Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company, reported financial results for the first quarter ended March 31, 2026, showing a 27% increase in revenue 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, a significant improvement from a gross loss of $5.1 million in Q1 2025, driven by operational scale and the recognition of Section 45Z Production Tax Credits.
The Dairy RNG segment saw sales volume grow 55% to 110,000 MMBtu, up from 71,000 MMBtu in Q1 2025. This growth was supported by the ramp-up of a large centralized dairy digester that became operational late last year. Additionally, the company recognized $1.4 million in 45Z tax credits in the Dairy RNG segment and $2.6 million in the California Ethanol segment during the quarter. Seven fully approved LCFS provisional pathways with an average CI score of negative 380 contributed to revenues, with six more biogas pathways nearing approval, which is expected to further improve Low Carbon Fuel Standard revenues in later quarters.
India Biodiesel rebounded to $10.5 million in revenue with the resumption of OMC tender shipments under new contracts. The California Ethanol segment sold 13.7 million gallons, slightly lower than 14.1 million gallons in Q1 2025, but average selling prices remained constant. The segment is benefiting from the delivery of major equipment for a $40 million Mechanical Vapor Recompression (MVR) system at the Keyes ethanol plant, which uses on-site solar and local geothermal grid electricity to displace approximately 80% of fossil natural gas.
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. Selling, general and administrative expenses decreased by $1.4 million to $9.1 million, driven primarily by lower legal and transaction costs associated with investment tax credit sales.
The company is pursuing a multi-track financing plan to address near-term obligations and fund continued growth. This includes advanced preparation for potential long-term financing of the Keyes ethanol plant, ongoing financing for dairy RNG digester buildout, and progress toward a planned initial public offering of its India subsidiary, Universal Biofuels Private Limited. The MVR upgrade at Keyes is on track for completion in 2026.
Cash at the end of Q1 2026 was $4.8 million, with investments in capital projects of $6.5 million, a significant increase from $1.8 million in Q1 2025. The company expects 45Z accrual and monetization to normalize on a quarterly cadence going forward, with further improvement pending publication of the updated 45ZCF-GREET model by the Department of Energy.
For more details, visit Aemetis conference calls page and the company's newsroom at https://tinyurl.com/amtxnewsroom.
