Aemetis Reports Third Quarter 2026 Financial Results
The updated tax-credit model increased dairy RNG credit value from approximately $15 to approximately $62 per MMBtu, before discounts and costs.
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Rhea-AI Summary
Aemetis (NASDAQ: AMTX) reported third-quarter 2026 net income of $5.2 million, reversing a loss in the same quarter last year. Revenue rose 49% to $88.2 million, while operating income reached $20.9 million versus an $8.5 million loss. Basic earnings were $0.07 per share; diluted earnings were negative $0.02 per share.
Revenue included $24.7 million of Section 45Z production tax credits, including an approximately $11.0 million catch-up adjustment for the first half of 2026. Renewable natural gas sales volume grew 39%. For the first nine months, revenue rose 33% to $205.5 million and net loss narrowed to $25.9 million from $71.7 million.
Cash ended September at $3.4 million, versus $4.9 million at year-end 2025. Current liabilities totaled $439.8 million. Aemetis is pursuing financing to address near-term obligations and support growth. Two dairy digesters began operating in October.
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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointQ3 net income reached $5.2 million, versus a $23.7 million loss in Q3 2025.
- Moderate pointQ3 revenue rose 49% to $88.2 million from $59.2 million in Q3 2025.
- Moderate pointQ3 renewable natural gas sales volume grew 39% to 158,200 MMBtu, from 114,000 MMBtu in Q3 2025.
- Moderate pointTax-credit sales generated $22.4 million of cash in September 2026. 25% of market cap
- Moderate pointNine-month operating cash flow turned positive at $9.5 million, versus $2.5 million used a year earlier.
- Moderate pointPreferred-unit redemption was extended to December 31, 2026, with a reduced conditional credit-agreement interest rate.
18 minor points
- Minor pointQ3 basic earnings reached $0.07 per share, versus negative $0.37 in Q3 2025.
- Minor pointQ3 operating income reached $20.9 million, versus an $8.5 million loss in Q3 2025.
- Minor pointQ3 gross profit reached $29.5 million, versus a $58 thousand loss in Q3 2025.
- Minor pointQ3 adjusted EBITDA, a non-GAAP earnings measure, reached $24.8 million, versus negative $5.0 million in Q3 2025.
- Minor pointQ3 ethanol volume rose 6% to 15.6 million gallons, from 14.7 million in Q3 2025.
- Minor pointQ3 average ethanol selling price rose 10% to $2.34 per gallon, from $2.13 in Q3 2025.
- Minor pointQ3 Section 45Z tax-credit revenue included $20.1 million for dairy RNG and $4.6 million for California Ethanol.
- Minor pointUpdated tax-credit calculations raised dairy RNG credit value to approximately $62 per MMBtu from approximately $15, before sale discounts and transaction costs.
- Minor pointNine-month revenue rose 33% to $205.5 million from $154.3 million, including $37.3 million of tax-credit revenue.
- Minor pointNine-month gross profit reached $45.7 million, versus an $8.5 million loss in the first nine months of 2025.
- Minor pointNine-month operating income reached $20.3 million, versus a $34.7 million loss in the first nine months of 2025.
- Minor pointNine-month net loss narrowed to $25.9 million from $71.7 million in the first nine months of 2025.
- Minor pointNine-month administrative expenses fell to $25.5 million from $26.2 million in the first nine months of 2025.
- Minor pointNine-month adjusted EBITDA reached $33.2 million, versus negative $21.5 million in the first nine months of 2025.
- Minor pointCapital-project investment totaled $35.3 million over nine months, including $20.2 million in Q3.
- Minor pointTwo October digester openings expanded the network to 14 digesters receiving waste from 17 dairies.
- Minor point. Forward-looking: it has not happened yet and may not happen.Keyes energy-upgrade construction is progressing with all necessary equipment acquired; Aemetis expects approximately 80% fossil-gas replacement.
- Minor pointCorn oil production expansion is underway at the California Ethanol operation.
Negative
- Major pointCurrent liabilities reached $439.824 million at September 30, 2026, against $29.128 million of current assets.
