Aemetis (AMTX) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 increased 20% year-over-year to $62.7 million, driven by growth in California Ethanol and Dairy RNG segments and $8.6 million in Section 45Z tax credits.

• Gross profit turned positive at $13.5 million versus a loss of $3.4 million in Q2 2025, with operating income of $5.8 million compared to an operating loss last year.

• Net loss narrowed to $9.4 million from $23.4 million in Q2 2025; Adjusted EBITDA was $9.7 million, up $15.5 million year-over-year.

• Dairy RNG sales volume grew 38% to 146,900 MMBtu; ethanol gallons sold increased 12% to 15.5 million, with average ethanol price up 9%.

• The company continues to invest in energy efficiency and expansion projects across all segments, including corn oil production, mechanical vapor recompression, and new dairy digesters.

Financial highlights

• Q2 2026 revenue: $62.7 million (up 20% year-over-year).

• Gross profit: $13.5 million (vs. $3.4 million gross loss in Q2 2025).

• Operating income: $5.8 million (vs. $10.7 million operating loss in Q2 2025).

• Net loss: $9.4 million (improved from $23.4 million net loss in Q2 2025).

• Adjusted EBITDA: $9.7 million (vs. negative $5.8 million in Q2 2025).

Outlook and guidance

• Two new dairy digesters to be completed within a month, and a third corn oil unit to double production over Q1 2026 by fall.

• Mechanical vapor recompression system at the ethanol plant expected operational by end of 2026, projected to add $32 million in annual cash flow.

• Ongoing preparation for potential IPO of India subsidiary and long-term financing initiatives.

• Six additional LCFS pathways pending approval, with significant revenue increases anticipated from updated 45Z and LCFS calculations.

• India biodiesel deliveries underway, with $17 million in revenue expected from new allocations and further orders anticipated before year-end.