Aemetis Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported second quarter 2026 revenues of $62.7 million, up 20% from $52.2 million a year earlier, including $8.6 million of Section 45Z production tax credits. Dairy RNG volumes rose 38% to 146,900 MMBtu and California ethanol gallons sold increased 12% to 15.5 million, with average ethanol price up 9% to $2.19 per gallon.
Gross profit improved to $13.5 million from a $3.4 million gross loss, and operating income reached $5.8 million versus a $10.7 million operating loss in 2025. Net loss narrowed to $9.4 million from $23.4 million, while adjusted EBITDA turned positive at $9.7 million compared with negative $5.8 million. For the first half of 2026, revenue was $117.3 million and net loss was $31.1 million, both improved year over year.
Cash was $1.0 million at June 30, 2026 versus $4.9 million at year-end 2025, while current liabilities totaled $415.0 million, including $303.4 million of current long-term debt and $50.8 million of short-term borrowings. Aemetis invested $15.1 million in capital projects in the first half and is pursuing multiple financing initiatives, including potential long-term Keyes plant financing, Dairy RNG buildout funding, and a possible IPO of its India subsidiary.
Positive
- Revenue up 20% YoY to $62.7 million in Q2 2026
- Gross profit swing from $3.4 million loss to $13.5 million profit
- Operating income of $5.8 million vs $10.7 million loss in Q2 2025
- Adjusted EBITDA improved by $15.5 million to $9.7 million in Q2 2026
- Dairy RNG volumes up 38% to 146,900 MMBtu in Q2 2026
- H1 2026 revenue rose to $117.3 million from $95.1 million
Negative
- Net loss of $9.4 million in Q2 and $31.1 million in H1 2026
- Cash balance declined to $1.0 million from $4.9 million at year-end 2025
- Current portion of long-term debt at $303.4 million as of June 30, 2026
- Short-term borrowings increased to $50.8 million from $38.7 million
- Total interest expense of $15.2 million in Q2 2026
- Stockholders’ deficit widened to $322.1 million from $306.8 million
News Explained
The update adds project-status detail: Aemetis reports that ten digester cleanup skids have been received, while two biogas dairy digesters are expected to be commissioned in the third quarter of
Market reaction after 2Q26 earnings report: AMTX +8.95%
Following this news, AMTX has gained 8.95%, reflecting a notable positive market reaction. Our momentum scanner has triggered 21 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $1.69.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 23 | Earnings call notice | Neutral | +8.2% | Scheduled the second-quarter 2026 earnings review call for August 6 |
| May 07 | 1Q26 earnings report | Positive | -3.7% | Revenue and profitability improved, but the company remained in a net-loss position |
| May 01 | Earnings call notice | Neutral | +11.8% | Scheduled the first-quarter 2026 earnings review call for May 7 |
| Mar 12 | 4Q25 earnings report | Positive | +24.7% | Reported full-year growth as the Dairy RNG platform scaled |
| Mar 06 | Earnings call notice | Neutral | +0.7% | Scheduled the fourth-quarter and full-year 2025 results review |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-tag events showed mixed reactions, with the Q1 operating-results release diverging and the Q4 release aligning positively.
Key Terms
adjusted ebitda financial
lcfs regulatory
mechanical vapor recompression technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Revenue Growth of
- Revenues of
$62.7 million , an increase of$10.5 million or20% over the second quarter of 2025, with growth across California Ethanol and Dairy RNG segments and$8.6 million of Section 45Z tax credits - Operating income improved by
$16.4 million compared to the second quarter of 2025 - Net loss of
$9.4 million improved by$14.0 million compared to the second quarter of 2025 - Adjusted EBITDA of
$9.7 million improved by$15.5 million compared to the second quarter of 2025 - Aemetis Biogas RNG sales volume grew
38% to 146,900 MMBtu, compared with 106,400 MMBtu in the second quarter of 2025 - Ten digester cleanup skids have been received, and two biogas dairy digesters are expected to be commissioned in the third quarter of 2026
CUPERTINO, Calif., Aug. 06, 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 and six months ended June 30, 2026.