- Moderate pointQ3 biodiesel sales fell to $7.3 million from $13.9 million in Q3 2025.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Keyes financing and the India subsidiary IPO remain potential transactions; dairy RNG financing efforts are ongoing.
- Minor pointCurrent long-term debt rose to $316.427 million from $279.143 million at December 31, 2025.
- Minor pointShort-term borrowings rose to $60.497 million from $38.726 million at December 31, 2025.
8 minor points
- Minor pointCash declined to $3.4 million at September 30, 2026, from $4.9 million at year-end 2025.
- Minor pointStockholders’ deficit widened to $314.207 million from $306.831 million at December 31, 2025.
- Minor pointQ3 interest expense rose to $15.8 million from $15.0 million in Q3 2025.
- Minor pointNine-month interest expense rose to $46.9 million from $45.3 million in the first nine months of 2025.
- Minor pointQ3 administrative expenses increased to $8.621 million from $8.450 million in Q3 2025.
- Minor pointQ3 diluted earnings remained negative at $0.02 per share, versus negative $0.37 in Q3 2025.
- Minor pointQ3 tax-credit revenue included an approximately $11.0 million catch-up adjustment for first-half 2026 RNG.
- Minor pointUnredeemed preferred units trigger a credit-agreement rate of the greater of prime plus 5.0% or 12.0%.
News Explained
In August 2026, Aemetis Biogas amended its Series A Preferred Unit Purchase Agreement, extending the redemption date to
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net Income of
- Revenues of
$88.2 million , an increase of$29.0 million (49% ) over the third quarter of 2025 - Aemetis Biogas RNG sales volume grew
39% to 158,200 MMBtu, compared with 114,000 MMBtu in the third quarter of 2025 - Operating income of
$20.9 million improved by$29.4 million compared to the third quarter of 2025 - Net income of
$5.2 million , or$0.07 per basic share, improved by$29.0 million compared to the third quarter of 2025 - Adjusted EBITDA of
$24.8 million improved by$29.8 million compared to the third quarter of 2025 - Section 45Z production tax credit income of
$24.7 million , including an approximately$11.0 million cumulative true-up for the first half of 2026 following the U.S. Department of Energy’s September 8 update to the 45ZCF-GREET model - Two new dairy digesters began operating in October 2026, bringing the Aemetis Biogas network to 14 digesters receiving waste from 17 dairies
CUPERTINO, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on lower cost and reduced emission products, today announced its financial results for the three and nine months ended September 30, 2026.
“Revenues during the third quarter of 2026 were
“We are pleased to report third quarter net income of
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 296023
Live Participant Dial In (International): +1-973-528-0011 entry code 296023
Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/54654
For details on the call, please visit http://www.aemetis.com/investors/conference-calls/
Contacts
Investor Relations:
Todd Waltz
(408) 213-0940
investors@aemetis.com
Media:
Lisa Gibson
(701) 610-1172
lisa.gibson@sageandstonestrategies.com
Financial Results for the Three Months Ended September 30, 2026
Revenues were
Section 45Z tax credit income was recognized as revenue of
Gross profit for the third quarter of 2026 was
Selling, general and administrative expenses increased by
Operating income improved by
Interest expense experienced a modest increase of
Net Income was
Adjusted EBITDA for the third quarter of 2026 was
