AMTX

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 2:00 p.m. ET Chairman and Chief Executive Officer - Eric McAfee Chief Financial Officer - Todd Waltz President of Aemetis Advanced Fuels - Andy Foster Operator: Hello, and welcome to the Aemetis Second Quarter 2026 Earnings Conference Call. Joining us today are Eric McAfee, Chairman and Chief Executive Officer; Todd Waltz, Chief Financial Officer; and Andy Foster, President of Aemetis Advanced Fuels. I will now turn the call over to Mr. Todd Waltz. Todd Waltz: Thank you, and welcome, everyone. Before we begin, I'd like to remind you that during the call, we'll make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainty that could cause actual results to differ materially from those expressed or implied. Please refer to our earnings release and SEC filings for a discussion of these risks. For the second quarter of 2026, revenue grew 20% to $62.7 million compared to $52.2 million in the second quarter of 2025, with growth in both the California Ethanol and Dairy Renewable Natural Gas operating segments. Biodiesel revenue relied upon sales from private customers. The 3 India Oil marketing company customers issued about $17 million of allocations to our India subsidiary in late July, allowing us to begin biodiesel shipments under this new tender. Operating income improved by $16.4 million to $5.8 million in Q2 2026 compared with an operating loss of $10.7 million for the second quarter of 2025. Net loss improved by $14 million to $9.4 million compared to $23.4 million in the second quarter of 2025. Adjusted EBITDA increased by $15.5 million to $9.7 million in the second quarter of 2026 compared with a negative $5.8 million in the second quarter of 2025. The reconciliation of adjusted EBITDA to net loss is described in our earnings release issued today. An important new revenue component should be noted. Section 45Z Credits contributed $8.6 million, $2.2 million in dairy renewable natural gas and $6.4 million in California Ethanol. Excluding 45Z Credits entirely, Q2 gross profit of $13.8 million still improved by more than $8 million year-over-year, driven by lower priced corn at $6.07 per bushel versus $6.42 per bushel, a 12% increase in ethanol volume, ethanol pricing up 9% and a significant 38% increase in RNG volume. Cash at the end of the quarter was $1 million. On July 9, we announced that we received $17.6 million in net cash proceeds from the sale of Section 45Z Credits. Capital investments supporting our energy efficiency projects and investments in biogas production were $8.6 million in the quarter and $15.1 million for the first half. With that overview, I'll turn the call over to Eric. Eric McAfee: Thank you, Todd. Let's highlight 3 key takeaways from the second quarter. First, Q2 continues the financial inflection points we noted during the last earnings call. We grew consolidated revenue 20% year-over-year, posted an improvement in operating income of $16.4 million and increased adjusted EBITDA by $15.5 million compared to the second quarter of 2025. Second, we benefited from the California Air Resources Board approval a year ago of 7 new low carbon fuel standard pathways for our renewable natural gas business at an average carbon intensity score of negative 380 compared with the negative 150 default carbon intensity score for these digesters shown in Q2 2025 revenue. The approval of 7 biogas digesters has been providing additional revenue at the higher LCFS value each quarter since Q3 2025 and 6 additional biogas digester pathways are nearing approval. These LCFS pathway approvals substantially expand the LCFS credit generation per MMBtu of RNG produced and will continue to drive meaningful revenue increases as we scale production. And third, our capital projects are advancing. Let's review these projects and how we continue to create value as federal and state laws are being implemented. In our dairy renewable natural gas business, every MMBtu of dairy RNG generates 4 revenue streams: the natural gas molecule, a California Low Carbon Fuel Standard credit that is sold to oil companies, a federal D3 RIN that is sold to oil companies and a Section 45Z production tax credit. The LCFS credit and the 45Z tax credit are calculated using the carbon intensity of our biofuel. So credits are generated in proportion to how far below the standard a biofuel is scored. A LCFS pathway at negative 380 generates substantially more credit per MMBtu than the negative 150 default score. We have 7 approved LCFS pathways averaging negative 380 with 6 more in the CARB process. For the 45Z production tax credit, the credits we sold in July were valued at $15.20 per MMBtu at a negative 42 emissions rate, an emissions rate, which generates significantly less revenue than required under the one big beautiful bill. We anticipate that the Department of Energy will correct this oversight with an updated emissions rate that more accurately reflects the carbon reductions created by the renewable natural gas that we produce. As dairy renewable natural gas volume grows, all 4 revenue streams grow, but the approval of LCFS pathways in California and a correct emissions rate issued by the Department of Energy are expected to create significant increases in revenues from the same level of renewable natural gas production. We are waiting for the 6 pending digesters to be approved under the California LCFS and the corrected 45Z emissions rate to be implemented by the Department of Energy, so we can generate renewable natural gas revenues that are consistent with existing laws in California and at the federal level. Congress and the California legislature already passed the underlying laws that allow for these improvements. We now need the CARB pathways in the LCFS calc at the 45Z calculations to be implemented to generate the full amount of revenues from our RNG production. We operate 12 biogas digesters today, taking waste from 15 dairies and transporting biogas through a 36-mile pipeline to our RNG production facility that is connected to utility gas pipeline. We have more than 50 dairies under contract. Two more methane capture digesters are scheduled to be completed within a month, and we have received 10 of the 15 cleanup and compression units that will be located at the next 15 digesters to come online. Regarding our California ethanol business, we had a good quarter and have 2 projects that are slated to significantly improve our financial performance in addition to the expected reduction in core emission rates that will increase 45Z revenues. Our Mechanical Vapor Recompression system installation is an energy efficiency project that is expected to add approximately $32 million in annual cash flow from 3 positive impacts on our operations. We will reduce about 80% of the natural gas needed for our operations at the Keyes ethanol plant, which is a direct cost reduction that begins at commissioning. Removing fossil gas lowers the carbon intensity of our ethanol, which raises the value of the 45Z credit and LCFS credits generated by every gallon of ethanol. The MVR project is making excellent progress. The key equipment arrived in June, including 6 3,500-horsepower turbofans and the final large component arrived on site this week. Foundation concrete was poured in the past week, and the system is expected to be operational by the end of 2026. The MVR project has received approximately $19.7 million in grants and Section 48C tax credits from the California Energy Commission, Pacific Gas and Electric Company and the IRS. Second, we are installing upgraded corn oil separation units. Distillers corn oil is recovered from the ethanol process and sold as a low-carbon feedstock into the renewable diesel and sustainable aviation fuel markets, where demand has strengthened this year with higher federal renewable volume obligations. We have 2 of the 3 corn oil extraction units in operation with the third scheduled for later this fall. Combined, the units are expected to approximately double corn oil production compared to our first quarter production rate. Our India biofuels business is shipping biodiesel to oil marketing companies and to private customers. Biodiesel revenue was $2.5 million in the quarter, down sequentially as the oil marketing companies work through their tender process that concluded in late July. On August 4, we announced allocations to supply more than 18 million liters to India's 3 government-owned oil marketing companies over a 3-month period, which is expected to generate approximately $17 million in revenue. Deliveries under the tender allocation are underway. We are also expecting to increase supply to private commercial customers due to increases in the price of India petroleum diesel this year. India's stated goal is to raise biodiesel blending from 1% today to 5% by 2030, which would create about 1.2 billion gallons of annual biodiesel consumption. We continue to prepare documentation for a potential public offering of a minority stake in Universal Biofuels subject to market conditions. Our outlook on milestones and timing includes 2 dairy digesters completing within a month, the third corn oil unit operation later this fall, doubling corn oil production over Q1 2026, MVR operational at the ethanol plant by the end of 2026, 6 additional Low Carbon Fuel Standard pathways moving through CARB with the customary look back on approval. Dairy RNG and Corn Ethanol feedstock 45Z CF GREET updates from the Department of Energy, generating significant increases in renewable natural gas and ethanol revenues. And lastly, India deliveries across the current allocation period with additional orders anticipated before year-end. Thank you to our shareholders, analysts and partners for your continued support. Operator, let's take some questions. Operator: [Operator Instructions] Our first question today is coming from Derrick Whitfield with Texas Capital. Derrick Whitfield: Wanted to start on 45Z. Given the likely positive revision you'll receive in your CI score when the PER is finalized in November policy, do you have a sense of the amount of uplift you'll receive and the potential catch-up value for past molecules that have been processed under existing policy? Eric McAfee: We have 3 different 45Z updates we're expecting, 2 of which we have high confidence in the third of which we have moderate level of confidence. The first is the renewable -- dairy renewable natural gas calculation. A month ago was determined it was yet to be determined. So that number in California converted into kilograms would be about a negative 420 under the federal 45Z calculator. We're currently at negative 42. We do not have good clarity on where we're going to land between negative 42 and negative 420. So I can't give a whole lot of guidance on that. And unfortunately, the Department of Energy has not been really open about their process either. But the calculator is currently generating about $15.20 we have posted on our presentation showing that we could earn over $75 per MMBtu at a negative 375. So the range is rather wide about what we should see per MMBtu. In ethanol, the corn emission rate improvement would be anywhere from $6 million to $24 million of actual net cash improvement. And that range is more defined because of the USDA calculator. What is not defined yet is exactly what periods will apply to. Treasury guidance has shown it would start January 1, 2025. And so if it does, then we'll have about an 18-month look back at a onetime recapture of that 1.5 years. And then we share a portion of that with other parties involved with calculating the emissions rate and the farmers, of course. So the annual impact will be probably in the $6 million to $12 million per year, but with a onetime catch-up in the emissions rate. The last and third 45Z update is CO2 reuse. We currently reuse all of our CO2. We produce roughly 150,000-plus tons a year of CO2, and we have a facility that's operated by the Messer Company of Germany. And so we currently do not get any 45Z calculation value for that. Under 45Q, the reuse of CO2 generates value, but under 45Z, currently, it is not, and we're working