Aemetis — Q2 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended June 30, 2026, reached $62.7 million, a 20% increase from $52.2 million in Q2 2025.
• Revenue for the six months ended June 30, 2026, totaled $117.3 million, up from $95.1 million in the same period of 2025.
• Gross profit for Q2 2026 was $13.5 million, an improvement of $17.0 million compared to a gross loss of $3.4 million in Q2 2025; for the first half of 2026, gross profit was $16.3 million versus a loss of $8.4 million in 2025.
• Operating income for Q2 2026 was $5.8 million, compared to an operating loss of $10.7 million in Q2 2025; for the first half of 2026, operating loss was $0.6 million versus $26.2 million in 2025.
• Net loss for Q2 2026 was $9.4 million, an improvement of $14.0 million from $23.4 million in Q2 2025; for the first half of 2026, net loss was $31.1 million compared to $47.9 million in 2025.
• Adjusted EBITDA for Q2 2026 was $9.7 million, a $15.5 million improvement from negative $5.8 million in Q2 2025; for the first half of 2026, Adjusted EBITDA was $8.4 million versus negative $16.4 million in 2025.
• Selling, general, and administrative expenses increased to $7.7 million in Q2 2025 from $7.3 million in Q2 2025, and were $16.8 million for the first half of 2026 compared to $17.8 million in 2025.
• Interest expense (excluding accretion) increased to $13.7 million in Q2 2026 from $12.3 million in Q2 2025, and was $28.0 million for the first half of 2026 compared to $26.0 million in 2025.
• Cash and cash equivalents were $1.0 million at the end of Q2 2026, down from $4.9 million at the close of Q4 2025.
• Capital investments totaled $8.6 million in Q2 2026 and $15.1 million for the first half of 2026.
• Total current liabilities were $415.0 million as of June 30, 2026, compared to $371.3 million as of December 31, 2025.
• Total stockholders' deficit was $322.1 million as of June 30, 2026, compared to $306.8 million as of December 31, 2025.

Guidance and Future Outlook

• Two biogas dairy digesters are expected to be commissioned in the third quarter of 2026.
• The Mechanical Vapor Recompression (MVR) upgrade at the Keyes ethanol plant is expected to become operational in 2026.
• The company is pursuing a multi-track financing plan including advanced preparation for long-term financing of the Keyes ethanol plant and financing for Dairy RNG digester buildout.
• Progress continues toward a potential initial public offering of the India subsidiary, Universal Biofuels Private Limited.

Business Segments and Product Lines

• California Ethanol: Ethanol gallons sold increased 12% to 15.5 million in Q2 2026 from 13.8 million in Q2 2025; average selling price rose 9% to $2.19 per gallon from $2.01. Delivered cost of corn decreased to $6.07 per bushel from $6.42.
• Dairy RNG: Sales volume grew 38% to 146,900 MMBtu in Q2 2026 from 106,400 MMBtu in Q2 2025. Seven fully approved LCFS provisional pathways with an average negative 380 CI score are in place, with six more pathways nearing approval.
• India Biodiesel: Biodiesel sales fell to $2.5 million in Q2 2026 due to a lack of new purchases by OMC customers; metric tons sold dropped to 1.4 thousand from 9.4 thousand in Q2 2025.
• Tax Credits: Section 45Z tax credit income recognized as revenue totaled $8.6 million in Q2 2026 ($2.1 million for Dairy RNG and $6.5 million for California Ethanol); $12.6 million was recognized for the first half of 2026.
• Operations: Ten digester cleanup skids have been received. Aemetis is expanding corn oil production and constructing the MVR project at the Keyes plant to replace approximately 80% of fossil natural gas with on-site solar and local grid electricity.

Market and Competitive Landscape

• The India Biodiesel subsidiary is leading the industry during a period of rapid growth and renewed government focus on biofuels.
• The Dairy RNG segment benefited from increased production, rising LCFS credit prices, and approved pathways.
• The California Ethanol segment improved profitability due to lower delivered corn costs.

Risks and Challenges

• Forward-looking statements note risks including competition in ethanol, biodiesel, and other industries.
• Risks include commodity market risks, financial market risks, customer adoption, counter-party risks, and risks associated with changes to federal policy or regulation.
• Specific risks involve the ability to fund, develop, build, and operate digesters, facilities, and pipelines, as well as obtaining required permits for Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture projects.
• Risks also include the ability to refinance existing debt and raise additional equity capital.

Management Commentary and Tone

• CFO Todd Waltz stated results reflect strong execution by California Ethanol and Dairy RNG segments, with operational improvements and the generation of Section 45Z Production Tax Credits driving gross profit and operating income.
• CEO Eric McAfee expressed pleasure with the continued growth of Aemetis Biogas production, specifically the ramp-up from a recently completed dairy digester processing waste from two dairies.
• Management highlighted the focus on improving cash flow from the California Ethanol segment through corn oil expansion and the MVR project.

Other Key Points

• The company has retained legal, accounting, and IPO advisors for the potential initial public offering of its India subsidiary, Universal Biofuels Private Limited.
• The company intends to repurchase the Series A preferred units relating to its Aemetis Biogas subsidiary.
• The company operates a 65 million gallon per year ethanol facility in California and an 80 million gallon per year biodiesel facility in India.
• Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California.
• The company hosts an earnings review call on August 6, 2026, at 11:00 a.m. Pacific time.