natural Gas		1,897		(807	)		2,704			(335.1	)%
India Biodiesel		1,896		2,772			(876	)		(31.6	)%
Total	$	3,878	$	492		$	3,386			688.2	%

California Ethanol. The increase in gross income during the period ended September 30, 2024, was attributable primarily to lower corn costs.

California Dairy Renewable Natural Gas. The increase in gross income in the three months ended September 30, 2024, compared to the same period in 2023 is due to the substantial increase in sales of RNG, D3 RINs, and LCFS credits without a corresponding increase in costs.

India Biodiesel. The decrease in gross profit was attributable to an increase in the feedstock costs by 31% and a 4% decrease in biodiesel price.

(Tabular data in thousands, except par value and per share data)

Table of Contents

Operating (income)/expense and non-operating (income)/expense

Selling, general, and administrative (“SG&A”) expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California and biodiesel and other products in India, as well as professional fees, insurance, other corporate expenses, and related facilities expenses. Total SG&A also includes receipts of lease payments as an offset to expenses. Research and development expenses are also included in the SG&A expenses. Other expense (income) consists primarily of interest and amortization expense attributable to our debt facilities and accretion of Series A preferred units.

	2024			2023			Inc/(dec)			% change
Selling, general and administrative		7,750			9,021			(1,271	)		(14.1	)%

Other expense (income):
Interest expense
Interest rate expense	$	10,096		$	8,749		$	1,347			15.4	%
Debt related fees and amortization expense		1,651			1,433			218			15.2	%
Accretion and other expenses of Series A preferred units		3,267			7,739			(4,472	)		(57.8	)%
Other income		(1,225	)		(1,853	)		628			(33.9	)%

The decrease in SG&A expenses for the three months ended September 30, 2024, was due to decrease in (i) a $2.0 million in professional fees, (ii) decreases in utilities, penalties, and insurance of $0.2 million, offset by increase in (iii) salaries, supplies, and other of $0.9 million.

Interest expense increased in the three months ended September 30, 2024, due to an increases in principal under the Revolving Loans and Revolving Credit Facilities, and the impact of rising interest rates on our variable interest rate debt compared to the same period in the prior year. The lower accretion and other expenses of the Series A Preferred Units was due to a decrease in the effective interest rate on the PUPA redemption obligation in the recent PUPA amendments. The decrease in other income was due to receiving USDA grant income of $1.8 million during the 2023 compared to a $1.0 million of income recognized in the sale of unused feedstock at higher prices than the acquisition costs.

Nine Months Ended September 30, 2024, Compared to Nine Months Ended September 30, 2023

Revenues

Our revenues are derived primarily from sales of ethanol and WDG for our California Ethanol segment, RNG for our California Dairy Renewable Natural Gas segment, and biodiesel for our India Biodiesel segment.

	2024		2023		Inc/(dec)		% change
California Ethanol	$	121,155	$	59,246	$	61,909		104.5	%
California Dairy Renewable Natural Gas		9,640		1,523		8,117		533.0	%
India Biodiesel		89,841		55,184		34,657		62.8	%
Total	$	220,636	$	115,953	$	104,683		90.3	%

California Ethanol. For the nine months ended September 30, 2024, the Company sold 44.4 million gallons of ethanol at an average price of $1.97 per gallon and 305 thousand tons of WDG at a price of $90 per ton. For the nine months ended September 30, 2023, the Company sold 16.7 million gallons of ethanol at an average price of $2.72 per gallon. The increase in revenue was attributable to operating the Keyes Plant for nine full months during 2024 compared to 2023 when the Keyes Plant operated during only four of the nine months due to an extended maintenance period.

California Dairy Renewable Natural Gas. During the nine months ended September 30, 2024, we produced 236.3 thousand MMBtu of RNG and sold 234.8 thousand MMBtu at an average price of $2.88 per MMBtu. During this period, we also sold 2.0 million D3 RINs at an average price of $3.23 per RIN and 43 thousand metric tons of California LCFS credits at an average price of $55.16 per metric ton. As of September 30, 2024, we had 67.6 thousand MMBtu of RNG available for dispensing. During the nine months ended September 30, 2023, we produced and sold 142.0 thousand MMBtu of RNG at an average price of $5.06 per MMBtu. We also sold 270.7 thousand D3 RINs at an average price of $2.97 per RIN and did not sell any LCFS credits.

India Biodiesel. For the nine months ended September 30, 2024, we generated 96% of our revenues from the sale of biodiesel, and 4% of our revenue from other sales compared to 97% of our revenue from biodiesel, and 3% of our revenue from other sales for the nine months ended September 30, 2023. The increase in revenues was primarily attributable to fulfilling the demand from India's Oil Marketing Companies during the first nine months of the 2024 compared to absence of OMC contracts in the first three months of 2023. Biodiesel sales volume increased to 73.5 thousand metric tons in the nine months ended September 30, 2024 compared to 43.7 thousand metric tons in the nine months ended September 30, 2023 while price per metric ton decreased by 4%.

Cost of Goods Sold

	2024		2023		Inc/(dec)		% change
California Ethanol	$	130,649	$	63,053	$	67,596		107.2	%
California Dairy Renewable Natural Gas		5,669		4,167		1,502		36.0	%
India Biodiesel		82,858		47,580		35,278		100.0	%
Total	$	219,176	$	114,800	$	104,376		90.9	%

California Ethanol. For the nine months ended September 30, 2024, we purchased 15.6 million bushels of corn at $6.25 per bushel and incurred $4.6 million in chemicals and denaturant costs, $7.0 million in natural gas costs, and $7.0 million in transportation costs. For the nine months ended September 30, 2023, we incurred corn or other chemical costs for four months due to the extended maintenance at the Keyes Plant, which was offset by costs incurred for starting up the Keyes Plant along with resuming full operation of plant during third quarter of 2023 with 15% higher corn costs.

California Dairy Renewable Natural Gas. The cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase in the cost of goods sold was primarily due to the increase in the number of operating digesters.

(Tabular data in thousands, except par value and per share data)

Table of Contents

India Biodiesel. The increase in costs of goods sold was attributable to the increase in production and sales of biodiesel. In the nine months ended September 30, 2024, we processed 74.0 thousand metric tons of feedstock, compared to 43.7 thousand metric tons of feedstock in the same period in 2023. During the nine months ended September 30, 2024, the average price of feedstock was $835 per metric ton compared to $797 per metric ton in the same period as in 2023.

Gross profit (loss)

	2024			2023			Inc/(dec)			% change
California Ethanol	$	(9,494	)	$	(3,807	)	$	(5,687	)		149.4	%
California Dairy Renewable Natural Gas		3,971			(2,644	)		6,615			(250.2	)%
India Biodiesel		6,983			7,604			(621	)		(8.2	)%
Total	$	1,460		$	1,153		$	307			26.6	%

California Ethanol. The increase in gross loss during the period ended September 30, 2024, was attributable to a 28% decrease in the price of ethanol. During the maintenance cycle in 2023, the fixed expenses that would have normally been accounted for in gross profit/(loss) in that period were charged to SG&A.

California Dairy Renewable Natural Gas. The increase in gross profit in the nine months ended September 30, 2024, is due to an increased RNG production and sales quantities and sales of D3 RINs and LCFS credits after June 30, 2023, compared to sales of only RNG in the six-month period ended September 30, 2023.

India Biodiesel. The decrease in gross profit was attributable to an increase in feedstock usage by 69%, an increase in average feedstock price per metric ton by 5%, and a decrease in average sales price of biodiesel by 4%.

Operating (income)/expense and non-operating (income)/expense

Other expense (income) consists primarily of interest and amortization expense attributable to our debt facilities and accretion of Series A preferred units.

	2024			2023			Inc/(dec)			% change
Selling, general and administrative expenses		28,400			29,595			(1,195	)		(4.0	)%
Other expense (income):
Interest expense
Interest rate expense	$	29,092		$	24,126			4,966			20.6	%
Debt related fees and amortization expense		4,892			4,732			160			3.4	%
Accretion and other expenses of Series A preferred units		10,055			20,188			(10,133	)		(50.2	)%
Other income		(1,176	)		(2,020	)		844			(41.8	)%

The slight decrease in SG&A expenses for the nine months ended September 30, 2024, was due to (i) a $3.6 million loss on an asset write-off during 2024 and increase salaries and supplies of $1.4 million offset by (ii) decreases in expenses of $2.5 million that had been reclassified from cost of goods sold due to maintenance at the Keyes Plant during the five months half of 2023, (iii) decreases in professional fees of $2.4 million, and (iv) decreases in utilities, penalties, and insurance of $1.3 million.

Interest expense increased in the nine months ended September 30, 2024, due to the new Construction and Term Loan debt, increases in principal under the Revolving Loans and Revolving Credit Facilities, and the impact of rising interest rates on our variable interest rate debt compared to the same period in the prior year. The lower accretion and other expenses of the Series A Preferred Units was due to a decrease in the effective interest rate on the PUPA redemption obligation in the recent PUPA amendments. Other income consists of USDA grants of $1.8 million during 2023 and the recognition of $1.0 million from the purchase and sale of feedstock.

Liquidity and Capital Resources

Cash and Cash Equivalents

Cash and cash equivalents were$ 296 thousand at September 30, 2024. Our current ratio at September 30, 2024, was $0.26 compared to $0.43 at December 31, 2023. We expect that our future available liquidity resources will consist primarily of cash generated from operations, borrowings under debt arrangements, and sales of equity.

Liquidity

Cash and cash equivalents, current assets, current liabilities, and debt at the end of each period were as follows:

	As of
	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	296	$	2,667
Current assets (including cash, cash equivalents, and deposits)		34,900		36,400
Current and long-term liabilities (excluding all debt)		184,128		165,662
Current & long-term debt		322,206		294,721

Our principal sources of liquidity have been cash provided by operations, the sale of equity, and borrowings under various debt arrangements. Our principal uses of cash have been to fund operations, fund capital expenditures, and pay indebtedness. We anticipate these uses will continue to be our principal uses of cash in the future.

(Tabular data in thousands, except par value and per share data)

Table of Contents

We operate in a volatile market in which we have limited control over the major components of input costs and product revenues and are making investments in future facilities and facility upgrades that improve overall margins while lessening the impact of these volatile markets. As such, we expect cash provided by operating activities to fluctuate in future periods primarily because of changes in the prices for corn, ethanol, WDG, DCO, CDS, biodiesel, waste fats and oils, glycerin, non-refined palm oil, natural gas, LCFS credits, and D3 RINs as well as the timing of the sales of environmental attributes held in inventory. To the extent that we experience periods in which the spread between ethanol prices and corn and energy costs narrows or the spread between biodiesel prices and waste fats and oils or palm oil and energy costs narrow, we require additional working capital to fund operations.

As a result of negative capital and negative operating results, and collateralization of substantially all the Company assets, we have been reliant on our senior secured lender to extend the maturity dates of our debt and loan facilities. In order to meet obligations during the next twelve months, we will need to either refinance our debt or receive the continued cooperation of its senior lender. We plan to pursue the following strategies to improve the course of the business.

For the Keyes Plant, we plan to operate the plant and continue to improve its financial performance by adopting new technologies or process changes that increase energy efficiency, reduce costs, and enhance revenue, as well as execute upon awarded grants that improve energy and operational efficiencies resulting in lower cost, lower carbon intensity, and overall margin improvement.

For our dairy RNG production, we plan to continue to operate our existing digesters as well as continue to build new dairy digesters and extend the existing pipeline. Funding for continued construction has been based on government guaranteed debt financing and grant programs. We are seeking multiple sources of additional project funding to allow us to accelerate the addition of new digesters. We began generating revenue from D3 RIN sales in 2023 and first generated revenue from the sale of LCFS credits in January 2024. We expect to have a full year of revenue from both sources in 2024, which will provide increased liquidity.

For the Kakinada Plant, we plan to continue to enter cost-plus contracts with the OMCs as our primary customers. We also plan to continue to upgrade our plant to increase capacity and expand feedstock flexibility. We are also evaluating the production of additional products and developing channels for the export of allow. The Kakinada plant has had positive gross income during the last two years and we expect this to continue. We also will continue to rely on our working capital lines with Gemini and Secunderabad Oils to fund our commercial arrangements for the acquisitions of feedstock.

For the Riverbank SAF/RD production plan, we are continuing with engineering and other development activities and seeking both debt and equity funds needed for development and construction.

In addition to the above, we plan to continue to locate funding for existing and new business opportunities through a combination of working with our senior lender, restructuring existing loan agreements, seeking project specific debt and equity, selling equity through the ATM and otherwise, selling the current EB-5 Phase II offering, and by vendor financing arrangements.

At September 30, 2024, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital Notes was $205.3 million. The maturity dates for the Third Eye Capital financing arrangements are March 1, 2025, for $39.3 million; March 1, 2026, for $140.6 million; and, April 1, 2026, for $25.4 million based on the Company's option to extend the maturity.

Change in Working Capital and Cash Flows

The following table describes the changes in current and long-term debt (in thousands) during the nine months ended September 30, 2024:

Increases to debt:
Accrued interest	$	30,024
Maturity date extension fee and other fees added to senior debt		1,446
Sub debt extension fees		680
Fuels Revolving Line draw		3,848
Change in debt issuance costs, net of amortization		965
Construction Loan draw		5,525
Secured loans and Working capital loan draw		3,156
EB-5 broker promissory note settlement		3,305
Total increases to debt				$	48,949
Decreases to debt:
Principal, fees, and interest payments to senior lender	$	(3,486	)
Principal and interest payments and reductions to EB-5 promissory note		(3,915	)
Principal paid to EB-5 broker's promissory note		(530	)
Term loan payments		(7	)
Construction Loan Payments		(3,041	)
Secured loans working capital loan payments		(4,667	)
Extinguishment of Zebrex		(5,818	)
Total decreases to debt				$	(21,464	)
Change in total debt				$	27,485

Working capital changes resulted from (i) a $1.5 million increase in inventories (ii) a $0.7 million decrease in accounts receivable due to the last day of quarter falling on a weekend, offset by $85 thousand increase in India accounts receivable, and (iii) a decrease in other current assets of $0.5 million in North America and an increase in India current assets by $2 million due to tax receivables. This was partially offset by a $2.3 million decrease in cash.

(Tabular data in thousands, except par value and per share data)

Table of Contents

Net cash used in operating activities during the nine months ended September 30, 2024, was $20.4 million, which was calculated based on non-cash charges of $31.5 million, net cash provided by operating assets and liabilities of $19.5 million, and net loss of $71.3 million. The non-cash charges consisted of: (i) $4.9 million in amortization of debt issuance costs and other intangible assets, (ii) $6.1 million in depreciation expenses, (iii) $6.9 million in stock-based compensation expense, (iv) $10.1 million in accretion expense of Series A preferred units and (v) $3.6 million in loss on asset write-off. Net changes in operating assets and liabilities consisted primarily of (i) an increase in accrued interest of $20.9 million, (ii) an increase in accounts payable of $3.5 million, (iii) an increase in other liabilities of $1.5 million, (iv) an increase in inventories of $1.6 million and (v) a decrease in prepaid expenses of $1.6 million, (vi) an increase in other assets of $6.9 million, and (vii) an decrease in accounts receivable of $0.6 million.

Cash used in investing activities included $13.5 million used for capital projects, partially offset by grant proceeds and other reimbursements of $3.0 million.

Cash provided by financing activities was $27.8 million, consisting of $21.7 million from sales of common stock and proceeds from exercises of stock options and $12.5 million proceeds from borrowings, partially offset by repayments of borrowings of $4.8 million, payment of debt renewal and waiver fees of $1.4 million and payment on finance leases of $0.2 million.

Critical Accounting Policies and Estimates

Our discussion and analysis of financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of net sales and expenses for each period. We believe that of our most significant accounting policies and estimates, defined as those policies and estimates that we believe are the most important to the portrayal of our financial condition and results of operations and that require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain are: revenue recognition; recoverability of long-lived assets, Series A Preferred unit liability, and debt modification and extinguishment accounting. These significant accounting principles are more fully described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recently Issued Accounting Pronouncements

None reported beyond those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Off Balance Sheet Arrangements

None.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.

