Aemetis Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported Q1 2026 revenue of $54.6M, up 27% YoY, driven by California Ethanol, Dairy RNG and India Biodiesel. Gross profit was $2.8M versus a $5.1M gross loss in Q1 2025. Operating loss improved to $6.3M; net loss was $21.7M. Dairy RNG sales rose 55% to 110,000 MMBtu. The company recognized $4.0M of Section 45Z production tax credits in Q1 2026. Cash at quarter end was $4.8M, and capital investments were $6.5M for carbon-reduction and digester projects. Financing initiatives and an India IPO preparation are underway.
Positive
- Revenue +27% YoY to $54.6M
- Gross profit of $2.8M vs. $5.1M gross loss in Q1 2025
- Dairy RNG sales +55% to 110,000 MMBtu
- Recognized $4.0M of Section 45Z production tax credits
- Adjusted EBITDA improved to negative $1.3M from negative $10.7M
Negative
- Net loss of $21.7M for Q1 2026
- Interest expense increased to $14.4M in Q1 2026
- Quarter-end cash low at $4.8M
- Capital spending $6.5M increased near-term cash requirements
- Company pursuing multi-track financing to address near-term obligations
Key Figures
Market Reality Check
Peers on Argus
Two peers (including ALTO and HDSN) appeared in momentum scans, both moving down (median move about -6.3%), suggesting broader sector pressure alongside AMTX weakness.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 01 | Earnings call notice | Neutral | +11.8% | Announcement of Q1 2026 earnings review call and webcast details. |
| Mar 12 | Earnings results | Positive | +24.7% | Reported 2025 results with dairy RNG scaling and higher total income. |
| Mar 06 | Earnings call notice | Neutral | +0.7% | Scheduled Q4 and year-end 2025 results call with webcast access. |
| Nov 06 | Quarterly results | Negative | -14.6% | Q3 2025 results with higher revenue but sustained large net losses. |
| Oct 31 | Earnings call notice | Neutral | -0.5% | Announcement of Q3 2025 earnings call and replay information. |
Earnings-related headlines have often coincided with notable moves: actual results in 4Q25 saw a strong positive reaction, while one quarterly report in 2025 drew a sharp decline, indicating mixed but eventful trading around earnings.
Over the last several quarters, Aemetis has repeatedly used earnings and conference-call events to highlight progress in dairy RNG scaling, capital investment, and tax credit monetization. Notably, 4Q25 results showing total income of $208.0 million and expanded RNG output coincided with a strong positive share reaction. Earlier, Q3 2025 results featuring higher revenue but continued large net losses drew a notable selloff. Today’s Q1 2026 release continues this focus on revenue growth, improved gross profit, and Section 45Z credits.
Historical Comparison
Over the past year, Aemetis earnings-tagged releases saw an average move of about 4.42%, with both sharp rallies and selloffs around detailed quarterly results.
Earnings communications have progressed from scheduling calls to increasingly detailed quarterly and annual results that emphasize dairy RNG scaling, capital investment at Keyes, and monetization of production tax credits.
Market Pulse Summary
This announcement details Q1 2026 revenue of $54.6 million, a return to positive gross profit of $2.8 million, and recurring $4.0 million in Section 45Z Production Tax Credits alongside higher Dairy RNG volumes. It follows prior disclosures of scaling digesters, LCFS credit generation, and capital spending at the Keyes plant. Investors may monitor future quarters for sustained Adjusted EBITDA improvement, progress on financing plans, and execution on India biodiesel and RNG expansion.
Key Terms
rng technical
mmbtu technical
lcfs regulatory
low carbon fuel standard regulatory
adjusted ebitda financial
mechanical vapor recompression technical
AI-generated analysis. Not financial advice.
Revenue Growth of
- Revenues of
$54.6 million , an increase of27% over Q1 2025, with growth across California Ethanol, Dairy RNG, and India Biodiesel segments - Gross profit of
$2.8 million , compared with a gross loss of$5.1 million in Q1 2025 - Operating loss improved approximately
60% to$6.3 million , compared with$15.6 million in Q1 2025 - Aemetis Biogas RNG sales volume grew
55% to 110,000 MMBtu, compared with 71,000 MMBtu in Q1 2025 - India Biodiesel rebounded to
$10.5 million in revenue with the resumption of OMC tender shipments under new contracts $4.0 million of Section 45Z Production Tax Credits recognized in Q1 2026 — representing the first quarter of ongoing credits generation tied to quarterly production since 45Z eligibility was established in Q4 2025- Revenues include LCFS credits earned from seven Dairy RNG pathways with an average CI score of negative 380, versus the negative 150 default pathway that applied for Q1 2025 revenues — with 6 additional biogas pathways nearing approval
- First delivery of four dairy biogas pretreatment skids in April under
$27 million fabrication contract - First delivery of major equipment to Keyes ethanol plant for
$40 million Mechanical Vapor Recompression system - First delivery of major equipment for on-site RNG station to directly fuel trucks and gas delivery trailers without using utility gas pipeline
CUPERTINO, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on lower-cost and lower-emission products, today announced its financial results for the three months ended March 31, 2026.
