Aemetis, Inc. (Nasdaq: AMTX) reported first-quarter 2026 results that highlight a transition from project development to recurring low-carbon fuel monetization, according to an update from Stonegate Capital Partners. The company posted revenue of $54.6 million, a 27% increase year-over-year, and gross profit turned positive at $2.8 million compared to a $5.1 million loss in the prior-year period. Adjusted EBITDA improved to a loss of $1.3 million from a loss of $10.7 million in 1Q25.
The key driver of the improvement was the recognition of $4.0 million in quarterly 45Z tax credits tied to current-period production across Aemetis' dairy renewable natural gas (RNG) and California ethanol operations. This follows a full-year 2025 catch-up recognized in the fourth quarter of 2025. The shift from one-time to recurring 45Z recognition marks a significant milestone, as credit monetization moves from narrative to reported earnings.
Dairy RNG is emerging as the clearest proof point for recurring cash flow. RNG volumes increased 55% year-over-year to 110,000 MMBtu. The company now has seven California Air Resources Board (CARB) pathways with a negative 380 carbon intensity (CI) score, which should materially improve Low Carbon Fuel Standard (LCFS) credit capture as volumes scale.
The Keyes MVR (Mechanical Vapor Recompression) project remains the largest near-term EBITDA inflection catalyst, according to Stonegate. Construction is advancing toward completion in 2026, and the MVR is expected to displace approximately 80% of fossil natural gas use at the Keyes ethanol plant, adding roughly $32 million of annual cash flow.
For business leaders, the implications are clear. Aemetis is demonstrating that its investments in low-carbon fuel infrastructure are beginning to generate tangible, recurring financial benefits. The transition from project buildout to monetization could signal a broader trend in the renewable fuels sector, where companies with operational assets start to realize the value of government incentives like 45Z and LCFS credits. Investors and industry observers will watch for continued volume growth and margin expansion as Aemetis scales its RNG operations and completes the Keyes MVR project.
Stonegate Capital Partners, a capital markets advisory firm, provided the update. The full announcement is available here.
