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Aemetis cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.7M in Q3 2026 · −$36.6M over twelve months

Operating cash flow$22.0M
Capital spending−$20.2M
Free cash flow+$1.7M
Cash / net income4.2×
Cash conversion cycle-29 days

Analysis

In Q3 2026, Aemetis generated $22.0M of operating cash flow and spent $20.2M on capital projects, leaving free cash flow of $1.7M. That is $2.8M more than in Q3 2025 (−$1.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $15.3M; the largest uses were capital spending ($51.9M), other financing ($39.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($53.0M), shares issued ($18.1M); the cash balance fell by $3.7M.

Operating cash flow was $22.0M against net income of $5.2M — 4.2× profit, cash ran ahead of reported earnings. The largest differences: other liabilities −$4.7M, depreciation & amortization +$2.6M, receivables −$2.1M.

Its cash conversion cycle was -29 days (receivables 3 + inventory 21 − payables 53): suppliers fund its working capital.

Free cash flow

Aemetis: free cash flow by quarterAemetis: free cash flow by quarter−$19.4MQ4 2024−$1.7MQ1 2025−$9.3MQ2 2025−$1.0MQ3 2025−$10.8MQ4 2025−$17.1MQ1 2026−$10.4MQ2 2026$1.7MQ3 2026
Operating cash flow less capital spending.
Aemetis: operating cash flow against capital spendingAemetis: operating cash flow against capital spendingOperating cash flowCapital spending−$12.6M$6.8MQ4 2024$160K$1.8MQ1 2025−$5.7M$3.5MQ2 2025$3.1M$4.1MQ3 2025$5.8M$16.6MQ4 2025−$10.6M$6.5MQ1 2026−$1.9M$8.5MQ2 2026$22.0M$20.2MQ3 2026
Latest (Q3 2026): Operating cash flow $22.0M, Capital spending $20.2M.

Capital allocation, year by year

Aemetis: where the cash came from (up) and went (down), by fiscal yearAemetis: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$20.6MFY2021: Net borrowing −$505KFY2021: Shares issued $105MFY2021: Capital spending −$26.7M$105MFY2021FY2022: Operating cash flow −$22.9MFY2022: Net borrowing $68.9MFY2022: Shares issued $12.2MFY2022: Capital spending −$39.2M$81.1MFY2022FY2023: Operating cash flow $13.8MFY2023: Net borrowing $75.1MFY2023: Shares issued $21.9MFY2023: Capital spending −$33.1M$111MFY2023FY2024: Operating cash flow −$32.9MFY2024: Net borrowing $19.3MFY2024: Shares issued $31.8MFY2024: Capital spending −$20.3M$51.1MFY2024FY2025: Operating cash flow $3.3MFY2025: Net borrowing $44.8MFY2025: Shares issued $28.3MFY2025: Capital spending −$26.0M$76.4MFY2025
Over these 5 years operating cash flow totalled −$59.4M; the largest uses were capital spending ($145M) and operating cash flow ($76.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.4M
Debt$435M
Net debt$432M
Due within a year$377M

Aemetis's operations bring cash in ($15.3M over twelve months), and it spends more than that on capital projects: a gap of $36.6M funded from its $3.4M of cash and investments and from borrowing ($435M of debt, $377M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Aemetis: sources (+) and uses (−) of cash, Q3 2026Aemetis: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$22.0MCapital spending−$20.2MOther financing−$18.1MNet borrowing (+) / repaid (−)$16.0MShares issued$1.8MCash drawn (+) / kept (−)−$1.4MExchange rates−$6K
Aemetis: sources (+) and uses (−) of cash, TTM to Q3 2026Aemetis: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$53.0MCapital spending−$51.9MOther financing−$39.6MShares issued$18.1MOperating cash flow$15.3MCash drawn (+) / kept (−)$3.7MOther investing$1.4MExchange rates$62K

From profit to cash

Aemetis: net income to operating cash flow, Q3 2026Aemetis: net income to operating cash flow, Q3 2026Net income$5.2MDepreciation & amortization$2.6MStock-based pay$1.2MReceivables−$2.1MInventory$586KPayables−$2.0MPrepaid and other assets$291KOther liabilities−$4.7MOperating cash flow$22.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202632153-29
Q2 202662251-22
Q1 202661941-16
Q4 202521653-35
Q3 202531340-24
Q2 202532944-12
Q1 202534561-13

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$22.0M−$20.2M$16.0M$1.8M−$1.4M$1.7M
Q2 2026−$1.9M−$8.5M—$7.2M$3.3M−$10.4M
Q1 2026−$10.6M−$6.5M$16.0M$6.6M$1.0M−$17.1M
Q4 2025$5.8M−$16.6M$15.7M$2.6M$666K−$10.8M
Q3 2025$3.1M−$4.1M$7.9M$7.5M−$4.0M−$1.0M
Q2 2025−$5.7M−$3.5M$17.4M$13.1M−$1.2M−$9.3M
Q1 2025$160K−$1.8M$3.8M$5.1M$407K−$1.7M
Q4 2024−$12.6M−$6.8M$6.9M$10.1M−$538K−$19.4M

Aemetis: income statement and cash flow

Aemetis, Q3 2026: revenue $88.2M (+49% year over year), operating margin 23.7%. The chart follows the revenue to costs, profit and cash.

Aemetis: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.