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TickerAMTX
SectorOil & Gas Refining & Marketing
Mkt cap$182M
EV / EBITDAN/A
PostureRestatement Risk
Composite96/100
LensTarget-side
SE-Cluster Research·Issuer Brief·Q2 2026CIK 738214

Aemetis, Inc.

AMTXRESTATEMENT RISKFILING INTENSITY

Aemetis, Inc. reads as Restatement Risk (composite 96/100); pressure / disclosure signals dominate the posture this cycle · primary market Marketing & Data.

Lens

Disclosed M&A capital (2023–2025)

N/A

flat

vs N/A in 2020–2022

Disclosed transactions

N/A

flat

0/3 active fiscal years in window

Buyer archetype

Selective Buyer

Acquisition use is visible but targeted.

Composite score

96

/100

Restatement Risk dominates · Filing Intensity

Financial snapshot
Revenue$209M
EBITDAN/A
Enterprise value$520M
EV / Revenue2.5×
EV / EBITDAN/A
P/EN/A
Cash$5M
Total debt$343M
as of 2026-05-10
§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

0/100

Companies actively deploying disclosed capital into M&A

  • $300K disclosed buyer spend

Buyer Cadence

14/100

Buyer-side companies with recent filing activity

  • Filed within 34d
  • 194 8-Ks

Target Probability

20/100

Issuers showing target-side patterns from filings

  • 6 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

  • 6 activism filings

Pressure Watch

14/100

Issuers facing activism, governance, or control pressure

  • 6 activism filings
  • Latest activism 13y ago; heavily discounted

Distress Watch

18/100

Issuers showing financial-distress filing patterns

  • 6 activism filings

Restatement Risk

Dominant
96/100

Issuers with accounting-integrity flags from filings

  • 1 non-reliance 8-K
  • 6 auditor changes
  • 13 NT late filings
  • Latest event 3mo ago

Capital Velocity

70/100

Issuers with the highest filing-activity intensity

  • 194 8-Ks
  • 5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

  • Enterprise value $520M
  • 10-Q 34d ago
  • 3 active signals
§ II·SE-Cluster Issuer Brief

Capital cadence.

No disclosed M&A capital in the 10-year window.

This issuer has not disclosed material acquisition spend or count in the last ten fiscal years.

§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

  • Geographic Expansion
    25%
  • Platform
    25%
  • Bolt On
    25%
  • Technology Acquisition
    25%

Strategy keywords

Terms recurring across recent 10-K acquisition disclosures.

  • geographic_expansion
  • platform
  • bolt_on
  • technology_acquisition
§ IV·SE-Cluster Issuer Brief

Filing language.

Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.

We may continue to deploy our management team’s combined industry, technical, merger and acquisition (“M&A”), restructuring and corporate finance expertise to target and acquire undervalued and/or distressed assets

10-KFY2013

Aemetis has the power to direct the activities of GAFI and has future plans to apply cellulosic ethanol technology to the partially completed Goodland plant.

10-KFY2017

During 2017, Goodland Advanced Fuels, Inc., (GAFI) was formed to acquire land, buildings and process equipment in Goodland, Kansas.

10-KFY2017

We believe that our strategy offers substantial opportunity to build capital value in the current climate

10-KFY2013

we acquired the exclusive rights to the LanzaTech Technology for the conversion of agricultural waste

10-KFY2016
§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Marketing & Data

Market spend (2023–2025)
$51.4B
Market spend (2020–2022)
$63.5B
Recent vs prior
−19%
Issuer rank in market
N/A
Share of market capital
0.0%

Valuation positioning

Trading comparables unavailable for this wedge.

§ VI·SE-Cluster Issuer Brief

Buyer landscape.

Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.

Likely buyers

No public buyers surface as a strong target-side fit on current signal.

Likely sellers / divestiture partners

No reciprocal divestiture / strategic-alternatives matches identified.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

  • 10-K (annual)212026-03-16
  • 10-Q (quarterly)532026-05-07
  • 8-K (event)1942026-05-07
  • Proxy / DEF 14A242026-04-07
  • Activism (13D / DFAN / PREC)62013-10-16

Signals on file

  • critical

    Non-reliance disclosure

    2008-03-28

    1 Item 4.02 filing on file; financial-statement non-reliance.

  • elevated

    Auditor change

    2026-03-16

    6 Item 4.01 filings on file; certifying accountant change.

  • watch

    Late-filing notice

    2024-03-15

    13 NT 10-K/10-Q filings on file.

  • elevated

    Activism on file

    2013-10-16

    6 activist filings on file (13D, DFAN14A, PREC14A series).

  • info

    Signal

    Serial acquisition history

  • info

    Signal

    10-K strategy themes

  • info

    Signal

    Restatement risk

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.

Aemetis, Inc.: Issuer Brief | SE-Cluster