Aemetis Inc 2025年季度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 FORM10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedSeptember 30, 2025or☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto Commission File Number:001-36475 Aemetis, Inc. (Exact name of registrant as specified in its charter) 26-1407544(I.R.S. EmployerIdentification No.) (State or other jurisdictionof incorporation or organization) 20400 Stevens Creek Blvd., Suite 700Cupertino,CA95014(408)213-0940(Address and telephone number of principal executive offices) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange 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 submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting 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 Rule12b-2 of the Exchange Act). Yes☐No☑ The number of shares outstanding of the registrant’s Common Stock on October 31, 2025, was65,568,542shares. Table of Contents AEMETIS, INC. FORM 10-Q Quarterly Period Ended September 30, 2025 INDEX PART I--FINANCIAL INFORMATION Item 1Financial Statements.4Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.22Item 3.Quantitative and Qualitative Disclosures about Market Risk.28Item 4.Controls and Procedures.28PART II--OTHER INFORMATIONItem 1.Legal Proceedings.29Item 1A.Risk Factors.29Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.29Item 3.Defaults Upon Senior Securities.29Item 4.Mine Safety Disclosures.29Item 5.Other Information.29Item 6.Exhibits.29Signatures30 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 leverageapproved feedstock pathways; our ability to leverage our location and infrastructure; our ability to incorporate lower-cost, non-foodadvanced 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 withsuppliers; our ability to access governmental carbon reduction incentives; our ability to supply gas into transportation markets; ourability to continue to develop, maintain, and protect new and existing intellectual property rights; our ability to adopt, develop andcommercialize new technologies; our ability to extend or refinance our senior debt on terms reasonably acceptable to us or at all; ourability 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 sequestrationprojects, including obtaining required permits; our ability to receive awardedgrants by meeting all of the required conditions, including meeting the minimum contributions; our ability to obtain additionalfinancing under the EB-5 program; our ability to generate and sell or utilize various credits, including California Low Carbon FuelStandard ("LCFS"), federal Renewable Fuel