Stonegate Capital Partners Updates Coverage on Aemetis Inc. (AMTX) 2Q26
Aemetis (NASDAQ: AMTX) was the subject of an updated coverage report by Stonegate Capital Partners following 2Q26 results.
Rhea-AI Summary
Aemetis (NASDAQ: AMTX) was the subject of an updated coverage report by Stonegate Capital Partners following 2Q26 results. Revenue rose 20% y/y and 15% q/q to $62.7 million, below the $68.6 million consensus, while Stonegate’s normalized EPS estimate of -$0.11 was better than the -$0.24 consensus.
According to Stonegate, gross profit improved to $13.5 million from a $3.4 million loss, and adj. EBITDA turned to $9.7 million from -$5.8 million, reflecting quarterly 45Z recognition, higher renewable natural gas (RNG) output, and better ethanol economics. Dairy RNG volumes grew 38% y/y to 146,900 MMBtu, with segment gross profit rising to $4.0 million from $0.9 million.
Stonegate highlighted seven approved LCFS pathways averaging -380 CI, six more nearing approval, and two digesters expected in 3Q26. Management targets Keyes MVR operation by year-end 2026, estimating about $32 million of annual value. However, Stonegate noted balance sheet constraints with $1.0 million in unrestricted cash and $415.9 million of total debt.
Positive
- Revenue $62.7M, up 20% y/y and 15% q/q
- Gross profit swung to $13.5M from a $3.4M loss
- Adj. EBITDA improved to $9.7M from negative $5.8M
- Dairy RNG volume up 38% y/y to 146,900 MMBtu
- Dairy RNG gross profit rose to $4.0M from $0.9M
- Management estimates $32M annual value from Keyes MVR project
Negative
- Revenue $62.7M was below $68.6M consensus
- Stonegate normalized EPS estimate remains negative at -$0.11
- Unrestricted cash only $1.0M against $415.9M total debt
Details
Market move: AMTX -3.49% in the Aug 10 session. 2Q26 earnings coverage update
On Aug 10, the day this news came out, AMTX closed 3.49% below the previous close.
Data tracked by StockTitan Argus for the Aug 10 session.
Key Figures
- Revenue
- $62.7M
- 20% y/y and 15% q/q; below $68.6M consensus
- Normalized EPS
- -$0.11
- Stonegate estimate versus -$0.24 consensus
- Gross Profit
- $13.5M
- versus a $3.4M loss
- Adjusted EBITDA
- $9.7M
- versus negative $5.8M
- Dairy RNG Volume
- 146,900 MMBtu
- 38% y/y increase
- LCFS Pathways
- 7 approved pathways; 6 additional pathways
- Approved pathways average negative 380 CI
- Annual Value
- $32M
- Management estimate from lower natural-gas usage and incremental benefits
- Cash and Debt
- $1.0M cash; $415.9M total debt
- Balance-sheet position described as the primary thesis constraint
Historical Context
-
Q2 results showed higher revenue, gross profit, operating income, and adjusted EBITDA.
-
India subsidiary secured biodiesel delivery allocations from three government-owned Oil Marketing Companies.
-
Company scheduled a conference call to review second-quarter 2026 earnings results.
-
Company sold Section 45Z credits for proceeds after transaction costs.
-
Company received key equipment for Keyes plant mechanical vapor recompression system.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
lcfs pathways regulatory
mmbtu technical
adj. ebitda financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Dallas, Texas--(Newsfile Corp. - August 10, 2026) - Aemetis Inc. (NASDAQ: AMTX): Stonegate Capital Partners Updates Coverage on Aemetis Inc. (NASDAQ: AMTX). Aemetis' 2Q26 results made the operating inflection visible, as quarterly 45Z recognition, higher RNG production, and improved ethanol economics drove positive operating income and adj. EBITDA despite India OMC tender timing. Revenue increased
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- Revenue increased
20% y/y and15% q/q to$62.7M , while gross profit improved to$13.5M from a$3.4M loss and adj. EBITDA reached$9.7M from negative$5.8M . The quarter made the operating inflection more visible, as quarterly 45Z recognition, higher RNG production, and improved ethanol economics more than offset weaker India revenue tied to OMC tender timing. - Dairy RNG remains the clearest growth driver, with sales volume increasing
38% y/y to 146,900 MMBtu and segment gross profit rising to$4.0M from$0.9M . Seven approved LCFS pathways averaging negative 380 CI are already improving credit economics, while six additional pathways nearing approval and two digesters expected to be commissioned in 3Q26 provide additional runway for higher production, profitability, and cash flow. - The Keyes earnings bridge continues to advance, with MVR targeted for operation by year-end 2026 and management estimating approximately
$32M of annual value from lower natural-gas usage and incremental LCFS and 45Z benefits. While these operating improvements could materially strengthen the earnings profile beginning in 2027, the balance sheet remains the primary thesis constraint, with$1.0M of unrestricted cash,$415.9M of total debt, and refinancing progress still important to translating operating improvement into durable free cash flow.
Click image above to view full announcement.
About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
Source: Stonegate, Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308884
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