Aemetis — Third Quarter 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended September 30, 2026, was $88.2 million, a 49% increase from $59.2 million in the same period of 2025.
• Revenue for the nine months ended September 30, 2026, was $205.5 million, a 33% increase from $154.3 million in the same period of 2025.
• Net income for the third quarter of 2026 was $5.2 million ($0.07 per basic share), compared to a net loss of $23.7 million in the third quarter of 2025.
• Net loss for the nine months of 2026 was $25.9 million, an improvement from a net loss of $71.7 million in the same period of 2025.
• Adjusted EBITDA for the third quarter of 2026 was $24.8 million, compared to a loss of $5.0 million in the third quarter of 2025.
• Adjusted EBITDA for the nine months of 2026 was $33.2 million, compared to a loss of $21.5 million in the same period of 2025.
• Gross profit for the third quarter of 2026 was $29.5 million, a significant improvement from a gross loss of $58 thousand in the third quarter of 2025.
• Gross profit for the nine months of 2026 was $45.7 million, compared to a gross loss of $8.5 million in the same period of 2025.
• Operating income for the third quarter of 2026 was $20.9 million, compared to an operating loss of $8.5 million in the third quarter of 2025.
• Operating income for the nine months of 2026 was $20.3 million, compared to an operating loss of $34.7 million in the same period of 2025.
• Interest expense for the third quarter of 2026 was $15.8 million, compared to $15.0 million in the third quarter of 2025.
• Interest expense for the nine months of 2026 was $46.9 million, compared to $45.3 million in the same period of 2025.
• Net cash provided by operating activities for the nine months of 2026 was $9.5 million, compared to net cash used of $2.5 million in the same period of 2025.
• Cash at the end of the third quarter of 2026 was $3.4 million, down from $4.9 million at the close of the fourth quarter of 2025.
• Accounts receivable increased to $4.4 million at September 30, 2026, from $0.5 million at December 31, 2025.
• Total current liabilities were $439.8 million at September 30, 2026, compared to $371.3 million at December 31, 2025.
• Total long-term liabilities were $186.4 million at September 30, 2026, compared to $195.4 million at December 31, 2025.

Guidance and Future Outlook

• Management stated the company is poised to continue growing with the recent increase to 14 dairy digesters and the upcoming completion of the mechanical vapor recompression (MVR) system at the ethanol plant.
• The company is pursuing a multi-track financing plan to address near-term obligations and fund continued growth.
• Financing initiatives include advanced preparation for a potential long-term financing of the Keyes ethanol plant and ongoing financing for Dairy RNG digester buildout.
• The company is making continued progress toward a potential initial public offering of its India subsidiary, Universal Biofuels Private Limited.
• The MVR project at Keyes has acquired all necessary equipment and construction is progressing toward completion.

Business Segments and Product Lines

• Aemetis Biogas RNG sales volume grew 39% to 158,200 MMBtu in the third quarter of 2026, compared to 114,000 MMBtu in the third quarter of 2025.
• Ethanol gallons sold increased 6% to 15.6 million gallons in the third quarter of 2026, compared to 14.7 million gallons in the third quarter of 2025.
• Average ethanol selling price rose 10% from $2.13 to $2.34 per gallon in the third quarter of 2026 compared to the prior year period.
• Biodiesel sales were $7.3 million in the third quarter of 2026, down from $13.9 million in the third quarter of 2025, as shipments to India Oil Marketing Companies resumed under tender allocations awarded in late July 2026.
• Section 45Z tax credit income recognized as revenue was $24.7 million in the third quarter of 2026, including $20.1 million for Dairy RNG and $4.6 million for the California Ethanol segment.
• Section 45Z tax credit income included an approximately $11.0 million cumulative true-up for the first half of 2026 due to the September 8, 2026, update to the 45ZCF-GREET model.
• Two new dairy digesters began operating in October 2026, bringing the Aemetis Biogas network to 14 digesters receiving waste from 17 dairies.
• The company is expanding corn oil production at the California Ethanol segment.
• The company is developing a sustainable aviation fuel plant and a CO2 sequestration project in California.

Market and Competitive Landscape

• The September 8, 2026, update to the 45ZCF-GREET model increased the Section 45Z credit value for dairy RNG from approximately $15 to approximately $62 per MMBtu (before sale discounts and transaction costs).
• The company noted improved profitability in the Dairy RNG segment driven by increased RNG production and rising prices for LCFS credits.
• Biodiesel shipments to India Oil Marketing Companies resumed under tender allocations awarded in late July 2026.

Risks and Challenges

• The press release cites risks including competition in the ethanol, biodiesel, and other industries.
• Risks include commodity market risks resulting from weather conditions, financial market risks, customer adoption, and counter-party risks.
• Risks associated with changes to federal policy or regulation are noted.
• The company faces risks related to obtaining required permits for Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects.
• There are risks associated with the company's ability to refinance existing debt and raise additional equity capital or debt.
• The company has a stockholders' deficit of $314.2 million as of September 30, 2026.

Management Commentary and Tone

• Todd Waltz, CFO, stated that results reflect strong execution by the California Ethanol and Dairy Renewable Natural Gas segments and that the 45Z credit update provides a recurring source of revenue and cash flow.
• Eric McAfee, Chairman and CEO, expressed pleasure with the third-quarter net income and continued growth of Aemetis Biogas production supported by updated emission rate calculations under 45Z.
• Management indicated a focus on significantly improving cash flow from the California Ethanol segment through corn oil expansion and the MVR project, which will replace approximately 80% of fossil natural gas used at the Keyes ethanol plant with electricity.

Other Key Points

• In September 2026, Aemetis received $22.4 million from the sale of Section 45Z production tax credits.
• In August 2026, Aemetis Biogas amended its Series A Preferred Unit Purchase Agreement, extending the redemption date to December 31, 2026, and reducing the interest rate on the credit agreement for unredeemed units to the greater of prime plus 5.0% or 12.0%.
• Capital investments for the third quarter of 2026 totaled $20.2 million, focused on carbon intensity reductions at the Keyes ethanol plant and construction of dairy digesters.
• Capital investments for the nine months of 2026 totaled $35.3 million, comprised of $17.1 million for California Ethanol, $17.4 million for Aemetis Biogas, and $0.8 million for other segments.
• The company hosts an earnings review call and provides dial-in and webcast details for investors.