Management (with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on this evaluation, our CEO and CFO concluded that, although remediation plans were initiated to address the material weaknesses over financial reporting as identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, the disclosure controls and procedures along with the related internal controls over financial reporting were not effective to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and is compiled and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

As discussed in greater detail under Item 9A, Controls and Procedures, in our Annual Report on Form 10-K for the year ended December 31, 2023, we continued implementing a remediation plan to address the material weakness in our internal control related to information technology general controls and information technology systems.

(Tabular data in thousands, except par value and per share data)

Table of Contents

PART II -- OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There has been no change in risk factors since the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024. We urge you to read the risk factors contained therein.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

No unresolved defaults on senior securities occurred during the nine months ended September 30, 2024.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

Current Reports

Item 1.01 Entry into a Material Definitive Agreement.

On November 6, 2024, ABGL and Third Eye Capital entered a Seventh Waiver and Amendment to Series A Purchase Agreement (the "PUPA Seventh Amendment"). The PUPA Seventh Amendment is attached at Exhibit 10.1 and is described in the notes to the Financial Statements under 9. Aemetis Biogas LLC – Series A Preferred Financing and 15. Subsequent Events, and those descriptions are incorporated herein by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Todd A. Waltz, Executive Vice President and Chief Financial Officer of Aemetis, Inc., has informed the Company of his desire to retire from the position of Executive Vice President and Chief Financial Officer, provided that Mr. Waltz has indicated that he will remain in his current position until the Company has identified a successor, he will assist with transition to a new Chief Financial Officer, and he will remain with the Company in an employee or consulting capacity following the transition to provide continuity of operations. Mr. Waltz has also indicated that he does not have any specific date by which he needs to retire, and the Company expects the transition to a new Chief Financial Officer will take from six to twelve months. Mr. Waltz has further indicated that his retirement is for personal reasons and is not a result of any Company activities.

Item 6. Exhibits.

10.1	Seventh Waiver and Amendment to Series A Preferred Unit Purchase Agreement, effective as of August 31, 2024, and entered by Aemetis Biogas LLC, Protair-X Technologies Inc., and Third Eye Capital Corporation.

31.1	Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.

32.1	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *	Inline XBRL Instance Document

101.SCH *	Inline XBRL Taxonomy Extension Schema

101.CAL *	Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF *	Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB *	Inline XBRL Taxonomy Extension Label Linkbase

101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase

104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Aemetis, Inc.


Date: November 12, 2024	By:	/s/ Eric A. McAfee
		Eric A. McAfee Chair of the Board and Chief Executive Officer (Principal Executive Officer)

Date: November 12, 2024

By:

/s/ Todd A. Waltz

Todd A. Waltz

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EXHIBIT 10.1

SEVENTH WAIVER AND AMENDMENT TO

SERIES A PREFERRED UNIT PURCHASE AGREEMENT

This SEVENTH Waiver and Amendment to Series A Preferred Unit Purchase Agreement (this “Amendment”), effective as of August 31, 2024 (“Effective Date”), is made by and among (i) AEMETIS BIOGAS LLC, a Delaware limited liability company (“ABGL” or “COMPANY”), (ii) PROTAIR-X TECHNOLOGIES INC., a Canadian corporation (the “Purchaser”), and (iii) THIRD EYE CAPITAL CORPORATION, an Ontario corporation, as agent for the Purchaser (“Agent”).

RECITALS

A. ABGL, the Agent, and the predecessor of Purchaser entered into the Series A Preferred Unit Purchase Agreement and a Security Agreement, each dated as of December 20, 2018 (as amended, the “Agreement”). Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Agreement.

B. Prior to the effectiveness of this Amendment, Section 6.9(b) required ABGL to redeem the outstanding Series A Preferred Units by August 31, 2024, or, if not redeemed, to enter into a Credit Agreement with Purchaser and Agent.

C. ABGL has not redeemed all of the outstanding Series A Preferred Units, and the Parties hereto desire to extend the deadline for such redemption, pursuant to ABGL’s ongoing negotiations with certain strategic investors in order to conclude an optimal transaction by the dates indicated herein and in advance of the Final Redemption Date, and the parties have agreed to amend the Agreement and to provide certain consents and waivers on the terms and conditions contained herein to contemplate the foregoing.

AGREEMENT

SECTION 1. Waiver and Amendments. The Agent and Purchaser hereby waive, as of the date hereof, non-compliance with Section 6.9(b) the Agreement that occurred prior to the Effective Date and agree that the following sections of the Agreement shall be and hereby are amended as follows:

(A) Section 6.9(b) (Full Redemption). Subsection 6.9(b) of the Agreement is deleted in its entirety and replaced with the following:

“Full Redemption. On or before 2:00pm EST on January 31, 2025 (the “Final Redemption Date”), the Company shall redeem all of the outstanding Series A Preferred Units by paying to the Purchaser, in immediately available funds, an aggregate amount equal to $105,500,000 (being equal to $135,500,000 less $30,000,000 received by the Purchaser on October 13, 2023) (the “Final Redemption Price”). The payment and receipt of the Final Redemption Price shall be in full and complete satisfaction of the requirement of the Company to pay the Obligations under the Agreement, and upon receipt of such payment and the payment of any outstanding fees or other amounts, the Purchaser shall deliver to the Company for cancellation, the certificate or certificates representing the then issued and outstanding Series A Preferred Units held by the Purchaser or on its behalf, and the Agreement and other Transaction Documents shall be deemed terminated (except for any provisions thereof that, by their specific terms, survive termination). Notwithstanding the foregoing, the Parties acknowledge that they shall continue negotiations, in good faith, towards ensuring the redemption transaction noted herein on the Final Redemption Date is done on a tax efficient basis, including giving consideration to a transaction involving the sale of the Purchaser to the Company or its shareholder or other affiliates.

Credit Agreement. In the event that the Final Redemption Price is not paid by the date indicated above, such failure shall constitute a Trigger Event, and in addition to the remedies indicated in Section 7.2 of the Agreement, the Company agrees that effective as of February 1, 2025, it will execute and agree to be bound by, and shall irrevocably be deemed to have entered into, a credit agreement with the Agent and the Purchaser in substantially the form attached as Schedule “A” to the Seventh Amendment (with any revisions required and agreed to by the parties in order to ensure such transaction is done on a tax efficient basis, the “Credit Agreement”), and together with any ancillary agreements, documents, certificates, guarantees or deliverables contemplated by such Credit Agreement (collectively, the “Credit Documents”), and such Credit Agreement shall be a modification and replacement of this Agreement, and the liabilities, obligations, covenants and requirements of this Agreement shall be replaced by the liabilities, obligations, covenants and requirements of the Credit Agreement and all such security, liens and registrations provided pursuant to this Agreement (or ancillary agreements) shall continue and remain in place unaffected. Further, upon execution of the Credit Agreement and all Credit Documents (including without limitation any guarantees which the Credit Agreement contemplates to be signed by affiliates of ABGL, including those signatories to the Seventh Amendment), the Purchaser shall deliver to the Company for cancellation, the certificate or certificates representing the then issued and outstanding Series A Preferred Units held by the Purchaser or on its behalf, and the Agreement and other Transaction Documents shall be deemed terminated (except for any provisions thereof that, by their nature, survive termination).”

(B) Section 1.1 Defined Terms. The following defined term is added into Section 1.1 of the Agreement in its applicable alphabetical order:

“Seventh Amendment” means that Seventh Waiver and Amendment to Series A Preferred Unit Purchase Agreement dated as of April 30, 2024, by and between the Company, the Purchaser and the Agent.”

SECTION 2. Conditions to Effectiveness. This Amendment shall be subject to satisfaction of the following conditions precedent:

(a) ABGL shall have performed and complied with all of the covenants and conditions required by this Amendment and the Transaction Documents to be performed and complied with upon the effective date of this Amendment.

(b) ABGL shall pay, on the Final Redemption Date, a closing fee of $10,000,000, payable to or at the direction of, the Purchaser (and for, purposes of clarity, this closing fee may be paid by entry of the Credit Agreement, and the closing fee is included in the $115,500,000 principal referred to in the form of Credit Agreement).

(c) Agent shall have received all other approvals, opinions, documents, agreements, instruments, certificates, schedules and materials as the Agent may reasonably request, including tax advice to ensure that the transactions contemplated herein are done on a tax efficient manner.

SECTION 3. Acknowledgement. ABGL acknowledges and agrees that the failure to perform, or to cause the performance of, the covenants and agreements in this Amendment will constitute a Trigger Event under the Agreement.

SECTION 4. Agreement in Full Force and Effect as Amended. Except as specifically amended or waived hereby, the Agreement and other Transaction Documents shall remain in full force and effect and are hereby ratified and confirmed as so amended. Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification of, or consent to or departure from, any provisions of the Agreement or any other Transaction Document or any right, power or remedy of the Agent or Purchaser thereunder, nor constitute a waiver of any provision of the Agreement or any other Transaction Document, or any other document, instrument or agreement executed or delivered in connection therewith or of any Trigger Event under any of the foregoing, in each case whether arising before or after the execution date of this Amendment or as a result of performance hereunder or thereunder. This Amendment shall not preclude the future exercise of any right, remedy, power, or privilege available to the Agent or Purchaser whether under the Agreement, the other Transaction Documents, at law or otherwise. All references to the Agreement shall be deemed to mean the Agreement as modified hereby. This Amendment shall not constitute a novation or satisfaction and accord of the Agreement or any other Transaction Document but shall constitute an amendment thereof. The parties hereto agree to be bound by the terms and conditions of the Agreement and Transaction Documents as amended by this Amendment, as though such terms and conditions were set forth herein. Each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Agreement as amended by this Amendment, and each reference herein or in any other Transaction Documents to “the Agreement” shall mean and be a reference to the Agreement as amended and modified by this Amendment.

SECTION 5. Representations by ABGL. ABGL hereby represents and warrants to the Agent and Purchaser as of the execution date of this Amendment as follows: (a) it is duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation; (b) the execution, delivery and performance by it of this Amendment are within its powers, have been duly authorized, and do not contravene (i) its articles of incorporation, bylaws or other organizational documents, or (ii) any applicable law; (c) no consent, license, permit, approval or authorization of, or registration, filing or declaration with any Governmental Authority or other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment; (d) this Amendment has been duly executed and delivered by it; (e) this Amendment constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; (f) it is not in default under the Agreement or any other Transaction Documents and no Trigger Event exists, has occurred and is continuing or would result by the execution, delivery or performance of this Amendment; and (g) the representations and warranties contained in the Agreement and the other Transaction Documents are true and correct in all material respects as of the execution date of this Amendment as if then made, except for such representations and warranties limited by their terms to a specific date.

SECTION 6. Miscellaneous.

(A) This Amendment may be executed in any number of counterparts (including by facsimile or email), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement. Each party agrees that it will be bound by its own facsimile or scanned signature and that it accepts the facsimile or scanned signature of each other party. The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof or thereof. The use of the word “including” in this Amendment shall be by way of example rather than by limitation. The use of the words “and” or “or” shall not be inclusive or exclusive.

(B) This Amendment may not be changed, amended, restated, waived, supplemented, discharged, canceled, terminated or otherwise modified without the written consent of the parties hereto. This Amendment shall be considered part of the Agreement and shall be a Transaction Document for all purposes.

(C) This Amendment, the Agreement and the Transaction Documents constitute the final, entire agreement and understanding between the parties with respect to the subject matter hereof and thereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties, and shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto and thereto. There are no unwritten oral agreements between the parties with respect to the subject matter hereof and thereof.

(D) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE AGREEMENT.

(E) ABGL may not assign, delegate or transfer this Amendment or any of its rights or obligations hereunder. No rights are intended to be created under this Amendment for the benefit of any third-party donee, creditor or incidental beneficiary. Nothing contained in this Amendment shall be construed as a delegation to Agent or the Purchaser of ABGL’s duty of performance, including any duties under any account or contract in which the Agent or Purchaser have a security interest or lien. This Amendment shall be binding upon the parties hereto and their respective successors and assigns.

(F) ABGL ACKNOWLEDGES THAT ITS PAYMENT OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RECISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM AGENT OR PURCHASER. ABGL HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE AGENT AND PURCHASER AND THEIR RESPECTIVE PREDECESSORS, ADMINISTRATIVE AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”) FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH SUCH PERSON MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, INCLUDING ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE AGREEMENT OR OTHER TRANSACTION DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

AEMETIS BIOGAS LLC

By:
Name: Eric A. McAfee
Title: Chief Executive Officer

THIRD EYE CAPITAL CORPORATION

By:
Name: Arif N. Bhalwani
Title: Managing Director

PROTAIR-X TECHNOLOGIES INC.

By:
Name: Dev Bhangui
Title: Chief Executive Officer

Acknowledged and agreed, specifically with respect to the obligation to provide the Guarantees and security agreements, in a form to be agreed to by the parties thereto, to be provided pursuant to the Credit Agreement, if and when required:

AEMETIS, INC.

GOODLAND ADVANCED FUELS, INC.

AEMETIS CARBON CAPTURE, INC.

AEMETIS ADVANCED PRODUCTS KEYES, INC.,

AEMETIS ADVANCED FUELS KEYES, INC.,

AEMETIS PROPERTY KEYES, INC.,

AEMETIS RIVERBANK, INC.,

AEMETIS PROPERTIES RIVERBANK, INC.,

AEMETIS ADVANCED PRODUCTS RIVERBANK, INC.,

AEMETIS HEALTH PRODUCTS, INC.,

AEMETIS INTERNATIONAL, INC.,

AEMETIS TECHNOLOGIES, INC.,

AE ADVANCED FUELS, INC.,

AEMETIS BIOFUELS, INC.,

AEMETIS AMERICAS, INC.,

AEMETIS ADVANCED FUELS, INC.,

AEMETIS FACILITY KEYES, INC.,

ENERGY ENZYMES, INC.,

AE BIOFUELS, INC.,

AEMETIS ADVANCED BIOREFINERY KEYES, INC.

By:
Name: Eric A. McAfee
Title: Chief Executive Officer

Schedule “A”

Form of Credit Agreement

CREDIT AGREEMENT

February 1, 2025

FOR VALUE RECEIVED, the undersigned AEMETIS BIOGAS LLC, a Delaware limited liability company (the “Borrower”), promises to pay to the order of THIRD EYE CAPITAL CORPORATION, an Ontario Corporation, as administrative agent and collateral agent (together with its successors and assigns, the “Agent”) for and on behalf of PROTAIR-X TECHNOLOGIES INC. (including its successors and assigns, the “Lender”), at its offices or such other place as the Agent may designate in writing the amounts that may be outstanding from time to time hereunder pursuant to the term loan facility (the “Facility”), as indicated pursuant to the records of the Agent with respect to such amounts, together with interest on the amount remaining unpaid from time to time from the date of this credit agreement (“Credit Agreement”) until due and payable, at the Interest Rate (defined below), as more particularly set out in Section 3 hereto. The Lender’s obligation hereunder shall be limited to the maximum commitment equal to $115,500,000, to be drawn in a single advance on the date hereof. All references to “$” or “dollars” is to the lawful currency of the United States and all capitalized terms shall have the definitions indicated herein or in Section 19(h) below.

Use of Proceeds. The Borrower shall use the proceeds of the advance made under the Facility on the date hereof to repurchase for cancellation 100% of those Series A Preferred Shares issued by the Borrower pursuant to that Series A Preferred Unit Purchase Agreement dated December 20, 2018 between the Borrower, the Lender and Third Eye Capital Corporation, as agent thereunder (as may be amended from time to time, the “PUPA”).

Repayments. The full outstanding principal balance of the indebtedness evidenced hereby under the Facility, together with all accrued but then unpaid and compounded interest thereon and any other sums due hereunder, shall be due and payable in full at the earlier to occur of: (i) January 31, 2026 (the “Maturity Date”), and (ii) the occurrence of an Event of Default.

Interest.

The outstanding principal under the Facility shall bear interest at a per annum rate equal to the greater of (i) the Prime Rate plus 10.0% and (ii) 16.0%, compounded daily in arrears (the “Interest Rate”).

