AEMETIS, INC

Previous wording

Founded in 2006 and headquartered in Cupertino, California, we are an international renewable natural gas and biofuels company focused on the operation, acquisition, development and commercialization of innovative low and negative carbon intensity products and technologies. We operate in three reportable segments consisting of “California Ethanol,” “California Dairy Renewable Natural Gas,” and “India Biodiesel.” We have other operating segments determinednot to be separately reportable that are collectively represented by the “All Other” category. Our mission is to generate innovative renewable fuel solutions that benefit communities and improve the environment. We are executing our mission by building a circular bioeconomy using agricultural products and waste to produce low carbon renewable fuels that create jobs, reduce greenhouse gas (“GHG”) emissions, and improve air quality. For revenue and other information regarding our operating segments, see Note 13 - Segment Information, of the Notes to Consolidated Financial Statements of this Form 10-Q.

Current wording

Founded in 2006 and headquartered in Cupertino, California, we are a renewable natural gas and biofuels company focused on the operation, acquisition, development, and commercialization of innovative technologies that lower fuel costs and reduce emissions. We operate in three reportable segments consisting of “California Ethanol,” “California Dairy Renewable Natural Gas,” and “India Biodiesel.” We have other operating segments determinednot to be separately reportable that are collectively represented by the “All Other” category. Our mission is to produce innovative renewable fuel solutions that benefit communities and improve the environment. We are executing our mission by building a circular bioeconomy using agricultural products and waste to produce low carbon renewable fuels that create jobs, reduce greenhouse gas (“GHG”) emissions, and improve air quality. For revenue and other information regarding our operating segments, see Note 13 - Segment Information, of the Notes to Consolidated Financial Statements of this Form 10-Q.

Previous wording

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 alcohol for other uses, Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”). WDG, DCO, and CDS are sold as animal feed to more than 80 local dairies and feedlots. We also capture the Carbon Dioxide (“CO 2”) generated by our fermenters and sell it to an industrial gas company 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 ethanol, primarily by decreasing the use of fossil natural gas. Recently completed energy efficiency projects include high efficiency heat exchangers and a solar micro grid. A significant energy efficiency project in progress is the Mechanical Vapor Recompression (MVR) system that will use low carbon electricity instead of natural gas. These changes will reduce our energy costs and will also lower the carbon intensity (CI) of the ethanol we produce and generate increased cash flows from LCFS and tax credits. We have already begun procuring MVR equipment and expect it to be installed later this year and begin operating in the first half of 2026.

Current wording

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 alcohol for other uses, Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”). WDG, DCO, and CDS are sold as animal feed to more than 80 local dairies and feedlots. We also capture the Carbon Dioxide (“CO 2”) generated by our fermenters and sell it to an industrial gas company that liquifies the CO₂ to sell to food, beverage, and industrial customers. We are implementing several energy efficiency initiatives focused on lowering the carbon intensity ("CI") of our ethanol, primarily by decreasing the use of fossil natural gas. Recently completed energy efficiency projects include high efficiency heat exchangers and a solar micro grid. A significant energy efficiency project in progress is the Mechanical Vapor Recompression (MVR) system that will use low carbon electricity instead of natural gas. These changes will reduce our energy costs, lower the CI of the ethanol we produce, and generate increased cash flows from LCFS and tax credits. We have already begun procuring MVR equipment and expect the system to be operational in the first half of 2026.

Previous wording

Our California Dairy Renewable Natural Gas segment 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 utility natural gas pipeline. We currently have eleven operating digesters that receive waste from twelve dairies, and we are actively growing with additional digesters under construction. We have constructed 36 miles of biogas collection pipeline and have received environmental approval to construct an additional 24 miles of pipeline. We currently have agreements to build digesters and receive waste from a total of 50 dairies and are seeking to sign agreements with additional dairies.

Current wording

Our California Dairy Renewable Natural Gas segment 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 utility natural gas pipeline. We currently have twelve operating digesters that receive waste from fifteen dairies, and we are actively growing with additional digesters under construction. We have constructed 36 miles of biogas collection pipeline and have received environmental approval to construct an additional 24 miles of pipeline. We currently have agreements to build digesters and receive waste from over 50 dairies and are seeking to sign agreements with additional dairies.

