Aemetis, Inc. (AMTX) reports developments as a diversified renewable natural gas and biofuels company with California Ethanol, California Dairy Renewable Natural Gas, and India Biodiesel operations.
Recurring updates cover earnings, Dairy RNG production from dairy waste gas, LCFS and federal clean fuel tax credits, biodiesel deliveries by Universal Biofuels in India, and efficiency projects at the Keyes ethanol plant. Company news also references its California biogas digester and pipeline network, animal-feed co-products from ethanol production, and development work tied to sustainable aviation fuel and carbon sequestration.
Aemetis (AMTX) received California Air Resources Board approval for six dairy renewable natural gas pathways, effective October 1, 2026.
The provisional approvals under the Low Carbon Fuel Standard (LCFS) cover digesters built and operated by subsidiary Aemetis Biogas, with an average carbon intensity of negative 351. They follow seven dairy pathway approvals in June 2025. Aemetis expects the additions to increase LCFS credit generation and says two recently constructed digesters will be eligible for pathway approvals in 2027 through the Tier 1 filing process.
Aemetis (AMTX) reported its first quarterly net income as Stonegate Capital Partners updated coverage following the company's third-quarter 2026 results. Revenue rose 49% year over year to $88.2M, adjusted EBITDA reached $24.8M, and net income was $5.2M. Results included an $11.0M first-half 45Z tax-credit catch-up. Excluding that catch-up, renewable natural gas (RNG) 45Z revenue was $9.1M; RNG volume increased 39% year over year.
Keyes MVR system construction is targeted for completion around March 2027, with most benefits now expected in the second half of 2027. Management maintains an approximately $32M annual cash-flow opportunity. A third corn-oil unit scheduled for December completes a program expected to roughly double output versus the first quarter of 2026. Two digesters entered service in October, while six more low-carbon fuel standard (LCFS) pathways are nearing approval.
Aemetis (NASDAQ: AMTX) reported third-quarter 2026 net income of $5.2 million, reversing a loss in the same quarter last year. Revenue rose 49% to $88.2 million, while operating income reached $20.9 million versus an $8.5 million loss. Basic earnings were $0.07 per share; diluted earnings were negative $0.02 per share.
Revenue included $24.7 million of Section 45Z production tax credits, including an approximately $11.0 million catch-up adjustment for the first half of 2026. Renewable natural gas sales volume grew 39%. For the first nine months, revenue rose 33% to $205.5 million and net loss narrowed to $25.9 million from $71.7 million.
Cash ended September at $3.4 million, versus $4.9 million at year-end 2025. Current liabilities totaled $439.8 million. Aemetis is pursuing financing to address near-term obligations and support growth. Two dairy digesters began operating in October.
Aemetis (NASDAQ: AMTX) will host a conference call on November 5, 2026, to review its third quarter 2026 earnings report.
The call begins at 11 am Pacific Time and includes a question-and-answer session. The webcast will be available on the company website under Investors/Conference Calls. A telephone replay will be available through November 19, 2026; the webcast will remain available on the website afterward.
Aemetis (AMTX) has completed construction and started operating two additional dairy biogas digesters through its Aemetis Biogas subsidiary. Its network now includes 14 digesters receiving manure from 17 dairy facilities, expected to produce about 600,000 MMBtu per year of renewable natural gas (RNG). Aemetis has signed agreements with 50 dairies to install digesters.
The company expects to finish its first RNG fueling station in Keyes, California, in the next few weeks, with truck-fleet deliveries scheduled for November 2026. It plans to sell fuel for less than $2 per diesel gallon equivalent. Seven Low Carbon Fuel Standard pathways are approved, with six more nearing approval. Aemetis Biogas generated $22.8 million in Section 45Z tax credits through August 2026, yielding $62 of revenue per MMBtu from tax-credit sales. California low-carbon fuel credit prices rose from $42 in July 2025 to approximately $90 in October 2026.
Aemetis (AMTX) received $22.4 million from selling Section 45Z clean fuel production tax credits generated in 2026.