If an Event of Default shall have occurred, all outstanding principal of and, to the fullest extent permitted by law, all past due interest and any other past due amounts owing under the Facility shall bear interest at a rate per annum equal to the Interest Rate plus ten percent (10%) per annum (the “Default Rate”). Interest payable at the Default Rate shall be payable from time to time on demand.

Interest shall be payable on the outstanding obligations in arrears for the preceding calendar month on the first Business Day of each calendar month. For greater certainty, interest on the unpaid principal balance shall accrue from the date hereof.

So long as no Event of Default has occurred and is continuing, on each applicable monthly interest payment date, subject to Section 4 hereto, up to 100% of the amount of interest then owing on the Facility may be capitalized to the principal amount outstanding, at the Borrower’s option.

Mandatory Repayments. Within 5 days of the last day of March, June, September and December of each calendar year, the Borrower shall repay to the Facility all of that amount (if positive) which is equal to one hundred percent (100%) of Free Cash Flow (as defined below) which it or any of its subsidiaries receives during the applicable preceding calendar quarter. Mandatory repayments pursuant to this Section 4 shall be made in immediately available funds.

Prepayments. The Borrower may, at any time and from time to time, prepay the indebtedness in whole under the Facility without premium or penalty, but with accrued and compounded interest to the date of such prepayment on the amount prepaid. Any notice of optional prepayment is irrevocable and shall be effective only if received by the Agent by 2:00 p.m. (Toronto, Ontario time) on the date that is five (5) Business Days prior to the proposed prepayment. Any notice of optional prepayment shall specify the amount to be prepaid and the date of prepayment.

Record Keeping. All borrowings and all payments made on account of the principal hereof shall be endorsed by the Agent in its internal records and shall be made a part hereof, provided however that any failure to endorse such information shall not in any manner affect the obligation of the Borrower to make payments of principal and interest in accordance with the terms hereof. All notations on such Agent’s internal records as to borrowings and repayments made shall constitute conclusive evidence of such borrowings or repayments.

Increased Costs. If, due to either (i) the introduction of or any change (including, without limitation, any change by way of imposition or increase of reserve requirements but excluding the imposition of, or any change in the rate of, any income tax payable by the Agent or any Lender) in or in the interpretation of any law or regulation or (ii) the compliance by the Agent or any Lender with any guideline or request from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in the cost to the Agent of funding or maintaining the loans or obligations under this Credit Agreement, then the Borrower shall from time to time, upon demand by the Agent, pay to the Agent and/or the Lenders additional amounts sufficient to indemnify the Agent and the Lenders against such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower by the Agent, shall be conclusive and binding for all purposes, absent manifest error.

Illegality. Notwithstanding any other provision hereof, if, in the reasonable opinion of the Agent, it becomes unlawful for a Lender to make or maintain its loan hereunder, then such Lender will promptly so notify the Borrower and the other Lenders and the Borrower will promptly prepay the balance in full together with accrued interest thereon and all other amounts then due and Lenders will have no further obligation to make or maintain the loan hereunder.

Payments and Computations.

The Borrower shall make each payment hereunder not later than 2:00 p.m. (Toronto, Ontario time) on the day when due to the Agent at its address referred to in Section 19(g) or at such other location as may be specified by the Agent to the Borrower, in immediately available funds without setoff, compensation, counterclaim, recoupment or other defense. Any payments received after 2:00 p.m. (Toronto time) will be considered for all purposes as having been made on the next following Business Day.

Agent and Lenders will maintain in accordance with their usual practice one or more accounts evidencing the indebtedness of the Borrower to the Agent hereunder. Such account(s) will be prima facie evidence of the obligations recorded therein, provided that any failure by Agent to maintain any account or any error therein shall not affect the obligation of the Borrower to repay its indebtedness to the Agent in accordance with this Credit Agreement.

Each determination of a rate of interest or fee by Agent will be conclusive evidence of such rate or fee in the absence of manifest error. Interest and fees will be calculated on the basis of a year of 365 days for the actual number of days (including the first day but excluding the last day) elapsed in the period for which such interest or fees are payable. For the purposes of disclosure pursuant to the Interest Act (Canada) and not for any other purpose, where in this Credit Agreement a rate is to be calculated on the basis of a year of 365 days, the yearly rate to which the 365-day rate is equivalent is such rate multiplied by the number of days in the year for which such calculation is made and divided by 365.

Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest.

10.

Taxes. The Borrower agrees that all payments to be made by it hereunder and the other Loan Documents shall be made without setoff, compensation or counterclaim and free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or restrictions or conditions of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any country or by any political subdivision or taxing authority thereof or therein (“Taxes”). If any Taxes are required to be withheld from any amounts payable to the Agent hereunder, the amounts so payable to the Agent shall be increased to the extent necessary to yield to the Agent (after payment of all Taxes) the amounts payable hereunder in the full amounts so to be paid. Whenever any Tax is paid by the Borrower, as promptly as possible thereafter, the Borrower shall send the Agent an official receipt showing payment thereof, together with such additional documentary evidence as may be required from time to time by the Agent.

11.

Maximum Interest Rate. Notwithstanding any other provisions hereof or any other Loan Document: (i) in no event shall the aggregate “interest” payable to Agent and Lenders hereunder or the other Loan Documents exceed the effective annual rate of interest legally permitted under any Law in any relevant jurisdiction; and (ii) if any provision of this Credit Agreement or any other Loan Document would obligate the Borrower to make any payment of interest or other amount payable to Agent and Lenders in an amount or calculated at a rate which would be prohibited by Law or would result in a receipt by Agent or any Lender of interest at a criminal rate, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Law or so result in a receipt by Agent or any Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (A) first, by reducing on a pro rata basis the amount or rates of interest required to be paid under Section 3 hereof, and (B) thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for purposes of any Law.

12.

Application of Payments. Prior to the occurrence of an Event of Default, all amounts received by the Agent or the Lenders from the Borrower in respect hereof shall be applied pro tanto to the obligations hereunder as follows: first, to pay any fees, indemnities or expense reimbursements then due to the Agent and the Lenders under the Loan Documents, until paid in full, second, to pay interest due, and third, to pay or prepay the principal amount and all outstanding obligations hereunder until paid in full. Upon the occurrence and during the continuance of an Event of Default, all amounts received by the Agent from the Borrower or any other Person shall be applied pro tanto to the obligations hereunder in such manner as the Agent shall determine in its sole discretion.

13.

Representations and Warranties. The Borrower represents and warrants to the Agent as follows:

It (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has the power and authority, and the legal right, to own and operate its property and to conduct the business in which it is currently engaged, (iii) is duly qualified as a foreign corporation and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and (iv) is in compliance with all requirements of Law in all material respects.

It has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party, to consummate the transactions contemplated thereby and, as the case may be, to obtain extensions of credit hereunder. It has taken all necessary organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extension of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents. Each Loan Document to which it is a party has been duly executed and delivered on behalf of it. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of it, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

The execution, delivery, and performance by it of this Agreement and the other Loan Documents to which it is a party and compliance with the terms and provisions hereof and thereof will not (i) violate or conflict with, or result in a breach of, or require any consent under (A) its constating documents, (B) any Law, or (C) any material agreement or instrument to which it is a party or by which it or any of its properties is bound or subject, or (ii) result in the creation or imposition of any lien upon any of its revenues or assets other than the liens arising under the Loan Documents.

It is in compliance in all material respects with the Foreign Corrupt Practices Act, as amended, and rules and regulations thereunder ("FCPA"). No part of the proceeds of any advance will be used directly or indirectly for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA.

There are no actions, suits, litigation or proceedings, at law or in equity, pending by or against it before any court, administrative agency, or arbitrator in which a likely adverse decision could reasonably be expected to have a material adverse effect.

It has filed all federal and other material tax returns required to be filed, including all income, franchise, employment, property, and sales tax returns, and has paid all of their respective federal and other material taxes, assessments, governmental charges, and other levies that are due and payable, except to the extent such taxes are contested in good faith by proper proceedings which stay the imposition of any penalty, fine or lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment thereof. It has no knowledge of any pending investigation by any taxing authority or of any pending unassessed tax liability (other than taxes which are not yet due and payable).

14.

Conditions to Closing. The Lender’s obligation to provide the Facility is subject to the following conditions being satisfied to the satisfaction of the Agent:

the Agent shall be satisfied with its tax structuring and planning with respect to the Facility and the repayment and satisfaction of the PUPA;

delivery of original Loan Documents, each duly executed by the applicable guarantors and affiliates of the Borrower, and applicable financing statements and registrations;

a copy of the annual budget for the remainder of fiscal year 2024 and a copy of the annual monthly cash flow budget for each month prior to the Maturity Date (“Project Budget”);

no Event of Default shall have occurred and be continuing or result from the execution of this Agreement and the other Loan Documents or the advance of funds hereunder; and

the Agent and the Lender shall have received such other documents, instruments and information as reasonably requested.

15.

Covenants.

So long as any of the indebtedness or obligations hereunder shall remain unpaid, the Borrower will not, directly or indirectly, without the prior written consent of the Agent, in its sole and absolute discretion:

Liens. Create, incur, assume or suffer to exist any Lien upon any of its property (whether real, personal, tangible or intangible, whether now owned or hereafter acquired.

Indebtedness. Create, incur, assume or suffer to exist any Indebtedness except Permitted Indebtedness. Without the consent of the Agent, amend, modify or change any term or condition of any documentation entered into in connection with any Indebtedness (i) in any manner (i) if the effect of such amendment, modification or change is to restrict in any manner the ability of any Agent or the Lenders to exchange, extend, renew, replace or refinance, in whole or part, any indebtedness under this Agreement or any other Loan Document, or (ii) in any other manner that could be adverse to the interests, rights or remedies of the Agent or any Lender under the Loan Documents.

Capital Stock, Dividends, Etc. (i) Declare or make any distribution or other dividend payment or distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class, (ii) issue, purchase, redeem or otherwise acquire for value any shares of any class or any warrants, rights or options to acquire any such shares, now or hereafter outstanding or (iii) make any distributions, remuneration or payment in violation of the terms of any applicable subordination terms applicable to any Permitted Indebtedness. Notwithstanding any other term of this Agreement, Borrower and its Subsidiaries shall not, without the prior written consent of the Agent, make any transfer of funds, transfer of Property, or any distributions, remuneration or payment (including any distributions) to any Person, other than payments on account of the indebtedness in accordance with the terms hereof.

Investments. Make any Investment except Permitted Investments.

Business, Management, Mergers, etc. (i) make any change in (A) its board of directors or managers, or (B) its capital structure, (ii) make any material change in the nature of the business presently conducted by it; (iii) make any payments on account of new retainers greater than $50,000 or establish or create any trust accounts, (iv) change its name; (v) change its jurisdiction of incorporation or its type of organization (that is, from a corporation) or otherwise amend, modify or change any of its constating documents, as in effect on the date hereof, except any such amendments, modifications or changes that either individually or in the aggregate could not reasonably be expected to have a material adverse effect; (vi) merge, amalgamate or consolidate with or into, or convey, transfer, lease or otherwise dispose of or alienate (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets of, any Person, or dissolve or liquidate or terminate its legal existence, or (vii) make any change in its accounting policies or reporting practices, except as required or permitted by GAAP, or its fiscal year.

Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any subsidiary to (a) make dividends or distributions in respect of such subsidiaries Free Cash Flow or capital stock or equity held by, or pay any indebtedness owed to, the Borrower, (b) make loans or advances to, or other investments in the Borrower, or (c) transfer any of its assets to the Borrower, except for such encumbrances or restrictions existing under or by reason of any restrictions existing under the Loan Documents.

Change of Control. Cause, permit or suffer, directly or indirectly, any Change of Control to occur, or incorporate or create any new subsidiaries.

Disposition of Property. Dispose or alienate of any of its property or equity interests in its subsidiaries, whether now owned or hereafter acquired, except dispositions of inventory made in the ordinary course of its business.

Affiliate Transactions and Intercompany Loans. Enter into any transaction with any affiliate or subsidiary or any of its directors or senior or executive officers or senior management, or enter into or assume any employment, consulting or analogous agreement or arrangement with any of its directors or senior or executive officers or senior management or make any payment to any of its directors or senior or executive officers or senior management, except in the ordinary course.

Bank Accounts. Open any new bank account.

Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits its ability to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, other than this Agreement and the other Loan Documents.

xx.

Place of Business. Change the location of its respective chief executive office, principal place of business and registered office.

So long as any of the indebtedness or obligations hereunder shall remain unpaid, the Borrower will provide, as soon as available, and in any event within ten (10) days after the end of each calendar month, a monthly report prepared by it and reviewed by the Third Party Consultant on the progress of development of the Project and achievement of Milestones in substantially the form of Exhibit E to the PUPA and in detail reasonably satisfactory to the Agent, including: (i) Milestone schedules, Milestones met and not met and, in the case of Milestones not met, the reasons why such Milestones were not met, targeted Milestones for the next month, and targeted Milestones for the next ninety (90) days, (ii) a report as to the progress of the Project, (iii) in the event of any material deviation or variance from the Project Budget, the reason for such material deviation and such other information reasonably requested by the Agent in connection therewith; (iv) any factors or events which have had, are having or could reasonably be expected to have a material adverse effect; (v) the status of all permits, licenses, franchises, approvals, authorizations, registrations, certificates, licenses, variances and similar rights obtained, or required to be obtained for the development of the Project, including with respect to those which have not been obtained, the dates of applications submitted or to be submitted and the anticipated dates of actions by applicable Governmental Authorities with respect thereto; (vi) a reporting on the number of WCE for each of the dairies, manure collection methods and quantum of supply to each dairy covered lagoon digester, and (vii) the status of all grants (including DDRDP grants) by Governmental Authorities for the Project, including with respect to grants that have not been obtained, the dates of applications submitted or to be submitted and the anticipated dates of action by applicable Governmental Authorities with respect to such grants.

16.

Events of Default. Each of the following events (each an “Event of Default”) shall constitute an Event of Default:

the Borrower fails to make any payment when due hereunder, whether upon demand by the Agent or Lenders, or otherwise;

the Borrower fails to comply with, to perform, or to cause to perform, any other term, obligation, covenant or condition contained herein, any Loan Document or any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Agent and/or Lender and the Borrower;

any warranty, representation or statement made or furnished to Agent and/or Lender by Borrower or on Borrower’s behalf hereunder or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter;

the Borrower or any of its affiliates or subsidiaries defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favour of any other creditor or person that may materially affect any of Borrower’s property or the Borrower’s ability to repay this Credit Agreement or perform Borrower’s obligations hereunder or any of the related documents;

the Borrower (i) becomes insolvent or generally not able to pay its debts as they become due, (ii) admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of creditors, (iii) institutes or has instituted against it any proceeding seeking (x) to adjudicate it a bankrupt or insolvent, (y) liquidation, winding up, administration, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any applicable law relating to bankruptcy, insolvency, reorganization or relief of debtors including any proceeding under applicable corporate law seeking a compromise or arrangement of, or stay of proceedings to enforce, some or all of the debts of such person, or (z) the entry of an order for relief or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its assets, and in the case of any such proceeding instituted against it (but not instituted by it), either the proceeding remains undismissed or unstayed for a period of 30 days, such person fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or other similar official for it or for any substantial part of its properties and assets) occurs, or (iv) takes any corporate action to authorize any of the above actions; or

a material adverse change occurs in Borrower’s financial condition, or Agent and/or Lender believes the prospect of payment or performance of the obligations under this Credit Agreement is impaired.

17.

Remedies. If any Event of Default shall have occurred and be continuing, then, and in any such event, the Agent may, without notice to the Borrower, declare all outstanding principal (and all accrued and unpaid interest thereon) and all other amounts owing hereunder and under the other Loan Documents to be forthwith due and payable, whereupon all outstanding principal hereof, all such accrued and unpaid interest and all such other amounts shall become and be forthwith due and payable, without presentment, demand, protest, notice of acceleration, notice of intent to accelerate, or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that in the case of any event described in Section 16(e), all outstanding principal hereof, all accrued and unpaid interest thereon and all other amounts owing hereunder and the other Loan Documents shall automatically become and be due and payable, without presentment, demand, protest, notice of acceleration, notice of intent to accelerate, or any notice of any kind, all of which are hereby expressly waived by the Borrower.