to fix that. So the economic value of that would be somewhere probably in the $12 million to $15 million a year range as we optimize CO2. And then lastly, I'll just mention this, the MVR will generate a significant amount of additional 45Z revenue by decreasing our natural gas use by 80%. Derrick Whitfield: Great update and very detailed. I want to shift over to California LCFS with my follow-up. I wanted to get your thoughts on the recovery of low carbon fuel standard credits just based on what we saw last week in the 1Q CARB report and also the proliferation of LCFS markets that we're seeing. And we're increasingly seeing some of your competitors sell into the CFR market as well. So I would love your thoughts on how you expect the recovery of LCFS credit prices. Eric McAfee: Andy, do you want to talk about CFR? Andrew Foster: Just briefly that we're going through the process of qualifying for CFR. As you know, Derrick, it's about a 9-month process to get registered and all the rest. We're seeing significantly better values for the gas sold to Canada. So obviously, that's an appealing market. And as more companies start to do that, obviously, that will probably normalize some of the values that we're seeing. But we are actively underway and going through the registration process in Canada. Eric McAfee: And the California LCFS predictably is in deficit. What I think the market is learning is that as renewable diesel capacity increases, you have 2 constraints on generating more LCFS credits. First constraint is that there's only a certain amount of low-carbon feedstock in the market, tallow, UCO, distillers corn oil is very limited. And so you can double your renewable diesel capacity, but you're not doubling the number of LCFS credits when more soybeans and canola is used as the number of gallons increased. The second very real constraint is that over 80% of the diesel in California, about a 4 billion gallon market is already renewable diesel. So if you look back over the last 36 months and say, wow, we're going to double the amount of renewable diesel used in California, you run out of trucks. So there -- those 2 very significant constraints means that you're not seeing this growth rate of LCFS credits. Technically, you see a decrease over the last 2 quarters in LCFS credits produced by renewable diesel. Also, electricity was down, renewable diesel was down. You're seeing declines in the production of LCFS credits. At the same time, as you know, every single year, the number of LCFS credits that have to be delivered has increased. So this is resulting in a larger deficit every quarter. We expect this will go on for approximately the next 15 years. If you just read the data, that's sort of the way it's going to work. And at some point in time, traders will realize it's cheaper to buy a $100 or $200 LCFS credit than to run out of the LCFS bank and have to pay the max, which is today over $270 per credit. Operator: Our next question will be coming from Ed Woo with Ascendiant Capital. Edward Woo: Yes. Congratulations on all the progress. Going back to the LCFS credit recovery, the pricing has gone from about $55 a ton to about $80 a ton recently. Do you have any guidance on how high do you think it can go? Eric McAfee: Excellent. Well, the cap is $270. So we know the regulators it's $200 plus the cost of living index starting in 2016 is the calculator. We fully expect that the oil industry is doing what it can to try to convince California regulators not to enforce the rules. I think the reality is this is a 20-year program that was adopted in July of 2025. And there's a very limited amount of appetite for people to go back through what was a 4-year process of putting this in place. And so we expect that the program itself will continue to generate deficits, and we're largely just measuring how long it will take for major purchasers and obligated parties to decide that they should load up and be well positioned for the longer term. Right now, I think people are relying upon the large amount of credits in the bank. But as that excess pile of credits gets rapidly depleted, I think more and more traders will look out 3 to 4 years and decide they don't want to pay $270 per credit. Edward Woo: Great. That sounds good. And I wish you guys good luck. Eric McAfee: Thanks, Ed. Operator: Our next question is coming from Amit Dayal with H.C. Wainwright. Amit Dayal: With respect to sort of the India IPO process for the India biodiesel plant, I mean, the start and stop nature of the operations over there, is that becoming a little bit of an overhang on the process, Eric? Or how should we think about that item being checked off in 2026? Or does this get pushed out to 2027? Eric McAfee: The start/stop of our operation certainly has an impact, no question at all about that. But having an equal, maybe even a stronger impact is the global increase in the price of crude oil as a result of the Iranian war and the politics between the U.S. and India in which the U.S. now kind of controls India's purchases from Russia of crude oil. That has caused the India domestic diesel price to be increased multiple times in the last few months. And so the external drivers in favor of biodiesel adoption are very positive. What's having a bigger impact on our business than what the OMCs this month or next month are ordering as much as they could is just the impact of the higher energy prices for both liquefied natural gas as well as for liquid fuels, resulting from the Iranian war on the overall stock market. The overall stock market in India in the first 3 quarters of the year had some trouble. People expected that higher energy prices would hit earnings. There's been a bit of a recovery in the last month or so, and we've seen some IPOs that have now gone through. But there was a bottleneck in the IPO pipeline because of the overall market price decrease that happened in the first few months or first -- actually 2 quarters of 2026. That is what's directly impacting our timing. And as we talk about the IPO in India, we talk about market conditions. That's really the IPO market conditions that we're talking about. They're getting IPOs done now, but there was and is a pipeline of IPOs in process in India. We are very well positioned for growth in India as well as diversification. We have talked about additional biodiesel sites that's actively in process. Our strategy is to place our biodiesel plants close to sources of supply. We are the largest biodiesel producer in the country. We intend to stay that way. And we're working on diversification. Our diversification is into what they call compressed biogas, but we call it renewable natural gas as well as into sustainable aviation fuel. So we're executing on our plan. We have increasing confidence that the IPO market is showing some robustness. And we have engaged outside lawyers, accountants, IPO managers. We have a new CFO that joined us last year. We have a new CEO that joined us a while ago. We have an IPO in process in India. And subject to market conditions, it will happen as soon as the market is available for us to be the next one in line. Amit Dayal: Understood, Eric. You also mentioned some of that capacity is going to private parties, not the oil marketing companies. Is this sort of a new development? Or have you always been supplying some of that capacity to private players over there? Eric McAfee: It's a very good question. It is a new development. It is a very large market. The price of diesel in India has been controlled by the government. It's a part of their policy and with the inability for Russia to supply cheap crude oil into India, the India government has been forced to push up the price of diesel several times in the last few months. As a result, commercial customers can buy from us at attractive prices that are a discount of 3% to 5% below what they have to pay for diesel at the pump. They also get some other benefits like lower picket emissions and some other indirect benefits. But a savings of up to 5% on fuel is certainly material. So we have large commercial customers that we are either already shipping or expanding our relationship with that could be very significant volumes for us. Amit Dayal: Understood. Just last one for me. Are you comfortable with your liquidity position right now? The balance sheet seems to have quite a bit of current debt. So just wondering how you are planning to sort of address that part of the story. Eric McAfee: We have had a very positive and productive working relationship with our private credit provider, Third Eye Capital since 2018. And just within the last couple of months, had a visit by all the principals in the firm and very productive multi-day project tour and update, and we are looking forward to continued very successful relationship with Third Eye Capital. I should note that about $120 million of our funding with Third Eye is an effective interest rate of about 5%, and then we have some more expensive debt with them as well. But our goal is to continue paydowns as we do these catch-ups on 45Z and other events. So very large cash events that should be happening later on this year and that we can refinance the balance of those amounts all to longer term and lower interest rates. Operator: Our next question is coming from Dave Storms with Stonegate. David Storms: Just maybe I want to start with the gross margin profile, expecting that you'll be entering 2027 with even stronger profile following the MVR coming online. As we're thinking through the impact of that, do you think there will be more leverage to the gross margin on the revenue gains from the MVR coming online or the cost takeouts that are also associated with that? Eric McAfee: Very good question. About $8 million of the $32 million, so approximately 1 quarter comes from the petroleum natural gas cost reduction every month that we have to currently endure. So we're reducing fossil natural gas by about 80%. The 45Z and LCFS value adds up to about $24 million a year. As LCFS credits increase, the value of that $24 million increases. And so we do anticipate to actually have more than $32 million of ongoing value, especially as LCFS credits, which are currently in the $80 range, up from a little over $50 earlier this year. As they are expected to exceed $100 and then eventually exceed $150, that will increasingly reward us for this energy efficiency project at the ethanol plant. David Storms: That's great color. I appreciate that. Turning to your MMBtus, back of the envelope math has your digesters running 40,000 to 50,000 MMBtus per year. Obviously, with variances based on the weather, when it gets colder, the digesters digest less. Is that maybe a fair run rate, though, for these 2 new digesters that are coming online? Or are there other variables we should keep in mind? Eric McAfee: The size of the dairy is the #1 criteria. And so we will be updating some of that information over the course of next quarter. But dairies in general are 25,000 to 30,000 MMBtus per year. That's what our average dairy generation is. And these dairies are approximately average dairy size. Operator: We have reached the end of our question-and-answer session. So I'd like to turn the call back over to Mr. McAfee for any closing remarks. Eric McAfee: Thank you to Aemetis stockholders, analysts and others for joining us today. We look forward to talking with you about participating in the growth opportunities at Aemetis. Todd? Todd Waltz: Thank you for attending today's Aemetis earnings conference call. A written and audio version of this earnings review will be posted to the Investors section of the Aemetis website. Ollie? Operator: Thank you. Thank you, ladies and gentlemen. This does conclude today's call, and you may disconnect your lines at this time, and we thank you for your participation. Before you buy stock in Aemetis, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aemetis wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Aemetis (AMTX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Aemetis Inc (NASDAQ:AMTX) reported strong financial improvements in Q2 2026, with revenue growing 