Aemetis, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 2 new, 1 kept. The quarter’s numbers.

Key takeaways

Revenue rose 27 percent: Revenue reached $54.6 million, up 27 percent from $42.9 million a year earlier. Management said California Ethanol, Dairy RNG and India Biodiesel each contributed to the increase. Source
Gross profit compared with prior-year loss: Gross profit was $2.8 million, against a $5.1 million gross loss a year earlier. Management attributed the change to higher profitability in California Ethanol and Dairy RNG, from higher RNG production and approved LCFS pathways. Source
Operating loss cut to $6.3 million: Operating loss was $6.3 million, compared with $15.6 million in the first quarter of 2025, a reduction of about 60 percent. Source
Dairy RNG volume rose 55 percent: Aemetis Biogas RNG sales reached 110,000 MMBtu, up from 71,000 MMBtu. Management linked the growth to ramp-up at a large centralized dairy digester that became operational late last year. Source
45Z credits added $4.0 million revenue: Section 45Z credits recognized as revenue were $4.0 million for the quarter: $1.4 million in Dairy RNG and $2.6 million in California Ethanol, based on first-quarter production. Source
Keyes long-term financing in preparation: Management said it is in advanced preparation for a potential long-term financing of the Keyes ethanol plant, alongside ongoing efforts to fund the digester buildout. Source
Keyes MVR equipment delivered: The release reports the first delivery of major equipment for the $40 million Mechanical Vapor Recompression system at the Keyes ethanol plant. Source
Seven LCFS pathways in revenue: Seven Dairy RNG LCFS pathways average a carbon intensity score of negative 380, against the negative 150 default that applied to Q1 2025 revenues. Source

“we expect to significantly improve our Low Carbon Fuel Standard revenues during later quarters of 2026.”
Todd Waltz, Chief Financial Officer

Guidance

Area	Period	Figure	Against last quarter
Keyes natural gas displacement Source	After MVR completion	approximately 80%	New
Keyes MVR completion Source	2026	2026 completion	Kept
LCFS pathways Source	Pending approval	6 additional biogas pathways	New

What changed from last quarter

New: The India subsidiary has retained legal, accounting and IPO advisors for its planned IPO. The prior release stated a 2026 listing target. Source
New: Section 45Z credits are now recognized as revenue based on first-quarter production. The prior release showed production tax credits as a separate line. Source
New guidance: New figure given for the Keyes MVR project: about 80% displacement of fossil natural gas at Keyes. Source

Results and growth drivers

Revenue rose 27 percent: Revenue reached $54.6 million, up 27 percent from $42.9 million a year earlier. Management said California Ethanol, Dairy RNG and India Biodiesel each contributed to the increase. Source
Gross profit compared with prior-year loss: Gross profit was $2.8 million, against a $5.1 million gross loss a year earlier. Management attributed the change to higher profitability in California Ethanol and Dairy RNG, from higher RNG production and approved LCFS pathways. Source
Operating loss cut to $6.3 million: Operating loss was $6.3 million, compared with $15.6 million in the first quarter of 2025, a reduction of about 60 percent. Source
Net loss narrowed to $21.7 million: Net loss was $21.7 million, or $0.33 per diluted share, against $24.5 million, or $0.47 per share, a year earlier. Diluted weighted average shares rose to 66.8 million from 52.6 million. Source
Adjusted EBITDA negative $1.3 million: Adjusted EBITDA was negative $1.3 million, compared with negative $10.7 million a year earlier. The reconciliation to net loss appears in the supplemental tables. Source

Segment performance

Dairy RNG volume rose 55 percent: Aemetis Biogas RNG sales reached 110,000 MMBtu, up from 71,000 MMBtu. Management linked the growth to ramp-up at a large centralized dairy digester that became operational late last year. Source
Ethanol gallons edged lower: California Ethanol sold 13.7 million gallons, against 14.1 million. The average price was $1.97 per gallon, against $1.98, and the plant ran at 100 percent of nameplate capacity against 103 percent. Source

“We are pleased with the continued growth of Aemetis Biogas production, including the ramp up of volumes from a large centralized dairy digester”
Eric McAfee, Chairman and CEO

Costs, pricing and interest

Corn cost per bushel fell: Delivered corn cost averaged $5.93 per bushel, against $6.63. Corn ground was 4.7 million bushels, against 4.8 million. Source
SG&A expense fell $1.4 million: Selling, general and administrative expenses were $9.1 million, against $10.5 million. Management said the decline was driven primarily by legal and other transaction costs tied to investment tax credit sales in the first quarter of 2025. Source
Interest expense rose: Interest expense excluding preferred unit accretion rose to $14.4 million from $13.7 million. Accretion on Aemetis Biogas Series A preferred units was $1.6 million, against $2.3 million. Source
RNG and LCFS prices lower: Average RNG price was $1.98 per MMBtu, against $3.65. RIN price was $2.41, against $2.64, and LCFS credit price was $55.00, against $72.50. Source