18.

Costs and Expenses. The Borrower agrees to pay the Agent all normal and customary fees, charges and expenses relating to the establishment and operation of this Credit Agreement and the Loan Documents and for services that may be provided to the Borrower by the Agent or Lender, including, but not limited to, debit fees, over-advance fees and wire transfer fees. The Borrower also agrees to reimburse the Agent, prior to and during the term hereof, for all reasonable out-of-pocket expenses incurred by the Agent or Lender in connection with the Loan Documents, including, but not limited to, filing fees, lien and judgment search fees, due diligence and collateral exam and inspection expenses, travel expenses, fees of outside auditors, bank fees, outside attorneys’ fees, fees of appraisers and any other reasonable fees or expenses. The Borrower hereby agrees to indemnify the Agent and Lender forthwith upon demand therefor in respect of all such costs and expenses.

19.

Security. The Borrower and any other obligor under any Loan Document have granted or agreed to grant to the Agent (including, as may be applicable, for itself and/or in its capacity as administrative agent, collateral agent and representative for itself and other creditors), security interests, assignments or other interests as collateral security for the indebtedness hereunder, all of which secure the obligations owing hereunder. Each Lender irrevocably appoints the Agent to act on its behalf as administrative agent and collateral agent and, to the extent necessary, ratifies such appointment, and designates and authorizes the Agent as its attorney to take such actions on its behalf under the provisions of the Loan Documents and any ancillary document or security therefore and to exercise such powers and perform such duties as have been or may be delegated to the Agent.

20.

Miscellaneous.

Waiver of Notice. The Borrower waives presentment, protest, notice of dishonour, days of grace and the right of set-off. The failure of the Agent to exercise any rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.

Waiver and Amendment. Any provision of this Credit Agreement may be waived, amended or modified only upon the written consent of both the Borrower and Agent.

Restriction on Transfer. This Credit Agreement may only be transferred in compliance with applicable provincial and federal laws. All rights and obligations of the Borrower and Agent shall be binding upon and benefit the successors, assigns, heirs, and administrators of the parties.

No Assignment. This Credit Agreement or the rights or obligations hereunder may be transferred or assigned by the Agent or any Lender, provided that, unless a Default has occurred and is continuing, the Agent or applicable Lender shall be obliged to give the Borrower written notice of such transfer. The Borrower may not transfer or assign all or any part of its obligations hereunder without the prior written consent of Agent.

Governing Law and Attornment. This Credit Agreement shall be governed by and interpreted in accordance with the laws of the State of New York (without regard to the conflict of laws principles thereof). Without prejudice to the ability of the Agent to enforce this Credit Agreement in any other proper jurisdiction, the Borrower hereby irrevocably submits and attorns to the non-exclusive jurisdiction of the courts of the State of New York in connection herewith.

Severability. If any of the provisions of this Credit Agreement is held invalid, such invalidity shall not affect the other provisions hereof that can be given effect without the invalid provision, and to this end the provisions hereof are intended to be and shall be deemed severable.

Notices. All notices and other communications given to or made upon any party hereto shall, except as otherwise expressly herein provided, be in writing and mailed via certified mail, faxed or delivered to the respective parties in accordance with any subsequent written direction from the recipient party to the sending party delivered in accordance with this Section, or at such parties last known address or email or fax number. All such notices and other communications shall, except as otherwise expressly herein provided, be effective upon (i) delivery if delivered by hand; (ii) the third (3^rd) Business Day after the date sent, in the case of certified mail; (iii) receipt, in the case of a fax or email.

Definitions. The following terms shall have the meanings set forth below.

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in Toronto, Ontario are closed.

“Change of Control” means any situation or event by which Aemetis, Inc. (or its affiliate) is not the legal and beneficial holder, directly or indirectly, of 100% of the capital stock and equity interests (inc. warrants or options or convertible instruments) of the Borrower.

“Free Cash Flow” means, for any period, for the Borrower and each subsidiary, the sum of Operating Cash Flow plus (i) California Department of Food and Agriculture Dairy Digester Research and Development Program, California Department of Food and Agriculture, or any such alternative government grants; plus (ii) proceeds from any debt or equity financings or sales of Inflation Reduction Act credits; less (iii) interest or mandatory payments under Permitted Indebtedness (including hereunder which the Borrower pays in cash), less (iv) a working capital reserve of $1,000,000, in each case calculated for such period in accordance with GAAP.

“GAAP” means United States generally accepted accounting principles in effect from time to time.

“Governmental Authority” means any nation or government, any state, province, territory or other political subdivision thereof (whether federal, state, local or otherwise), any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies), any securities exchange and any self-regulatory organization.

“Indebtedness” means all obligations for borrowed money and all obligations evidenced by bonds, debentures, notes, loan agreement or other similar instruments, letters of credit, bankers’ acceptances, guaranties, sureties and similar instruments, deferred purchase price arrangements (other than trade accounts in the ordinary course), capitalized amounts under capital leases, obligations under conditional sales agreements or other title retention agreements.

“Investment” means any beneficial ownership interest in any Person (including stock, partnership interest or other securities or other equity interests), and any loan, advance or capital contribution to any Person, or the acquisition of all or substantially all of the assets or properties of another Person.

“Law” any law, treaty, rule or regulation or determination of an arbitrator or a court of competent jurisdiction or Governmental Authority, in each case applicable to the applicable Person.

“Lien” means: (a) any mortgage, deed to secure debt, deed of trust, lien, hypothec, pledge, charge, lease constituting a capital lease obligation, conditional sale or other title retention agreement (or other lease having a substantially similar economic effect), or other security interest, hypothec, privilege, priority, security title, deposit arrangement or encumbrance of any kind in respect of any property of such Person, or upon the income or profits therefrom, (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person, (c) the filing of, or any agreement to give, any financing statement, publication or registration (or any of its equivalent in any jurisdiction) in respect of any of the foregoing (including any such precautionary filings), and (d) any other lien, charge, privilege, secured claim, title retention, garnishment right, deemed trust, encumbrance, hypothec, servitude, right-of-way, easement, privilege, priority or other right affecting Property, choate or inchoate, arising by any statute, act of law of any jurisdiction at common law or in equity or by agreement.

“Loan Document” means this Credit Agreement all other documents, instruments and agreements executed and delivered pursuant to or in connection with this Credit Agreement, (including without limitation certificates, guarantees, mortgages, security or collateral agreements) together with any and all extensions, renewals, amendments and modifications of any of the foregoing.

“Milestones” means the activities to be performed by the Borrower and its subsidiaries in relation to the Project, including the delivery of equipment, construction of the Project, entering into contracts with dairy farms for manure supply, biogas collection and discharge of effluents, obtaining pipeline rights of way, application and receipt of government grants from the State of California, the application for and receipt of permits, and budgets and time frames for all such activities.

“Operating Cash Flow” means for any period the sum of (i) all revenues of the Borrower and its subsidiaries, including revenues from the sale of natural gas production, sales of Low Carbon Fuel Standard (LCFS) credits, and sales of Renewable Identification Number (RIN) credits; less (ii) all operating costs, operating and maintenance fees, insurance costs, engineering and construction bonuses, taxes, in each case of the Borrower and its subsidiaries, and calculated for such period in accordance with GAAP.

“Permitted Indebtedness” means: (a) Borrower’s Indebtedness under this Agreement and the other Loan Documents; (b) Indebtedness existing on the date hereof owing to Greater Commercial Lending; (c) unsecured Indebtedness to trade creditors incurred in the ordinary course of business, except for trade payables overdue by more than 120 days; (d) Indebtedness by a subsidiary of the Borrower to the Borrower; (e) Indebtedness incurred in the ordinary course of business under performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees and similar obligations or in respect of worker’s compensation claims, and reimbursement obligations in respect of any of the foregoing;.

“Permitted Investments” means: (a) Investments consisting of deposit accounts in which the Agent has a perfected security interest; (b) Investments by Borrower in Subsidiaries not to exceed $250,000 in the aggregate in any fiscal year Borrower; (c) Investments, in an aggregate amount not to exceed $250,000 in any fiscal year, consisting of travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business; (d) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; (e) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not affiliates, in the ordinary course of business, (f) Investments consisting of amounts receivable and credit extensions by a Borrower to a subsidiary, (g) Investments consisting of the endorsement of negotiable instruments for deposit or collection in the ordinary course of business, and (h) so long as no Event of Default has occurred and is continuing or would result therefrom, any other Investments in an aggregate amount not to exceed $500,000 in the aggregate in any fiscal year.

“Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

"Prime Rate” means that rate of interest reported daily in the Wall Street Journal (or any successor publication) as the Prime Rate, as such rate may vary from time to time; provided that if such rate of interest becomes unavailable for any reason as determined by the Agent, such other rate of interest publicly announced by a reputable global bank in New York as its Prime Rate.

“Project” means the development, construction, completion and operation by the Borrower and its subsidiaries of a cluster of dairy covered lagoon digesters, H2S conditioning skids and related biogas pipelines, centralized HUB gas-cleanup and compression to RNG, any temporary boiler equipment, utility pipeline injection units, electricity conversion systems and RNG dispensing facilities to collect biogas from manure ponds located in California, which will be purified and compressed into utility-grade renewable natural gas and/or converted into other products for use Aemetis Inc.’s ethanol facility located in Keyes, California and for sale to transport fleets and utilities.

“property” means any interest in any kind of property or asset, whether real, personal or mixed, movable or immovable, tangible or intangible, including cash, securities, accounts and contract rights.

“Third Party Consultant” means Biogas Engineering Inc. or an equivalent partner providing similar guidance with respect to the Project.

“WCE” means a lactating dairy cow excreting Volatile Solids (VS) of 7.76kgs/day, with dry cows and heifers each considered approximately 0.5 times WCE.

Further Assurances. The Borrower shall, as reasonably requested by the Agent, from time to time promptly execute and deliver further documents and take further action reasonably necessary or appropriate to give effect to the provisions and intent of this Credit Agreement.

IN WITNESS WHEREOF, the Borrower has duly executed this Credit Agreement.

AEMETIS BIOGAS LLC,

as Borrower^[1]

By: _________________________

Name: Eric McAfee

Title: President

^[1] Applicable Guarantors to be added at time of execution

ACKNOWLEDGED AND AGREED:

THIRD EYE CAPITAL CORPORATION

as Agent

Per: _________________________

Name: Arif N. Bhalwani

Title: Managing Director

PROTAIR-X TECHNOLOGIES INC., as Lender

Per: _________________________

Name: Dev Bhangui

Title: Chief Executive Officer

EXHIBIT 31.1

CERTIFICATIONS

I, Eric A. McAfee, certify that:

1.	I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2024, of Aemetis, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

(a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

(c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2024

By:

/s/ Eric A. McAfee

Eric A. McAfee

Chair of the Board and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATIONS

I, Todd A. Waltz, certify that:

1.	I have reviewed this quarterly report on Form 10-Q for the quarter ended September 30, 2024, of Aemetis, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2024

By:

/s/ Todd A. Waltz

Todd A. Waltz

Executive Vice President and Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aemetis, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Eric A. McAfee, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:

/s/ Eric A. McAfee

Eric A. McAfee

Chair of the Board and Chief Executive Officer

Date: November 12, 2024

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aemetis, Inc. (the "Company") on Form 10-Q for the period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Todd Waltz, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:

/s/ Todd A. Waltz

Todd A. Waltz

Executive Vice President and Chief Financial Officer

Date: November 12, 2024

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Entity Central Index Key	0000738214
Entity Registrant Name	AEMETIS, INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36475
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1407544
Entity Address, Address Line One	20400 Stevens Creek Blvd., Suite 700
Entity Address, City or Town	Cupertino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95014
City Area Code	408
Local Phone Number	213-0940
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	AMTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,734,572

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 296	$ 2,667
Accounts receivable	8,027	8,633
Inventories	19,792	18,291
Prepaid expenses	1,781	3,347
Other current assets	5,004	3,462
Total current assets	34,900	36,400
Property, plant and equipment, net	195,939	195,108
Operating lease right-of-use assets	2,333	2,056
Other assets	14,253	9,842
Total assets	247,425	243,406
Liabilities, Current [Abstract]
Accounts payable	37,254	32,132
Current portion of long term debt	55,797	13,585
Short term borrowings	21,418	23,443
Other current liabilities	17,773	15,229
Total current liabilities	132,242	84,389
Liabilities, Noncurrent [Abstract]
Senior secured notes and revolving notes	164,408	176,476
EB-5 notes	26,000	29,500
Other long term debt	54,583	51,717
Other long term liabilities	5,232	5,112
Total long term liabilities	374,092	375,994
Stockholders' deficit:
Common stock, $0.001 par value; 80,000 authorized; 47,817 and 40,966 shares issued and outstanding each period, respectively	48	41
Additional paid-in capital	293,611	264,058
Accumulated deficit	(546,745)	(475,405)
Accumulated other comprehensive loss	(5,823)	(5,671)
Total stockholders' deficit	(258,909)	(216,977)
Total liabilities and stockholders' deficit	247,425	243,406
Convertible Series A Preferred Stock Subject to Mandatory Redemption [Member]
Liabilities, Noncurrent [Abstract]
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent	$ 123,869	$ 113,189

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 296	$ 2,667
Accounts receivable	8,027	8,633
Prepaid expenses	1,781	3,347
Other current assets	5,004	3,462
Property, plant and equipment, net	195,939	195,108
Operating lease right-of-use assets	2,333	2,056
Other assets	14,253	9,842
Accounts payable	37,254	32,132
Current portion of long term debt	55,797	13,585
Short term borrowings	21,418	23,443
Other current liabilities	17,773	15,229
Other long term debt	54,583	51,717
Other long term liabilities	$ 5,232	$ 5,112
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized (in shares)	80,000	80,000
Common Stock, Shares Issued (in shares)	47,817	40,966
Common Stock, Shares Outstanding (in shares)	47,817	40,966
Convertible Series A Preferred Stock Subject to Mandatory Redemption [Member]
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent	$ 123,869	$ 113,189
Variable Interest Entity, Primary Beneficiary [Member]
Cash and cash equivalents	0	1,093
Accounts receivable	60	55
Prepaid expenses	164	1,438
Other current assets	2	289
Property, plant and equipment, net	91,468	81,966
Operating lease right-of-use assets	630	145
Other assets	7,024	4,881
Accounts payable	4,725	3,815
Current portion of long term debt	730	190
Short term borrowings	0	9
Other current liabilities	40	48
Other long term debt	45,880	40,857
Other long term liabilities	516	67
Variable Interest Entity, Primary Beneficiary [Member] \| Convertible Series A Preferred Stock Subject to Mandatory Redemption [Member]
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent	$ 123,869	$ 113,189

Consolidated Condensed Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 81,441	$ 68,690	$ 220,636	$ 115,953
Cost of goods sold	77,563	68,198	219,176	114,800
Gross profit	3,878	492	1,460	1,153
Selling, general and administrative	7,750	9,021	28,400	29,595
Operating loss	(3,872)	(8,529)	(26,940)	(28,442)
Interest expense
Interest rate expense	10,096	8,749	29,092	24,126
Debt related fees and amortization expense	1,651	1,433	4,892	4,732
Accretion and other expenses of Series A preferred units	3,267	7,739	10,055	20,188
Other income	(1,225)	(1,853)	(1,176)	(2,020)
Loss before income taxes	(17,661)	(24,597)	(69,803)	(75,468)
Income tax expense (benefit)	274	(55,308)	1,537	(54,490)
Net income (loss)	(17,935)	30,711	(71,340)	(20,978)
Other comprehensive income (loss)
Foreign currency translation loss	(116)	(260)	(152)	(127)
Comprehensive income (loss)	$ (18,051)	$ 30,451	$ (71,492)	$ (21,105)
Net income (loss) per common share
Basic (in dollars per share)	$ (0.38)	$ 0.79	$ (1.6)	$ (0.56)
Diluted (in dollars per share)	$ (0.38)	$ 0.73	$ (1.6)	$ (0.56)
Weighted average shares outstanding
Basic (in shares)	47,216	38,881	44,517	37,504
Diluted (in shares)	47,216	41,841	44,517	37,504

