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Side-by-side financial comparison of AEMETIS, INC (AMTX) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
AEMETIS, INC is the larger business by last-quarter revenue ($43.3M vs $35.2M, roughly 1.2× Voyager Technologies, Inc.). On growth, Voyager Technologies, Inc. posted the faster year-over-year revenue change (2.1% vs -7.9%). AEMETIS, INC produced more free cash flow last quarter ($-10.8M vs $-66.8M).
Aemetis, Inc. is a renewable fuels and sustainable biochemicals producer operating across North America and India. Its core products include low-carbon ethanol, renewable natural gas and biodiesel, serving transportation, industrial and agricultural sectors with decarbonization solutions for commercial clients.
AMTX vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.3M | $35.2M |
| Net Profit | — | $-45.9M |
| Gross Margin | 17.8% | -4.4% |
| Operating Margin | -5.7% | — |
| Net Margin | — | -130.4% |
| Revenue YoY | -7.9% | 2.1% |
| Net Profit YoY | — | -64.5% |
| EPS (diluted) | $-0.03 | $-0.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $43.3M | $46.7M | ||
| Q3 25 | $59.2M | $39.6M | ||
| Q2 25 | $52.2M | $45.7M | ||
| Q1 25 | $42.9M | — | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $81.4M | — | ||
| Q2 24 | $66.6M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | — | $-33.0M | ||
| Q3 25 | $-23.7M | $-16.3M | ||
| Q2 25 | $-23.4M | $-31.4M | ||
| Q1 25 | $-24.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-17.9M | — | ||
| Q2 24 | $-29.2M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | 17.8% | 21.4% | ||
| Q3 25 | -0.1% | 15.4% | ||
| Q2 25 | -6.4% | 18.0% | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | -4.3% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | -2.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.7% | — | ||
| Q3 25 | -14.4% | -60.7% | ||
| Q2 25 | -20.4% | -52.8% | ||
| Q1 25 | -36.3% | — | ||
| Q4 24 | -28.7% | — | ||
| Q3 24 | -4.8% | — | ||
| Q2 24 | -20.4% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | — | -70.7% | ||
| Q3 25 | -40.1% | -41.1% | ||
| Q2 25 | -44.8% | -68.7% | ||
| Q1 25 | -57.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -22.0% | — | ||
| Q2 24 | -43.8% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $-0.03 | $-0.52 | ||
| Q3 25 | $-0.37 | $-0.28 | ||
| Q2 25 | $-0.41 | $-1.23 | ||
| Q1 25 | $-0.47 | — | ||
| Q4 24 | $-0.29 | — | ||
| Q3 24 | $-0.38 | — | ||
| Q2 24 | $-0.66 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9M | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-306.8M | $404.5M |
| Total Assets | $259.8M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $4.9M | $491.3M | ||
| Q3 25 | $5.6M | $413.3M | ||
| Q2 25 | $1.6M | $468.9M | ||
| Q1 25 | $499.0K | — | ||
| Q4 24 | $898.0K | — | ||
| Q3 24 | $296.0K | — | ||
| Q2 24 | $234.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $338.1M | — | ||
| Q3 24 | $322.2M | — | ||
| Q2 24 | $309.0M | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $-306.8M | — | ||
| Q3 25 | $-304.9M | $590.9M | ||
| Q2 25 | $-289.3M | $554.7M | ||
| Q1 25 | $-280.7M | — | ||
| Q4 24 | $-263.9M | — | ||
| Q3 24 | $-258.9M | — | ||
| Q2 24 | $-249.0M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $259.8M | — | ||
| Q3 25 | $241.1M | $727.8M | ||
| Q2 25 | $240.0M | $685.3M | ||
| Q1 25 | $242.5M | — | ||
| Q4 24 | $259.3M | — | ||
| Q3 24 | $259.3M | — | ||
| Q2 24 | $259.3M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.8M | $-39.7M |
| Free Cash FlowOCF − Capex | $-10.8M | $-66.8M |
| FCF MarginFCF / Revenue | -24.9% | -189.5% |
| Capex IntensityCapex / Revenue | 38.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-22.7M | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $5.8M | $-60.9M | ||
| Q3 25 | $3.1M | $-15.1M | ||
| Q2 25 | $-5.7M | $-30.9M | ||
| Q1 25 | $160.0K | — | ||
| Q4 24 | $-12.6M | — | ||
| Q3 24 | $-5.0M | — | ||
| Q2 24 | $-5.1M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | $-10.8M | $-54.5M | ||
| Q3 25 | $-1.0M | $-53.8M | ||
| Q2 25 | $-9.3M | $-88.8M | ||
| Q1 25 | $-1.7M | — | ||
| Q4 24 | $-19.4M | — | ||
| Q3 24 | $-9.5M | — | ||
| Q2 24 | $-10.5M | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | -24.9% | -116.9% | ||
| Q3 25 | -1.7% | -135.8% | ||
| Q2 25 | -17.7% | -194.4% | ||
| Q1 25 | -3.9% | — | ||
| Q4 24 | -41.2% | — | ||
| Q3 24 | -11.6% | — | ||
| Q2 24 | -15.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 38.2% | — | ||
| Q3 25 | 6.9% | 97.8% | ||
| Q2 25 | 6.7% | 126.7% | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 14.4% | — | ||
| Q3 24 | 5.5% | — | ||
| Q2 24 | 8.1% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMTX
| Ethanol Sales | $28.8M | 66% |
| Wet Distillers Grains | $6.8M | 16% |
| California Dairy Renewable Natural Gas | $5.2M | 12% |
| Other | $1.8M | 4% |
VOYG
Segment breakdown not available.
