Aemetis, Inc. (NASDAQ: AMTX) reported financial results for the three months ended March 31, 2026, showing revenue growth of 27% to $54.6 million compared to $42.9 million in the same period of 2025. The company achieved a gross profit of $2.8 million, reversing a gross loss of $5.1 million in Q1 2025, driven by improved profitability across its California Ethanol, Dairy RNG, and India Biodiesel segments.
The Dairy RNG segment sold 110,000 MMBtu during the quarter, a 55% increase from 71,000 MMBtu in Q1 2025. This growth was supported by seven fully approved Low Carbon Fuel Standard (LCFS) provisional pathways with an average carbon intensity (CI) score of negative 380, compared to the negative 150 default pathway used in Q1 2025. The company noted that six additional biogas pathways are nearing approval, which is expected to further enhance LCFS revenues in later quarters of 2026.
California Ethanol segment revenues remained stable, with ethanol gallons sold slightly lower at 13.7 million gallons compared to 14.1 million gallons in Q1 2025, while average selling prices held constant. The India Biodiesel segment rebounded to $10.5 million in revenue, driven by the resumption of OMC tender shipments under new contracts.
A key highlight was the recognition of $4.0 million in Section 45Z Production Tax Credits in Q1 2026, representing the first quarter of ongoing quarterly credit generation since 45Z eligibility was established in Q4 2025. This included $1.4 million in the Dairy RNG segment and $2.6 million in the California Ethanol segment. The company expects 45Z accrual and monetization to normalize on a quarterly cadence going forward, with further improvement pending the updated 45ZCF-GREET model from 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. Selling, general and administrative expenses decreased by $1.4 million to $9.1 million, driven by lower legal and transaction costs.
Capital investments increased significantly, with $6.5 million spent on carbon intensity reduction projects at the Keyes ethanol plant and dairy digester construction, compared to $1.8 million in Q1 2025. Major equipment deliveries included the first of four dairy biogas pretreatment skids under a $27 million fabrication contract, major equipment for the $40 million Mechanical Vapor Recompression (MVR) system at Keyes, and equipment for an on-site RNG station to directly fuel trucks without using utility gas pipelines.
The company is pursuing a multi-track financing plan, including potential long-term financing for the Keyes ethanol plant, continued funding for dairy digester buildout, and progress toward an initial public offering of its India subsidiary, Universal Biofuels Private Limited. The MVR upgrade at Keyes is on track for completion in 2026.
For more details, the earnings review call is scheduled for 11:00 a.m. Pacific time, with access via webcast or by dialing +1-888-506-0062 (code 943189). Additional information is available on the company's conference calls page.