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (71,340)	$ (20,978)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	6,928	6,223
Depreciation	6,121	5,208
Debt related fees and amortization expense	4,892	4,732
Intangibles and other amortization expense	36	35
Accretion and other expenses of Series A preferred units	10,055	20,188
Loss on asset disposals	3,644	0
Gain on debt extinguishment	(162)	0
Warrants issued for working capital agreement	0	409
Deferred tax expense	0	(144)
Changes in operating assets and liabilities:
Accounts receivable	557	(3,344)
Inventories	(1,618)	(3,616)
Prepaid expenses	1,566	2,379
Other assets	(6,930)	(56,797)
Accounts payable	3,481	4,728
Accrued interest expense and fees	20,873	18,483
Other liabilities	1,545	2,356
Net cash used in operating activities	(20,352)	(20,138)
Investing activities:
Capital expenditures	(13,470)	(18,595)
Grant proceeds and other reimbursements received for capital expenditures	3,045	7,682
Net cash used in investing activities	(10,425)	(10,913)
Financing activities:
Proceeds from borrowings	12,534	41,449
Repayments of borrowings	(4,841)	(22,586)
Lender debt renewal and waiver fee payments	(1,445)	(1,681)
Payments on finance leases	(170)	(394)
Proceeds from sales of common stock	21,680	14,767
Proceeds from exercise of stock options	36	45
Net cash provided by financing activities	27,794	31,600
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(4)	117
Net change in cash, cash equivalents, and restricted cash for period	(2,987)	666
Cash, cash equivalents, and restricted cash at beginning of period	6,280	6,999
Cash, cash equivalents and restricted cash at end of period	3,293	7,665
Supplemental disclosures of cash flow information, cash paid:
Cash paid for interest	6,272	6,926
Income taxes paid	878	20
Supplemental disclosures of cash flow information, non-cash transactions:
Subordinated debt extension fees added to debt	680	680
Debt fees added to revolving lines	0	2,236
Fair value of warrants issued to subordinated debt holders	916	1,278
Fair value of warrants issued to lender for debt issuance costs	0	245
Lender debt extension, waiver, and other fees added to debt	695	384
Cumulative capital expenditures in accounts payable, including net increase of $2,160 and $474	$ 10,060	$ 13,459

Consolidated Condensed Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Increase (decrease) in cumulative capital expenditures in accounts payable	$ 2,160	$ 474

Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022	1,270	35,869
Balance at Dec. 31, 2022	$ 1	$ 36	$ 232,546	$ (428,985)	$ (5,452)	$ (201,854)
Issuance of common stock (in shares)	0	668
Issuance of common stock	$ 0	$ 1	2,616	0	0	2,617
Stock options exercised (in shares)	0	40
Stock options exercised	$ 0	$ 0	0	0	0	0
Stock-based compensation	$ 0	$ 0	2,662	0	0	2,662
Issuance and exercise of warrants (in shares)	0	113
Issuance and exercise of warrants	$ 0	$ 0	448	0	0	448
Foreign currency translation loss	0	0	0	0	117	117
Net loss	0	0	0	(26,410)	0	(26,410)
Stock-based compensation	0	0	2,662	0	0	2,662
Foreign currency translation gain	$ 0	$ 0	0	0	117	117
Balance (in shares) at Mar. 31, 2023	1,270	36,690
Balance at Mar. 31, 2023	$ 1	$ 37	238,272	(455,395)	(5,335)	(222,420)
Balance (in shares) at Dec. 31, 2022	1,270	35,869
Balance at Dec. 31, 2022	$ 1	$ 36	232,546	(428,985)	(5,452)	(201,854)
Foreign currency translation loss						(127)
Net loss						(20,978)
Foreign currency translation gain						(127)
Balance (in shares) at Sep. 30, 2023	1,260	39,388
Balance at Sep. 30, 2023	$ 1	$ 39	255,510	(449,963)	(5,579)	(199,992)
Balance (in shares) at Mar. 31, 2023	1,270	36,690
Balance at Mar. 31, 2023	$ 1	$ 37	238,272	(455,395)	(5,335)	(222,420)
Issuance of common stock (in shares)	0	1,353
Issuance of common stock	$ 0	$ 1	6,298	0	0	6,299
Stock options exercised (in shares)	0	72
Stock options exercised	$ 0	$ 0	38	0	0	38
Stock-based compensation	$ 0	$ 0	1,755	0	0	1,755
Issuance and exercise of warrants (in shares)	0	62
Issuance and exercise of warrants	$ 0	$ 0	654	0	0	654
Foreign currency translation loss	0	0	0	0	16	16
Net loss	0	0	0	(25,279)	0	(25,279)
Stock-based compensation	0	0	1,755	0	0	1,755
Foreign currency translation gain	$ 0	$ 0	0	0	16	16
Series B conversion to common stock (in shares)	(10)	1
Series B conversion to common stock	$ 0	$ 0	0	0	0	0
Balance (in shares) at Jun. 30, 2023	1,260	38,178
Balance at Jun. 30, 2023	$ 1	$ 38	247,017	(480,674)	(5,319)	(238,937)
Issuance of common stock (in shares)	0	1,062
Issuance of common stock	$ 0	$ 1	5,850	0	0	5,851
Stock options exercised (in shares)	0	35
Stock options exercised	$ 0	$ 0	7	0	0	7
Stock-based compensation	$ 0	$ 0	1,806	0	0	1,806
Issuance and exercise of warrants (in shares)	0	113
Issuance and exercise of warrants	$ 0	$ 0	830	0	0	830
Foreign currency translation loss	0	0	0	0	(260)	(260)
Net loss	0	0	0	30,711	0	30,711
Stock-based compensation	0	0	1,806	0	0	1,806
Foreign currency translation gain	$ 0	$ 0	0	0	(260)	(260)
Balance (in shares) at Sep. 30, 2023	1,260	39,388
Balance at Sep. 30, 2023	$ 1	$ 39	255,510	(449,963)	(5,579)	(199,992)
Balance (in shares) at Dec. 31, 2023		40,966
Balance at Dec. 31, 2023		$ 41	264,058	(475,405)	(5,671)	(216,977)
Issuance of common stock (in shares)		1,523
Issuance of common stock		$ 2	5,511	0	0	5,513
Stock options exercised (in shares)		14
Stock options exercised		$ 0	36	0	0	36
Stock-based compensation		$ 0	2,969	0	0	2,969
Issuance and exercise of warrants (in shares)		113
Issuance and exercise of warrants		$ 0	593	0	0	593
Foreign currency translation loss		0	0	0	(44)	(44)
Net loss		0	0	(24,231)	0	(24,231)
Stock-based compensation		0	2,969	0	0	2,969
Foreign currency translation gain		$ 0	0	0	(44)	(44)
Balance (in shares) at Mar. 31, 2024		42,616
Balance at Mar. 31, 2024		$ 43	273,167	(499,636)	(5,715)	(232,141)
Balance (in shares) at Dec. 31, 2023		40,966
Balance at Dec. 31, 2023		$ 41	264,058	(475,405)	(5,671)	(216,977)
Foreign currency translation loss						(152)
Net loss						(71,340)
Foreign currency translation gain						(152)
Balance (in shares) at Sep. 30, 2024		47,817
Balance at Sep. 30, 2024		$ 48	293,611	(546,745)	(5,823)	(258,909)
Balance (in shares) at Mar. 31, 2024		42,616
Balance at Mar. 31, 2024		$ 43	273,167	(499,636)	(5,715)	(232,141)
Issuance of common stock (in shares)		3,166
Issuance of common stock		$ 3	10,375	0	0	10,378
Stock-based compensation		0	1,977	0	0	1,977
Foreign currency translation loss		0	0	0	8	8
Net loss		0	0	(29,174)	0	(29,174)
Stock-based compensation		0	1,977	0	0	1,977
Foreign currency translation gain		$ 0	0	0	8	8
Balance (in shares) at Jun. 30, 2024		45,782
Balance at Jun. 30, 2024		$ 46	285,519	(528,810)	(5,707)	(248,952)
Issuance of common stock (in shares)		1,922
Issuance of common stock		$ 2	5,787	0	0	5,789
Stock-based compensation		$ 0	1,982	0	0	1,982
Issuance and exercise of warrants (in shares)		113
Issuance and exercise of warrants		$ 0	323	0	0	323
Foreign currency translation loss		0	0	0	(116)	(116)
Net loss		0	0	(17,935)	0	(17,935)
Stock-based compensation		0	1,982	0	0	1,982
Foreign currency translation gain		$ 0	0	0	(116)	(116)
Balance (in shares) at Sep. 30, 2024		47,817
Balance at Sep. 30, 2024		$ 48	$ 293,611	$ (546,745)	$ (5,823)	$ (258,909)

Note 1 - General

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1. General

Nature of Activities

In addition, we are actively growing our business by seeking to develop or acquire new facilities, including the following key projects:

Basis of Presentation and Consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Note 2 - Revenue

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2. Revenue

The following table shows sales in our California Ethanol segment by product category:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Ethanol sales	$	33,925	$	36,375	$	88,748	$	45,388
Wet distiller's grains sales		8,961		9,427		27,476		11,980
Other sales		2,048		1,637		4,931		1,878
Total	$	44,934	$	47,439	$	121,155	$	59,246

The following table represents sales in our Renewable Natural Gas segment:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
RNG, LCFS and D3 RIN sales	$	4,250	$	1,107	$	9,640	$	1,523

India Biodiesel Revenues:

The following table shows our sales in our India Biodiesel segment by product category:

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Biodiesel sales	$	31,121	$	19,291	$	85,821	$	53,292
Other sales		1,136		853		4,020		1,892
Total	$	32,257	$	20,144	$	89,841	$	55,184

Note 3 - Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

3. Cash and Cash Equivalents

The following table reconciles cash, cash equivalents, and restricted cash reported in the consolidated condensed balance sheet to the statement of cash flows:

	*As of*
	*September 30, 2024*		*December 31, 2023*
Cash and cash equivalents	$	296	$	2,667
Restricted cash included in other current assets		115		289
Restricted cash included in other assets		2,882		3,324
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	3,293	$	6,280

Note 4 - Basic and Diluted Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

4. Basic and Diluted Net Income (Loss) Per Share

The following table shows the number of potentially dilutive shares excluded from the diluted net income (loss) per share calculation as of September 30, 2024 and 2023:

	As of
	*September 30, 2024*		*September 30, 2023*
Common stock options and warrants		7,728		3,281
Debt with conversion feature at $30 per share of common stock		1,151		1,259
Total number of potentially dilutive shares		8,879		4,540

Note 5 - Inventories

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

Inventories consist of the following:

	*As of*
	*September 30, 2024*		*December 31, 2023*
Raw materials	$	10,642	$	9,907
Work-in-progress		1,591		1,682
Finished goods		7,559		6,702
Total inventories	$	19,792	$	18,291

As of September 30, 2024 , and December 31, 2023 , the Company recognized a lower of cost or net realizable value adjustment of $2 thousand and $58 thousand, respectively, related to inventory.

Note 6 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

6. Property, Plant and Equipment

Property, plant and equipment consist of the following:

	*As of*
	*September 30, 2024*			*December 31, 2023*
Land	$	7,341		$	7,345
Plant and buildings		171,814			136,318
Furniture and fixtures		2,641			2,266
Machinery and equipment		5,695			14,982
Construction in progress		52,978			73,057
Property held for development		15,431			15,431
Finance lease right of use assets		2,889			2,889
Total gross property, plant & equipment		258,789			252,288
Less accumulated depreciation		(62,850	)		(57,180	)
Total net property, plant & equipment	$	195,939		$	195,108

	Years
Plant and buildings		20 - 30
Machinery and equipment		5 - 15
Furniture and fixtures		3 - 5

Note 7 - Debt

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Debt

Debt consists of the following:

	*September 30, 2024*		*December 31, 2023*
Third Eye Capital term notes	$	7,182	$	7,159
Third Eye Capital revolving credit facility		29,921		20,922
Third Eye Capital revolving notes Series B		64,719		54,412
Third Eye Capital revenue participation term notes		12,066		12,011
Third Eye Capital acquisition term notes		26,737		26,655
Third Eye Capital Fuels Revolving Line		39,284		32,511
Third Eye Capital Carbon Revolving Line		25,382		23,486
Construction and term loans		46,585		41,024
Cilion shareholder purchase obligation		7,188		7,028
Subordinated notes		18,771		17,625
EB-5 promissory notes		38,925		42,211
EB-5 broker promissory note		2,775		-
Working capital loans		2,647		3,827
Term loans on capital expenditures		24		5,850
Total debt		322,206		294,721
Less current portion of debt		77,215		37,028
Total long term debt	$	244,991	$	257,693

Third Eye Capital Keyes Notes

A.	Term Notes. As of September 30, 2024, the Company had $7.2 million in principal and interest outstanding under the Term Notes and $55.8 thousand unamortized debt issuance costs. The Term Notes accrue interest at 14% per annum. The Term Notes mature on April 1, 2025.

Maturity Date Schedule

Scheduled debt repayments for the Company’s loan obligations by year are as follows:

Twelve Months ended September 30,	*Debt Repayments*
2025	$	77,215
2026		183,492
2027		17,469
2028		4,238
2029		1,421
Thereafter		41,605
Total debt		325,440
Debt issuance costs		(3,234	)
Total debt, net of debt issuance costs	$	322,206

Note 8 - Leases

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Operating and Finance Leases [Text Block]

8. Leases

The components of lease expense are as follows:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating lease cost
Operating lease expense	$	195	$	180	$	571	$	542
Short term lease expense		32		89		95		131
Variable lease expense		23		26		90		70
Total operating lease cost	$	250	$	295	$	756	$	743

Finance lease cost
Amortization of right-of-use assets	$	30	$	30	$	90	$	91
Interest on lease liabilities		87		83		256		256
Total finance lease cost	$	117	$	113	$	346	$	347

Cash paid for amounts included in the measurement of lease liabilities:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating cash flows used in operating leases	$	189	$	169	$	603	$	499
Operating cash flows used in finance leases		87		83		256		256
Financing cash flows used in finance leases	$	9	$	83	$	170	$	394

Supplemental non-cash flow information related to ROU asset and lease liabilities was as follows for the three and nine months ended September 30, 2024 and 2023:

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*		*2023*
Operating leases
Accretion of the lease liability	$	82		$	81		$	245	$	252
Amortization of right-of-use assets		112			100			325		291

The weighted average remaining lease term and weighted average discount rate as of September 30, 2024 are as follows:

Weighted Average Remaining Lease Term
Operating leases (in years)		8.2			4.5
Finance leases (in years)		12.4			13.3

Weighted Average Discount Rate
Operating leases		13.7	%		14.1	%
Finance leases		13.3	%		13.2	%

Supplemental balance sheet information related to leases is as follows:

	*September 30, 2024*			*December 31, 2023*
Operating leases
Operating lease right-of-use assets	$	2,333		$	2,056

Other current liability		494			406
Other long term liabilities		1,939			1,783
Total operating lease liabilities		2,433			2,189

Finance leases
Property and equipment, at cost	$	2,889		$	2,889
Accumulated depreciation		(318	)		(228	)
Property and equipment, net		2,571			2,661

Other current liability		245			30
Other long term liabilities		2,557			2,687
Total finance lease liabilities		2,802			2,717

Maturities of operating lease liabilities are as follows:

Twelve months ended September 30,	*Operating leases*			*Finance leases*

2025	$	783		$	176
2026		710			145
2027		703			145
2028		498			145
2029		63			145
Thereafter		1,219			9,960
Total lease payments		3,976			10,716
Less imputed interest		(1,543	)		(7,914	)
Total lease liability	$	2,433		$	2,802

The components of lease income are as follows for the three and nine months ended September 30, 2024 and 2023, respectively:

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Lease income	$	569	$	230	$	1,576	$	1,182

Future lease commitments to be received by the Company as of September 30, 2024, are as follows:

Twelve months ended September 30,
2025	$	1,385
2026		1,473
2027		1,419
2028		1,271
2029		1,309
Thereafter		431
Total future lease commitments	$	7,288

Note 9 - Aemetis Biogas LLC - Series A Preferred Financing

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Variable Interest Entity Disclosure [Text Block]

9. Aemetis Biogas LLC – Series A Preferred Financing

Note 10 - Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

10. Stock-Based Compensation

2019 Stock Plan

	*Shares Available for Grant*			*Number of Shares Outstanding*			*Weighted-Average Exercise Price*
Balance as of December 31, 2023		456			5,526		$	4.42
Authorized		1,740
Options Granted		(1,761	)		1,761		$	3.10
RSAs Granted		(364	)		-		$	-
Exercised		-			(15	)	$	2.56
Forfeited/expired		75			(75	)	$	7.25
Balance as of September 30, 2024		146			7,197		$	4.07

The number of outstanding option shares as of September 30, 2024, includes 4.9 million shares that are vested.