Previous wording

*California Ethanol.*For the three months ended June 30, 2025, this segment generated 74.4% of its revenue from sales of ethanol, and the rest from sales of WDG, Corn Oil, CDS, and CO₂. For the three months ended June 30, 2025, the Keyes Plant sold 13.8 million gallons of ethanol at an average price of $2.01 per gallon and 91 thousand tons of WDG at an average price of $86 per ton, compared to sales during the three months ended June 30, 2024, when the Keyes Plant sold 14.8 million gallons of ethanol at an average price of $1.99 per gallon and 105 thousand tons of WDG at an average price of $89 per ton. Overall revenue decreased by 7.1% primarily due to our scaling back of the Keyes Plant production rate to optimize yields, resulting in a decrease in sales volume of ethanol by 7% and WDG by 13%.

Current wording

*California Ethanol.*For the three months ended September 30, 2025, this segment generated 77% of its revenue from sales of ethanol, and the rest from sales of WDG, Corn Oil, CDS, and CO₂. For the three months ended September 30, 2025, the Keyes Plant sold 14.7 million gallons of ethanol at an average price of $2.13 per gallon and 96.0 thousand tons of WDG at an average price of $76.26 per ton, compared to sales during the three months ended September 30, 2024, when the Keyes Plant sold 15.5 million gallons of ethanol at an average price of $2.12 per gallon and 106.0 thousand tons of WDG at an average price of $84.35 per ton. Revenue decreased by 9% primarily due to our scaling back of the Keyes Plant production rate to optimize yields, resulting in a decrease in sales volume of ethanol by 5% and WDG by 10% along with a 10% decrease in the average price of WDG.

Previous wording

*California Dairy Renewable Natural Gas.*During the three months ended June 30, 2025, we sold 106.4 thousand MMBtu ("million British thermal units") of RNG at an average price of $2.75 per MMBtu, compared to the three months ended June 30, 2024, when we sold 88 thousand MMBtu of RNG at an average price of $2.19 per MMBtu. During the three months ended June 30, 2025, we sold 763.6 thousand D3 RINs at an average price of $2.60 per D3 RIN, compared to the three months ended June 30, 2024, when we sold 341 thousand D3 RINs at an average price of $3.17 per RIN. We have been generating LCFS credits associated with the RNG sales based on the default carbon intensity ("CI") of negative 150 while our individual dairy CI pathways were waiting for approval from the California Air Resources Board ("CARB"). During the period ended June 30, 2025, we sold 14 thousand LCFS credits at an average price of $55.25 each, compared to 5 thousand LCFS credits at an average price of $64.75 each during the period ended June 30, 2024.

Current wording

*California Dairy Renewable Natural Gas.*During the three months ended September 30, 2025, we sold 114.0 thousand MMBtu ("million British thermal units") of RNG at an average price of $3.45 per MMBtu, compared to the three months ended September 30, 2024, when we sold 86.0 thousand MMBtu of RNG at an average price of $2.77 per MMBtu. During the three months ended September 30, 2025, we sold 1.0 million D3 RINs at an average price of $2.37 per D3 RIN, compared to the three months ended September 30, 2024, when we sold 935.3 thousand D3 RINs at an average price of $3.37 per RIN. We have been generating LCFS credits associated with the RNG sales based on the default carbon intensity ("CI") of negative 150 while our individual dairy CI pathways were waiting for approval from the California Air Resources Board ("CARB"), which was received for seven of our dairies and effective during the three-month period ended September 30, 2025. During the period ended September 30, 2025, we sold 22.2 thousand LCFS credits at an average price of $53.50 each, compared to 20.0 thousand LCFS credits at an average price of $43.00 each during the period ended September 30, 2024.

