DALLAS, TX – August 10, 2026 – Aemetis Inc. (NASDAQ: AMTX) reported second-quarter results that signal a turning point in its operations, as the company posted positive operating income and adjusted EBITDA for the first time in recent quarters. According to an update from Stonegate Capital Partners, the quarter's performance showcased the company's ability to generate profitability from its core businesses, even as revenue fell short of consensus estimates.
Revenue for the quarter increased 20% year-over-year and 15% sequentially to $62.7 million, below the $68.6 million consensus. However, the underlying performance was stronger than the top-line suggests. Gross profit improved to $13.5 million from a loss of $3.4 million in the prior-year period, and adjusted EBITDA reached $9.7 million, a significant turnaround from a negative $5.8 million a year ago. The improvement was driven by quarterly recognition of 45Z tax credits, higher renewable natural gas (RNG) production, and improved ethanol economics, which more than offset weaker India revenue due to timing of OMC tenders.
The dairy RNG segment continues to be the clearest growth driver. Sales volume increased 38% year-over-year to 146,900 MMBtu, and segment gross profit rose to $4.0 million from $0.9 million. Seven approved LCFS pathways with an average negative carbon intensity of 380 are already enhancing credit economics, while 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.
The Keyes ethanol plant's earnings improvement plan is also advancing. The mechanical vapor recompression (MVR) system is targeted for operation by year-end 2026, and management estimates it could generate approximately $32 million in annual value through lower natural-gas usage and incremental LCFS and 45Z benefits. These operating improvements could materially strengthen the earnings profile beginning in 2027.
However, the balance sheet remains a primary constraint. As of the end of the quarter, Aemetis had only $1.0 million in unrestricted cash and $415.9 million in total debt. The company's ability to refinance its obligations will be critical in translating operating improvements into durable free cash flow. Stonegate's update highlights that while the operational inflection is becoming visible, the financial leverage remains a key risk to monitor.
The positive results in California businesses, combined with the expected ramp in RNG production and MVR benefits, position Aemetis for potential earnings growth. But investors should weigh the company's liquidity position and the progress of its refinancing efforts, as these factors will determine whether the operational turnaround can be sustained and converted into long-term shareholder value.