Inducement Equity Plan

Stock-based Compensation Expense

The weighted average fair value calculations for the options granted during the nine months ended September 30, 2024 and 2023, are based on the following assumptions:

	*For the nine months ended September 30,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		3.93	%		3.86	%
Expected volatility		115.42	%		124.62	%
Expected life (years)		5.81			7.00
Market value per share on grant date	$	3.10		$	3.60
Fair value per option on grant date	$	2.65		$	3.29

Note 11 - Warrants

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Outstanding Warrants [Text Block]

11. Warrants

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2023		530		$	11.70		5.77
Granted		226		$	0.01
Exercised		(226	)	$	0.01
Outstanding September 30, 2024		530		$	11.70		5.03

All of the above outstanding warrants are fully vested and exercisable as of September 30, 2024.

The fair value calculations for issued warrants are based on the following weighted average factors:

	*For the nine months ended September 30,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		4.50	%		3.80	%
Expected volatility		99.85	%		117.60	%
Expected life (years)		2.00			4.63
Exercise price per share	$	0.01		$	1.18
Market value per share on grant date	$	4.05		$	4.11
Fair value per share on grant date	$	4.04		$	3.97

Note 12 - Agreements

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Collaborative Arrangement Disclosure [Text Block]

12. Agreements

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Ethanol sales	$	32,812	$	36,375	$	87,635	$	45,388
Wet distiller's grains sales		8,961		9,427		27,476		11,980
Corn oil sales		1,746		1,487		4,199		1,613
CDS sales		24		9		49		62
Corn purchases		33,170		37,030		97,489		48,029

	*September 30, 2024*		*December 31, 2023*
Accounts receivable		19		1,073
Accounts payable		124		1,207

Forward Sale Commitments. As of September 30, 2024, we have no forward sale commitments.

Note 13 - Segment Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Information

Aemetis recognizes three reportable segments: “California Ethanol,” “California Dairy Renewable Natural Gas,” and “India Biodiesel.”

● The “California Ethanol” segment includes the Company’s 65 million gallon per year ethanol plant in Keyes, California, and the adjacent land leased to produce CO₂.

● The “India Biodiesel” segment includes the Company’s 60 million gallon per year biodiesel manufacturing plant in Kakinada, India, and administrative offices in Hyderabad, India.

Summarized financial information by reportable segment for the three months ended September 30, 2024 and 2023, follows:

	*For the three months ended September 30, 2024*
	*California Ethanol*		*California Dairy Renewable Natural Gas*		*India Biodiesel*		*All Other*		*Total*

Revenues	$	44,934	$	4,250	$	32,257	$	-	$	81,441
Gross profit		85		1,897		1,896		-		3,878

Interest expense including amortization of debt fees		7,911		808		30		2,998		11,747
Accretion and other expenses of Series A preferred units		-		3,267		-		-		3,267
Income tax expense		-		-		274		-		274
Capital expenditures		154		3,762		257		317		4,490
Depreciation		1,111		866		241		56		2,274

	*For the three months ended September 30, 2023*
	*California Ethanol*			*California Dairy Renewable Natural Gas*			*India Biodiesel*			*All Other*		*Total*

Revenues		47,439		$	1,107		$	20,144		$	-	$	68,690
Gross profit (loss)		(1,473	)		(807	)		2,772			-		492

Interest expense including amortization of debt fees		6,729			620			19			2,814		10,182
Accretion and other expenses of Series A preferred units		-			7,739			-			-		7,739
Income tax expense (benefit)		-			(55,164	)		(145	)		1		(55,308	)
Capital expenditures		1,363			6,819			372			233		8,787
Depreciation		960			598			158			31		1,747

The following table summarizes financial information by reportable segment for the nine months ended September 30, 2024 and 2023:

	For the nine months ended September 30, 2024
	California Ethanol			California Dairy Renewable Natural Gas		India Biodiesel		All other		Total

Revenues	$	121,155		$	9,640	$	89,841	$	-	$	220,636
Gross profit (loss)		(9,494	)		3,971		6,983		-		1,460

Interest expense including amortization of debt fees		22,807			2,174		659		8,344		33,984
Accretion and other expenses of Series A preferred units		-			10,055		-		-		10,055
Income tax expense		-			36		1,501		-		1,537
Loss on asset disposals		3,644			-		-		-		3,644
Capital expenditures		584			10,911		575		1,400		13,470
Depreciation		3,120			2,206		629		166		6,121

	*For the nine months ended September 30, 2023*
	*California Ethanol*			*California Dairy Renewable Natural Gas*			*India Biodiesel*		*All other*		*Total*

Revenues	$	59,246		$	1,523		$	55,184	$	-	$	115,953
Gross profit (loss)		(3,807	)		(2,644	)		7,604		-		1,153

Interest expense including amortization of debt fees		18,499			1,841			313		8,205		28,858
Accretion and other expenses of Series A preferred units		-			20,188			-		-		20,188
Income tax expense (benefit)		-			(55,151	)		653		8		(54,490	)
Capital expenditures		2,423			14,622			523		1,027		18,595
Depreciation		3,029			1,578			470		131		5,208

Total assets by reportable segment as of September 30, 2024, and December 31, 2023, are as follows:

	*September 30, 2024*		*December 31, 2023*
California Ethanol	$	57,060	$	67,991
California Dairy Renewable Natural Gas		110,975		92,794
India Biodiesel		40,116		34,769
All Other		39,274		47,852
Total consolidated assets	$	247,425	$	243,406

Note 14 - Related Party Transactions

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

14. Related Party Transactions

Note 15 - Subsequent Events

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

15. Subsequent Events

Series A Preferred Unit Purchase Agreement

Note 16 - Liquidity

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

16. Liquidity

Operations and Project Development

Financing

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information. *Current Reports* Item 1.01 Entry into a Material Definitive Agreement. On November 6, 2024, ABGL and Third Eye Capital entered a Seventh Waiver and Amendment to Series A Purchase Agreement (the "PUPA Seventh Amendment"). The PUPA Seventh Amendment is attached at Exhibit 10.1 and is described in the notes to the Financial Statements under 9. Aemetis Biogas LLC – Series A Preferred Financing and 15. Subsequent Events, and those descriptions are incorporated herein by reference. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Todd A. Waltz, Executive Vice President and Chief Financial Officer of Aemetis, Inc., has informed the Company of his desire to retire from the position of Executive Vice President and Chief Financial Officer, provided that Mr. Waltz has indicated that he will remain in his current position until the Company has identified a successor, he will assist with transition to a new Chief Financial Officer, and he will remain with the Company in an employee or consulting capacity following the transition to provide continuity of operations. Mr. Waltz has also indicated that he does not have any specific date by which he needs to retire, and the Company expects the transition to a new Chief Financial Officer will take from six to twelve months. Mr. Waltz has further indicated that his retirement is for personal reasons and is not a result of any Company activities.
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Note 2 - Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Ethanol sales	$	33,925	$	36,375	$	88,748	$	45,388
Wet distiller's grains sales		8,961		9,427		27,476		11,980
Other sales		2,048		1,637		4,931		1,878
Total	$	44,934	$	47,439	$	121,155	$	59,246

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
RNG, LCFS and D3 RIN sales	$	4,250	$	1,107	$	9,640	$	1,523

Schedule of America by Product Category [Table Text Block]

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Biodiesel sales	$	31,121	$	19,291	$	85,821	$	53,292
Other sales		1,136		853		4,020		1,892
Total	$	32,257	$	20,144	$	89,841	$	55,184

Note 3 - Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

	*As of*
	*September 30, 2024*		*December 31, 2023*
Cash and cash equivalents	$	296	$	2,667
Restricted cash included in other current assets		115		289
Restricted cash included in other assets		2,882		3,324
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	3,293	$	6,280

Note 4 - Basic and Diluted Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	As of
	*September 30, 2024*		*September 30, 2023*
Common stock options and warrants		7,728		3,281
Debt with conversion feature at $30 per share of common stock		1,151		1,259
Total number of potentially dilutive shares		8,879		4,540

Note 5 - Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	*As of*
	*September 30, 2024*		*December 31, 2023*
Raw materials	$	10,642	$	9,907
Work-in-progress		1,591		1,682
Finished goods		7,559		6,702
Total inventories	$	19,792	$	18,291

Note 6 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*As of*
	*September 30, 2024*			*December 31, 2023*
Land	$	7,341		$	7,345
Plant and buildings		171,814			136,318
Furniture and fixtures		2,641			2,266
Machinery and equipment		5,695			14,982
Construction in progress		52,978			73,057
Property held for development		15,431			15,431
Finance lease right of use assets		2,889			2,889
Total gross property, plant & equipment		258,789			252,288
Less accumulated depreciation		(62,850	)		(57,180	)
Total net property, plant & equipment	$	195,939		$	195,108

Depreciation Of Property, Plant, and Equipment [Table Text Block]

	Years
Plant and buildings		20 - 30
Machinery and equipment		5 - 15
Furniture and fixtures		3 - 5

Note 7 - Debt (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Debt [Table Text Block]

	*September 30, 2024*		*December 31, 2023*
Third Eye Capital term notes	$	7,182	$	7,159
Third Eye Capital revolving credit facility		29,921		20,922
Third Eye Capital revolving notes Series B		64,719		54,412
Third Eye Capital revenue participation term notes		12,066		12,011
Third Eye Capital acquisition term notes		26,737		26,655
Third Eye Capital Fuels Revolving Line		39,284		32,511
Third Eye Capital Carbon Revolving Line		25,382		23,486
Construction and term loans		46,585		41,024
Cilion shareholder purchase obligation		7,188		7,028
Subordinated notes		18,771		17,625
EB-5 promissory notes		38,925		42,211
EB-5 broker promissory note		2,775		-
Working capital loans		2,647		3,827
Term loans on capital expenditures		24		5,850
Total debt		322,206		294,721
Less current portion of debt		77,215		37,028
Total long term debt	$	244,991	$	257,693

Schedule of Maturities of Long-Term Debt [Table Text Block]

Twelve Months ended September 30,	*Debt Repayments*
2025	$	77,215
2026		183,492
2027		17,469
2028		4,238
2029		1,421
Thereafter		41,605
Total debt		325,440
Debt issuance costs		(3,234	)
Total debt, net of debt issuance costs	$	322,206

Note 8 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Lease, Cost [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating lease cost
Operating lease expense	$	195	$	180	$	571	$	542
Short term lease expense		32		89		95		131
Variable lease expense		23		26		90		70
Total operating lease cost	$	250	$	295	$	756	$	743

Finance lease cost
Amortization of right-of-use assets	$	30	$	30	$	90	$	91
Interest on lease liabilities		87		83		256		256
Total finance lease cost	$	117	$	113	$	346	$	347

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Operating cash flows used in operating leases	$	189	$	169	$	603	$	499
Operating cash flows used in finance leases		87		83		256		256
Financing cash flows used in finance leases	$	9	$	83	$	170	$	394

Supplemental Non-cash Flow Information Related to Leases [Table Text Block]

	*Three months ended September 30,*						*Nine months ended September 30,*
	*2024*			*2023*			*2024*		*2023*
Operating leases
Accretion of the lease liability	$	82		$	81		$	245	$	252
Amortization of right-of-use assets		112			100			325		291

The weighted average remaining lease term and weighted average discount rate as of September 30, 2024 are as follows:

Weighted Average Remaining Lease Term
Operating leases (in years)		8.2			4.5
Finance leases (in years)		12.4			13.3

Weighted Average Discount Rate
Operating leases		13.7	%		14.1	%
Finance leases		13.3	%		13.2	%

Supplemental Balance Sheet Information Related to Leases [Table Text Block]

	*September 30, 2024*			*December 31, 2023*
Operating leases
Operating lease right-of-use assets	$	2,333		$	2,056

Other current liability		494			406
Other long term liabilities		1,939			1,783
Total operating lease liabilities		2,433			2,189

Finance leases
Property and equipment, at cost	$	2,889		$	2,889
Accumulated depreciation		(318	)		(228	)
Property and equipment, net		2,571			2,661

Other current liability		245			30
Other long term liabilities		2,557			2,687
Total finance lease liabilities		2,802			2,717

Lease Term [Table Text Block]

Twelve months ended September 30,	*Operating leases*			*Finance leases*

2025	$	783		$	176
2026		710			145
2027		703			145
2028		498			145
2029		63			145
Thereafter		1,219			9,960
Total lease payments		3,976			10,716
Less imputed interest		(1,543	)		(7,914	)
Total lease liability	$	2,433		$	2,802

Operating Lease, Lease Income [Table Text Block]

	*Three months ended September 30,*				*Nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Lease income	$	569	$	230	$	1,576	$	1,182

Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]

Twelve months ended September 30,
2025	$	1,385
2026		1,473
2027		1,419
2028		1,271
2029		1,309
Thereafter		431
Total future lease commitments	$	7,288

Note 10 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	*Shares Available for Grant*			*Number of Shares Outstanding*			*Weighted-Average Exercise Price*
Balance as of December 31, 2023		456			5,526		$	4.42
Authorized		1,740
Options Granted		(1,761	)		1,761		$	3.10
RSAs Granted		(364	)		-		$	-
Exercised		-			(15	)	$	2.56
Forfeited/expired		75			(75	)	$	7.25
Balance as of September 30, 2024		146			7,197		$	4.07

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*For the nine months ended September 30,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		3.93	%		3.86	%
Expected volatility		115.42	%		124.62	%
Expected life (years)		5.81			7.00
Market value per share on grant date	$	3.10		$	3.60
Fair value per option on grant date	$	2.65		$	3.29

Note 11 - Warrants (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	*Warrants Outstanding & Exercisable*			*Weighted - Average Exercise Price*		*Average Remaining Term in Years*
Outstanding December 31, 2023		530		$	11.70		5.77
Granted		226		$	0.01
Exercised		(226	)	$	0.01
Outstanding September 30, 2024		530		$	11.70		5.03

Schedule of Warrants, Valuation Assumptions [Table Text Block]

	*For the nine months ended September 30,*
Description	*2024*			*2023*
Dividend-yield		-	%		-	%
Risk-free interest rate		4.50	%		3.80	%
Expected volatility		99.85	%		117.60	%
Expected life (years)		2.00			4.63
Exercise price per share	$	0.01		$	1.18
Market value per share on grant date	$	4.05		$	4.11
Fair value per share on grant date	$	4.04		$	3.97

Note 12 - Agreements (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block]

	*For the three months ended September 30,*				*For the nine months ended September 30,*
	*2024*		*2023*		*2024*		*2023*
Ethanol sales	$	32,812	$	36,375	$	87,635	$	45,388
Wet distiller's grains sales		8,961		9,427		27,476		11,980
Corn oil sales		1,746		1,487		4,199		1,613
CDS sales		24		9		49		62
Corn purchases		33,170		37,030		97,489		48,029

	*September 30, 2024*		*December 31, 2023*
Accounts receivable		19		1,073
Accounts payable		124		1,207

Note 13 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*For the three months ended September 30, 2024*
	*California Ethanol*		*California Dairy Renewable Natural Gas*		*India Biodiesel*		*All Other*		*Total*

Revenues	$	44,934	$	4,250	$	32,257	$	-	$	81,441
Gross profit		85		1,897		1,896		-		3,878