“Revenues during the first quarter of 2026 were
“We are pleased with the continued growth of Aemetis Biogas production, including the ramp up of volumes from a large centralized dairy digester to process waste from multiple dairies that became operational late last year,” said Eric McAfee, Chairman and CEO of Aemetis. “Our focus on significantly improving cash flow from our California Ethanol segment is underway with the delivery of major equipment for the mechanical vapor recompression project, which uses on-site solar and local geothermal grid electricity to displace approximately
Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).
Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 943189
Live Participant Dial In (International): +1-973-528-0011 entry code 943189
Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/53904
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended March 31, 2026
Revenues were
Gross profit for the first quarter of 2026 was
Selling, general and administrative expenses decreased by
Operating loss was
Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to
Net loss was
Adjusted EBITDA for the first quarter of 2026 was negative
Cash at the end of the first quarter of 2026 was
Section 45Z Production Tax Credits
During 2025, Aemetis recognized
Capital Structure and Financing Update
The Company is pursuing a multi-track financing plan to address near-term obligations and fund continued growth across its operating platform. Financing initiatives currently underway include advanced preparation for a potential long-term financing of the Keyes ethanol plant; ongoing financing efforts to support the continued Dairy RNG digester buildout; and continued progress toward a planned initial public offering of the Company's India subsidiary, Universal Biofuels Private Limited, for which the Company has retained legal, accounting, and IPO advisors and expects to provide an update on investment banking engagement in the near term. The MVR upgrade at Keyes is on track for 2026 completion.
About Aemetis
Headquartered in Cupertino, California, Aemetis is a diversified renewable natural gas and biofuels company focused on the development and operation of innovative technologies that lower energy costs and reduce emissions. Founded in 2006, Aemetis is operating and expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality biodiesel and refined glycerin. To utilize the byproducts from ethanol production, Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.
Non-GAAP Financial Information
We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, bad debt expense, income tax expense or benefit, accretion of Series A preferred unit expense, stock issued for services, monetized investment tax credits, loss on sale of assets, depreciation and amortization expense, and share-based compensation expense.
Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results, budgeting, and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions, or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to refinance existing debt; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary; and our ability to raise additional equity capital or debt. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
Company Investor Relations/
Media Contact:
Todd Waltz
(408) 213-0940
investors@aemetis.com
External Investor Relations Contact:
Kirin Smith
PCG Advisory Group
(646) 863-6519
ksmith@pcgadvisory.com
(Tables follow)
| AEMETIS, INC. | |||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||
| (unaudited, in thousands, except per share data) | |||||||||||
| For the three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | $ | 54,619 | $ | 42,886 | |||||||
| Cost of goods sold | 51,863 | 47,966 | |||||||||
| Gross profit (loss) | 2,756 | (5,080 | ) | ||||||||
| Selling, general and administrative expenses | 9,091 | 10,475 | |||||||||
| Operating loss | (6,335 | ) | (15,555 | ) | |||||||
| Other expense (income): | |||||||||||
| Interest expense | |||||||||||
| Interest rate expense | 12,403 | 11,018 | |||||||||
| Debt related fees and amortization expense | 1,971 | 2,675 | |||||||||
| Accretion and other expenses of Series A preferred units | 1,613 | 2,279 | |||||||||
| Total interest expense | 15,987 | 15,972 | |||||||||
| Other income | (478 | ) | (215 | ) | |||||||
| Other expense (income), net | 15,509 | 15,757 | |||||||||