The credits came from ethanol and renewable natural gas production. Their values were approximately $0.33 per gallon of ethanol and $62 per MMBtu of renewable natural gas, before sale discounts and transaction costs. The values reflect a September 8 update to the federal 45ZCF-GREET model. The update adds a pathway for renewable natural gas made from dairy manure and allows ethanol producers to account for low-carbon corn grown with regenerative practices.
Aemetis expects its ethanol credit value per gallon to increase once its use of low-carbon corn is fully documented. The company also expects the ongoing value of its Section 45Z credits to grow with expanded production volumes and energy-efficiency projects.
Aemetis (AMTX) welcomed the unanimous legislative passage of California Senate Bill 795 enabling expanded E15 gasoline blending using existing vapor recovery equipment. SB 795 aims to resolve implementation delays that followed E15’s year-round approval under Assembly Bill 30 in October 2025.
A UC Berkeley study estimates E15 could cut blended gasoline costs to California consumers by $2.7 billion per year and add more than 600 million gallons of annual ethanol demand, about 10 times Aemetis’ 65 million gallon per year Keyes plant capacity. The facility also produces over two million pounds per day of distillers grain for about 80 dairies and is the largest California producer of renewable CO2. SB 795 now awaits Governor Newsom’s signature.
Aemetis (NASDAQ: AMTX) was the subject of an updated coverage report by Stonegate Capital Partners following 2Q26 results. Revenue rose 20% y/y and 15% q/q to $62.7 million, below the $68.6 million consensus, while Stonegate’s normalized EPS estimate of -$0.11 was better than the -$0.24 consensus.
According to Stonegate, gross profit improved to $13.5 million from a $3.4 million loss, and adj. EBITDA turned to $9.7 million from -$5.8 million, reflecting quarterly 45Z recognition, higher renewable natural gas (RNG) output, and better ethanol economics. Dairy RNG volumes grew 38% y/y to 146,900 MMBtu, with segment gross profit rising to $4.0 million from $0.9 million.
Stonegate highlighted seven approved LCFS pathways averaging -380 CI, six more nearing approval, and two digesters expected in 3Q26. Management targets Keyes MVR operation by year-end 2026, estimating about $32 million of annual value. However, Stonegate noted balance sheet constraints with $1.0 million in unrestricted cash and $415.9 million of total debt.
Aemetis (NASDAQ: AMTX) reported second quarter 2026 revenues of $62.7 million, up 20% from $52.2 million a year earlier, including $8.6 million of Section 45Z production tax credits. Dairy RNG volumes rose 38% to 146,900 MMBtu and California ethanol gallons sold increased 12% to 15.5 million, with average ethanol price up 9% to $2.19 per gallon.
Gross profit improved to $13.5 million from a $3.4 million gross loss, and operating income reached $5.8 million versus a $10.7 million operating loss in 2025. Net loss narrowed to $9.4 million from $23.4 million, while adjusted EBITDA turned positive at $9.7 million compared with negative $5.8 million. For the first half of 2026, revenue was $117.3 million and net loss was $31.1 million, both improved year over year.
Cash was $1.0 million at June 30, 2026 versus $4.9 million at year-end 2025, while current liabilities totaled $415.0 million, including $303.4 million of current long-term debt and $50.8 million of short-term borrowings. Aemetis invested $15.1 million in capital projects in the first half and is pursuing multiple financing initiatives, including potential long-term Keyes plant financing, Dairy RNG buildout funding, and a possible IPO of its India subsidiary.
Aemetis (NASDAQ: AMTX) reported that its India subsidiary, Universal Biofuels, has secured allocations to deliver more than 18 million liters of biodiesel over three months to India’s three government-owned Oil Marketing Companies, which is expected to generate about $17 million in revenue. Universal is also supplying distilled biodiesel to private commercial customers, with further OMC orders anticipated in 2026 as India targets increasing biodiesel blending from 1% to 5% by 2030.
Universal Biofuels, described as one of India’s largest biodiesel producers, has expanded capacity at its Kakinada plant to about 80 million gallons per year using a proprietary enzymatic process. The subsidiary is exploring additional India locations, new renewable fuels, and preparing for a potential minority-stake IPO on an India stock exchange, subject to market conditions.