AMTX · Aemetis, Inc.

Aemetis delivered significant Q1 2026 improvement with revenues rising 27% to $54.6 million, driven by growth across California Ethanol, Dairy RNG, and India Biodiesel segments. Dairy RNG volumes surged 55% to 110,000 MMBtu, supported by a large centralized dairy digester and seven approved LCFS provisional pathways averaging negative 380 CI score, far better than the prior negative 150 default. India Biodiesel rebounded to $10.5 million on resumed OMC tender shipments. Gross profit flipped positive at $2.8 million from a $5.1 million loss last year, aided by operational scale and first-quarter $4.0 million Section 45Z Production Tax Credits ($2.6 million Ethanol, $1.4 million Dairy RNG). Operating loss narrowed 60% to $6.3 million as SG&A expenses dropped $1.4 million to $9.1 million, reflecting lower legal and transaction costs. Net loss improved to $21.7 million from $24.5 million, though interest expense rose slightly to $15.4 million excluding preferred unit accretion. Adjusted EBITDA loss narrowed sharply to negative $1.3 million from negative $10.7 million. Cash remained stable at $4.8 million amid $6.5 million capex for Keyes MVR system and dairy digesters. Management highlighted progress on Keyes ethanol plant upgrades to cut 80% fossil gas use via solar/geothermal, first equipment deliveries for RNG station and pretreatment skids, and multi-track financing including Keyes plant financing, Dairy RNG buildout, and India subsidiary IPO preparations. No forward guidance provided, but 45Z credits expected to normalize quarterly.