Aemetis Stock Earnings Reports

Q1 2026 was presented as a financial inflection point for Aemetis: consolidated revenue rose 27% year-over-year to $54.6M, gross profit turned positive at $2.8M (vs. a gross loss a year ago), operating loss improved ~60% to $6.3M, and net loss narrowed to $21.7M. Production tax credits under 45Z contributed ~$4M of operating income this quarter. All three operating segments contributed to growth: dairy RNG sales rose 55% year-over-year (110k MMBtu sold in Q1), India biodiesel revenue rebounded to $10.5M as Oil Marketing Company shipments resumed under new contracts, and capital projects progressed (delivery of dairy biogas pretreatment skids under a $27M contract; major equipment arrived for the $40M mechanical vapor recompression (MVR/MBR) project at the Keyes ethanol plant). Management expects the MBR commissioning later this year to materially improve cash flow (management cited an estimated ~$32M annualized cash flow uplift from the project, driven by fuel sales, LCFS/45Z credits, and natural gas cost savings). CARB approvals of new RNG LCFS pathways (average CI ~-380 vs -150 default) will raise LCFS credit generation per MMBtu and are expected to materially increase revenues as production scales. The company is pursuing (1) scaling production and monetizing stacked credits, (2) an IPO for the India subsidiary (Universal Biofuels Pvt. Ltd.), and (3) refinancing existing debt into long-term financing (including municipal bond discussions). Management highlighted that financing for larger projects (notably the planned 80M gallon SAF / 90M gallon RD facility) remains the primary gating item and that final federal 45Z calculator/updated GREET modeling remain important catalysts for revenue visibility and lender appetite. Cash at quarter-end was $4.8M and capital investments totaled $6.5M in the quarter.