20% year-over-year to $62.7 million, operating income improving by $16.4 million to $5.8 million, and adjusted EBITDA increasing by $15.5 million to $9.7 million. The company received $17.6 million in net cash proceeds from the sale of Section 45Z credits in July, providing a significant liquidity boost. Aemetis Inc (NASDAQ:AMTX) has seven approved California LCFS pathways for its dairy RNG business with an average carbon intensity score of negative 380, which substantially increases credit generation per MMBTU, and six more pathways are nearing approval. The Mechanical Vapor Recompression (MVR) project at the California ethanol plant is on track for operation by the end of 2026 and is expected to add approximately $32 million in annual cash flow through reduced natural gas costs and higher credit values. The India biodiesel business received new allocations from three government-owned oil marketing companies in late July, expected to generate approximately $17 million in revenue, and is also expanding sales to private commercial customers due to rising diesel prices. The company is actively pursuing a potential public offering of a minority stake in its India subsidiary, Universal Biofuels, subject to market conditions, which could provide additional capital. Aemetis Inc (NASDAQ:AMTX) ended Q2 2026 with only $1 million in cash, indicating a tight liquidity position despite recent credit sales. The company's biodiesel revenue in India was down sequentially to $2.5 million in Q2, as the oil marketing companies worked through their tender process, highlighting the start-stop nature of this business. The Department of Energy has not yet corrected the 45Z emissions rate for RNG, which is currently generating significantly less revenue ($15.20 per MMBTU) than the company believes is warranted, creating uncertainty and delaying potential revenue uplifts. The company faces uncertainty regarding the timing and amount of potential 45Z catch-up payments, with the range of potential net cash improvement being wide ($6 million to $24 million) and dependent on regulatory decisions. The India IPO process for Universal Biofuels has been delayed due to unfavorable market conditions, including a downturn in the Indian stock market and a bottleneck in the IPO pipeline, pushing the timeline potentially into 2027. Aemetis Inc (NASDAQ:AMTX) carries a significant amount of debt with its private credit provider, Third Eye Capital, and while some is at a low interest rate, the company's ability to refinance the balance at lower rates depends on future large cash events like 45Z catch-ups. Warning! GuruFocus has detected 7 Warning Signs with AMTX. Is AMTX fairly valued? Test your thesis with our free DCF calculator. Q: Given the likely positive revision in your CI score when the 45Z emissions rate is finalized, what is the potential uplift and catch-up value for past molecules processed under existing policy?A: Eric McAfee, Chairman and CEO, outlined three expected 45Z updates. First, the RNG calculation could shift from the current negative 42 emissions rate to as low as negative 420, potentially increasing revenue from $15.20 per MMBTU to over $75 per MMBTU. Second, the corn ethanol emission rate improvement could yield $6 million to $24 million in net cash improvement, with a potential 18-month look-back recapture starting January 1, 2025, worth $6 million to $12 million annually. Third, CO2 reuse, currently not valued under 45Z, could add approximately $12 million per year. The MVR project will also boost 45Z revenue by cutting natural gas use by 80%. Q: What are your thoughts on the recovery of California LCFS credit prices and the proliferation of markets like Canada's CFR?A: Andy Foster, President of Aemetis Advanced Fuels, noted the company is actively qualifying for Canada's CFR market, a nine-month process, which offers significantly better gas values. Eric McAfee added that California's LCFS market is predictably in deficit due to constraints on low-carbon feedstocks and the fact that over 80% of California's diesel is already renewable diesel. With LCFS credit production declining while obligations rise annually, deficits will grow for ~15 years, eventually pushing traders to buy credits at $100-$200 rather than face the $270+ cap. Q: LCFS credit pricing has risen from $55 to $80 per ton. How high do you think it can go?A: Eric McAfee stated the cap is $270 per credit, adjusted for cost of living since 2016. He expects the oil industry to resist enforcement, but the 20-year program is unlikely to be revisited. As the credit bank depletes, more traders will look 3-4 years ahead and choose to buy credits at lower prices rather than risk paying the $270 maximum. Q: Is the start-stop nature of India biodiesel operations an overhang on the IPO process for Universal Biofuels? Will it happen in 2026 or be pushed to 2027?A: Eric McAfee acknowledged the operational impact but emphasized that global crude price increases from the Iranian war and US-India politics have raised India's domestic diesel prices, creating positive external drivers for biodiesel. The bigger factor is the Indian IPO market, which faced a bottleneck due to stock market declines in early 2026. The company has engaged lawyers, accountants, and IPO managers, and is positioned to proceed as soon as market conditions allow. Q: Is supplying biodiesel to private parties a new development, and how significant could this be?A: Eric McAfee confirmed this is a new development. With India's government forced to raise diesel prices due to reduced cheap Russian crude, commercial customers can buy biodiesel at a 3%-5% discount to pump diesel, plus other benefits. The company is expanding relationships with large commercial customers, which could generate very significant volumes beyond the oil marketing company tenders. Q: Are you comfortable with your liquidity position given the current debt on the balance sheet?A: Eric McAfee highlighted a productive relationship with private credit provider Third Eye Capital since 2018, including a recent multi-day project tour. Approximately $120 million of funding carries an effective interest rate of about 5%. The goal is to continue paydowns using large cash events like 45Z catch-ups later this year and refinance remaining balances to longer-term, lower-interest debt. Q: With the MVR coming online in 2027, will there be more leverage to gross margin from revenue gains or cost takeouts?A: Eric McAfee explained that of the $32 million in annual cash flow from MVR, about $8 million (one quarter) comes from reducing fossil natural gas costs by 80%. The remaining $24 million comes from 45Z and LCFS value adds. As LCFS credits rise from the current $80 range toward $100 and beyond $150, the value of the MVR project will increase, potentially exceeding the $32 million estimate. Q: Is a run rate of 40,000-50,000 MMBTUs per year fair for the two new digesters coming online?A: Eric McAfee stated that dairy size is the primary variable. Average dairies generate 25,000-30,000 MMBTUs per year, and the two new digesters are approximately average size. The company will update specific information in coming quarters as more digesters come online. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Revenue Growth of 20%, Positive Operating Income, and Increased Dairy RNG Production Revenues of $62.7 million, an increase of $10.5 million or 20% over the second quarter of 2025, with growth across California Ethanol and Dairy RNG segments and $8.6 million of Section 45Z tax credits Operating income improved by $16.4 million compared to the second quarter of 2025 Net loss of $9.4 million improved by $14.0 million compared to the second quarter of 2025 Adjusted EBITDA of $9.7 million improved by $15.5 million compared to the second quarter of 2025 Aemetis Biogas RNG sales volume grew 38% to 146,900 MMBtu, compared with 106,400 MMBtu in the second quarter of 2025 Ten digester cleanup skids have been received, and two biogas dairy digesters are expected to be commissioned in the third quarter of 2026 CUPERTINO, Calif., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on lower-cost and lower-emission products, today announced its financial results for the three and six months ended June 30, 2026. “Revenues during the second quarter of 2026 were $62.7 million, including $8.6 million of production tax credits. These results reflect strong execution by our California Ethanol and Dairy Renewable Natural Gas segments, with each segment contributing to a 20% year-over-year revenue increase,” said Todd Waltz, Chief Financial Officer of Aemetis. “We posted gross profit of $13.5 million and operating income of $5.8 million in the quarter compared with a gross loss and operating loss in the same quarter last year, reflecting both operational improvement and the generation of Section 45Z Production Tax Credits. With seven fully approved LCFS provisional pathways averaging a negative 380 CI score, six more biogas pathways nearing approval, and two additional dairy digesters expected to be commissions in the third quarter, we are poised to continue to grow biogas revenues.” “We are pleased with the continued growth of Aemetis Biogas production, including the ramp up of volumes from our most recently completed dairy digester that processes waste from two dairies that became operational late last year,” said Eric McAfee, Chairman and CEO of Aemetis. “Our focus on significantly improving cash flow from our California Ethanol segment is underway with the expansion of corn oil production and ongoing construction of the mechanical vapor recompression project, which will use on-site solar and local grid electricity to replace approximately 80% of the fossil natural gas used at the Keyes ethanol plant. The India Biodiesel subsidiary continues to lead the industry during a time of rapid growth and a renewed focus on biofuels by the India government.” Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific Time (PT). Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 423338Live Participant Dial In (International): +1-973-528-0011 entry code 423338Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/54334 For details on the call, please visit http://www.aemetis.com/investors/conference-calls/ Financial Results for the Three Months Ended June 30, 2026 Revenues were $62.7 million during the second quarter of 2026, a 20% increase from $52.2 million in the second quarter of 2025. The Dairy RNG segment sold 146,900 MMBtu during the second quarter, an increase of 38% from 106,400 MMBtu during the same period of the prior year. The ethanol gallons sold were 12% higher at 15.5 million gallons during the second quarter of 2026 compared to 13.8 million gallons during the second quarter of 2025. Average ethanol selling price rose 9% from $2.01 to $2.19 per gallon during the two periods. Biodiesel sales fell to $2.5 million during the second quarter of 2026 reflecting a lack of new purchases by OMC customers in India. Section 45Z tax credit income was recognized as revenue of $2.1 million for Dairy RNG and $6.5 million for the California Ethanol segment during the second quarter of 2026. Gross profit for the second quarter of 2026 was $13.5 million, which is a $17.0 million improvement compared to a gross loss of $3.4 million during the second quarter of 2025, reflecting the recognition of production tax credits in California Ethanol and RNG segments, and improved profitability in the California Ethanol segment from the lower delivered cost of corn of $6.07 per bushel compared to $6.42 per bushel and improved profitability in the Dairy RNG segment from increased RNG production, rising price of LCFS credits, and the seven approved LCFS provisional pathways. Selling, general and administrative expenses increased by $423 thousand to $7.7 million during the second quarter of 2026 compared to $7.3 million during the same period in 2025, driven primarily by compensation incentives during the second quarter of 2026. Operating income was $5.8 million for the second quarter of 2026, compared to operating loss of $10.7 million for the same period in 2025. Interest expense, excluding accretion of