“Revenues during the second quarter of 2026 were
“We are pleased with the continued growth of Aemetis Biogas production, including the ramp up of volumes from our most recently completed dairy digester that processes waste from two 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 expansion of corn oil production and ongoing construction of the mechanical vapor recompression project, which will use on-site solar and local grid electricity to replace 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 423338
Live Participant Dial In (International): +1-973-528-0011 entry code 423338
Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/54334
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Financial Results for the Three Months Ended June 30, 2026
Revenues were
Gross profit for the second quarter of 2026 was
Selling, general and administrative expenses increased by
Operating income 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 second quarter of 2026 was
Cash at the end of the second quarter of 2026 was
Financial Results for the Six Months Ended June 30, 2026
Revenues were
Gross profit for the first half of 2026 was
Selling, general and administrative expenses were
Operating loss was
Interest expense was
Net loss for the first half of 2026 was
Investments in capital projects of
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 potential initial public offering of the Company's India subsidiary, Universal Biofuels Private Limited, for which the Company has retained legal, accounting, and IPO advisors. The MVR project at Keyes is expected to become operational in 2026.
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.
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
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,” “efforts,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “preparation for,” “projects,” “pursuing,” “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.
(Tables follow)
| AEMETIS, INC. | |||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (unaudited, in thousands, except per share data) | |||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Revenues | $ | 62,700 | $ | 52,243 | $ | 117,319 | $ | 95,129 | |||||||||||
| Cost of goods sold | 49,185 | 55,598 | 101,048 | 103,564 | |||||||||||||||
| Gross profit (loss) | 13,515 | (3,355 | ) | 16,271 | (8,435 | ) | |||||||||||||
| Selling, general and administrative expenses | 7,742 | 7,319 | 16,833 | 17,794 | |||||||||||||||
| Operating income (loss) | 5,773 | (10,674 | ) | (562 | ) | (26,229 | ) | ||||||||||||
| Other expense (income): | |||||||||||||||||||
| Interest expense | |||||||||||||||||||
| Interest rate expense | 13,310 | 11,235 | 25,713 | 22,253 | |||||||||||||||
| Debt related fees and amortization expense | 355 | 1,095 | 2,326 | 3,770 | |||||||||||||||
| Accretion and other expenses of Series A preferred units | 1,509 | 2,032 | 3,122 | 4,311 | |||||||||||||||
| Total interest expense | 15,174 | 14,362 | 31,161 | 30,334 | |||||||||||||||
| Other income | (34 | ) | (1,112 | ) | (512 | ) | (1,327 | ) | |||||||||||
| Other expense (income), net | 15,140 | 13,250 | 30,649 | 29,007 | |||||||||||||||
| Loss before income taxes | (9,367 | ) | (23,924 | ) | (31,211 | ) | (55,236 | ) | |||||||||||
| Income tax benefit | - | (529 | ) | (131 | ) | (7,312 | ) | ||||||||||||
| Net loss | $ | (9,367 | ) | $ | (23,395 | ) | $ | (31,080 | ) | $ | (47,924 | ) | |||||||
| Net loss per common share | |||||||||||||||||||
| Basic | $ | (0.13 | ) | $ | (0.41 | ) | $ | (0.45 | ) | $ | (0.87 | ) | |||||||
| Diluted | $ | (0.13 | ) | $ | (0.41 | ) | $ | (0.45 | ) | $ | (0.87 | ) | |||||||
| Weighted average shares outstanding | |||||||||||||||||||
| Basic | 70,885 | 57,676 | 68,855 | 55,144 | |||||||||||||||
| Diluted | 70,885 | 57,676 | 68,855 | 55,144 | |||||||||||||||
| AEMETIS, INC. | ||||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||
| (Unaudited) | ||||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 973 | $ | 4,894 | ||||||||
| Accounts receivable | 2,315 | 484 | ||||||||||
| Inventories | 13,636 | 11,627 | ||||||||||
| Prepaid and other current assets | 16,071 | 9,865 | ||||||||||
