Aemetis, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 20% to $62.7 million: Revenue was $62.7 million, up from $52.2 million a year earlier. The total includes $8.6 million of Section 45Z tax credits, and first-half revenue was $117.3 million. Source
• Gross profit turned positive: Gross profit was $13.5 million, compared with a gross loss of $3.4 million a year earlier. Management attributed the change to production tax credits, lower corn cost and higher RNG and LCFS economics. Source
• Adjusted EBITDA up $15.5 million: Adjusted EBITDA was $9.7 million, compared with negative $5.8 million in the second quarter of 2025. A reconciliation to net loss appears in the supplemental tables. Source
• LCFS pathways lifted segment profit: Management cited higher RNG production, a rising LCFS credit price and seven approved LCFS provisional pathways as drivers of Dairy RNG profitability. Source
• Biodiesel sales fell on lapsed orders: Biodiesel sales were $2.5 million, reflecting a lack of new purchases by OMC customers in India. Metric tons sold were 1.4 thousand, against 9.4 thousand a year earlier. Source
• 45Z credits added $8.6 million: Section 45Z credits were recognized as revenue: $6.5 million in California Ethanol and $2.1 million in Dairy RNG, a total of $8.6 million in the quarter. Source
• Multi-track financing plan underway: Management is pursuing a multi-track financing plan covering near-term obligations and growth funding across the operating platform. Source

“We posted gross profit of $13.5 million and operating income of $5.8 million in the quarter compared with a gross loss and operating loss in the same quarter last year”

Todd Waltz, Chief Financial Officer of Aemetis

Guidance

What changed from last quarter

• New: India Biodiesel sales fell to $2.5 million, reflecting a lack of new purchases by OMC customers in India. The prior release had reported resumed OMC tender shipments. Source

Results and growth drivers

• Revenue rose 20% to $62.7 million: Revenue was $62.7 million, up from $52.2 million a year earlier. The total includes $8.6 million of Section 45Z tax credits, and first-half revenue was $117.3 million. Source
• Gross profit turned positive: Gross profit was $13.5 million, compared with a gross loss of $3.4 million a year earlier. Management attributed the change to production tax credits, lower corn cost and higher RNG and LCFS economics. Source
• Operating income of $5.8 million: Operating income was $5.8 million, compared with an operating loss of $10.7 million in the second quarter of 2025. First-half operating loss was $0.6 million. Source
• Net loss narrowed to $9.4 million: Net loss was $9.4 million, against $23.4 million a year earlier. The first-half net loss was $31.1 million, compared with $47.9 million in the first half of 2025. Source
• Adjusted EBITDA up $15.5 million: Adjusted EBITDA was $9.7 million, compared with negative $5.8 million in the second quarter of 2025. A reconciliation to net loss appears in the supplemental tables. Source

California Ethanol segment

• Ethanol price rose 9% to $2.19: Ethanol sales were 15.5 million gallons, at 113% of nameplate capacity. The average selling price rose from $2.01 to $2.19 per gallon. Source
• Lower corn cost aided segment: Delivered corn cost was $6.07 per bushel, against $6.42 a year earlier, on 5.4 million bushels ground. Management cited this lower cost as a driver of segment profitability. Source
• Cash flow focus at Keyes: Management said it is working to improve California Ethanol cash flow through expanded corn oil production and the MVR project at the Keyes plant. Source

“We are pleased with the continued growth of Aemetis Biogas production”

Eric McAfee, Chairman and CEO of Aemetis

Dairy RNG segment

• RNG volume up 38%: Aemetis Biogas sold 146,900 MMBtu, up from 106,400 MMBtu a year earlier. The average RNG price was $1.51 per MMBtu, against $2.75 in the prior-year quarter. Source
• LCFS pathways lifted segment profit: Management cited higher RNG production, a rising LCFS credit price and seven approved LCFS provisional pathways as drivers of Dairy RNG profitability. Source
• Newest digester adds volume: Management said volumes are ramping from the most recently completed dairy digester, which processes waste from two dairies that became operational late last year. Source

India Biodiesel segment

• Biodiesel sales fell on lapsed orders: Biodiesel sales were $2.5 million, reflecting a lack of new purchases by OMC customers in India. Metric tons sold were 1.4 thousand, against 9.4 thousand a year earlier. Source
• Q1 shipments had rebounded: In the first quarter, India Biodiesel revenue rebounded to $10.5 million on resumed tender shipments. The second quarter did not repeat that level of sales.
• Subsidiary cited as industry leader: Management said the India subsidiary continues to lead the industry during rapid growth and a renewed government focus on biofuels. Source

Costs, margins and tax credits

• 45Z credits added $8.6 million: Section 45Z credits were recognized as revenue: $6.5 million in California Ethanol and $2.1 million in Dairy RNG, a total of $8.6 million in the quarter. Source
• SG&A rose on compensation incentives: Selling, general and administrative expenses rose $423 thousand to $7.7 million, driven mainly by compensation incentives in the quarter. Source
• Interest expense rose to $13.7 million: Interest expense, excluding Series A preferred accretion, was $13.7 million, up from $12.3 million. Aemetis Biogas recorded $1.5 million of Series A accretion, against $2.0 million. Source

Cash, capital projects and financing

• Cash fell to $1.0 million: Cash at June 30, 2026 was $1.0 million, against $4.9 million at the end of 2025. Source
• Q2 capital spending of $8.6 million: Capital projects for carbon intensity reduction at Keyes and dairy digester construction totaled $8.6 million in the quarter. First-half capital investment was $15.1 million. Source
• Multi-track financing plan underway: Management is pursuing a multi-track financing plan covering near-term obligations and growth funding across the operating platform. Source

Strategy and project milestones

• Keyes MVR to replace 80% of gas: The Keyes mechanical vapor recompression project uses on-site solar and local grid electricity, and management says it replaces about 80% of fossil natural gas at the plant. Source
• Digester buildout financing continues: Management said financing efforts continue to support further Dairy RNG digester buildout. Source
• Biogas revenue growth expected to continue: The CFO said the company is positioned to keep growing biogas revenues, citing approved pathways and the digesters due in the third quarter. Source

Coming up, as management said on 6 August 2026

• India subsidiary IPO preparations: Management reported continued progress toward a possible IPO of Universal Biofuels Private Limited, with legal, accounting and IPO advisors retained. No timing is given. Source
• Keyes long-term financing in preparation: Advanced preparation is under way for a potential long-term financing of the Keyes ethanol plant. No timing is given. Source
• Six biogas LCFS pathways near approval: Six more biogas LCFS pathways are nearing approval, following seven fully approved pathways averaging a negative 380 CI score. Source

Figures management reported

Risks management discussed

• Demand: India Biodiesel sales depend on OMC customer purchases, which were absent in the quarter. Source
• Financial: Management is addressing near-term obligations through a multi-track financing plan, with cash at $1.0 million at quarter end. Source
• Operational: The Keyes MVR project is still under construction, with operation expected in 2026. Source
• Regulatory: Six biogas LCFS pathways are still pending approval. Source

Other quarters

• Q3 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

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.