Interest expense including amortization of debt fees		7,911		808		30		2,998		11,747
Accretion and other expenses of Series A preferred units		-		3,267		-		-		3,267
Income tax expense		-		-		274		-		274
Capital expenditures		154		3,762		257		317		4,490
Depreciation		1,111		866		241		56		2,274

	*For the three months ended September 30, 2023*
	*California Ethanol*			*California Dairy Renewable Natural Gas*			*India Biodiesel*			*All Other*		*Total*

Revenues		47,439		$	1,107		$	20,144		$	-	$	68,690
Gross profit (loss)		(1,473	)		(807	)		2,772			-		492

Interest expense including amortization of debt fees		6,729			620			19			2,814		10,182
Accretion and other expenses of Series A preferred units		-			7,739			-			-		7,739
Income tax expense (benefit)		-			(55,164	)		(145	)		1		(55,308	)
Capital expenditures		1,363			6,819			372			233		8,787
Depreciation		960			598			158			31		1,747

	For the nine months ended September 30, 2024
	California Ethanol			California Dairy Renewable Natural Gas		India Biodiesel		All other		Total

Revenues	$	121,155		$	9,640	$	89,841	$	-	$	220,636
Gross profit (loss)		(9,494	)		3,971		6,983		-		1,460

Interest expense including amortization of debt fees		22,807			2,174		659		8,344		33,984
Accretion and other expenses of Series A preferred units		-			10,055		-		-		10,055
Income tax expense		-			36		1,501		-		1,537
Loss on asset disposals		3,644			-		-		-		3,644
Capital expenditures		584			10,911		575		1,400		13,470
Depreciation		3,120			2,206		629		166		6,121

	*For the nine months ended September 30, 2023*
	*California Ethanol*			*California Dairy Renewable Natural Gas*			*India Biodiesel*		*All other*		*Total*

Revenues	$	59,246		$	1,523		$	55,184	$	-	$	115,953
Gross profit (loss)		(3,807	)		(2,644	)		7,604		-		1,153

Interest expense including amortization of debt fees		18,499			1,841			313		8,205		28,858
Accretion and other expenses of Series A preferred units		-			20,188			-		-		20,188
Income tax expense (benefit)		-			(55,151	)		653		8		(54,490	)
Capital expenditures		2,423			14,622			523		1,027		18,595
Depreciation		3,029			1,578			470		131		5,208

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	*September 30, 2024*		*December 31, 2023*
California Ethanol	$	57,060	$	67,991
California Dairy Renewable Natural Gas		110,975		92,794
India Biodiesel		40,116		34,769
All Other		39,274		47,852
Total consolidated assets	$	247,425	$	243,406

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
California Ethanol [Member] \| Ethanol Sales [Member]
Ethanol sales	$ 33,925	$ 36,375	$ 88,748	$ 45,388
California Ethanol [Member] \| Wet Distillers Grains [Member]
Ethanol sales	8,961	9,427	27,476	11,980
California Ethanol [Member] \| Product and Service, Other [Member]
Ethanol sales	2,048	1,637	4,931	1,878
California Dairy Renewable Natural Gas [Member] \| Gas Molecules and RIN Credits [Member]
Ethanol sales	4,250	1,107	9,640	1,523
RNG, LCFS and D3 RIN Sales [Member]
Ethanol sales	$ 44,934	$ 47,439	$ 121,155	$ 59,246

Note 2 - Revenue - Schedule Of America By Product Category (Details) - India Biodiesel [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Ethanol sales	$ 32,257	$ 20,144	$ 89,841	$ 55,184
Renewable Energy, Biodiesel [Member]
Ethanol sales	31,121	19,291	85,821	53,292
Product and Service, Other [Member]
Ethanol sales	$ 1,136	$ 853	$ 4,020	$ 1,892

Note 3 - Cash and Cash Equivalents - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 296	$ 2,667
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	3,293	6,280
Other Current Assets [Member]
Restricted cash	115	289
Other Assets [Member]
Restricted cash	$ 2,882	$ 3,324

Note 4 - Basic and Diluted Net Income (Loss) Per Share - Schedule of Dilutive Securities (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares)	8,879	4,540
Debt with Conversion Feature [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 30	$ 30
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares)	1,151	1,259
Common Stock Options and Warrants [Member]
Total Number of Potentially Dilutive Shares Excluded from the basic and diluted net loss per share calculation (in shares)	7,728	3,281

Note 4 - Basic and Diluted Net Income (Loss) Per Share - Schedule of Dilutive Securities (Details) (Parentheticals) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Debt with Conversion Feature [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 30	$ 30

Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Inventory Write-down	$ 2	$ 58

Note 5 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 10,642	$ 9,907
Work-in-progress	1,591	1,682
Finished goods	7,559	6,702
Total inventories	$ 19,792	$ 18,291

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Interest Costs, Including Allowance for Funds Used During Construction	$ 1,000	$ 1,500	$ 4,000	$ 3,900
Depreciation	$ 2,274	$ 1,747	$ 6,121	$ 5,208

Note 6 - Property, Plant and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Land	$ 7,341	$ 7,345
Plant and buildings	171,814	136,318
Furniture and fixtures	2,641	2,266
Machinery and equipment	5,695	14,982
Construction in progress	52,978	73,057
Property held for development	15,431	15,431
Finance lease right of use assets	2,889	2,889
Total gross property, plant & equipment	258,789	252,288
Less accumulated depreciation	(62,850)	(57,180)
Total net property, plant & equipment	$ 195,939	$ 195,108

Note 6 - Property, Plant and Equipment - Depreciation of Property, Plant, and Equipment (Details)	Sep. 30, 2024
Minimum [Member] \| Building [Member]
Useful life (Year)	20 years
Minimum [Member] \| Machinery and Equipment [Member]
Useful life (Year)	5 years
Minimum [Member] \| Furniture and Fixtures [Member]
Useful life (Year)	3 years
Maximum [Member] \| Building [Member]
Useful life (Year)	30 years
Maximum [Member] \| Machinery and Equipment [Member]
Useful life (Year)	15 years
Maximum [Member] \| Furniture and Fixtures [Member]
Useful life (Year)	5 years

Note 7 - Debt (Details Textual) - USD ($)						3 Months Ended	9 Months Ended		89 Months Ended
Note 7 - Debt (Details Textual) - USD ($)	Jul. 28, 2023	May 16, 2023	Oct. 04, 2022	Mar. 02, 2022	Jul. 06, 2012	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Jul. 31, 2024	Jul. 01, 2024	Dec. 31, 2023	Mar. 31, 2023	Aug. 01, 2022	Jul. 26, 2022	May 01, 2020	Mar. 06, 2020	Feb. 27, 2019	Jan. 09, 2012
Long-Term Debt						$ 322,206,000	$ 322,206,000
Short-Term Debt						$ 21,418,000	$ 21,418,000					$ 23,443,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 11.7	$ 11.7					$ 11.7
Warrants and Rights Outstanding, Term (Year)						5 years 10 days	5 years 10 days
Gain (Loss) on Extinguishment of Debt							$ 162,000	$ (0)
Proceeds from Issuance of Debt							12,534,000	$ 41,449,000
Debt, Long-Term and Short-Term, Combined Amount						$ 322,206,000	322,206,000					$ 294,721,000
Long-Term Debt, Current Maturities						55,797,000	55,797,000					13,585,000
Long-Term Debt, Excluding Current Maturities						244,991,000	244,991,000					257,693,000
Property, Plant and Equipment, Net						195,939,000	195,939,000					195,108,000
Accounts Payable, Current						37,254,000	37,254,000					32,132,000
Other Long-Term Debt, Noncurrent						54,583,000	54,583,000					51,717,000
AAFK [Member] \| Warrants in Connection With Subordinated Notes [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)											$ 0.01								$ 0.01
Warrants and Rights Outstanding, Term (Year)											2 years								2 years
Capital Revolving Credit Facility Fuels And Carbon Lines [Member] \| GAFI and ACCI [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 100,000,000
Fuels Revolving Line [Member] \| GAFI [Member]
Line of Credit Facility, Maximum Borrowing Capacity				50,000,000
Carbon Revolving Line [Member] \| ACCI [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000,000
Third Eye Capital [Member] \| Mr. McAfee [Member]
Net Amount at Risk by Product and Guarantee, Net Amount at Risk						10,000,000	10,000,000
Third Eye Capital [Member] \| Revolving Credit Facility [Member]
Debt Instrument, Face Amount					$ 18,000,000
Long-Term Debt						30,500,000	30,500,000
Debt Issuance Costs, Net						$ 600,000	$ 600,000
Debt Instrument, Interest Rate, Stated Percentage						21.75%	21.75%
Third Eye Capital [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					13.75%
Third Eye Capital [Member] \| Acquisition Term Notes [Member]
Debt Instrument, Face Amount					$ 15,000,000
Revolving Notes Series B [Member] \| Revolving Credit Facility [Member]
Long-Term Debt						$ 65,200,000	$ 65,200,000
Debt Issuance Costs, Net						$ 500,000	$ 500,000
Debt Instrument, Interest Rate, Stated Percentage						21.75%	21.75%
Revolving Notes Series B [Member] \| Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		13.75%
Term Loan [Member] \| Third Eye Capital [Member]
Debt Instrument, Face Amount					7,200,000
Long-Term Debt						$ 7,200,000	$ 7,200,000
Debt Issuance Costs, Net						55,800	55,800
Revenue Participation Term Notes [Member] \| Third Eye Capital [Member]
Debt Instrument, Face Amount					$ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage									5.00%
Revenue Participation Term Notes [Member] \| Third Eye Capital [Member] \| AAFK [Member]
Long-Term Debt						12,200,000	12,200,000
Debt Issuance Costs, Net						$ 86,100	$ 86,100
Term Notes [Member] \| Third Eye Capital [Member]
Debt Instrument, Interest Rate, Stated Percentage						14.00%	14.00%
Extension Fee						1.00%
Debt Instrument, Extension Fee, Percentage Payable by Increasing Debt Outstanding						50.00%
Debt Instrument, Extension Fee, Percentage Payable with Cash						50.00%
Debt Instrument, Extension Fee, Percentage Payable with Common Stock						110.00%
Acquisition Term Notes [Member] \| Third Eye Capital [Member]
Long-Term Debt						$ 26,900	$ 26,900
Debt Issuance Costs, Net						$ 187,100	$ 187,100
Debt Instrument, Interest Rate, Stated Percentage						18.75%	18.75%
Acquisition Term Notes [Member] \| Third Eye Capital [Member] \| Aemetis Facility Keyes, Inc. [Member]
Debt Instrument, Redemption Fee						$ 7,500,000	$ 7,500,000
Acquisition Term Notes [Member] \| Third Eye Capital [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					10.75%
Reserve Liquidity Facility [Member] \| Third Eye Capital [Member]
Debt Instrument, Face Amount																	$ 18,000,000
Long-Term Debt						0	0
Line of Credit Facility, Maximum Borrowing Capacity																	$ 85,000,000
Debt Instrument, Non-refundable Standby Fee, Percent of Difference Between Principal Amount and the Commitment																	2.00%
Dbet Instrument, Non Refundable One Time Fees																	$ 500,000
Reserve Liquidity Facility Paid Monthly in Arrears [Member] \| Third Eye Capital [Member]
Debt Instrument, Interest Rate, Stated Percentage																	30.00%
Reserve Liquidity Facility if Event of Default Occurred and Continues [Member] \| Third Eye Capital [Member]
Debt Instrument, Interest Rate, Stated Percentage																	40.00%
Fuels Revolving Line [Member] \| GAFI [Member]
Debt Instrument, Interest Rate, Stated Percentage				10.00%
Fuels Revolving Line [Member] \| Prime Rate [Member] \| GAFI [Member]
Debt Instrument, Basis Spread on Variable Rate				6.00%
Carbon Revolving Line [Member] \| GAFI [Member]
Debt Issuance Costs, Net						900,000	900,000
Short-Term Debt						40,200,000	40,200,000
Carbon Revolving Line [Member] \| ACCI [Member]
Long-Term Debt						24,900,000	24,900,000
Debt Issuance Costs, Net						1,100,000	1,100,000
Debt Instrument, Interest Rate, Stated Percentage				8.00%
Short-Term Debt						1,600,000	1,600,000
Carbon Revolving Line [Member] \| Prime Rate [Member] \| ACCI [Member]
Debt Instrument, Basis Spread on Variable Rate				4.00%
Cilion Shareholder Seller Notes Payable [Member]
Debt Instrument, Face Amount					$ 5,000,000
Long-Term Debt						7,200,000	7,200,000
Debt Instrument, Interest Rate, Stated Percentage					3.00%
Debt, Long-Term and Short-Term, Combined Amount						7,188,000	7,188,000					7,028,000
Subordinated Notes [Member] \| AAFK [Member]
Short-Term Debt						18,800,000	18,800,000					17,600,000
Debt Instrument, Fee Amount																			$ 3,400,000
Debt Instrument Fee Rate																			10.00%
Debt Extension Fee, Percentage																			10.00%
EB5 Phase I Notes [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)																		$ 30
Proceeds from Issuance of Debt									$ 4,000,000
EB5 Phase I Notes [Member] \| Maximum [Member]
Debt Instrument, Additional Investment Available to Issue									$ 200,000,000
EB5 Phase I Notes [Member] \| Minimum [Member]
Debt Instrument, Investment Raised Per Investor													$ 800,000			$ 500,000
EB-5 Promissory Notes [Member]
Long-Term Debt						34,500,000	34,500,000					37,900,000
Debt Instrument, Interest Rate, Effective Percentage										1.00%
Gain (Loss) on Extinguishment of Debt							162,000
Debt, Long-Term and Short-Term, Combined Amount						38,925,000	38,925,000					42,211,000
EB5 Phase II Notes [Member]
Debt, Long-Term and Short-Term, Combined Amount						4,400,000	4,400,000					4,400,000
EB-5 Broker Promissory Note [Member]
Debt Instrument, Face Amount										$ 3,300,000
Long-Term Debt						0	0
Debt, Long-Term and Short-Term, Combined Amount						2,775,000	2,775,000					0
Long-Term Debt, Current Maturities						1,300,000	1,300,000
Long-Term Debt, Excluding Current Maturities						1,500,000	1,500,000
Secunderabad Oils [Member]
Debt Instrument, Interest Rate, Stated Percentage															18.00%
Short-Term Debt						2,600,000	2,600,000					3,800,000
Debt Agreement, Maximum Borrowing Capacity															$ 3,600,000
Leo Edibles & Fats Limited [Member]
Debt Agreement, Maximum Borrowing Capacity														$ 1,270,000
Construction Loan Agreement [Member]
Long-Term Debt						25,100,000	25,100,000					25,100,000
Debt Instrument, Interest Rate, Stated Percentage			9.25%
Debt, Long-Term and Short-Term, Combined Amount						46,585,000	46,585,000					41,024,000
Debt Agreement, Maximum Borrowing Capacity			$ 25,000,000
Construction Loan Agreement [Member] \| US Treasury (UST) Interest Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			5.00%
Construction Loan Agreement 2 [Member]
Long-Term Debt						22,300,000	22,300,000					16,800,000
Debt Issuance Costs, Net						800,000	800,000					$ 800,000
Debt Instrument, Interest Rate, Stated Percentage	8.75%
Debt Agreement, Maximum Borrowing Capacity	$ 25,000,000
Construction Loan Agreement 2 [Member] \| US Treasury (UST) Interest Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Financing Agreement For Capital Expenditures [Member]
Long-Term Debt						3,600,000	3,600,000
Short-Term Debt						2,200,000	2,200,000
Property, Plant and Equipment, Net						9,600,000	9,600,000
Accounts Payable, Current						200,000	200,000
Other Long-Term Debt, Noncurrent						$ 3,600,000	$ 3,600,000