Previous wording

*India Biodiesel.*In 2024 and 2025, all of our India sales of biodiesel were to government owned Oil Marketing Companies ("OMCs") pursuant to the OMC tender and allocation process. For the three months ended June 30, 2025, we generated 80% of our India segment revenues from the sale of biodiesel, and 20% from other sales, compared to 96% of revenue from biodiesel, and 4% from other sales for the three months ended June 30, 2024. The decrease in revenues was primarily due to delays in receiving the tender contracts from Oil Marketing Companies and a change in the purchase price offered in the tender from cost-plus to a fixed price specified in the tender. We sold 9.4 thousand metric tons of biodiesel during the three months ended June 30, 2025, compared to 20.4 thousand metric tons of biodiesel sold during the three months ended June 30, 2024.

Current wording

*India Biodiesel.*In 2024 and 2025, all of our India sales of biodiesel were to government owned Oil Marketing Companies ("OMCs") pursuant to the OMC tender and allocation process. For the three months ended September 30, 2025 and 2024, we generated 96% of our India segment revenues from the sale of biodiesel and 4% from other sales. The decrease in revenues was primarily due to delays in receiving the tender contracts from OMCs and a change in the purchase price offered in the tender from cost-plus to a fixed price specified in the tender. We sold 12.5 thousand metric tons of biodiesel during the three months ended September 30, 2025, compared to 26.0 thousand metric tons of biodiesel sold during the three months ended September 30, 2024.

Previous wording

California Ethanol. We ground 4.7 million bushels of corn at an average cost of $6.42 per bushel duringthe three months ended June 30, 2025, compared to 5.2 million bushels of corn at an average cost of $6.36 per bushel during the three months ended June 30, 2024. The 6.7% decrease in cost of goods sold forthe three months ended June 30, 2025, is mainly due to the planned reduction in the quantity of corn ground.

Current wording

California Ethanol. We ground 5.0 million bushels of corn at an average cost of $5.95 per bushel duringthe three months ended September 30, 2025, compared to 5.5 million bushels of corn at an average cost of $6.07 per bushel during the three months ended September 30, 2024. The decrease in cost of goods sold forthe three months ended September 30, 2025, is mainly due to the planned reduction in the quantity of corn ground along with a slight decrease in the average corn price per bushel.

Previous wording

California Dairy Renewable Natural Gas. Cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase from the second quarter of 2024 to the second quarter of 2025 was primarily due to the increase in the number of operating digesters.

Current wording

California Dairy Renewable Natural Gas. Cost of goods sold increased between the third quarter of 2024 to the third quarter of 2025 as a result of the increased manure costs, digester maintenance expenses, and depreciation from additional digesters placed into service

Previous wording

*California Ethanol.*The decrease in gross loss during the three months ended June 30, 2025, compared to the same period in 2024, was attributable primarily to decreased corn costs.

Current wording

*California Ethanol.*The decrease in gross profit during the three months ended September 30, 2025, compared to the same period in 2024, was attributable primarily to decreases involumes by 5% and 10% for ethanol and WDG respectively, coupled with a decrease of 10% in the average sales price of WDG, and partially offset by a 7.2% cost reduction.

Previous wording

California Dairy Renewable Natural Gas. Thedecrease in gross profit for the six months ended June 30, 2025, compared to the same period in 2024 is due to the decrease in sales and increase in costs of goods sold, primarily depreciation, for the increased number of operating digesters.

Current wording

California Dairy Renewable Natural Gas. Thedecrease in gross profit for the three months ended September 30, 2025, compared to the same period in 2024, is due to the increase in costs of goods sold for the increased number of operating digesters.

Previous wording

*India Biodiesel.*The decrease in gross profit for the three months ended June 30, 2025, compared to the same period in 2024, reflects the decrease in the quantity of biodiesel sold, as well as a decrease in glycerin sold, coupled with a 28% increase in feedstock costs.

Current wording

*India Biodiesel.*The decrease in gross profit for the three months ended September 30, 2025, compared to the same period in 2024, reflects the decrease in the quantity of biodiesel sold, as well as a decrease in glycerin sold, coupled with an increase in feedstock costs.

