Stonegate Capital Partners has updated its coverage on Aemetis Inc. (NASDAQ: AMTX), emphasizing the company's strengthened operating case following its 3Q26 results. The update, issued in a press release, points to higher renewable natural gas (RNG) credit values that increased earnings from existing assets, alongside an $11.0M first-half 45Z catch-up that amplified profits. However, recurring economics also improved, signaling underlying growth. For investors, the key takeaway is that Aemetis is now generating positive net income, a milestone that could reshape perceptions of the company's financial viability.
In 3Q26, Aemetis reported revenue of $88.2M, a 49% year-over-year increase, adjusted EBITDA of $24.8M, and its first quarterly net income of $5.2M. The $11.0M 45Z catch-up contributed to this result, but excluding it, RNG 45Z revenue was still $9.1M for the quarter after the federal model update lifted the credit to approximately $62/MMBtu. RNG volume rose 39% year-over-year, and two digesters entered service in October, with six more LCFS pathways nearing approval. This growth stems from existing output, not just long-term buildout, indicating that Aemetis is capitalizing on current assets.
Looking ahead, Aemetis has two near-term margin levers at its Keyes facility. The MVR system has all key equipment on site, with construction targeted for completion around March 2027. Management maintains an approximately $32M annual cash-flow opportunity, with natural-gas savings beginning at switchover and most benefits expected in 2H27. Additionally, the third corn-oil unit, scheduled for December, completes a program expected to roughly double corn-oil output versus 1Q26 into a stronger price environment. These initiatives could significantly enhance profitability.
Multiple dated catalysts over the next 12 months further support the growth narrative. RNG fueling station deliveries to truck fleets are set to begin in November. California's year-round E15 implementation is slated for January 1, 2027. EU export approvals for India biodiesel are expected in 4Q. Thirteen cleanup and compression units are in hand for the next 13 digesters. Higher 45Z and LCFS economics, together with refinancing and a potential minority India IPO, could drive meaningful margin expansion, cash-flow improvement, and valuation upside. For readers, these developments suggest that Aemetis is positioning itself for sustained growth in the renewable fuels sector.
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers a full spectrum of investment banking, equity research, and capital raising for public and private companies. The update on Aemetis is available through click here, and more information about Stonegate can be found at Stonegate, Inc. The release was distributed by Reportable, Inc.
