Aemetis, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 49% to $88.2 million: Revenue was $88.2 million, up from $59.2 million a year earlier, and included $24.7 million of Section 45Z credit income. Source
• Adjusted EBITDA reached $24.8 million: Adjusted EBITDA was $24.8 million, against negative $5.0 million a year earlier. Nine-month adjusted EBITDA was $33.2 million, compared with negative $21.5 million. Source
• Section 45Z income was $24.7 million: The $24.7 million was split between $20.1 million for Dairy RNG and $4.6 million for California Ethanol, and was recognized as revenue. Source
• Credit true-up added $11.0 million: The cumulative true-up relates to RNG dispensed in the first and second quarters of 2026. Source
• Gross profit reached $29.5 million: Gross profit was $29.5 million against a $58 thousand loss a year earlier. First-three-quarter gross profit was $45.7 million. Source
• Cash fell to $3.4 million: Cash ended the quarter at $3.4 million, down from $4.9 million at the end of 2025. Source

“provides a recurring source of revenue and cash flow”

Todd Waltz, Chief Financial Officer

Guidance

What changed from last quarter

• New: The September 8, 2026 update to the 45ZCF-GREET model raised the Section 45Z credit value for dairy RNG, per management. Source

Results and growth drivers

• Revenue rose 49% to $88.2 million: Revenue was $88.2 million, up from $59.2 million a year earlier, and included $24.7 million of Section 45Z credit income. Source
• Operating income turned positive: Operating income was $20.9 million against an operating loss of $8.5 million a year earlier. Nine-month operating income was $20.3 million versus a $34.7 million loss. Source
• Adjusted EBITDA reached $24.8 million: Adjusted EBITDA was $24.8 million, against negative $5.0 million a year earlier. Nine-month adjusted EBITDA was $33.2 million, compared with negative $21.5 million. Source
• Net income of $5.2 million: Net income was $5.2 million, or $0.07 basic per share, against a net loss of $23.7 million a year earlier. The statement of operations shows diluted EPS of $(0.02). Source
• Nine-month revenue up 33%: First three quarters revenue was $205.5 million. The nine-month net loss narrowed to $25.9 million from $71.7 million, and Section 45Z income in nine-month revenue was $37.3 million. Source

Section 45Z tax credit income

• Section 45Z income was $24.7 million: The $24.7 million was split between $20.1 million for Dairy RNG and $4.6 million for California Ethanol, and was recognized as revenue. Source
• Credit true-up added $11.0 million: The cumulative true-up relates to RNG dispensed in the first and second quarters of 2026. Source
• Third-quarter credit income without true-up: Without the true-up, 45Z income for RNG dispensed in the third quarter was about $9.1 million. Source

“Our focus on significantly improving cash flow from our California Ethanol segment is underway with the expansion of corn oil production and ongoing construction of the mechanical vapor recompression project”

Eric McAfee, Chairman and CEO

Segment volumes and prices

• Ethanol gallons rose 6%: Ethanol sales were 15.6 million gallons. The production table shows plant output at 114% of nameplate capacity for the quarter. Source
• Ethanol price rose 10%: Average ethanol price was $2.34 per gallon, compared with $2.13. The nine-month average was $2.18 per gallon. Source
• Dairy RNG volume up 39%: Dairy RNG sales reached 158,200 MMBtu. The production table shows 414.6 thousand MMBtu sold over the first nine months. Source
• India biodiesel sales fell: Biodiesel sales were $7.3 million, down from $13.9 million, as India shipments resumed under tender awards made in late July. Source
• LCFS credit price rose: LCFS credits sold at an average of $73 versus $54 a year earlier, with 27.8 thousand credits sold. Management cited rising LCFS prices in Dairy RNG profit. Source

Costs and margins

• Gross profit reached $29.5 million: Gross profit was $29.5 million against a $58 thousand loss a year earlier. First-three-quarter gross profit was $45.7 million. Source
• Tax credits and volumes drove margin: Management attributed the gross profit change to tax credit recognition and to higher California Ethanol prices and volumes. Source
• Overhead rose slightly: Selling, general and administrative expense was $8.6 million, with management noting an increase of $0.1 million. Source
• Interest expense rose modestly: Total interest expense was $15.8 million. Nine-month interest expense was $46.9 million, against $45.3 million a year earlier. Source

Cash, capital and financing

• Cash fell to $3.4 million: Cash ended the quarter at $3.4 million, down from $4.9 million at the end of 2025. Source
• Quarter capital investment $20.2 million: Investment in Keyes carbon-reduction projects and dairy digesters was $20.2 million. Nine-month capital investment was $35.3 million: $17.1 million California Ethanol, $17.4 million Aemetis Biogas and $0.8 million other. Source
• Nine-month operating cash flow positive: Nine-month operating cash flow was $9.5 million, against $2.5 million used in the same period of 2025. Source
• $22.4 million from credit sale: The company received $22.4 million from selling Section 45Z tax credits in September 2026. Source
• Multi-track financing plan under way: Current portion of long-term debt was $316.4 million and total current liabilities were $439.8 million, against current assets of $29.1 million at September 30, 2026. Source

Strategy and investment

• Ethanol cash-flow program under way: Management described corn oil expansion and ongoing MVR construction as the focus for improving California Ethanol cash flow. Source
• Dairy digester build-out expanding: Management cited the increase to 14 digesters from 17 dairy facilities, and the planned MVR completion, as the basis for continued growth. Source
• India subsidiary IPO in progress: Management reported continued progress toward a potential IPO of Universal Biofuels Private Limited, with legal, accounting and IPO advisors retained. Source

Coming up, as management said on 5 November 2026

• Keyes long-term financing in preparation: Management said advanced preparation is under way for a potential long-term financing of the Keyes ethanol plant. No timing was given. Source
• Series A redemption date extended: The redemption date moves to December 31, 2026. If the units are not redeemed, the credit agreement rate becomes the greater of prime plus 5.0% or 12.0%. Source
• Earnings review call on release date: Management scheduled an earnings review call at 11:00 a.m. Pacific time on the release date. Source

Figures management reported

Risks management discussed

• Regulatory: Lower carbon intensity scores under the updated 45Z model reduce the credit value for dairy RNG. Source
• Financial: Management said the Dairy RNG digester build-out depends on ongoing financing efforts. Source
• Demand: India biodiesel shipments depend on tender allocations, and shipments resumed only after awards in late July. Source

Earlier plans management reported on

• Not stated: The second-quarter release expected two digesters in the third quarter. This release reports two began operating in October 2026. Source
• Not stated: The current release says equipment has been acquired and construction is progressing. No operating date is given. Source

Other quarters

• Q2 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.