Previous wording

SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 14%in the three months ended June 30, 2025, compared to 18% in the three months ended June 30, 2024. The decrease in SG&A expense was primarily due to a one-time $3.6 million loss on an asset write-off in the three months ended June 30, 2024, a $0.2 million increase in rental income from subleases in the three months ended June 30, 2025, and a reduction in legal, professional, and membership fees.

Current wording

SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 14%in the three months ended September 30, 2025, compared to 10% in the three months ended September 30, 2024. SG&A expense remained consistent between the comparative quarters, while revenue decreased during the three months ended September 30, 2025.

Previous wording

*California Ethanol.*For the six months ended June 30, 2025, this segment generated 74% of its revenue from sales of ethanol, and the rest from sales of WDG, corn oil, CDS, and CO₂. During the six months ended June 30, 2025, the Keyes plant sold 27.9 million gallons of ethanol at an average price of $2.00 per gallon and 184 thousand tons of WDG at an average price of $86.00 per ton, compared to sales during the six months ended June 30, 2024, when the Keyes plant sold 28.9 million gallons of ethanol at an average price of $1.89 per gallon and 199 thousand tons of WDG at an average price of $93 per ton. This segment's revenue decreased slightly primarily due to decrease in the quantities sold for ethanol and WDG along with a decrease in the WDG price.

Current wording

*California Ethanol.*For the nine months ended September 30, 2025, this segment generated 75% of its revenue from sales of ethanol, and the rest from sales of WDG, corn oil, CDS, and CO₂. During the nine months ended September 30, 2025, the Keyes plant sold 42.6 million gallons of ethanol at an average price of $2.04 per gallon and 280.0 thousand tons of WDG at an average price of $82.66 per ton, compared to sales during the nine months ended September 30, 2024, when the Keyes plant sold 44.4 million gallons of ethanol at an average price of $1.97 per gallon and 305.0 thousand tons of WDG at an average price of $90.13 per ton. The California Ethanol segment's revenue decreased due to decrease in the quantities sold for ethanol and WDG along with a decrease in the WDG price.

Previous wording

*California Dairy Renewable Natural Gas.*During the six months ended June 30, 2025, we sold 177.3 thousand MMBtu ("million British thermal units") of RNG at an average price of $3.11 per MMBtu, compared to the six months ended June 30, 2024, when we sold 148.8 thousand MMBtu of RNG at an average price of $2.94 per MMBtu. During the six months ended June 30, 2025, we sold 1.2 million D3 RINs at an average price of $2.61 per D3 RIN, compared to the six months ended June 30, 2024, when we sold 1.1 million D3 RINs at an average price of $3.11 per RIN. We have been generating LCFS credits associated with the RNG sales based on the default carbon intensity ("CI") of negative 150 while our individual dairy CI pathways were waiting for approval from the California Air Resources Board ("CARB"). During the six months ended June 30, 2025, we sold 30 thousand LCFS credits at an average price of $64.45 each, compared to 23 thousand metric tons of LCFS credits at an average price of $65.73 each during the six months ended June 30, 2024.

Current wording

*California Dairy Renewable Natural Gas.*During the nine months ended September 30, 2025, we sold 291.3 thousand MMBtu ("million British thermal units") of RNG at an average price of $3.24 per MMBtu, compared to the nine months ended September 30, 2024, when we sold 234.8 thousand MMBtu of RNG at an average price of $2.88 per MMBtu. During the nine months ended September 30, 2025, we sold 2.2 million D3 RINs at an average price of $2.50 per D3 RIN, compared to the nine months ended September 30, 2024, when we sold 2.0 million D3 RINs at an average price of $3.23 per RIN. We have been generating LCFS credits associated with the RNG sales based on the default carbon intensity ("CI") of negative 150 while our individual dairy CI pathways were waiting for approval from the California Air Resources Board ("CARB"), which was received for seven of our dairies and effective during the three-month period ended September 30, 2025. During the nine months ended September 30, 2025, we sold 52.2 thousand LCFS credits at an average price of $59.80 each, compared to 43.0 thousand metric tons of LCFS credits at an average price of $55.16 each during the nine months ended September 30, 2024.