Series A Preferred Units in the Aemetis Biogas LLC subsidiary, increased to $13.7 million during the second quarter of 2026 compared to $12.3 million during the second quarter of 2025. Additionally, Aemetis Biogas recognized $1.5 million of accretion of the redemption cost for Series A Preferred Units during the second quarter of 2026 compared to $2.0 million during the second quarter of 2025. Net loss was $9.4 million for the second quarter of 2026, compared to net loss of $23.4 million for the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 was $9.7 million, compared with negative $5.8 million in the second quarter of 2025, an increase of $15.5 million. A reconciliation of Adjusted EBITDA to net loss is included in the supplemental tables that follow. Cash at the end of the second quarter of 2026 was $1.0 million compared to $4.9 million at the close of the fourth quarter of 2025. Investments in capital projects related to carbon intensity reductions at the Keyes ethanol plant and construction of dairy digesters were $8.6 million for the second quarter of 2026. Financial Results for the Six Months Ended June 30, 2026 Revenues were $117.3 million for the first half of 2026 compared to $95.1 million for the first half of 2025, with $12.6 million of Section 45Z tax credit income was recognized as revenue during the first six months of 2026. Gross profit for the first half of 2026 was $16.3 million compared to a gross loss of $8.4 million during the first half of 2025. Selling, general and administrative expenses were $16.8 million during the first half of 2026 compared to $17.8 million during the first half of 2025. Operating loss was $0.6 million for the first half of 2026 compared to $26.2 million for the first half of 2025. Interest expense was $28.0 million during the first half of 2026, excluding accretion and other expenses of Series A Preferred Units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $26.0 million during the first half of 2025. Additionally, our Aemetis Biogas LLC subsidiary recognized $3.1 million of accretion and other expenses in connection with the redemption obligation on its preferred units during the first half of 2026 compared to $4.3 million during the first half of 2025. Net loss for the first half of 2026 was $31.1 million, an improvement from a net loss of $47.9 million during the same period of 2025. Investments in capital projects of $15.1 million were made during the first half of 2026, comprised of investments in capital projects related to California Ethanol of $8.9 million and to Aemetis Biogas of $5.7 million and to other segments projects of $0.5 million. Capital Structure and Financing Update The Company is pursuing a multi-track financing plan to address near-term obligations and fund continued growth across its operating platform. Financing initiatives currently underway include advanced preparation for a potential long-term financing of the Keyes ethanol plant; ongoing financing efforts to support the continued Dairy RNG digester buildout; and continued progress toward a potential initial public offering of the Company's India subsidiary, Universal Biofuels Private Limited, for which the Company has retained legal, accounting, and IPO advisors. The MVR project at Keyes is expected to become operational in 2026. About Aemetis Headquartered in Cupertino, California, Aemetis is a diversified renewable natural gas and biofuels company focused on the development and operation of innovative technologies that lower energy costs and reduce emissions. Founded in 2006, Aemetis is operating and expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high-quality biodiesel and refined glycerin. To utilize the byproducts from ethanol production, Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com. Company Investor RelationsMedia Contact:Todd Waltz(408) [email protected] External Investor RelationsContact:Kirin SmithPCG Advisory Group(646) 863-6519 [email protected] Non-GAAP Financial Information We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, bad debt expense, income tax expense or benefit, accretion of Series A preferred unit expense, stock issued for services, monetized investment tax credits, loss on sale of assets, depreciation and amortization expense, and share-based compensation expense. Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results, budgeting, and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies. Safe Harbor Statement This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions, or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to refinance existing debt; our intention to repurchase the Series A Preferred Units relating to our Aemetis Biogas subsidiary; and our ability to raise additional equity capital or debt. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “efforts,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “preparation for,” “projects,” “pursuing,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws. (Tables follow)

Interested in Aemetis, Inc? Here are five stocks we like better. Aemetis returned to operating profitability in Q2 2026: Revenue rose 20% year over year to $62.7 million, operating income reached $5.8 million, and adjusted EBITDA improved to $9.7 million. Section 45Z credits contributed $8.6 million, followed by $17.6 million in net cash proceeds from credit sales in July. California RNG and ethanol expansion remains central to growth: New RNG pathway approvals with significantly lower carbon-intensity scores could increase LCFS credit generation, while the Keyes ethanol plant’s MVR project is expected by year-end 2026 to reduce natural-gas use by about 80% and potentially add $32 million in annual cash flow. India biodiesel shipments have resumed: Aemetis received approximately $17 million in new allocations to supply more than 18 million liters over three months, while continuing to evaluate a minority stake offering for its Universal Biofuels subsidiary and broader renewable-fuels opportunities. Aemetis (NASDAQ:AMTX) reported higher second-quarter revenue and a return to operating profitability, citing growth in its California ethanol and dairy renewable natural gas businesses as well as contributions from federal Section 45Z production tax credits. Revenue for the second quarter of 2026 increased 20% to $62.7 million from $52.2 million a year earlier. Operating income was $5.8 million, compared with an operating loss of $10.7 million in the prior-year quarter. Net loss narrowed to $9.4 million from $23.4 million, while adjusted EBITDA improved to $9.7 million from negative $5.8 million. → 3 Drone Stocks That Should Soar After the Summer Slump Chief Financial Officer Todd Waltz said Section 45Z credits contributed $8.6 million during the quarter, including $6.4 million from California ethanol and $2.2 million from dairy renewable natural gas, or RNG. The company subsequently received $17.6 million in net cash proceeds from sales of Section 45Z credits on July 9. Even excluding the tax credits, Aemetis said gross profit improved by more than $8 million year over year to $13.8 million. Waltz attributed the improvement to lower corn costs, higher ethanol volumes and pricing, and a 38% increase in RNG volume. The company ended the quarter with $1 million in cash and made $8.6 million of capital investments during the period, bringing first-half capital investments to $15.1 million. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Chairman and Chief Executive Officer Eric McAfee said the company’s dairy RNG business benefited from California Air Resources Board approval of seven Low Carbon Fuel Standard, or LCFS, pathways. The approved pathways carry an average carbon-intensity score of negative 380, compared with a negative 150 default score previously used for the digesters. According to McAfee, the lower carbon-intensity scores increase the number and value of LCFS credits generated per unit of RNG production. Six additional biogas digester pathways are nearing approval, he said. → Jersey Mike's Serves Fresh Gains After IPO Stumble Aemetis currently operates 12 biogas digesters serving 15 dairies, with biogas transported through a 36-mile pipeline to its RNG production facility. The company has contracts with more than 50 dairies. Two additional methane-capture digesters are scheduled for completion within a month, and Aemetis has received 10 of 15 cleanup and compression units intended for the next group of digesters. McAfee said dairy RNG generates four potential revenue streams: sales of the natural gas molecule, California LCFS credits, federal D3 renewable identification numbers, or RINs, and Section 45Z production tax credits. However, he said the company is awaiting Department of Energy updates to emissions-rate calculations used for 45Z credits. McAfee said the current federal calculator uses a negative-42 emissions rate for the company’s RNG, producing approximately $15.20 per MMBtu in credit value. He said Aemetis believes a corrected calculation could result in a substantially lower emissions rate and higher credit value, though he did not provide a specific forecast. Aemetis is advancing a mechanical vapor recompression, or MVR, project at its Keyes ethanol plant that it expects to be operational by the end of 2026. McAfee said the system is projected to reduce the plant’s natural-gas usage by about 80% and add approximately $32 million in annual cash flow through lower energy costs and higher LCFS and 45Z credit values associated with a lower-carbon ethanol product. The company has received approximately $19.7 million in grants and Section 48C tax credits for the MVR project from the California Energy Commission, Pacific Gas and Electric Company, and the Internal Revenue Service. Major equipment, including six 3,500-horsepower turbo fans, arrived during the second quarter, and foundation concrete was recently poured, McAfee said. During the question-and-answer session, McAfee said approximately $8 million of the projected $32 million annual benefit is tied to natural-gas cost reductions, with about $24 million tied to LCFS and 45Z value. He added that the credit-related benefit could increase if LCFS credit prices rise. The company is also installing upgraded corn-oil separation equipment. Two of three extraction units are operating, while the third is expected to begin operating later this fall. Aemetis expects the three units to approximately double corn-oil production compared with its first-quarter 2026 production rate. The recovered corn oil is sold as a feedstock for renewable diesel and sustainable aviation fuel. Aemetis reported $2.5 million in India biodiesel revenue during the second quarter, with sales coming from private customers while government-owned oil marketing companies completed a tender process. The company said India’s three oil marketing companies issued approximately $17 million of allocations to its India subsidiary in late July. On Aug. 4, Aemetis announced allocations to supply more than 18 million liters of biodiesel over a three-month period, and McAfee said deliveries under the tender were underway. McAfee also said the company expects sales to private commercial customers to increase following increases in India’s diesel prices. He described private-party sales as a newer development for the business, with commercial customers able to purchase biodiesel at discounts to diesel prices. Aemetis continues to prepare for a potential public offering of a minority stake in Universal Biofuels, its India subsidiary, subject to market conditions. McAfee said the company had engaged outside advisers and continues to pursue expansion and diversification opportunities in India, including renewable natural gas and sustainable aviation fuel. Regarding liquidity, McAfee said Aemetis intends to use potential Section 45Z catch-up payments and other large cash events to continue debt reductions and potentially refinance debt into longer-term, lower-interest-rate obligations. He said the company has maintained a working relationship with private credit provider Third Eye Capital since 2018. Aemetis, Inc, headquartered in Cupertino, California, is a renewable fuels