Note 7 - Debt- Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt, Long-Term and Short-Term, Combined Amount	$ 322,206	$ 294,721
Short-Term Debt	21,418	23,443
Less current portion of debt	77,215	37,028
Total long term debt	244,991	257,693
Third Eye Capital Term Notes [Member]
Debt, Long-Term and Short-Term, Combined Amount	7,182	7,159
Third Eye Capital Revolving Credit Facility [Member]
Debt, Long-Term and Short-Term, Combined Amount	29,921	20,922
Revolving Notes Series B [Member]
Debt, Long-Term and Short-Term, Combined Amount	64,719	54,412
Third Eye Capital Revenue Participation Term Notes [Member]
Debt, Long-Term and Short-Term, Combined Amount	12,066	12,011
Third Eye Capital Acquisition Term Notes [Member]
Debt, Long-Term and Short-Term, Combined Amount	26,737	26,655
Third Eye Capital Fuels Revolving Line [Member]
Debt, Long-Term and Short-Term, Combined Amount	39,284	32,511
Third Eye Capital Carbon Revolving Line [Member]
Debt, Long-Term and Short-Term, Combined Amount	25,382	23,486
Construction Loan Agreement [Member]
Debt, Long-Term and Short-Term, Combined Amount	46,585	41,024
Cilion Shareholder Seller Notes Payable [Member]
Debt, Long-Term and Short-Term, Combined Amount	7,188	7,028
Subordinated Notes 1 [Member]
Short-Term Debt	18,771	17,625
EB-5 Promissory Notes [Member]
Debt, Long-Term and Short-Term, Combined Amount	38,925	42,211
EB-5 Broker Promissory Note [Member]
Debt, Long-Term and Short-Term, Combined Amount	2,775	0
Total long term debt	1,500
Working capital Loan [Member]
Short-Term Debt	2,647	3,827
Term Loan On Equipment Purchase [Member]
Debt, Long-Term and Short-Term, Combined Amount	$ 24	$ 5,850

Note 7 - Debt - Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2025	$ 77,215
2026	183,492
2027	17,469
2028	4,238
2029	1,421
Thereafter	41,605
Total debt	325,440
Debt issuance costs	(3,234)
Total debt, net of debt issuance costs	$ 322,206

Note 8 - Leases (Details Textual)	6 Months Ended
Note 8 - Leases (Details Textual)	Sep. 30, 2024
Minimum [Member]
Lease Term (Year)	1 year
Maximum [Member]
Lease Term (Year)	13 years

Note 8 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease expense	$ 195	$ 180	$ 571	$ 542
Short term lease expense	32	89	95	131
Variable lease expense	23	26	90	70
Total operating lease cost	250	295	756	743
Amortization of right-of-use assets	30	30	90	91
Interest on lease liabilities	87	83	256	256
Total finance lease cost	117	113	346	347
Operating cash flows used in operating leases	189	169	603	499
Operating cash flows used in finance leases	87	83	256	256
Financing cash flows used in finance leases	$ 9	$ 83	$ 170	$ 394

Note 8 - Leases - Non-cash Flow Information Related to ROU Asset and Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accretion of the lease liability	$ 82	$ 81	$ 245	$ 252
Amortization of right-of-use assets	$ 112	$ 100	$ 325	$ 291
Operating leases (in years) (Year)	8 years 2 months 12 days	4 years 6 months	8 years 2 months 12 days	4 years 6 months
Finance leases (in years) (Year)	12 years 4 months 24 days	13 years 3 months 18 days	12 years 4 months 24 days	13 years 3 months 18 days
Operating leases	13.70%	14.10%	13.70%	14.10%
Finance leases	13.30%	13.20%	13.30%	13.20%

Note 8 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating lease right-of-use assets	$ 2,333	$ 2,056
Other current liability	494	406
Other long term liabilities	1,939	1,783
Total operating lease liabilities	2,433	2,189
Property and equipment, at cost	2,889	2,889
Accumulated depreciation	(318)	(228)
Property and equipment, net	2,571	2,661
Other current liability	245	30
Other long term liabilities	2,557	2,687
Total finance lease liabilities	$ 2,802	$ 2,717

Note 8 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) (Parentheticals)	Sep. 30, 2024	Dec. 31, 2023
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long term liabilities	Other long term liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long term liabilities	Other long term liabilities

Note 8 - Leases - Maturities of Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2025, Operating leases	$ 783
2025, Finance leases	176
2026, Operating leases	710
2026, Finance leases	145
2027, Operating leases	703
2027, Finance leases	145
2028, Operating leases	498
2028, Finance leases	145
2029, Operating leases	63
2029, Finance leases	145
Thereafter, Operating leases	1,219
Thereafter, Finance leases	9,960
Total lease payments, Operating leases	3,976
Total lease payments, Finance leases	10,716
Less imputed interest, Operating leases	(1,543)
Less imputed interest, Finance leases	(7,914)
Total operating lease liability	2,433	$ 2,189
Total finance lease liability	$ 2,802	$ 2,717

Note 8 - Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease income	$ 569	$ 230	$ 1,576	$ 1,182

Note 8 - Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2025	$ 1,385
2026	1,473
2027	1,419
2028	1,271
2029	1,309
Thereafter	431
Total future lease commitments	$ 7,288

Note 9 - Aemetis Biogas LLC - Series A Preferred Financing (Details Textual) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended	44 Months Ended
	Feb. 08, 2024	Dec. 20, 2018	Dec. 31, 2022	Aug. 08, 2022	Sep. 30, 2024	Dec. 31, 2023
Common Units [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		5,000,000
Preferred Units Series A [Member]
Common Units Authorized (in shares)		11,000,000
Preferred Units, Authorized (in shares)		6,000,000
Preferred Units Series A [Member] \| Second Tranche [Member
Preferred Units, Issued (in shares)			6,000,000
Preferred Units Issued Value			$ 30.0
Stock Redeemed or Called During Period, Shares (in shares)				20,000
Preferred Units Redeemed, Value				$ 0.3
Series A Preferred Stocks [Member]
Common Units Issued (in shares)		6,000,000
Common Units Issuance Value (in dollars per share)		$ 5
PUPA Fifth Amendment [Member]
Preferred Units Issued Value	$ 115.5
Credit Agreement, Interest Rate	16.00%
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent					$ 123.9	$ 113.2
PUPA Fifth Amendment [Member] \| Prime Rate [Member]
Credit Agreement, Interest Rate	10.00%

Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2016
The 2019 Stock Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares)	4,900,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 5.9	$ 5.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 8 months 23 days
The 2019 Stock Plan [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		363,500	243,850
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 3.1	$ 3.6
Inducement Equity Plan Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)				100,000

Note 10 - Stock-based Compensation - Schedule of Share-based Payment Award (Details) - The 2019 Stock Plan [Member] - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance, Shares Available for Grant (in shares)	456,000
Balance, outstanding (in shares)	5,526,000
Balance, Weighted-Average Exercise Price (in dollars per share)	$ 4.42
Authorized, shares (in shares)	1,740,000
Options Granted, shares (in shares)	(1,761,000)
Options Granted, shares (in shares)	1,761,000
Options Granted, Weighted-Average Exercise Price (in dollars per share)	$ 3.1
Exercised, outstanding (in shares)	(15,000)
Exercised, Weighted-Average Exercise Price (in dollars per share)	$ 2.56
Forfeited/expired, shares available (in shares)	75,000
Forfeited/expired, outstanding (in shares)	(75,000)
Forfeited/expired, Weighted-Average Exercise Price (in dollars per share)	$ 7.25
Balance, Shares Available for Grant (in shares)	146,000
Balance, outstanding (in shares)	7,197,000
Balance, Weighted-Average Exercise Price (in dollars per share)	$ 4.07
Restricted Stock [Member]
RSAs Granted, shares (in shares)	(363,500)	(243,850)

Note 10 - Stock-based Compensation - Fair Value Assumptions (Details) - The 2019 Stock Plan [Member] - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Dividend-yield	0.00%	0.00%
Risk-free interest rate	3.93%	3.86%
Expected volatility	115.42%	124.62%
Expected life (years) (Year)	5 years 9 months 21 days	7 years
Market value per share on grant date (in dollars per share)	$ 3.1	$ 3.6
Fair value per option on grant date (in dollars per share)	$ 2.65	$ 3.29

Note 11 - Warrants (Details Textual) - $ / shares shares in Thousands	Sep. 30, 2024	Jul. 01, 2024	Dec. 31, 2023	Jan. 09, 2012
Warrants and Rights Outstanding, Term (Year)	5 years 10 days
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 11.7		$ 11.7
Warrants in Connection With Subordinated Notes [Member] \| AAFK [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		113
Warrants and Rights Outstanding, Term (Year)		2 years		2 years
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 0.01		$ 0.01

Note 11 - Warrants - Schedule of Warrants or Rights (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Outstanding, warrants (in shares) \| shares	530
Outstanding, Weighted - Average Exercise Price (in dollars per share) \| $ / shares	$ 11.7
Granted, warrants (in shares) \| shares	226
Granted, Weighted - Average Exercise Price (in dollars per share) \| $ / shares	$ 0.01
Exercised, warrants (in shares) \| shares	(226)
Exercised, Weighted - Average Exercise Price (in dollars per share) \| $ / shares	$ 0.01
Outstanding, warrants (in shares) \| shares	530
Outstanding, Weighted - Average Exercise Price (in dollars per share) \| $ / shares	$ 11.7
Outstanding, Average Remaining Term in Years (Year)	5 years 10 days

Note 11 - Warrants - Fair Value Assumptions (Details)	Sep. 30, 2024 $ / shares yr	Sep. 30, 2023 $ / shares yr
Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0	0
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.045	0.038
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.9985	1.176
Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input \| yr	2	4.63
Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	0.01	1.18
Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	4.05	4.11
Fair Value per Warrant on Grant Date [Member]
Warrants and Rights Outstanding, Measurement Input	4.04	3.97

Note 12 - Agreements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 01, 2022
Marketing Expense	$ 700	$ 800	$ 1,900	$ 700
Shipping and Handling Costs	1,100	700	2,600	900
Oil and Gas, Result of Operation, Transportation Cost	1,500	$ 1,400	4,400	$ 1,800
Forward Sales Commitments [Member]
Other Commitment	0		0
Operating Agreement with Gemini Edibles and Fats India Private Limited [Member]
Debt Agreement, Maximum Borrowing Capacity						$ 12,700
Debt Instrument, Interest Rate, Stated Percentage						18.00%
Accounts Payable	$ 100		$ 100		$ 500

Note 12 - Agreements - Schedule of Working Capital Agreement Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues	$ 81,441	$ 68,690	$ 220,636	$ 115,953
Accounts payable	37,254		37,254		$ 32,132
J.D. Heiskell [Member]
Accounts receivable	19		19		1,073
Accounts payable	124		124		$ 1,207
J.D. Heiskell [Member] \| Ethanol Sales [Member]
Revenues	32,812	36,375	87,635	45,388
J.D. Heiskell [Member] \| Wet Distiller's Grains Sales [Member]
Revenues	8,961	9,427	27,476	11,980
J.D. Heiskell [Member] \| Corn Oil Sales [Member]
Revenues	1,746	1,487	4,199	1,613
J.D. Heiskell [Member] \| CDS Sales [Member]
Revenues	24	9	49	62
J.D. Heiskell [Member] \| Corn Purchases [Member]
Corn purchases	$ 33,170	$ 37,030	$ 97,489	$ 48,029

Note 13 - Segment Information (Details Textual) gal in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 gal	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Number of Reportable Segments	3
California Ethanol [Member]
GallonPerYear (Gallon)	65
California Ethanol [Member] \| Customer Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| Ethanol Sales, Wet Distillers Grain and Corn Oil Sales [Member]
Number of Major Customers	1	1	1	1
Concentration Risk, Percentage	97.00%	99.70%	98.60%	99.70%
India Biodiesel [Member]
GallonPerYear (Gallon)	60
India Biodiesel [Member] \| Customer Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| Biodiesel Sales [Member] \| Customer One [Member]
Concentration Risk, Percentage	40.00%	42.00%	41.00%	43.00%
India Biodiesel [Member] \| Customer Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| Biodiesel Sales [Member] \| Customer Two [Member]
Concentration Risk, Percentage	29.00%	35.00%	33.00%	28.00%
India Biodiesel [Member] \| Customer Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| Biodiesel Sales [Member] \| Customer Three [Member]
Concentration Risk, Percentage	28.00%	19.00%	21.00%	24.00%

Note 13 - Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 81,441	$ 68,690	$ 220,636	$ 115,953
Gross profit	3,878	492	1,460	1,153
Interest expense including amortization of debt fees	11,747	10,182	33,984	28,858
Accretion and other expenses of Series A preferred units	3,267	7,739	10,055	20,188
Income tax expense (benefit)	274	(55,308)	1,537	(54,490)
Capital expenditures	4,490	8,787	13,470	18,595
Depreciation	2,274	1,747	6,121	5,208
Loss on asset disposals			3,644	0
California Ethanol [Member]
Revenues	44,934	47,439	121,155	59,246
Gross profit	85	(1,473)	(9,494)	(3,807)
Interest expense including amortization of debt fees	7,911	6,729	22,807	18,499
Accretion and other expenses of Series A preferred units	0	0	0	0
Income tax expense (benefit)	0	0	0	0
Capital expenditures	154	1,363	584	2,423
Depreciation	1,111	960	3,120	3,029
Loss on asset disposals			3,644
California Dairy Renewable Natural Gas [Member]
Revenues	4,250	1,107	9,640	1,523
Gross profit	1,897	(807)	3,971	(2,644)
Interest expense including amortization of debt fees	808	620	2,174	1,841
Accretion and other expenses of Series A preferred units	3,267	7,739	10,055	20,188
Income tax expense (benefit)	0	(55,164)	36	(55,151)
Capital expenditures	3,762	6,819	10,911	14,622
Depreciation	866	598	2,206	1,578
Loss on asset disposals			0
India Biodiesel [Member]
Revenues	32,257	20,144	89,841	55,184
Gross profit	1,896	2,772	6,983	7,604
Interest expense including amortization of debt fees	30	19	659	313
Accretion and other expenses of Series A preferred units	0	0	0	0
Income tax expense (benefit)	274	(145)	1,501	653
Capital expenditures	257	372	575	523
Depreciation	241	158	629	470
Loss on asset disposals			0
Other Operating Segment [Member]
Revenues	0	0	0	0
Gross profit	0	0	0	0
Interest expense including amortization of debt fees	2,998	2,814	8,344	8,205
Accretion and other expenses of Series A preferred units	0	0	0	0
Income tax expense (benefit)	0	1	0	8
Capital expenditures	317	233	1,400	1,027
Depreciation	$ 56	$ 31	166	$ 131
Loss on asset disposals			$ 0

Note 13 - Segment Information - Reconciliation of Assets from Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets	$ 247,425	$ 243,406
California Ethanol [Member]
Assets	57,060	67,991
California Dairy Renewable Natural Gas [Member]
Assets	110,975	92,794
India Biodiesel [Member]
Assets	40,116	34,769
Other Operating Segment [Member]
Assets	$ 39,274	$ 47,852

Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Employment Agreements and Expense Reimbursements [Member] \| Mr. McAfee [Member]
Related Party Transaction, Amounts of Transaction	$ 1.0
Various Board Members [Member]
Share-Based Payment Arrangement, Expense	0.1	$ 0.1	$ 0.3	$ 0.3
Various Board Members [Member] \| Board Compensation Fees [Member]
Related Party Transaction, Amounts of Transaction	$ 0.3				$ 0.3

Note 15 - Subsequent Events (Details Textual) $ in Millions	Nov. 06, 2024 USD ($)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
PUPA Seventh Amendment [Member] \| Subsequent Event [Member]
Preferred Units Issued Value	$ 115.5
PUPA Seventh Amendment [Member] \| Subsequent Event [Member] \| Credit Agreement [Member]
Debt Instrument, Basis Spread on Variable Rate	10.00%
Debt Instrument, Interest Rate, Stated Percentage	16.00%

Aemetis (NASDAQ:AMTX)
Historical Stock Chart
From Oct 2024 to Nov 2024

Aemetis (NASDAQ:AMTX)
Historical Stock Chart
From Nov 2023 to Nov 2024

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AMTX Aemetis Inc

Aemetis Inc News

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AMTX Aemetis Inc

Aemetis Inc News

Your Recent History

Company

Business

Popular

Get The App

BLACK FRIDAY

Save up to 60%* for ASX Level 1 & 2

1 year 40%, 2 years 40% and *3 years 60%