Aemetis Reports 27% Revenue Growth in Q1 2026, Driven by Dairy RNG and Biodiesel Segments

Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company, announced financial results for the first quarter of 2026, reporting revenues of $54.6 million, a 27% increase from $42.9 million in Q1 2025. The growth was driven by strong performance across its California Ethanol, Dairy RNG, and India Biodiesel segments, with the company posting a gross profit of $2.8 million compared to a gross loss of $5.1 million in the same period last year.

The Dairy RNG segment sold 110,000 MMBtu during the quarter, a 55% increase from 71,000 MMBtu in Q1 2025, reflecting the ramp-up of volumes from a large centralized dairy digester that became operational late last year. The company also recognized $4.0 million in Section 45Z Production Tax Credits, marking the first quarter of ongoing credits generation tied to quarterly production since 45Z eligibility was established in Q4 2025. Seven fully approved LCFS provisional pathways with an average carbon intensity score of negative 380 contributed to revenues, with six additional biogas pathways nearing approval.

India Biodiesel rebounded to $10.5 million in revenue, driven by the resumption of OMC tender shipments under new contracts. The California Ethanol segment saw slightly lower ethanol gallons sold at 13.7 million gallons compared to 14.1 million in Q1 2025, but average selling prices remained constant. Operating loss improved approximately 60% to $6.3 million from $15.6 million in Q1 2025, while net loss narrowed to $21.7 million from $24.5 million. Adjusted EBITDA improved to negative $1.3 million from negative $10.7 million.

Key operational milestones included the first delivery of four dairy biogas pretreatment skids under a $27 million fabrication contract, delivery of major equipment for a $40 million Mechanical Vapor Recompression system at the Keyes ethanol plant, and the first delivery of equipment for an on-site RNG station to directly fuel trucks without using utility gas pipelines. The company is pursuing a multi-track financing plan, including advanced preparation for long-term financing of the Keyes ethanol plant, ongoing support for dairy digester buildout, and progress toward an IPO of its India subsidiary, Universal Biofuels Private Limited.

"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. "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."

For more details, visit the company's newsroom at https://tinyurl.com/amtxnewsroom and the conference call webcast at https://www.webcaster5.com/Webcast/Page/2211/53904.