Previous wording

*India Biodiesel.*For thesix months ended June 30, 2025, the Kakinada Plant generated $9.5 million in revenue from sales of biodiesel, and $5.1 million from other sales. The India biodiesel plant generated $54.7 million in revenue from biodiesel and $2.9 million in revenue from other sales during the same period in 2024. The segment's revenue decreased due to delays in OMC's issuing tenders and associated purchase contracts.

Current wording

*India Biodiesel.*For thenine months ended September 30, 2025, the Kakinada Plant generated $23.5 million in revenue from sales of biodiesel and $5.6 million from other sales. The India biodiesel plant generated $85.8 million in revenue from biodiesel and $4.0 million in revenue from other sales during the same period in 2024. The segment's revenue decreased due to delays in OMCs issuing tenders and the OMCs use of fixed price contracts compared to higher volumes sold under cost plus contracts in the same period in 2024.

Previous wording

California Ethanol. We ground 9.4 million bushels of corn at an average cost of $6.53 per bushel duringthesix months ended June 30, 2025, compared to 10.1 million bushels of corn at an average price of $6.35 per bushel during the six months ended June 30, 2024. The slight decrease in cost of goods sold forthesix months ended June 30, 2025, is mainly due to the decrease in the quantity of the corn ground.

Current wording

California Ethanol. We ground 14.4 million bushels of corn at an average cost of $6.33 per bushel duringthe nine months ended September 30, 2025, compared to 15.6 million bushels of corn at an average price of $6.25 per bushel during the nine months ended September 30, 2024. The slight decrease in cost of goods sold forthe nine months ended September 30, 2025, is mainly due to the decrease in the quantity of the corn ground.

Previous wording

California Dairy Renewable Natural Gas. Cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase from the first quarter of 2024 to the first quarter of 2025 was primarily due to the increase in the number of operating digesters.

Current wording

California Dairy Renewable Natural Gas. Cost of goods sold includes dairy manure payments, equipment maintenance, and depreciation. The increase in 2025 was primarily due to increased manure costs, maintenance costs, and depreciation from the increased number of operating digesters.

Previous wording

India Biodiesel. The decrease in cost of goods sold during thesix months ended June 30, 2025, compared to June 30, 2024, was attributable to a reduced use of feedstock due to reduced sales of biodiesel during thesix months ended June 30, 2025, of 9.4 metric tons compared to 47.5 thousand metric tons of biodiesel sold during thesix months ended June 30, 2024.

Current wording

India Biodiesel. The decrease in cost of goods sold during thenine months ended September 30, 2025, compared to September 30, 2024, was attributable to a reduced use of feedstock due to reduced sales of biodiesel during thenine months ended September 30, 2025, of 21.0 thousand metric tons compared to 73.5 thousand metric tons of biodiesel sold during thenine months ended September 30, 2024.

Previous wording

*California Ethanol.*The decrease in gross loss between the six months ended June 30, 2025, and the same period in 2024 was attributable primarily to the decrease in the costs of goods sold.

Current wording

*California Ethanol.*The slight increase in gross loss between the nine months ended September 30, 2025, and the same period in 2024 was attributable primarily to a 4% decrease in the volume of ethanol sold and an 8% decrease in the volume of WDG sold, along with an 8% decrease in the average price of WDG sold, partially offset by a 4% decrease in costs.

Previous wording

California Dairy Renewable Natural Gas. Theincrease in gross profit for the three months ended June 30, 2025, compared to the same period in 2024, is due to the increase in sales as a result of the increased number of operating digesters.

Current wording

California Dairy Renewable Natural Gas. Thedecrease in gross profit for the nine months ended September 30, 2025, compared to the same period in 2024 is due to the increase in costs of goods sold for the increased number of operating digesters along with a decrease in the average price of D3 RINs by 23%.

Previous wording

*India Biodiesel.*The decrease in gross profit during thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024 reflects the reduced sales in 2025 the increase in feedstock costs.

Current wording

*India Biodiesel.*The decrease in gross profit during the nine months ended September 30, 2025, compared to the Nine months ended September 30, 2024 reflects reduced sales in 2025 and a 51% increase in feedstock costs.

