Aemetis (AMTX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased 20% year-over-year to $62.7 million, driven by growth in California ethanol and Dairy RNG segments, and $8.6 million in Section 45Z tax credits.

• Gross profit turned positive at $13.5 million, reversing a loss in Q2 2025, with improved margins across all segments.

• Net loss narrowed to $9.4 million from $23.4 million in Q2 2025, aided by higher revenues and gross profit.

• Adjusted EBITDA increased by $15.5 million to $9.7 million, with Section 45Z credits contributing $8.6 million in new revenue streams.

• Ongoing capital projects include energy efficiency upgrades, expansion of biogas digesters, and corn oil production.

Financial highlights

• Q2 2026 revenue: $62.7 million (up from $52.2 million in Q2 2025).

• Gross profit: $13.5 million (vs. $3.4 million gross loss in Q2 2025).

• Operating income: $5.8 million (vs. $10.7 million loss in Q2 2025).

• Net loss: $9.4 million (improved from $23.4 million loss in Q2 2025).

• Adjusted EBITDA: $9.7 million (vs. -$5.8 million in Q2 2025).

Outlook and guidance

• Two new dairy digesters to be completed within a month; third corn oil unit operational later this fall.

• Mechanical vapor recompression project at Keyes ethanol plant expected operational by end of 2026, projected to add $32 million in annual cash flow.

• Six additional LCFS pathways pending approval; significant increases in RNG and ethanol revenues anticipated.

• Ongoing preparation for potential IPO of India subsidiary and long-term financing initiatives.

• India biodiesel deliveries underway, with further orders expected before year-end.