and renewable natural gas producer dedicated to decarbonizing the transportation sector. The company operates two primary business segments: Aemetis Advanced Fuels, which manufactures ethanol, biodiesel and sustainable aviation fuel using patented carbon capture and separation technology; and Aemetis RNG, which develops dairy-based renewable natural gas projects in California for pipeline injection and transportation use. Since its incorporation in 2006, Aemetis has expanded its production footprint through organic growth and strategic acquisitions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Aemetis Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Thursday, May 7, 2026 at 2 p.m. ET Chief Financial Officer — Todd Waltz Chief Executive Officer — Eric McAfee President and Chief Operating Officer — Andy Foster Need a quote from a Motley Fool analyst? Email [email protected] Todd Waltz: Thank you, and welcome, everyone. Before we begin, I would like to remind you that during the call, we will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risk and uncertainty that could cause actual results to differ materially from those expressed or implied. Please refer to our earnings release and SEC filings for a discussion of these risks. For 2026, revenue grew 27% to $54.6 million compared with $42.9 million in 2025, with growth across each of the three reportable operating segments. Gross profit was $2.8 million in the quarter, a year-over-year improvement of nearly $8 million from the gross loss of $5.1 million in 2025. Operating loss improved approximately 60% to $6.3 million compared with $15.6 million in the prior period. Net loss improved to $21.7 million compared to $24.5 million in 2025. Production tax credits under 45C contributed $4 million of operating income during the quarter, $1.4 million in dairy RNG and $2.6 million in California ethanol, representing our first quarter of ongoing credit generation tied to quarterly production since 45z eligibility was established in 2025. Adjusted EBITDA for the quarter was negative $1.3 million, reflecting typical winter seasonality with stronger revenue and margin performance later in the quarter. Adjusted EBITDA and a reconciliation of EBITDA to net loss are described in our earnings release issued earlier today. Cash and cash equivalents at the end of the quarter were $4.8 million, comparable to year-end 2025. Capital investments in carbon intensity reduction and dairy digester construction totaled $6.5 million during the quarter. With that overview, I will turn the call over to Eric. Eric McAfee: Thank you, Todd. I want to highlight three key takeaways from 2026. First, Q1 was a financial inflection point. We grew consolidated revenue 27% year-over-year, posted positive gross profit, and improved operating loss by more than $9 million. All three of our reportable operating segments contributed to this result. Second, we benefited from the California Air Resources Board approval of seven new Low Carbon Fuel Standard pathways for our renewable natural gas business at an average carbon intensity score of negative 380 compared with a negative 150 default, which has been providing additional revenue at the higher LCFS value each quarter since Q3 2025. Six additional biogas digester pathways are nearing approval. These LCFS pathway approvals substantially expand the LCFS credit generation per MMBtu of RNG produced and will continue to drive meaningful revenue increases as we scale production. Third, our capital projects are advancing. We received the initial deliveries of dairy biogas pretreatment skids in April under our $27 million fabrication contract. Major equipment for the $40 million mechanical vapor compression project at our Keyes, California ethanol plant has arrived on-site and construction has begun. In dairy RNG, we sold 110 thousand MMBtus in Q1, a 55% increase over the same quarter last year. With H2S cleanup and biogas compression equipment contracted for 15 additional digesters, and four of the equipment units already delivered by the vendor, we are on track to double our operating dairy network with construction into 2027. At our ethanol plant, the MBR project is on track for completion later this year. The system will use on-site solar and grid electricity to displace approximately 80% of the fossil natural gas consumption at the plant. We expect MBR commissioning later this year to add approximately $32 million in annual cash flow from operations, including additional 45z and LCFS uplift from the expected reduction in the carbon intensity of the ethanol produced by the plant and cost savings on natural gas. In India, biodiesel revenue rebounded to $10.5 million in Q1 with the resumption of Oil Marketing Company shipments under new contracts. This revenue growth supports our planned initial public offering of the India subsidiary, Universal Biofuels Private Limited, for which we have retained legal, accounting, and IPO advisers. Looking ahead, our focus for 2026 is scaling production, monetizing the stacked credit value of our renewable fuels platform, completing the India IPO, and the refinancing of existing debt into long-term financing. The principal catalysts we are tracking through the year include the publication of the updated 45z GREET model by the Department of Energy to significantly increase revenues and margins, commissioning the MVR at the Keyes Ethanol Plant, rising LCFS credit prices caused by continued quarterly credit deficits, and progress on the India IPO. Thank you to our shareholders, analysts, and partners for your continued support. Operator, let us take some questions. Operator: We will now open the call for questions. Certainly. The floor is now open for questions. If you have any questions or comments, please press 1 on your phone at this time. We ask that while posing your question, you please pick up your handset if you are listening on a speakerphone to provide optimum sound quality. Please hold for just a few moments while we poll for any questions. Your first question is coming from Matthew Blair with TPH. Please pose your question. Your line is live. Matthew Blair: Thanks, and good morning, Eric. Certainly a lot of things going on at your company, but I was hoping you could talk about the possibility of the RD and SAF plant that has been on the table for a few years now, just in light of the very robust 2026 and 2027 RVO that materially increased the biomass-based diesel requirements. How are you thinking about that RD and SAF project? And maybe you could refresh us on how much it would cost and what kind of capacity it would provide. Thank you. Eric McAfee: Thank you, Matt. The capacity is 80 million gallons a year of SAF, or if we run it only in renewable diesel mode, it is 90 million gallons. And as you know from previous reports, we have 10 different airlines we signed definitive agreements with, etc. We got full permitting approval for construction to begin in 2024. However, market conditions in renewable diesel and SAF were hampered by a new president being hired that, of course, happened in late 2024. That caused the financing markets to take a delay in looking at SAF and RD. You have done a very good job covering margins at renewable diesel producers. Just yesterday in California, Phillips 66 announced they are running above their nameplate capacity on their renewable diesel plant. And certainly, the events since March 1 have driven the price of the molecule up substantially. LA quotes SAF in neat form at $9.80 a gallon as of yesterday. So the market conditions have moved in our favor significantly compared to where we were in late 2024 with a new president being hired who certainly had a policy position that needs some clarification. We are definitely in a position right now in which there is frankly a lot of interest in new SAF production. I would say that the uncertainty in the last few months has given a new certainty to the need for domestic production of renewable fuel and a clarity that airplanes are not going to fly on hydrogen, batteries, nuclear power, or any other sort of energy source other than liquid fuels for the foreseeable number of decades. So we positioned this project specifically for the conditions we are in right now: high price of crude oil alternatives and, frankly, coalescing enthusiasm for the renewable version, which is sustainable aviation fuel. So we are definitely making progress on the financing; that is actually the only remaining part of this. We have the authority to construct permit in place for the facility, and market conditions continue to be in favor of that. That 80 million gallons, of course, if we are selling at $9.80 a gallon, is almost $800 million additional revenue. And I think the industry today is reporting roughly $1.60 a gallon of operating margin. So, obviously, a very positive improvement in our company’s overall revenue and EBITDA growth. But I am going to wrap this up by saying that there are actually four different sources of revenue for that plant, and 45z, the clean fuels provision, is still an unknown. We do not have the updated 45z. It is absolutely expected anytime soon, certainly before June, that the Republicans need to post it. And since there are four revenue streams—you sell the molecule, you sell the California credits, the federal credits, and then receive the 45z production tax credit—that is having an impact on the timing of our financing. Most lenders especially are interested in knowing what the 45z revenue is for this project. Federal law is passed. Treasury adopted their guidance in February 2026 for 45z, but the actual calculator on the Department of Energy website is going to be—that spreadsheet needs to be posted with the updated rules in the spreadsheet in order to finalize that fourth leg of the stool. I want to put that note on the table that is having an impact. Of course, right now, the business works great without 45z, but people are curious to know what your total revenue is if we are doing a project of that size. Matthew Blair: Sounds good. And then the India biodiesel operations—nice to see them restarted in the first quarter. It looks like profitability is essentially breakeven, maybe a little bit below. Could you talk about your expectations for the second quarter? Do you think volumes will be in a similar range as the first quarter? And I think we typically see some margin improvement in the second quarter as you are able to shift different feedstocks. Do you think that will happen in the second quarter this time around? Thank you. Eric McAfee: Thanks, Matt. Let us talk about the overall trend in India, because it is very important for investors to understand that India is a socialist country, and they have elections that occurred in May. In order to support the existing government, a decision was taken by the government to set the price of diesel at the same price in March and in April as it was in January and February. There is no change in the price of diesel. I think most people on this call would understand that the price of diesel and crude oil dramatically increased in both March and April, but in India, it did not. So as of today, when you go to the pump in India, you do not know that the Iranian war happened from the price of the diesel at the pump. That means that the government is running a very large negative from their expected tax collections from diesel, and the Oil Marketing Companies are losing a very large amount of money every single day on selling diesel because they are buying crude oil at high prices and then selling it at prices below cost in India. That is about to change, and it should happen in the next few days that the price of diesel in India dramatically increases. The Oil Marketing Companies and the Ministry of Petroleum have known about this for two months and have been proactively meeting with the biodiesel and renewable diesel and sustainable aviation fuel producers—or to-be producers—in the country in order to come up with a much more solid program for us to be able to utilize all of our production capacity. We have an 80 million gallon plant that has been operating recently at 