Cash at the end of the third quarter of 2026 was
Financial Results for the Nine Months Ended September 30, 2026
Revenues were
Gross profit for the first three quarters of 2026 was
Selling, general and administrative expenses were
Operating income was
Interest expense was
Net loss for the first three quarters of 2026 was
Adjusted EBITDA for the first three quarters 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. In September 2026, Aemetis received
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, loss on sale or disposal 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; the expected timing of completion of the MVR project and the RNG fueling station; 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 September 30, | For the nine months ended September 30, | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Revenues | $ | 88,153 | $ | 59,190 | $ | 205,472 | $ | 154,319 | ||||||||||
| Cost of goods sold | 58,680 | 59,248 | 159,728 | 162,812 | ||||||||||||||
| Gross profit (loss) | 29,473 | (58 | ) | 45,744 | (8,493 | ) | ||||||||||||
| Selling, general and administrative expenses | 8,621 | 8,450 | 25,454 | 26,244 | ||||||||||||||
| Operating income (loss) | 20,852 | (8,508 | ) | 20,290 | (34,737 | ) | ||||||||||||
| Other expense (income): | ||||||||||||||||||
| Interest expense | ||||||||||||||||||
| Interest rate expense | 14,206 | 11,889 | 39,919 | 34,142 | ||||||||||||||
| Debt related fees and amortization expense | 342 | 1,061 | 2,668 | 4,831 | ||||||||||||||
| Accretion and other expenses of Series A preferred units | 1,216 | 2,034 | 4,338 | 6,345 | ||||||||||||||
| Total interest expense | 15,764 | 14,984 | 46,925 | 45,318 | ||||||||||||||
| Other expense (income) | (125 | ) | 249 | (637 | ) | (1,078 | ) | |||||||||||
| Other expense, net | 15,639 | 15,233 | 46,288 | 44,240 | ||||||||||||||
| Income (loss) before income taxes | 5,213 | (23,741 | ) | (25,998 | ) | (78,977 | ) | |||||||||||
| Income tax expense (benefit) | 2 | 6 | (129 | ) | (7,306 | ) | ||||||||||||
| Net income (loss) | $ | 5,211 | $ | (23,747 | ) | $ | (25,869 | ) | $ | (71,671 | ) | |||||||
| Net income (loss) per common share | ||||||||||||||||||
| Basic | $ | 0.07 | $ | (0.37 | ) | $ | (0.37 | ) | $ | (1.24 | ) | |||||||
| Diluted | $ | (0.02 | ) | $ | (0.37 | ) | $ | (0.37 | ) | $ | (1.24 | ) | ||||||
| Weighted average shares outstanding | ||||||||||||||||||
| Basic | 72,500 | 63,699 | 70,083 | 58,027 | ||||||||||||||
| Diluted | 72,500 | 63,699 | 70,083 | 58,027 | ||||||||||||||
| AEMETIS, INC. | ||||||||||
| CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||
| (in thousands) | ||||||||||
| September 30, 2026 | December 31, 2025 | |||||||||
| (Unaudited) | ||||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 3,359 | $ | 4,894 | ||||||
| Accounts receivable | 4,373 | 484 | ||||||||
| Inventories | 12,931 | 11,627 | ||||||||
| Prepaid and other current assets | 8,465 | 9,865 | ||||||||
| Total current assets | 29,128 | 26,870 | ||||||||
| Property, plant and equipment, net | 271,310 | 219,717 | ||||||||
| Other assets | 11,557 | 13,254 | ||||||||
| Total assets | $ | 311,995 | $ | 259,841 | ||||||
| Liabilities and stockholders' deficit | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 36,622 | $ | 23,418 | ||||||
| Current portion of long term debt | 316,427 | 279,143 | ||||||||
| Short term borrowings | 60,497 | 38,726 | ||||||||
| Other current liabilities | 26,278 | 29,971 | ||||||||
| Total current liabilities | 439,824 | 371,258 | ||||||||
| Total long term liabilities | 186,378 | 195,414 | ||||||||
