DALLAS, TX – August 10, 2026 – Aemetis Inc. (NASDAQ: AMTX) reported second-quarter 2026 results that demonstrate a clear operating inflection, according to an update from Stonegate Capital Partners. The company achieved positive operating income and adjusted EBITDA, driven by quarterly 45Z tax credit recognition, higher renewable natural gas (RNG) production, and improved ethanol economics, which offset weaker India revenue due to the timing of OMC (Oil Marketing Company) tenders.
Revenue for the quarter increased 20% year-over-year and 15% sequentially to $62.7 million, falling short of the consensus estimate of $68.6 million. However, normalized EPS of negative $0.11 beat the consensus estimate of negative $0.24. The gross profit improved to $13.5 million from a loss of $3.4 million in the prior-year quarter, and adjusted EBITDA reached $9.7 million, a significant turnaround from negative $5.8 million a year ago.
The underlying performance was stronger than the revenue variance suggests. India’s revenue was impacted by tender timing, while both California businesses – ethanol and RNG – delivered higher volumes, stronger gross profit, and increased environmental-credit contribution. The company’s RNG segment remains the clearest growth driver, with sales volume increasing 38% year-over-year to 146,900 MMBtu, and segment gross profit rising to $4.0 million from $0.9 million. Seven approved LCFS pathways with an average negative carbon intensity of 380 are already improving credit economics, and six additional pathways are nearing approval. Two new digesters are expected to be commissioned in the third quarter of 2026, providing additional runway for higher production, profitability, and cash flow.
At the Keyes ethanol plant, the company continues to advance its earnings bridge. The mechanical vapor recompression (MVR) system is targeted for operation by year-end 2026, and management estimates approximately $32 million in annual value from lower natural-gas usage and incremental LCFS and 45Z benefits. These operational improvements could materially strengthen the earnings profile beginning in 2027.
However, the balance sheet remains a primary constraint to the investment thesis. The company ended the quarter with just $1.0 million in unrestricted cash and $415.9 million in total debt. Refinancing progress is crucial to translating the operating improvement into durable free cash flow. The company’s ability to secure favorable refinancing terms will be key to unlocking shareholder value and funding future growth.
The update from Stonegate Capital Partners highlights that Aemetis is making significant strides in its operations, particularly in the RNG segment and with the 45Z credit, which are beginning to have a positive impact on profitability. The company’s focus on expanding RNG production and improving efficiency at its Keyes facility positions it for potential earnings growth in the coming years, provided it can address its liquidity concerns.
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