Aemetis (AMTX) Q1 2026 earnings summary

Executive summary

• Revenue grew 27% year-over-year to $54.6 million, driven by gains in all operating segments and the first-time recognition of Section 45Z production tax credits.

• Gross profit reached $2.8 million, reversing a $5.1 million loss in the prior year, mainly due to lower corn costs, increased biodiesel sales, and tax credit income.

• Operating loss improved by over 60% to $6.3 million from $15.6 million year-over-year.

• Net loss narrowed to $21.7 million from $24.5 million year-over-year, reflecting improved gross profit and lower SG&A expenses as a percentage of revenue.

• Adjusted EBITDA improved to negative $1.3 million from negative $10.7 million in Q1 2025.

Financial highlights

• Dairy RNG sales volume increased 55% to 110,000 MMBtu; India Biodiesel revenue rebounded to $10.5 million.

• Section 45Z Production Tax Credits contributed $4.0 million in Q1 2026.

• SG&A expenses decreased by $1.4 million to $9.1 million, now 17% of revenue.

• Cash and equivalents stood at $4.8 million at quarter-end, flat versus year-end 2025.

• Total debt increased to $404.7 million.

Outlook and guidance

• Focus for 2026 includes scaling production, monetizing renewable fuel credits, completing the India IPO, and refinancing debt.

• Key catalysts: updated 45ZCF-GREET model, MVR commissioning, rising LCFS prices, and India IPO progress.

• Substantial doubt remains about ability to continue as a going concern due to high debt and negative cash flow.