Aemetis, Inc. (NASDAQ: AMTX) reported financial results for the first quarter of 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, reversing a gross loss of $5.1 million in Q1 2025, driven by growth across its California Ethanol, Dairy RNG, and India Biodiesel segments.
Dairy RNG sales volume rose 55% to 110,000 MMBtu, up from 71,000 MMBtu in Q1 2025, reflecting the ramp-up of a large centralized dairy digester that began operations late last year. The segment benefited from seven fully approved LCFS provisional pathways with an average carbon intensity score of negative 380, compared to the default negative 150 used in Q1 2025. Six additional biogas pathways are nearing approval, which is expected to further improve Low Carbon Fuel Standard revenues in later quarters.
Aemetis 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 eligibility was established in Q4 2025. These credits were split between the Dairy RNG ($1.4 million) and California Ethanol ($2.6 million) segments. 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.
Operating loss improved approximately 60% to $6.3 million from $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. Selling, general and administrative expenses decreased to $9.1 million from $10.5 million, primarily due to lower legal and transaction costs.
The company made significant progress on key capital projects. In April, it delivered the first of four dairy biogas pretreatment skids under a $27 million fabrication contract. Major equipment was also delivered for the $40 million Mechanical Vapor Recompression (MVR) system at the Keyes ethanol plant, which will use on-site solar and local geothermal grid electricity to displace approximately 80% of fossil natural gas. Additionally, the first delivery of equipment for an on-site RNG station to directly fuel trucks and gas delivery trailers occurred, bypassing utility gas pipelines.
India Biodiesel rebounded to $10.5 million in revenue with the resumption of OMC tender shipments under new contracts. The company is pursuing a multi-track financing plan, including advanced preparation for long-term financing of the Keyes ethanol plant, ongoing support for dairy digester buildout, and progress toward a planned IPO of its India subsidiary, Universal Biofuels Private Limited.
"Revenues during the first quarter of 2026 were $54.6 million, reflecting strong execution across our California Ethanol, Dairy RNG, and India Biodiesel segments," said Todd Waltz, CFO of Aemetis. "We posted gross profit of $2.8 million in the quarter compared with a gross loss in the same quarter last year, reflecting both operational scale and the generation of Section 45Z Production Tax Credits."
Chairman and CEO Eric McAfee added, "Our focus on significantly improving cash flow from our California Ethanol segment is underway with the delivery of major equipment for the mechanical vapor recompression project."
For more details, visit the company's conference calls page at http://www.aemetis.com/investors/conference-calls/.