| Total current assets | 32,995 | 26,870 | ||||||||||
| Property, plant and equipment, net | 242,828 | 219,717 | ||||||||||
| Other assets | 13,356 | 13,254 | ||||||||||
| Total assets | $ | 289,179 | $ | 259,841 | ||||||||
| Liabilities and stockholders' deficit | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 31,291 | $ | 23,418 | ||||||||
| Current portion of long term debt | 303,415 | 279,143 | ||||||||||
| Short term borrowings | 50,761 | 38,726 | ||||||||||
| Other current liabilities | 29,563 | 29,971 | ||||||||||
| Total current liabilities | 415,030 | 371,258 | ||||||||||
| Total long term liabilities | 196,256 | 195,414 | ||||||||||
| Stockholders' deficit: | ||||||||||||
| Common stock | 72 | 66 | ||||||||||
| Additional paid-in capital | 357,198 | 340,402 | ||||||||||
| Accumulated deficit | (671,023 | ) | (639,943 | ) | ||||||||
| Accumulated other comprehensive loss | (8,354 | ) | (7,356 | ) | ||||||||
| Total stockholders' deficit | (322,107 | ) | (306,831 | ) | ||||||||
| Total liabilities and stockholders' deficit | $ | 289,179 | $ | 259,841 | ||||||||
| AEMETIS, INC. | |||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | |||||||||||||||||
| (unaudited, in thousands) | |||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||
| EBITDA Calculation | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net loss | $ | (9,367 | ) | $ | (23,395 | ) | $ | (31,080 | ) | $ | (47,924 | ) | |||||
| Adjustments | |||||||||||||||||
| Interest and amortization expense | 13,665 | 12,341 | 28,039 | 26,046 | |||||||||||||
| Depreciation and amortization expense | 2,545 | 2,350 | 5,080 | 4,708 | |||||||||||||
| Accretion of Series A preferred units | 1,509 | 2,032 | 3,122 | 4,311 | |||||||||||||
| Share-based compensation | 1,121 | 1,433 | 2,825 | 3,741 | |||||||||||||
| Stock issued for services | - | - | 50 | - | |||||||||||||
| Bad debt expense | 87 | - | 363 | - | |||||||||||||
| Loss on sale/disposal of assets | 106 | - | 108 | - | |||||||||||||
| Income tax benefit | - | (529 | ) | (131 | ) | (7,312 | ) | ||||||||||
| Total adjustments | 19,033 | 17,627 | 39,456 | 31,494 | |||||||||||||
| Adjusted EBITDA | $ | 9,666 | $ | (5,768 | ) | $ | 8,376 | $ | (16,430 | ) | |||||||
| AEMETIS, INC. | |||||||||||||
| PRODUCTION AND PRICE PERFORMANCE | |||||||||||||
| (unaudited) | |||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| California Ethanol | |||||||||||||
| Ethanol | |||||||||||||
| Gallons sold (in millions) | 15.5 | 13.8 | 29.3 | 27.9 | |||||||||
| Average sales price/gallon | 2.19 | 2.01 | 2.09 | 2.00 | |||||||||
| Percent of nameplate capacity | 113 | % | 100 | % | 106 | % | 102 | % | |||||
| WDG | |||||||||||||
| Tons sold (in thousands) | 106.8 | 91.0 | 197.7 | 184.1 | |||||||||
| Average sales price/ton | $ | 91 | $ | 86 | $ | 88 | $ | 86 | |||||
| Delivered Cost of Corn | |||||||||||||
| Bushels ground (in millions) | 5.4 | 4.7 | 10.1 | 9.4 | |||||||||
| Average delivered cost / bushel | $ | 6.07 | $ | 6.42 | $ | 6.00 | $ | 6.53 | |||||
| California Dairy Renewable Natural Gas | |||||||||||||
| Renewable Natural Gas | |||||||||||||
| MMBtu sold (in thousands) | 146.9 | 106.4 | 256.4 | 177.3 | |||||||||
| Average price per MMBtu | $ | 1.51 | $ | 2.75 | $ | 1.71 | $ | 3.11 | |||||
| RINs | |||||||||||||
| RINs sold (in thousands) | 1,262.1 | 763.6 | 2,063.4 | 1,151.8 | |||||||||
| Average price per RIN | $ | 2.54 | $ | 2.60 | $ | 2.49 | $ | 2.61 | |||||
| LCFS | |||||||||||||
| LCFS credits sold (in thousands) | 27.5 | 14.0 | 57.7 | 30.0 | |||||||||
| Average price per LCFS credit | $ | 66 | $ | 55 | $ | 60 | $ | 64 | |||||
| India Biodiesel | |||||||||||||
| Biodiesel | |||||||||||||
| Metric tons sold (in thousands) | 1.4 | 9.4 | 10.5 | 9.4 | |||||||||
| Average Sales Price/Metric ton | $ | 1,038 | $ | 1,010 | $ | 1,037 | $ | 1,010 | |||||
| Percent of Nameplate Capacity | 3.6 | % | 25.2 | % | 14.1 | % | 12.6 | % | |||||
| Refined Glycerin | |||||||||||||
| Metric tons sold (in thousands) | 0.7 | 0.1 | 1.5 | 0.1 | |||||||||
| Average Sales Price/Metric ton | $ | 1,541 | $ | 879 | $ | 1,391 | $ | 879 | |||||