| Loss before income taxes | (21,844 | ) | (31,312 | ) | |||||||
| Income tax benefit | (131 | ) | (6,783 | ) | |||||||
| Net loss | $ | (21,713 | ) | $ | (24,529 | ) | |||||
| Net loss per common share | |||||||||||
| Basic | $ | (0.33 | ) | $ | (0.47 | ) | |||||
| Diluted | $ | (0.33 | ) | $ | (0.47 | ) | |||||
| Weighted average shares outstanding | |||||||||||
| Basic | 66,802 | 52,584 | |||||||||
| Diluted | 66,802 | 52,584 | |||||||||
| AEMETIS, INC. | ||||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||||||
| (in thousands) | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) | ||||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 4,797 | $ | 4,894 | ||||||||||
| Accounts receivable | 6,584 | 484 | ||||||||||||
| Inventories | 10,384 | 11,627 | ||||||||||||
| Prepaid and other current assets | 12,922 | 9,867 | ||||||||||||
| Total current assets | 34,687 | 26,872 | ||||||||||||
| Property, plant and equipment, net | 222,743 | 219,717 | ||||||||||||
| Other assets | 12,899 | 13,252 | ||||||||||||
| Total assets | $ | 270,329 | $ | 259,841 | ||||||||||
| Liabilities and stockholders' deficit | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 23,719 | $ | 23,418 | ||||||||||
| Current portion of long term debt | 293,828 | 279,143 | ||||||||||||
| Short term borrowings | 48,802 | 38,726 | ||||||||||||
| Other current liabilities | 29,897 | 29,971 | ||||||||||||
| Total current liabilities | 396,246 | 371,258 | ||||||||||||
| Total long term liabilities | 195,221 | 195,414 | ||||||||||||
| Stockholders' deficit: | ||||||||||||||
| Common stock | 69 | 66 | ||||||||||||
| Additional paid-in capital | 348,741 | 340,402 | ||||||||||||
| Accumulated deficit | (661,656 | ) | (639,943 | ) | ||||||||||
| Accumulated other comprehensive loss | (8,292 | ) | (7,356 | ) | ||||||||||
| Total stockholders' deficit | (321,138 | ) | (306,831 | ) | ||||||||||
| Total liabilities and stockholders' deficit | $ | 270,329 | $ | 259,841 | ||||||||||
| AEMETIS, INC. | |||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | |||||||||||
| (unaudited, in thousands) | |||||||||||
| For the three months ended March 31, | |||||||||||
| EBITDA Calculation | 2026 | 2025 | |||||||||
| Net loss | $ | (21,713 | ) | $ | (24,529 | ) | |||||
| Adjustments | |||||||||||
| Interest and amortization expense | 14,374 | 13,705 | |||||||||
| Depreciation and amortization expense | 2,535 | 2,357 | |||||||||
| Accretion of Series A preferred units | 1,613 | 2,279 | |||||||||
| Share-based compensation | 1,704 | 2,308 | |||||||||
| Stock issued for services | 50 | - | |||||||||
| Monetized investment tax credits | - | (7,075 | ) | ||||||||
| Bad debt Expense | 276 | - | |||||||||
| Loss on sale of assets | 2 | - | |||||||||
| Income tax expense or (benefit) | (131 | ) | 292 | ||||||||
| Total adjustments | 20,423 | 13,866 | |||||||||
| Adjusted EBITDA | $ | (1,290 | ) | $ | (10,663 | ) | |||||
| AEMETIS, INC. | |||||||
| PRODUCTION AND PRICE PERFORMANCE | |||||||
| (unaudited) | |||||||
| Three Months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| California Ethanol | |||||||
| Ethanol | |||||||
| Gallons sold (in millions) | 13.7 | 14.1 | |||||
| Average sales price/gallon | 1.97 | 1.98 | |||||
| Percent of nameplate capacity | 100 | % | 103 | % | |||
| WDG | |||||||
| Tons sold (in thousands) | 91 | 93 | |||||
| Average sales price/ton | $ | 84 | $ | 86 | |||
| Delivered Cost of Corn | |||||||
| Bushels ground (in millions) | 4.7 | 4.8 | |||||
| Average delivered cost / bushel | $ | 5.93 | $ | 6.63 | |||
| California Dairy Renewable Natural Gas | |||||||
| Renewable Natural Gas | |||||||
| MMBtu sold (in thousands) | 110 | 71 | |||||
| Average price per MMBtu | $ | 1.98 | $ | 3.65 | |||
| RINs | |||||||
| RINs sold (in thousands) | 801 | 388 | |||||
| Average price per RIN | $ | 2.41 | $ | 2.64 | |||
| LCFS | |||||||
| LCFS credits sold (in thousands) | 30 | 16 | |||||
| Average price per LCFS credit | $ | 55.00 | $ | 72.50 | |||
| India Biodiesel | |||||||
| Biodiesel | |||||||
| Metric tons sold (in thousands) | 9.2 | - | |||||
| Average Sales Price/Metric ton | $ | 1,037 | $ | - | |||
| Percent of Nameplate Capacity | 24.5 | % | - | ||||
| Refined Glycerin | |||||||
| Metric tons sold (in thousands) | 0.8 | - | |||||
| Average Sales Price/Metric ton | $ | 1,257 | $ | - | |||