Section 45Z tax credits

45Z credits added $4.0 million revenue: Section 45Z credits recognized as revenue were $4.0 million for the quarter: $1.4 million in Dairy RNG and $2.6 million in California Ethanol, based on first-quarter production. Source
2025 credits booked in fourth quarter: For 2025 the company recognized $10.4 million of 45Z operating income, split $5.2 million Dairy RNG and $5.1 million California Ethanol. The full-year amount was reflected in the fourth quarter of 2025. Source
Quarter compared with fourth-quarter base: Management said first-quarter California Ethanol and Dairy RNG revenue reflects production economics comparable to the fourth quarter of 2025, excluding the full-year 45Z amount booked in that quarter. Source

“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”
Eric McAfee, Chairman and CEO

Cash and debt

Cash was $4.8 million: Cash and cash equivalents ended the quarter at $4.8 million, against $4.9 million at December 31, 2025. Source
Carbon and digester capital spending rose: Capital projects for carbon intensity reductions at Keyes and dairy digester construction totaled $6.5 million, against $1.8 million in the first quarter of 2025. Source
Current debt rose to $293.8 million: Current portion of long-term debt was $293.8 million, up from $279.1 million at year-end. Short-term borrowings were $48.8 million, against $38.7 million. Source

Financing and capital structure

Keyes long-term financing in preparation: Management said it is in advanced preparation for a potential long-term financing of the Keyes ethanol plant, alongside ongoing efforts to fund the digester buildout. Source
Digester financing continues: The company said financing efforts continue to support the Dairy RNG digester buildout. Source
India IPO advisors retained: The company has retained legal, accounting and IPO advisors for the planned initial public offering of its India subsidiary, Universal Biofuels Private Limited. Source

Projects and deliveries

Keyes MVR equipment delivered: The release reports the first delivery of major equipment for the $40 million Mechanical Vapor Recompression system at the Keyes ethanol plant. Source
Pretreatment skids delivered in April: Four dairy biogas pretreatment skids were first delivered in April under a $27 million fabrication contract. Source
Seven LCFS pathways in revenue: Seven Dairy RNG LCFS pathways average a carbon intensity score of negative 380, against the negative 150 default that applied to Q1 2025 revenues. Source
On-site RNG fuel station equipment: First delivery of major equipment was made for an on-site RNG station that fuels trucks and gas delivery trailers directly, without using the utility gas pipeline. Source

India Biodiesel

India biodiesel sales returned: India Biodiesel sales were $10.5 million, with the resumption of biodiesel tender orders. Biodiesel sold was 9.2 thousand metric tons at $1,037 per ton, with plant use at 24.5 percent of nameplate. Source
Glycerin volume reported: Refined glycerin sold was 0.8 thousand metric tons at an average of $1,257 per metric ton. Source
India subsidiary leads industry: The CEO said the India Biodiesel subsidiary continues to lead the industry amid rapid growth and renewed focus by the Indian government. Source

Coming up, as management said on 7 May 2026

Earnings review call scheduled: Management scheduled an earnings review call for 7 May 2026 at 11:00 a.m. Pacific time. Source
Six LCFS pathways nearing approval: Six additional biogas pathways are described as nearing approval, after the seven already in revenue. Source
45Z credit cadence to normalize: Management expects 45Z accrual and monetization timing to settle onto a quarterly cadence going forward. Source
India IPO banking update coming: Management expects to provide an update on investment banking engagement for the India IPO in the near term. Source

Figures management reported

Figure	Reported
Ethanol gallons sold Source	13.7 million gallons
Dairy RNG sales volume Source	110,000 MMBtu
LCFS credits sold Source	30 thousand credits
Biodiesel metric tons sold Source	9.2 thousand metric tons
Biodiesel plant utilization Source	24.5%
Ethanol plant utilization Source	100%

Risks management discussed

Financial: Management cites a multi-track financing plan to address near-term obligations while funding continued growth across the operating platform. Source
Regulatory: Further 45Z improvement depends on the Department of Energy publishing an updated 45ZCF-GREET model. Source

Earlier plans management reported on

On track: Management said the Keyes MVR upgrade remains on track for completion in 2026. Source
Not stated: Management said it is making continued progress toward a planned IPO of the India subsidiary. The release gives no date. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Aemetis Reports First Quarter 2026 Financial Results