10% capacity. There has been a renewed focus on domestic renewable fuels in India. With the policies already in place, the National Biofuels Policy is 5% blended biodiesel in a 25 billion gallon market. That is about 1.25 billion gallons. Unfortunately, they are not at 5%; they are at a 0.5% blend right now, and that is rapidly changing. So you asked about second quarter. I would put it in the context of the trend of this year. We are seeing dramatic increases and, frankly, signing larger contracts and going back to the cost-plus contract model, which is what is in process right now in India. During the course of the next few months, I think you will see that kind of certainty come into play. Our IPO is really being built around us working on that reality that those policies need to be known and need to be adopted. We are setting up our IPO to be directly correlated with when those policies are adopted. I think it will have a very positive impact on not only the valuation of our business but how much money we raise. We are seeking for the IPO in India to be truly a breakout opportunity. We are looking to build the first global diversified renewable fuels business ever to go public in India and certainly anticipate that will be the positioning we have and that the events of the last two months are having a very significant impact on India and focusing them on redirecting themselves to these policies that they have already got in the books but they have not been fully enforcing. Matthew Blair: Sounds good. Thanks for your comments. Eric McAfee: Sure. Thank you. Operator: Your next question is coming from Nate Pendleton with Texas Capital. Please pose your question. Your line is live. Nate Pendleton: Morning. Do you provide more color around the financing commentary from the release? Just looking to better understand some of the options that are available to you on addressing the debt broadly. And then more specifically, what are you looking at with regard to Keyes and then the status of the refunding for the dairy RNG projects? Eric McAfee: The improved margins and, frankly, now recovery of confidence in the need for domestic renewable fuels is directly expanding our refinancing opportunities. We have been funded and supported for the last 18 years by roughly a $3 billion fund out of Toronto that holds our senior debt, except for the $50 million of U.S. debt that we have, and our expectation is that we will continue to have very positive trends toward having municipal bond financings available to us. Municipal bonds have been used by the renewable fuels industry for a variety of basically greenfield projects. We, of course, are not greenfield; we are expansion. We are actively in the market right now working on a municipal bond type refinancing of our existing bridge financing we got from Third Eye Capital. The Renewable Energy for America Program at USDA is active, but they have slowed down their expansion in renewable fuels in a portfolio review process. The timing of that seems to be changing on a regular basis. As they make a review of their portfolio goals, they will be expanding or not expanding—it is really quite uncertain, to be frank with you. The rapid expansion of interest in the municipal bond and even commercial credit markets, certainly private credit markets, all of which we have had active discussions with, I think are going to overshadow our Renewable Energy for America Program funding. I think we will be seeing much larger financings and moving much quicker than what the USDA program currently looks like for our company. Nate Pendleton: Understood. Thanks, Eric. And then I just wanted to get your perspective on LCFS prices for a moment. While the market has flipped to deficit generation recently, prices have broadly remained quite muted. Can you talk about your expectations for that market going forward? Eric McAfee: I think we are going to see a rapid price increase during the summer and early fall. What muted the deficit—that is, we had our second quarterly deficit on April 30, and that was for the fourth quarter of last year. So there is a trailing deficit announcement. It is literally four months after the end of the physical quarter when the announcement happens. But the price being muted was an expectation by traders that people would not drive as much with high gasoline prices. Interestingly enough, on a formulaic basis, gasoline currently represents roughly 2% of the income of the average American, and I think traders over-traded on this one. They were not anticipating that the Iranian war would actually not be as big of an impact on driving as what it has—or they thought it would have a bigger impact than what it really did. It did not have as big an impact, especially in California. LCFS credit deficits, however, are not driven just by consumption of gasoline. It is also driven by how many credits come from renewable diesel. Renewable diesel is the reason we got such a large 40 million credit bank, and renewable diesel has underperformed in Q4 last year and the first part of this year. I expect it to underperform in credit generation. So if you have fewer credits being generated, quite frankly, it was a lot more of a deficit than what was expected because there were fewer renewable diesel credits generated. We think the LCFS price trend is absolutely upwards. The question of pace has been impacted by the Iranian war. That play did not quite work out, and so we do expect increases to continue. There are plenty of credits in the market; it is not that issue. The issue is: do you want to pay $200 for it 18 months from now when there are very few in the credit bank? So it is a question of major oil company traders over the next 18 months at some point in time reaching a tipping point at which they decide they do not want to have to be buying $200 credits. They might as well get out there and buy whatever they can on the market. When that happens, you will see a very rapid price rise. I would not be surprised at all to see $150 in 2027 as traders see the cap as $268, and they want to get their book filled up as soon as possible. Nate Pendleton: Got it. Thanks for the color, Eric. Eric McAfee: Sure. Thank you. Operator: Your next question is coming from Sameer Joshi at H.C. Wainwright. Please pose your question. Your line is live. Sameer Joshi: Hey, good morning, good afternoon, Eric. Thanks for taking my questions. On the MBR, I understand it is going to be deployed before the end of the year. Are there any additional certifications or verifications needed to be done before you can start generating that $32 million annualized return from it? I know some of it will be immediate because of lower natural gas consumption, but for the other incentive-based cash flows, do you need to do anything? Andy Foster: Thank you for your question. No, there are no additional certifications necessary. We received an authority to construct from the air district, which is really the big number that we have to get crossed off before we can proceed with the project, and that was received last year. We have some local permits that are sort of ongoing as you do construction, but we do not have any requirements for additional permitting or authorization in order to proceed. Construction has begun. We have begun demolition on existing concrete structures. As Eric mentioned in his comments, we have received most of the major equipment stateside now. We received the turbofans from Germany last week. The main evaporator was received from PRASH in India about a week ago. It is currently in transit to the Keyes plant. All of the big-ticket items that take a long time to fabricate are either on-site or will be on-site within the next week or so. Sameer Joshi: Got it. Thanks for that, Andy. Moving to the India OMC activity there—thanks for the color that you provided, Eric, to the previous question. But in terms of pricing that will be available for you, do you expect it to be premium pricing relative to what you got in the last year, for example, or are getting currently? Eric McAfee: Yes, there is definitely premium pricing, actually. The next contract is already being discussed. The structure of a cost-plus contract—which we did $112 million of revenue and about $14 million of positive cash flow last time we had a cost-plus contract—is being strongly considered as a replacement for what they have done in the last couple of years, which was this uncertain sort of pick-a-number-and-see-what-happens kind of structure. We covered this a couple of years ago with investors, but just a reminder: the cost-plus structure was after many years of working with the government to come up with something that was going to expand capacity utilization in India. It worked very well. Then the India government passed a 20% tariff on the feedstock that was being used by the industry, and therefore the price of the formula went up 20% after they had issued us a contract. The Oil Marketing Companies did not want to take a loss, so they just did not take delivery. That created confusion in the market. That confusion has now gotten more clarified because of the very high-cost diesel and the need for them to start getting utilization in the biodiesel industry, and that is the resolution that is being worked out right now. We do expect to return to better conditions for full capacity utilization. India imports over 90% of its crude oil and really needs to expand its domestic production of renewable fuels. Sameer Joshi: Understood. Thanks for that. And then just one last one. You did mention you got seven LCFS pathways approved for the negative 380. Six are being worked on. Should we expect those to occur in the first half, or is it a second-half event? Eric McAfee: There is a strange delay in the process. We expect the approvals to occur, but then they are a look-back a couple of quarters. If we get an approval, for example, at the end of the fourth quarter, it is a look-back to the beginning of the third quarter. So an approval by December is actually effective July 1. Strange situation, but the reality is, yes, we do expect by the end of the year to see appropriate progress here with a look-back that looks like a six-month look-back because they do it the quarter after the closing of the quarter. We will keep the market apprised of progress here, and of course, we are focusing on moving it through the process as quickly as possible. Sameer Joshi: Understood. So that would potentially be a lump sum that you get if it is approved in the fourth quarter for the previous quarter? Eric McAfee: Yes, there might be a one-quarter catch-up, but in essence, it is just the delayed approval for the previous quarter—the way the government looks at it. Sameer Joshi: Thanks a lot. Thanks for taking my questions. Eric McAfee: Thank you, Sameer. Operator: Your next question is from Dave Storms with Stonegate. Please pose your question. Your line is live. David Joseph Storms: Good morning, and thank you for taking my questions. I wanted to stick with the dairy digesters. I believe you mentioned on the call you are expecting another 15—doubling your digesters by 2027. Can you just remind us when you actually get the investment tax credits related to those investments, and maybe just your thoughts around the monetization of those net credits? Eric McAfee: Good question. We get the tax credits upon the completion—the what they call in-service date—for each single digester. So we do not have to build all 15 of them and then add six months to that or anything. As we build each digester and it goes in service, we generate the section 48 investment tax credits. We have sold about $95 million of these tax credits. We tend to sell them in $5 million or higher increments, though that is not absolutely required, and we do expect to have a single party this year acquire each one of the investment tax credit projects that we generate. We will be seeking to do at least once a quarter. There is a potential to do it more than once a quarter depending on how many new units are completed. We expect this to be probably a third-quarter contribution but could be quicker than that. The