Increase in Revenues
Revenues were $59.2 million, up by approximately $7 million from the second quarter of 2025, driven by biodiesel orders in India and stronger ethanol production and sales pricing.
Expansion in Dairy Renewable Natural Gas
Biogas production capacity increased by more than 30% at the end of Q3, with the goal to reach more than 500,000 MMBtus by the end of 2025 and 1 million MMBtu by the end of 2026.
Significant LCFS Credit Revenue Increase
Seven dairy digester low carbon fuel standard pathways were approved, increasing LCFS credit revenue by 160% compared to default pathways.
Successful Tax Credit Sales
To date, $83 million in investment tax credits were sold, with more than $70 million in cash received. There is an ongoing sale process for $12 million in investment tax credits and $10 million in 45Z production tax credits.
Ethanol Plant Project Funding
$30 million Mechanical Vapor Recompression system is fully financed and expected to reduce natural gas use by 80%, adding an estimated $32 million in annual cash flow starting in mid-2026.
India Subsidiary Expansion
India biofuels posted $14.5 million of revenues. A new CFO with IPO experience was appointed, targeting a public listing in 2026.
Regulatory and Market Support
Amendments to the California Low Carbon Fuel Standard and federal policies are expected to enhance biofuel and biogas operations, with LCFS credit prices rising by more than 25% since the summer.