Aemetis, Inc. (NASDAQ: AMTX) reported financial results for the first quarter of 2026, showing revenue growth of 27% to $54.6 million compared to $42.9 million in the same period last year. The company achieved a gross profit of $2.8 million, reversing a gross loss of $5.1 million in Q1 2025, driven by strong performance across its California Ethanol, Dairy RNG, and India Biodiesel segments.
Dairy RNG sales volume increased 55% to 110,000 MMBtu, up from 71,000 MMBtu in Q1 2025, reflecting the ramp-up of volumes from a large centralized dairy digester that became operational late last year. The company also recognized $4.0 million in Section 45Z Production Tax Credits during the quarter, marking the first quarter of ongoing credits generation tied to quarterly production since 45Z eligibility was established in Q4 2025. These credits were split between the Dairy RNG ($1.4 million) and California Ethanol ($2.6 million) segments.
Revenues from the India Biodiesel segment rebounded to $10.5 million with the resumption of OMC tender shipments under new contracts. The California Ethanol segment saw slightly lower ethanol gallons sold at 13.7 million gallons compared to 14.1 million in Q1 2025, but average selling prices remained constant.
Operating loss improved approximately 60% to $6.3 million, compared to $15.6 million in Q1 2025, while net loss narrowed to $21.7 million from $24.5 million. Adjusted EBITDA improved to negative $1.3 million from negative $10.7 million in the prior year.
The company made significant progress on its carbon intensity reduction projects, including the first delivery of major equipment to the Keyes ethanol plant for a $40 million Mechanical Vapor Recompression system, which is expected to displace approximately 80% of fossil natural gas at the facility using on-site solar and local geothermal grid electricity. Additionally, Aemetis delivered the first of four dairy biogas pretreatment skids under a $27 million fabrication contract and completed the first delivery of major equipment for an on-site RNG station to directly fuel trucks and gas delivery trailers without using utility gas pipelines.
Chairman and CEO Eric McAfee emphasized the company’s focus on improving cash flow, stating that the mechanical vapor recompression project and the India biodiesel subsidiary’s leadership position during a period of rapid growth are key drivers. CFO Todd Waltz highlighted the significance of seven fully approved LCFS provisional pathways averaging a negative 380 CI score, with six more biogas pathways nearing approval, which is expected to significantly improve Low Carbon Fuel Standard revenues later in 2026.
Capital expenditure on carbon intensity reduction projects increased to $6.5 million in Q1 2026, up from $1.8 million in the prior year. The company is pursuing a multi-track financing plan, including preparation for a potential long-term financing of the Keyes ethanol plant, ongoing financing for dairy RNG digester buildout, and progress toward an initial public offering of its India subsidiary, Universal Biofuels Private Limited.
For more details, visit the company’s newsroom at https://tinyurl.com/amtxnewsroom.
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