Previous wording

SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue increased to 19%in the six months ended June 30, 2025, compared to 15% in the six months ended June 30, 2024. The overall decrease in SG&A expense was primarily due to a $3.6 million loss on an asset write-off in the six months ended June 30, 2024, offset by a $2.2 million increase in expenses such as taxes, insurance, rent, utilities, supplies, and services, and $0.4 million increase in rental income from subleases in the six months ended June 30, 2025.

Current wording

SG&A expenses consist primarily of salaries and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue increased to 17%in the nine months ended September 30, 2025, compared to 13% in the nine months ended September 30, 2024. The overall decrease in SG&A expense was primarily due to a $3.6 million loss on an asset write-off in the nine months ended September 30, 2024, $0.5 million reduction in digester-related administrative expenses, and $0.4 million reduction in stock compensation expenses; offset by a $1.1 million increase in professional fees, $1.9 million increase in taxes, insurance, rent, utilities, supplies, and repairs, and $0.6 million increase in rental income from subleases in the nine months ended September 30, 2025.

Previous wording

Other expenses consist primarily of interest and amortization expense attributable to our debt and to accretion of biogas Series A Preferred Units. The cost of debt includes issuance of warrants as renewal fees. The fair value of stock and warrants are amortized as expenses, except when the extinguishment accounting method is applied, in which case refinanced debt costs are recorded as extinguishment expense. Interest expense and debt related fees and amortization increased in the six months ended June 30, 2025, due to higher variable interest rates and higher debt balances.

Current wording

Other expenses consist primarily of interest and amortization expense attributable to our debt and to accretion of biogas Series A Preferred Units. The cost of debt includes issuance of warrants as renewal fees. The fair value of stock and warrants are amortized over the life of the respective loan. Interest expense and debt related fees and amortization increased in the nine months ended September 30, 2025, due to higher variable interest rates and higher debt balances.

Previous wording

Cash and cash equivalents were $1.6 million at June 30, 2025, with $0.6 million held in our North American entities and $1.0 million in our India entity. Our current ratio was 0.06 at June 30, 2025, compared to 0.31 at December 31, 2024. We expect that our future available cash resources will be generated from operations, sales of equity, sales of tax credits, and new debt. Incurrence of new debt and the associated use of proceeds from future debt financings are subject to approval by our senior lender.

Current wording

Cash and cash equivalents were $5.6 million at September 30, 2025, with $0.3 million held in our North American entities and $5.3 million in our India entity. We expect that our future available cash resources will be generated from operations, sales of equity, sales of tax credits, and new debt. Incurrence of new debt and the associated use of proceeds from future debt financings are subject to approval by our senior lender.

Previous wording

As of June 30, 2025, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital Notes totals $225.7 million. The maturity dates for the debts to Third Eye Capital are as follows:

Current wording

As of September 30, 2025, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital Notes totals $236.6 million. The maturity dates for the debts to Third Eye Capital are as follows:

Previous wording

The following table describes the changes in current and long-term debt (in thousands) during the six months ended June 30, 2025:

Current wording

The following table describes the changes in current and long-term debt (in thousands) during the nine months ended September 30, 2025:

Previous wording

Working capital changes reflect (i) a $13 million decrease in inventories primarily due to restarting shipment of biodiesel to the OMCs after a delay in tenders; (ii) a $12.3 million decrease in tax credit sale receivable due to our receipt of the credit sale proceeds; (iii) an increase in trade accounts receivable of $0.9 million; and (iv) a $0.9 million decrease in other current assets in the India Biodiesel segment.

Current wording

Working capital changes reflect (i) a $20.3 million decrease in inventories primarily due to restarting shipments of biodiesel to the OMCs after a delay in tenders; (ii) a $12.4 million decrease in accounts receivable and tax credit receivable primarily due to receipt of $12.3 million in tax credit sale receivable, along with a $0.5 million increase in North America and a $0.6 million decrease in the India Biodiesel segment; (iii) a $0.9 million decrease in other current assets in the India Biodiesel segment.