Revenue Growth of 27%, Positive Gross Profit, and Increased Dairy RNG Production

Revenues of $54.6 million, an increase of 27% 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 7, 2026 - 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 $54.6 million reflecting strong execution across our California Ethanol, Dairy RNG, and India Biodiesel segments, with each segment contributing to a 27% year-over-year revenue increase, ” said Todd Waltz, Chief Financial Officer of Aemetis. “We posted gross profit of $2.8 million in the quarter compared with a gross loss in the same quarter last year, reflecting both operational scale and the generation of Section 45Z Production Tax Credits. With seven fully approved LCFS provisional pathways averaging a negative 380 CI score, and six more biogas pathways nearing approval, we expect to significantly improve our Low Carbon Fuel Standard revenues during later quarters of 2026.”

“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 80% of the fossil natural gas at Keyes. The India Biodiesel subsidiary continues to lead the industry during a time of rapid growth and a renewed focus by the India government.”

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 $54.6 million during the first quarter of 2026, an increase from $42.9 million for the first quarter of 2025. Dairy RNG segment sold 110,000 MMBtu during the first quarter an increase of 55% from 71,000 MMBtu during the same period of the prior year. The ethanol gallons sold were slightly lower at 13.7 million gallons during the first quarter of 2026 compared to 14.1 million gallons during the first quarter of 2025. Average ethanol selling price remained constant during the two periods. Biodiesel sales rose to $10.5 million during the first quarter of 2026 with the resumption of biodiesel tender orders. Tax credits related to 45Z were recognized as revenue of $1.4 million and $2.6 million in Dairy RNG and California Ethanol segments respectively.

Gross profit for the first quarter of 2026 was $2.8 million, compared to a gross loss of $5.1 million during the first quarter of 2025 reflecting improved profitability in the California Ethanol segment and improved profitability in the Dairy RNG segment from increased RNG production and the seven approved LCFS provisional pathways.

Selling, general and administrative expenses decreased by $1.4 million to $9.1 million during the first quarter of 2026 compared to $10.5 million during the same period in 2025, driven primarily from legal and other transaction costs associated with investment tax credit sales during the first quarter of 2025.

Operating loss was $6.3 million for the first quarter of 2026, compared to operating loss of $15.6 million for the same period in 2025.

Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $14.4 million during the first quarter of 2026 compared to $13.7 million during the first quarter of 2025. Additionally, Aemetis Biogas recognized $1.6 million of accretion of Series A preferred units during the first quarter of 2026 compared to $2.3 million during the first quarter of 2025.

Net loss was $21.7 million for the first quarter of 2026, compared to net loss of $24.5 million for the first quarter of 2025.

Adjusted EBITDA for the first quarter of 2026 was negative $1.3 million, compared with negative $10.7 million in the first quarter of 2025. A reconciliation of Adjusted EBITDA to net loss is included in the supplemental tables that follow.

Cash at the end of the first quarter of 2026 was $4.8 million compared to $4.9 million at the close of the fourth quarter of 2025. Investments in capital projects related to carbon intensity reductions at the Keyes ethanol plant and construction of dairy digesters of $6.5 million for the first quarter of 2026 was a significant increase over $1.8 million during the first quarter of 2025.

Section 45Z Production Tax Credits

During 2025, Aemetis recognized $10.4 million of Section 45Z Production Tax Credit operating income, comprised of $5.2 million in the Dairy RNG segment and $5.1 million in the California Ethanol segment. As disclosed in the Company's 2025 Form 10-K, this full-year recognition was reflected in the fourth quarter of 2025, when eligibility and transferability requirements were demonstrated. First quarter 2026 results reflect $4.0 million of Section 45Z Production Tax Credit revenue based upon credits earned from first quarter production of ethanol and RNG - $1.4 million in Dairy RNG and $2.6 million in California Ethanol. As a result, first quarter 2026 California Ethanol and Dairy RNG revenues are expected to reflect underlying production economics comparable to the fourth quarter of 2025 on a basis that excludes the full-year 45Z recognition booked in that quarter. The Company expects 45Z accrual and monetization timing to normalize on a quarterly cadence going forward, with further improvement pending publication of the updated 45ZCF-GREET model by the Department of Energy.

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

Forward-looking statements notice

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.

(Tables follow)

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

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

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)

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	$-

Contacts
External Investor Relations Contact: Kirin Smith PCG Advisory Group (646) 863-6519 ksmith@pcgadvisory.com
Company Investor Relations/ Media Contact: Todd Waltz (408) 213-0940 investors@aemetis.com