market is moving quickly, and we have some refinancing activities going on that certainly are very positive for the business. We have already fully financed the construction of $27 million of H2S and compression skids. The process is going on; we have received four of them already and have more coming. We are rapidly executing on portions of this project right now. The investment tax credit delay is a month or so after the in-service date if we were doing it in the ordinary flow of business, so not a whole lot of delay between when the project is completed and when we get the cash. David Joseph Storms: Understood. That is very helpful. And then just sticking with those potential new digesters, do those come online at the negative 380 qualification status? Or how does that process look? If they do not come on at the negative 380, what do you think the current timeline is from the negative 150 to the negative 380? Andy Foster: Are you speaking about the new digesters that are not built? Correct. Given the temporary pathway score of negative 150, then once we go through the process with CARB—which hopefully now that they have moved to a Tier 1 approval process will be significantly shorter than what we have experienced in the last few years, which is this kind of 24- to 36-month approval process—it should be more like nine months. Then we would get the benefit of that higher—or lower, however you want to look at it—CI score. So initially it is a negative 150, and as you work your way through the approval process, then you go to the blended rate of the negative 380. David Joseph Storms: That is perfect. Thank you for taking my questions. Eric McAfee: Thank you, David. Operator: Your next question is coming from Ed Woo with Incendiant Capital. Please pose your question. Your line is live. Edward Moon Woo: Yeah. Congratulations on all the progress, guys. My question is, as we are getting closer to the India IPO, what are your priorities, or what have you allocated in terms of what you are going to do with the capital raised? Eric McAfee: The India IPO is primarily designed to support the expansion of the existing projects in India and in California. Our existing projects in California, specifically focused on dairy RNG, would be a use of some of the proceeds of our India business. That is one of the reasons why it will be the first global diversified—not just biodiesel, but multiple different fuels—company to go public in India that offers the India investor access to a very well-established incentive environment here in California called the Low Carbon Fuel Standard. The federal government support of the Low Carbon Fuel Standard in California is matched by the Renewable Fuel Standard at the federal level and the 45z production tax credit and the value of the molecule. So the Indian investor has access to arguably one of the best markets in the world for renewable fuels, and that is a diversification of the growth in the India business. Another point we have made publicly is that as the largest biodiesel producer in India, we happen to be very well-positioned to build the conversion of a biodiesel facility into sustainable aviation fuel. So our India IPO not only is biodiesel and dairy renewable natural gas, but also a conversion into a SAF producer in India in addition to expanding biodiesel. It is a diversified business. The India market is very deep and wide and right now is about to have the shock of its diesel life with an incredible percentage increase in diesel costs as a result of what has been going on in the world. It is a perfect storm in favor of us as a producer in India who has been there for 18 years to open our opportunity to the public markets. We are making excellent progress, and certainly market conditions will determine the actual timing of what we do, but market conditions are trending in our direction. Edward Moon Woo: Great. Well, thanks for answering my questions, and I wish you guys good luck. Eric McAfee: Thank you, Ed. Operator: There are no further questions in queue at this time. I would now like to turn the floor back over to Eric McAfee for closing remarks. Eric McAfee: Thank you to Aemetis, Inc. stockholders, analysts, and others for joining us today. We look forward to talking with you about participating in the growth opportunities at Aemetis, Inc. Todd Waltz: Thank you for attending today’s Aemetis, Inc. earnings conference call. A written and audio version of this earnings review will be posted to the Investors section of the Aemetis, Inc. website. Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in Aemetis, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Aemetis wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 974% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Aemetis (AMTX) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Interested in Aemetis, Inc? Here are five stocks we like better. "Financial inflection point": Q1 revenue rose 27% to $54.6 million and gross profit swung to $2.8 million from a year-ago loss, with production tax credits under Section 45Z contributing $4 million of operating income (dairy RNG $1.4M, California ethanol $2.6M). LCFS approvals and dairy RNG scale-up: CARB approved seven new LCFS pathways averaging a negative 380 CI score (vs. the -150 default), boosting credit value, while dairy RNG sales jumped 55% to 110,000 MMBTUs and Aemetis is on track to double its operating dairy digester network. Key projects and financing focus: The Keyes MVR project is expected to commission later this year to displace ~80% of fossil natural gas and add about $32 million in annual cash flow, while the company pursues refinancing and an India IPO amid financing being the main outstanding item for its larger RD/SAF expansion. Aemetis (NASDAQ:AMTX) reported first-quarter 2026 results that management described as a “financial inflection point,” driven by higher revenue across all three operating segments, a swing to positive gross profit, and initial quarterly production tax credit generation under Section 45Z. Chief Financial Officer Todd Waltz said first-quarter revenue rose 27% year over year to $54.6 million, compared with $42.9 million in the first quarter of 2025. Gross profit was $2.8 million, improving from a gross loss of $5.1 million a year ago. Operating loss improved about 60% to $6.3 million from $15.6 million, and net loss narrowed to $21.7 million from $24.5 million. → Berkshire Hathaway’s Record Cash Hoard: Why and What's Next? Waltz said production tax credits under Section 45Z contributed $4 million of operating income during the quarter, including $1.4 million from dairy renewable natural gas (RNG) and $2.6 million from California ethanol. He characterized the quarter as the company’s first period of “ongoing credit generation tied to quarterly production since 45Z eligibility was established in the fourth quarter of 2025.” Adjusted EBITDA was negative $1.3 million, which Waltz attributed to “typical winter seasonality,” with stronger revenue and margin performance later in the quarter. Cash and cash equivalents ended the quarter at $4.8 million, comparable to year-end 2025. Capital investments in carbon intensity reduction and dairy digester construction totaled $6.5 million in the quarter. → A Prada Payday: Is AMC Back in Style? Chairman and CEO Eric McAfee pointed to three main takeaways from the quarter. First, he emphasized the year-over-year improvements in consolidated revenue, gross profit, and operating loss, noting that all three reportable operating segments contributed. Second, McAfee highlighted California Air Resources Board (CARB) approval of seven new Low Carbon Fuel Standard (LCFS) pathways for Aemetis’ RNG business. He said the newly approved pathways carry an average carbon intensity (CI) score of negative 380, compared with the negative 150 default score, and have provided additional revenue at higher LCFS value each quarter since the third quarter of 2025. McAfee added that six additional biogas digester pathways are nearing approval, and said the pathway approvals “substantially expand the LCFS credit generation per MMBTU of RNG produced.” → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Third, McAfee detailed progress on capital projects. He said Aemetis received initial deliveries of dairy biogas pretreatment skids in April under a $27 million fabrication contract. He also said major equipment for a $40 million mechanical vapor recompression (MVR) project at the Keyes, California ethanol plant has arrived on-site and construction has begun. In dairy RNG, McAfee said the company sold 110,000 MMBTUs in the first quarter, a 55% increase over the same quarter last year. He said hydrogen sulfide cleanup and biogas compression equipment has been contracted for 15 additional digesters, with four units already delivered, and that Aemetis is “on track to double” its operating dairy network with construction continuing into 2027. McAfee said the Keyes MVR project remains on track for completion later this year and is intended to displace about 80% of fossil natural gas use at the plant by using on-site solar and grid electricity. He said the company expects MVR commissioning later this year to add about $32 million in annual cash flow from operations, including incremental 45Z and LCFS benefits from a lower CI score for the ethanol produced, as well as natural gas cost savings. In response to an analyst question, President of Aemetis Advanced Fuels Andy Foster said no additional certifications are necessary beyond permits already obtained. Foster said the company received an authority to construct from the air district last year and has local permits that proceed as construction continues. He added that demolition has started and that major long-lead equipment is already in transit or on-site, including turbofans received from Germany and an evaporator from Praj in India that was in transit to the Keyes plant. McAfee said India biodiesel revenue rebounded to $10.5 million in the quarter following the resumption of oil marketing company (OMC) shipments under new contracts. He said the revenue growth supports the planned initial public offering of the India subsidiary, Universal Biofuels Private Limited, and noted the company has retained legal, accounting, and IPO advisors. Discussing India’s market dynamics during Q&A, McAfee attributed recent profitability pressure to government pricing decisions that held diesel prices flat despite higher crude oil costs, which he said has caused OMCs to lose money selling diesel below cost. He said he expects diesel pricing to increase and described ongoing discussions with OMCs and the Ministry of Petroleum regarding a “much more solid program” to better utilize industry production capacity. McAfee also said a cost-plus contract structure is being strongly considered as a replacement for what he described as an uncertain pricing approach in recent years. He cited prior results under a cost-plus model, saying the company previously generated $112 million of revenue and about $14 million of positive cash flow under that structure. He linked the company’s IPO timing to clearer adoption and enforcement of India’s biofuels policies, including the National Policy on Biofuels’ stated 5% biodiesel blend target. When asked about the use of potential IPO proceeds, McAfee said the India IPO is designed to support expansion of projects in India and California, including dairy RNG. He also said the India business is positioned to convert a biodiesel facility into sustainable aviation fuel (SAF) production in addition to expanding biodiesel output. On financing and debt, McAfee said improved margins and renewed “confidence in the need for domestic renewable fuels” have expanded refinancing options. He said the company has been supported by a Toronto fund that holds its senior debt, aside from $50 million of USDA debt, and said Aemetis is pursuing a municipal bond-style refinancing of existing bridge financing from Third Eye Capital. McAfee also addressed the USDA’s Rural Energy for America Program (REAP), saying activity continues but the agency has slowed renewable fuels expansion amid a portfolio