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 third quarter 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 ended September 30, 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 ended September 30, 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, compared to a gross loss of $58 thousand in the third quarter of 2025.
• Gross profit for the nine months ended September 30, 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 ended September 30, 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 ended September 30, 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 ended September 30, 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, compared to $4.9 million at the end of the fourth quarter of 2025.
• Total current liabilities were $439.8 million as of September 30, 2026, compared to $371.3 million as of December 31, 2025.
• Total long-term liabilities were $186.4 million as of September 30, 2026, compared to $195.4 million as of December 31, 2025.
• Stockholders' deficit was $314.2 million as of September 30, 2026, compared to $306.8 million as of 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 efforts to support the continued Dairy RNG digester buildout.
• The company is making 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.
• The Series A Preferred Unit Purchase Agreement redemption date was extended to December 31, 2026, with a reduced interest rate on the credit agreement if units are not redeemed.

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 were 15.6 million in the third quarter of 2026, a 6% increase from 14.7 million gallons in the third quarter of 2025.
• Average ethanol selling price rose 10% to $2.34 per gallon in the third quarter of 2026, compared to $2.13 in the third quarter of 2025.
• Biodiesel sales were $7.3 million in the third quarter of 2026, compared to $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.
• Two new dairy digesters began operating in October 2026, bringing the Aemetis Biogas network to 14 digesters receiving waste from 17 dairies.
• Section 45Z tax credit income recognized as revenue was $24.7 million in the third quarter of 2026 ($20.1 million for Dairy RNG and $4.6 million for California Ethanol).
• Section 45Z tax credit income included an approximately $11.0 million cumulative true-up for the first half of 2026 following the U.S. Department of Energy's September 8th update to the 45ZCF-GREET model.
• Investments in capital projects related to carbon intensity reductions at the Keyes ethanol plant and construction of dairy digesters were $20.2 million for the third quarter of 2026.
• Investments in capital projects for the nine months ended September 30, 2026, totaled $35.3 million ($17.1 million for California Ethanol, $17.4 million for Aemetis Biogas, and $0.8 million for other segments).

Market and Competitive Landscape:

• The September 8th 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 from increased RNG production and the rising price of LCFS credits.
• Biodiesel shipments to India Oil Marketing Companies resumed under tender allocations awarded in late July 2026.

Risks and Challenges:

• The press release includes a standard Safe Harbor statement noting that actual results could differ materially from forward-looking statements due to risks including competition, commodity market risks, financial market risks, customer adoption, counter-party risks, and risks associated with changes to federal policy or regulation.
• The company faces risks related to its ability to fund, develop, build, maintain, and operate digesters, facilities, and pipelines.
• Risks include the ability to obtain required permits for Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects.
• Risks include the ability to refinance existing debt and raise additional equity capital or debt.

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 updated 45Z model 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 the updated emission rate calculations.
• Management highlighted the focus on significantly improving cash flow from the California Ethanol segment through the expansion of corn oil production 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 entered into an amendment to its Series A Preferred Unit Purchase Agreement extending the redemption date to December 31, 2026.
• The company is developing a sustainable aviation fuel plant and a CO2 sequestration project in California to utilize byproducts from ethanol production.
• Aemetis owns and operates a 65 million gallon per year ethanol production facility in California's Central Valley near Modesto.
• 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.