Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company, announced financial results for the first quarter of 2026, highlighting a 27% increase in revenue to $54.6 million compared to $42.9 million in Q1 2025. The company achieved positive gross profit of $2.8 million, a significant improvement from a gross loss of $5.1 million in the same period last year, reflecting operational scale and the generation of production tax credits.
The Dairy RNG segment saw sales volume grow 55% to 110,000 MMBtu, up from 71,000 MMBtu in Q1 2025. This growth was supported by seven 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 in the prior year. Six additional biogas pathways are nearing approval, which could further enhance LCFS revenues in coming quarters. Revenue from Section 45Z Production Tax Credits amounted to $4.0 million in Q1 2026, with $1.4 million from Dairy RNG and $2.6 million from California Ethanol. This marks the first quarter of ongoing credit generation tied to quarterly production since 45Z eligibility was established in Q4 2025.
India Biodiesel revenue rebounded to $10.5 million with the resumption of tender shipments under new contracts. The California Ethanol segment sold 13.7 million gallons, slightly down from 14.1 million in Q1 2025, but benefited from improved profitability and tax credits. Overall operating loss improved approximately 60% to $6.3 million from $15.6 million, and net loss narrowed to $21.7 million from $24.5 million. Adjusted EBITDA was negative $1.3 million, compared to negative $10.7 million in the prior year.
Key operational milestones included the first delivery of four dairy biogas pretreatment skids under a $27 million fabrication contract, the first delivery of major equipment for a $40 million Mechanical Vapor Recompression (MVR) system at the Keyes ethanol plant, and the first delivery of equipment for an on-site RNG station to directly fuel trucks and gas delivery trailers. The MVR upgrade, which uses on-site solar and local geothermal grid electricity, is expected to displace approximately 80% of fossil natural gas at Keyes and is on track for 2026 completion.
Capital expenditures for Q1 2026 were $6.5 million, up from $1.8 million in Q1 2025, primarily for carbon intensity reduction projects and dairy digester construction. Cash at quarter-end was $4.8 million. The company is pursuing a multi-track financing plan, including advanced preparation for a potential long-term financing of the Keyes ethanol plant, ongoing financing for the dairy RNG digester buildout, and progress toward an initial public offering of its India subsidiary, Universal Biofuels Private Limited, for which it has retained legal, accounting, and IPO advisors.
For more details, visit the company's newsroom at https://tinyurl.com/amtxnewsroom.