review, creating uncertainty. He said growing interest in municipal bonds and private and commercial credit markets may “overshadow” REAP for Aemetis’ funding needs. On LCFS prices, McAfee said he expects an upward trend with a “rapid price increase during the summer and early fall,” while acknowledging recent muted pricing. He attributed some market behavior to traders’ expectations about reduced driving with higher gasoline prices and said renewable diesel credit generation has underperformed, contributing to a larger-than-expected deficit. He also suggested market participants may move more aggressively to buy credits as they look ahead to potential scarcity, noting the LCFS credit price cap of $268 and saying he “wouldn’t be surprised” to see $150 in 2027. McAfee also provided an update on the company’s long-discussed renewable diesel (RD) and sustainable aviation fuel project. He said the facility would have capacity of 80 million gallons per year of SAF, or 90 million gallons if operated only in renewable diesel mode, and that Aemetis has signed definitive agreements with 10 airlines and obtained full permitting approval for construction to begin in 2024. He said financing remains the key outstanding item and added that lenders are focused on clarity around 45Z economics, including the pending updated 45ZCF-GREET model and related Department of Energy calculator. McAfee said the project economics “work great without 45Z,” but that the credit remains an important factor in financing timelines. Looking ahead, McAfee said the company’s 2026 priorities include scaling production, monetizing “stacked” credit value across its renewable fuels platform, completing the India IPO, and refinancing existing debt into long-term financing. He listed key catalysts the company is tracking this year, including the updated 45ZCF-GREET model, commissioning of the Keyes MVR project, rising LCFS credit prices amid continued deficits, and progress on the India IPO. Aemetis, Inc, headquartered in Cupertino, California, is a renewable fuels and renewable natural gas producer dedicated to decarbonizing the transportation sector. The company operates two primary business segments: Aemetis Advanced Fuels, which manufactures ethanol, biodiesel and sustainable aviation fuel using patented carbon capture and separation technology; and Aemetis RNG, which develops dairy-based renewable natural gas projects in California for pipeline injection and transportation use. Since its incorporation in 2006, Aemetis has expanded its production footprint through organic growth and strategic acquisitions. The article "Aemetis Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Revenue Growth of 27%, Positive Gross Profit, and Increased Dairy RNG Production Revenues of $54.6 million, an increase of 27% over Q1 2025, with growth across California Ethanol, Dairy RNG, and India Biodiesel segments Gross profit of $2.8 million, compared with a gross loss of $5.1 million in Q1 2025 Operating loss improved approximately 60% to $6.3 million, compared with $15.6 million in Q1 2025 Aemetis Biogas RNG sales volume grew 55% to 110,000 MMBtu, compared with 71,000 MMBtu in Q1 2025 India Biodiesel rebounded to $10.5 million in revenue with the resumption of OMC tender shipments under new contracts $4.0 million of Section 45Z Production Tax Credits recognized in Q1 2026 — representing the first quarter of ongoing credits generation tied to quarterly production since 45Z eligibility was established in Q4 2025 Revenues include LCFS credits earned from seven Dairy RNG pathways with an average CI score of negative 380, versus the negative 150 default pathway that applied for Q1 2025 revenues — with 6 additional biogas pathways nearing approval First delivery of four dairy biogas pretreatment skids in April under $27 million fabrication contract First delivery of major equipment to Keyes ethanol plant for $40 million Mechanical Vapor Recompression system First delivery of major equipment for on-site RNG station to directly fuel trucks and gas delivery trailers without using utility gas pipeline CUPERTINO, Calif., May 07, 2026 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on lower-cost and lower-emission products, today announced its financial results for the three months ended March 31, 2026. “Revenues during the first quarter of 2026 were $54.6 million, reflecting strong execution across our California Ethanol, Dairy RNG, and India Biodiesel segments, with each segment contributing to a 27% year-over-year revenue increase, ” said Todd Waltz, Chief Financial Officer of Aemetis. “We posted gross profit of $2.8 million in the quarter compared with a gross loss in the same quarter last year, reflecting both operational scale and the generation of Section 45Z Production Tax Credits. With seven fully approved LCFS provisional pathways averaging a negative 380 CI score, and six more biogas pathways nearing approval, we expect to significantly improve our Low Carbon Fuel Standard revenues during later quarters of 2026.” “We are pleased with the continued growth of Aemetis Biogas production, including the ramp up of volumes from a large centralized dairy digester to process waste from multiple dairies that became operational late last year,” said Eric McAfee, Chairman and CEO of Aemetis. “Our focus on significantly improving cash flow from our California Ethanol segment is underway with the delivery of major equipment for the mechanical vapor recompression project, which uses on-site solar and local geothermal grid electricity to displace approximately 80% of the fossil natural gas at Keyes. The India Biodiesel subsidiary continues to lead the industry during a time of rapid growth and a renewed focus by the India government.” Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT). Live Participant Dial In (Toll Free): +1-888-506-0062 entry code 943189 Live Participant Dial In (International): +1-973-528-0011 entry code 943189 Webcast URL: https://www.webcaster5.com/Webcast/Page/2211/53904 For details on the call, please visit http://www.aemetis.com/investors/conference-calls/ Financial Results for the Three Months Ended March 31, 2026 Revenues were $54.6 million during the first quarter of 2026, an increase from $42.9 million for the first quarter of 2025. Dairy RNG segment sold 110,000 MMBtu during the first quarter, an increase of 55% from 71,000 MMBtu during the same period of the prior year. The ethanol gallons sold were slightly lower at 13.7 million gallons during the first quarter of 2026 compared to 14.1 million gallons during the first quarter of 2025. Average ethanol selling price remained constant during the two periods. Biodiesel sales rose to $10.5 million during the first quarter of 2026 with the resumption of biodiesel tender orders. Tax credits related to 45Z were recognized as revenue of $1.4 million and $2.6 million in Dairy RNG and California Ethanol segments respectively. Gross profit for the first quarter of 2026 was $2.8 million, compared to a gross loss of $5.1 million during the first quarter of 2025 reflecting improved profitability in the California Ethanol segment and improved profitability in the Dairy RNG segment from increased RNG production and the seven approved LCFS provisional pathways. Selling, general and administrative expenses decreased by $1.4 million to $9.1 million during the first quarter of 2026 compared to $10.5 million during the same period in 2025, driven primarily from legal and other transaction costs associated with investment tax credit sales during the first quarter of 2025. Operating loss was $6.3 million for the first quarter of 2026, compared to operating loss of $15.6 million for the same period in 2025. Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $14.4 million during the first quarter of 2026 compared to $13.7 million during the first quarter of 2025. Additionally, Aemetis Biogas recognized $1.6 million of accretion of Series A preferred units during the first quarter of 2026 compared to $2.3 million during the first quarter of 2025. Net loss was $21.7 million for the first quarter of 2026, compared to net loss of $24.5 million for the first quarter of 2025. Adjusted EBITDA for the first quarter of 2026 was negative $1.3 million, compared with negative $10.7 million in the first quarter of 2025. A reconciliation of Adjusted EBITDA to net loss is included in the supplemental tables that follow. Cash at the end of the first quarter of 2026 was $4.8 million compared to $4.9 million at the close of the fourth quarter of 2025. Investments in capital projects related to carbon intensity reductions at the Keyes ethanol plant and construction of dairy digesters of $6.5 million for the first quarter of 2026 was a significant increase over $1.8 million during the first quarter of 2025. Section 45Z Production Tax Credits During 2025, Aemetis recognized $10.4 million of Section 45Z Production Tax Credit operating income, comprised of $5.2 million in the Dairy RNG segment and $5.1 million in the California Ethanol segment. As disclosed in the Company's 2025 Form 10-K, this full-year recognition was reflected in the fourth quarter of 2025, when eligibility and transferability requirements were demonstrated. First quarter 2026 results reflect $4.0 million of Section 45Z Production Tax Credit revenue based upon credits earned from first quarter production of ethanol and RNG — $1.4 million in Dairy RNG and $2.6 million in California Ethanol. As a result, first quarter 2026 California Ethanol and Dairy RNG revenues are expected to reflect underlying production economics comparable to the fourth quarter of 2025 on a basis that excludes the full-year 45Z recognition booked in that quarter. The Company expects 45Z accrual and monetization timing to normalize on a quarterly cadence going forward, with further improvement pending publication of the updated 45ZCF-GREET model by the Department of Energy. Capital Structure and Financing Update The Company is pursuing a multi-track financing plan to address near-term obligations and fund continued growth across its operating platform. Financing initiatives currently underway include advanced preparation for a potential long-term financing of the Keyes ethanol plant; ongoing financing efforts to support the continued Dairy RNG digester buildout; and continued progress toward a planned initial public offering of the Company's India subsidiary, Universal Biofuels Private Limited, for which the Company has retained legal, accounting, and IPO advisors and expects to provide an update on investment banking engagement in the near term. The MVR upgrade at Keyes is on track for 2026 completion. About Aemetis Headquartered in Cupertino, California, Aemetis is a diversified renewable natural gas and biofuels company focused on the development and operation of innovative technologies that lower energy costs and reduce emissions. Founded in 2006, Aemetis is operating and expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality biodiesel and refined glycerin. To utilize the byproducts from ethanol production, Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com. Non-GAAP Financial Information We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, bad debt expense, income tax expense or benefit, accretion of Series A preferred unit expense, stock issued for services, monetized investment tax credits, loss on sale of assets, depreciation and amortization expense, and share-based compensation expense. Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results, budgeting, and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison between companies. Safe Harbor Statement This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions, or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to refinance existing debt; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary; and our ability to raise additional equity capital or debt. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws. Company Investor Relations/ Media Contact: Todd Waltz (408) 213-0940 [email protected] External Investor Relations Contact: Kirin Smith PCG Advisory Group (646) 863-6519 [email protected] (Tables follow)