Aemetis (AMTX) Q1 2026 earnings summary

Executive summary

• Revenue grew 27% year-over-year to $54.6 million, driven by gains in all operating segments and the first-time recognition of Section 45Z production tax credits as revenue.

• Gross profit turned positive at $2.8 million, reversing a $5.1 million loss in Q1 2025, mainly due to lower corn costs, increased biodiesel sales, and tax credit income.

• Operating loss improved by 60% to $6.3 million from $15.6 million, and net loss narrowed to $21.7 million from $24.5 million year-over-year.

• Adjusted EBITDA improved to negative $1.3 million from negative $10.7 million in Q1 2025.

• Major capital projects advanced, including dairy biogas pretreatment and the $40 million MVR project at the Keyes ethanol plant.

Financial highlights

• California Ethanol segment revenue rose 2.9% to $38.8 million; gross profit improved to $0.6 million from a loss.

• Dairy RNG sales volume increased 55% to 110,000 MMBtu, with revenue more than doubling to $5.3 million.

• India Biodiesel revenue rebounded to $10.5 million, up 291%, with gross profit of $0.1 million.

• Section 45Z Production Tax Credits contributed $4.0 million in Q1 2026.

• Cash and equivalents stood at $4.8 million at quarter-end; total debt increased to $404.7 million.

Outlook and guidance

• Focus for 2026 is on scaling production, monetizing renewable fuel credits, completing the India IPO, and refinancing debt.

• Key catalysts include the updated 45ZCF-GREET model, MVR commissioning, rising LCFS prices, and India IPO progress.

• RNG segment to expand with new digesters and expects higher LCFS credit prices due to regulatory changes.

• Substantial doubt remains about ability to continue as a going concern due to high debt and negative cash flow.