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Aemetis Reports First Quarter 2026 Financial Results

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  • Aemetis reported Q1 2026 revenues of $54.6 million, a 27% increase over $42.9 million in Q1 2025, driven by growth across California Ethanol, Dairy RNG, & India Biodiesel segments.
  • Gross profit turned positive at $2.8 million compared to a $5.1 million gross loss in Q1 2025.
  • Operating loss improved 60% to $6.3 million from $15.6 million in the prior year quarter.
  • Dairy RNG sales volume grew 55% to 110,000 MMBtu, up from 71,000 MMBtu in Q1 2025.
  • India Biodiesel revenue rebounded to $10.5 million following the resumption of OMC tender shipments under new contracts.
  • The company recognized $4.0 million in Section 45Z Production Tax Credits, marking the first quarter of ongoing quarterly credit generation since eligibility began in Q4 2025.
  • LCFS credits were included in revenues from seven approved Dairy RNG pathways with an average carbon intensity score of -380, compared to the -150 default pathway used in Q1 2025.
  • Six additional biogas pathways are nearing approval to further enhance LCFS revenue potential.
  • The first delivery of four dairy biogas pretreatment skids occurred in April under a $27 million fabrication contract.
  • Major equipment delivery began for a $40 million Mechanical Vapor Recompression system at the Keyes ethanol plant, expected to displace 80% of fossil natural gas using solar & geothermal electricity.
  • First delivery of major equipment for an on-site RNG station was completed to fuel trucks & trailers without utility pipeline gas.
  • Selling, general, & administrative expenses decreased by $1.4 million to $9.1 million, driven by reduced legal & transaction costs compared to the prior year.
  • Net loss narrowed to $21.7 million from $24.5 million in Q1 2025.
  • Adjusted EBITDA improved to a loss of $1.3 million from a loss of $10.7 million in the prior year quarter.
  • Cash on hand stood at $4.8 million at the end of Q1 2026, down slightly from $4.9 million in Q4 2025.
  • Capital project investments totaled $6.5 million, an increase from $1.8 million in Q1 2025, focusing on carbon intensity reductions & digester construction.
  • The company is pursuing multi-track financing including a potential long-term loan for the Keyes plant, funding for Dairy RNG expansion, & preparations for an IPO of its India subsidiary, Universal Biofuels Private Limited.
  • The MVR upgrade at the Keyes plant remains on track for 2026 completion.