| Stockholders' deficit: | ||||||||||
| Common stock | 73 | 66 | ||||||||
| Additional paid-in capital | 360,146 | 340,402 | ||||||||
| Accumulated deficit | (665,812 | ) | (639,943 | ) | ||||||
| Accumulated other comprehensive loss | (8,614 | ) | (7,356 | ) | ||||||
| Total stockholders' deficit | (314,207 | ) | (306,831 | ) | ||||||
| Total liabilities and stockholders' deficit | $ | 311,995 | $ | 259,841 | ||||||
| AEMETIS, INC. | |||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS) | |||||||||||||||
| (unaudited, in thousands) | |||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
| EBITDA Calculation | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net income (loss) | $ | 5,211 | $ | (23,747 | ) | $ | (25,869 | ) | $ | (71,671 | ) | ||||
| Adjustments | |||||||||||||||
| Interest and debt amortization expense | 14,548 | 12,950 | 42,587 | 38,973 | |||||||||||
| Depreciation and amortization expense | 2,581 | 2,338 | 7,661 | 7,068 | |||||||||||
| Accretion of Series A preferred units | 1,216 | 2,034 | 4,338 | 6,345 | |||||||||||
| Share-based compensation | 1,193 | 1,385 | 4,018 | 4,976 | |||||||||||
| Stock issued for services | - | - | 50 | 150 | |||||||||||
| Bad debt expense | 38 | - | 401 | - | |||||||||||
| Loss (gain) on sale/disposal of assets | - | (4 | ) | 108 | (4 | ) | |||||||||
| Income tax (benefit) expense | 2 | 6 | (129 | ) | (7,306 | ) | |||||||||
| Total adjustments | 19,578 | 18,709 | 59,034 | 50,202 | |||||||||||
| Adjusted EBITDA | $ | 24,789 | $ | (5,038 | ) | $ | 33,165 | $ | (21,469 | ) | |||||
| AEMETIS, INC. | |||||||||||||
| PRODUCTION AND PRICE PERFORMANCE | |||||||||||||
| (unaudited) | |||||||||||||
| Three Months ended September 30, | Nine Months ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| California Ethanol | |||||||||||||
| Ethanol | |||||||||||||
| Gallons sold (in millions) | 15.6 | 14.7 | 44.9 | 42.6 | |||||||||
| Average sales price/gallon | $ | 2.34 | $ | 2.13 | $ | 2.18 | $ | 2.04 | |||||
| Percent of nameplate capacity | 114 | % | 107 | % | 109 | % | 103 | % | |||||
| WDG | |||||||||||||
| Tons sold (in thousands) | 102 | 96 | 300 | 280 | |||||||||
| Average sales price/ton | $ | 89 | $ | 76 | $ | 88 | $ | 83 | |||||
| Delivered Cost of Corn | |||||||||||||
| Bushels ground (in millions) | 5.4 | 5.0 | 15.5 | 14.4 | |||||||||
| Average delivered cost / bushel | $ | 6.29 | $ | 5.95 | $ | 6.10 | $ | 6.33 | |||||
| California Dairy Renewable Natural Gas | |||||||||||||
| Renewable Natural Gas | |||||||||||||
| MMBtu sold (in thousands) | 158.2 | 114.0 | 414.6 | 291.3 | |||||||||
| Average price per MMBtu | $ | 3.16 | $ | 3.45 | $ | 2.26 | $ | 3.24 | |||||
| RINs | |||||||||||||
| RINs sold (in thousands) | 1,371 | 1,020 | 3,435 | 2,172 | |||||||||
| Average price per RIN | $ | 2.45 | $ | 2.37 | $ | 2.47 | $ | 2.50 | |||||
| LCFS | |||||||||||||
| LCFS credits sold (in thousands) | 27.8 | 22.2 | 85.5 | 52.2 | |||||||||
| Average price per LCFS credit | $ | 73 | $ | 54 | $ | 64 | $ | 60 | |||||
| India Biodiesel | |||||||||||||
| Biodiesel | |||||||||||||
| Metric tons sold (in thousands) | 6.6 | 12.5 | 17.2 | 21.0 | |||||||||
| Average sales price/metric ton | $ | 1,108 | $ | 1,112 | $ | 1,065 | $ | 1,117 | |||||
| Percent of Nameplate Capacity | 17.7 | % | 33.4 | % | 15.3 | % | 18.7 | % | |||||
| Refined Glycerin | |||||||||||||
| Metric tons sold (in thousands) | 0.8 | 0.5 | 2.3 | 0.6 | |||||||||
| Average sales price/metric ton | $ | 1,351 | $ | 1,012 | $ | 1,377 | $ | 952 | |||||
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