Aemetis (AMTX) investor relations material

Executive summary

• Q3 2026 revenue rose 49% YoY to $88.2M; net income was $5.2M versus a $23.7M loss, and Adjusted EBITDA was $24.8M versus negative $5.0M.

• Results reflected stronger ethanol performance, RNG growth, resumed India biodiesel shipments, and $24.7M in Section 45Z credit revenue, including an $11.0M cumulative true-up.

Financial highlights

• Q3 gross profit was $29.5M versus a $58K loss; operating income was $20.9M versus an $8.5M operating loss.

• Q3 interest expense rose to $15.8M from $15.0M; basic EPS was $0.07, while diluted EPS was a $0.02 loss after the assumed preferred-unit conversion adjustment.

• 9M revenue increased 33% to $205.5M; net loss narrowed to $25.9M from $71.7M, and operating income was $20.3M versus a $34.7M loss.

• 9M Adjusted EBITDA was $33.2M versus negative $21.5M; operating cash flow was $9.5M, investing used $33.9M, and financing provided $21.4M.

Outlook and guidance

• No numerical earnings guidance was provided; liquidity plans include ongoing Keyes operations, PTC monetization, efficiency upgrades, RNG expansion, and additional financing.

• Keyes MVR construction is progressing toward completion; it is expected to replace ~80% of plant fossil natural gas use, with most financial benefits expected in H2 2027 after commissioning and ramp-up.

• RNG expansion is subject to capital availability; agreements cover 50+ dairies, and environmental review is complete for another 24 miles of pipeline. Financing is in process for 13 additional digesters.

• India operations are expected to remain self-sustaining; a new executive team is developing growth plans and assessing a potential Universal Biofuels IPO.