Aemetis, Inc. (Nasdaq: AMTX) reported first-quarter 2026 financial results that highlight a transition from project construction to recurring revenue generation from low-carbon fuel credits, according to an update from Stonegate Capital Partners. Revenue increased 27% year-over-year to $54.6 million, while gross profit improved to $2.8 million from a $5.1 million loss in the same period last year. Adjusted EBITDA loss narrowed to $1.3 million from a loss of $10.7 million, signaling progress toward profitability.
The key driver of the improvement was the quarterly recognition of 45Z tax credits tied to current-period production. Aemetis recognized $4.0 million in 45Z credits across its Dairy RNG and California Ethanol segments, following a full-year 2025 catch-up recorded in the fourth quarter of 2025. This marks a shift from narrative to reported earnings, as credit monetization begins to appear consistently in financial statements.
Dairy renewable natural gas (RNG) volumes rose 55% year-over-year to 110,000 MMBtu, underscoring the segment’s growing contribution to cash flow. Aemetis holds seven California Air Resources Board (CARB) pathways with a negative 380 carbon intensity score, which is expected to enhance Low Carbon Fuel Standard (LCFS) credit capture as volumes scale. The company’s ability to generate recurring cash flow from RNG is becoming a clear proof point for its business model.
The Keyes MVR (Membrane Vapor Recovery) project remains the largest near-term catalyst for EBITDA inflection. Construction is advancing toward completion in 2026, and the project is expected to displace approximately 80% of fossil natural gas use at the Keyes ethanol plant. Once operational, the MVR system is projected to add about $32 million in annual cash flow, providing a significant boost to Aemetis’ financial performance.
Stonegate Capital Partners, a capital markets advisory firm, provided the analysis, noting that the results support the company’s transition toward recurring low-carbon fuel monetization. The full announcement is available on the Stonegate website.
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