Previous wording

Cash used in operating activities was $5.6 million, derived from a net loss of $47.9 million, non-cash changes of $16.6 million, and changes in operating assets and liabilities of $25.8 million. The non-cash changes primarily consisted of: (i) $3.7 million in stock-based compensation expense, (ii) $4.7 million in depreciation expenses, (iii) $3.8 million in amortization of debt issuance costs and other intangible assets, (iv) $4.3 million in preferred unit accretion and other expenses of Series A Preferred Units. Cash increases related to changes in operating assets and liabilities consisted primarily of (i) a decrease in inventory of$13.0 primarily due to the India biodiesel segment selling feedstock and biodiesel inventory, (ii) $12.3 million receipt from tax credit sales, (iii)$0.4 million reduction in other assets and prepaid expenses, (iv)$9.4 million increase in accrued interest expense and fees, and (v)$0.6 million increase in other liabilities. This was offset by (i) a$9.5 million decrease in accounts payable and (ii) an increase in accounts receivable of$0.4 million.

Current wording

Cash used in operating activities was $2.5 million, derived from a net loss of $71.7 million, non-cash changes of $23.4 million, and changes in operating assets and liabilities of $45.8 million. The non-cash changes primarily consisted of: (i) $5.0 million in stock-based compensation expense, (ii) $7.0 million in depreciation expenses, (iii) $4.9 million in amortization of debt issuance costs and other intangible assets, (iv) $6.3 million in preferred unit accretion and other expenses of Series A Preferred Units. Cash increases related to changes in operating assets and liabilities consisted primarily of (i) a decrease in inventory of$20.3 primarily due to the India biodiesel segment selling feedstock and biodiesel inventory, (ii) $12.3 million receipt from tax credit sales, (iii) $0.7 million reduction in accounts receivable and prepaid expenses, (iv)$19.5 million increase in accrued interest expense and fees, and (v)$2.9 million increase in other liabilities. This was offset by (i) a$9.2 million decrease in accounts payable and (ii) an increase in other assets of $0.7 million.

Previous wording

Cash used in investing activities was $4.9 million, of which $4.9 million was used for capital projects associated with production of RNG and energy efficiency projects in California offset by $0.4 million grants received, and $0.4 million was used for capital projects at the Kakinada Plant.

Current wording

Cash used in investing activities was $9.0 million, of which $9.4 million was primarily used for capital projects associated with production of RNG and energy efficiency projects in California offset by $0.4 million grants received.

Previous wording

Cash provided by financing activities was $11.3 million, consisting primarily of (i) $21.3 million proceeds from borrowings, and (ii) $18.2 million from sales of common stock, offset by (i) $25.4 million in repayments of borrowings, (ii) $2.2 million in payments on Series A Preferred financing, and (iii) $0.5 million in debt renewal and waiver fee payments.

Current wording

Cash provided by financing activities was $16.4 million, consisting primarily of (i) $29.2 million proceeds from borrowings, and (ii) $25.7 million from sales of common stock and exercised stock options, offset by (i) $35.7 million in repayments of borrowings, (ii) $2.2 million in payments on Series A Preferred financing, and (iii) $0.7 million in debt renewal, waiver fee, and finance lease payments.

Previous wording

Our ongoing at-the-market stock sales registration allows us to sell shares of our common stock into the publicly traded market. During the three months ended June 30, 2025, we sold 7.6 million shares of common stock for net proceeds of $12.9 million net of commissions. During the six months ended June 30, 2025, we sold 10.0 million shares of common stock for net proceeds of $18.0 million net of commissions, which is included in the cash provided by financing activities noted above.

Current wording

Our ongoing at-the-market stock sales registration allows us to sell shares of our common stock into the publicly traded market. During the three months ended September 30, 2025, we sold 2.9 million shares of common stock for net proceeds of $7.5 million net of commissions. During the nine months ended September 30, 2025, we sold 13 million shares of common stock for net proceeds of $25.5 million net of commissions, which is included in the cash provided by financing activities noted above.