Aemetis is a renewable fuels company operating three production businesses. The largest is California Ethanol, where Aemetis owns and operates the Keyes Plant, a 65 million gallon per year ethanol facility in Keyes, California. The plant produces fuel ethanol blended into gasoline, along with co-products sold into local agricultural and industrial markets. Virtually all ethanol and co-products are sold through J.D. Heiskell, a purchasing intermediary. California Ethanol is a commodity-spread business, where margin is driven by the difference between ethanol prices and corn and natural gas input costs. Aemetis layers environmental credit revenues on top, including California LCFS credits and federal Section 45Z production tax credits, with both credit values increasing as the plant's carbon intensity falls. The second segment is California Dairy RNG, where Aemetis captures biogas from dairy manure via anaerobic digesters on Central Valley farms, upgrades it into pipeline-quality renewable natural gas, and sells it as transportation fuel. RNG monetization stacks multiple revenue streams: natural gas molecule sales, federal D3 RINs, LCFS credits, and Section 48 investment tax credits. The third segment is India Biodiesel, where Aemetis operates an ~80 million gallon per year facility in Andhra Pradesh, selling biodiesel to India's three government-owned oil marketing companies. The India segment is a margin-on-spread business, but revenue is lumpy due to government-controlled tender timing. Aemetis' near-term growth priorities are installing a Mechanical Vapor Recompression system at Keyes to reduce natural gas consumption and unlock additional 45Z and LCFS revenue, and expanding its dairy digester network toward 1.6M MMBtu per year of RNG capacity.