Aemetis Reports 27% Revenue Growth in Q1 2026, Driven by Dairy RNG and Tax Credits
Aemetis reported a 27% revenue increase to $54.6 million in Q1 2026, achieving positive gross profit of $2.8 million and highlighting the impact of Section 45Z Production Tax Credits and expanded dairy RNG production.
Aemetis, Inc. (NASDAQ: AMTX) reported first quarter 2026 financial results showing revenue growth of 27% to $54.6 million, driven by strong performance across its California Ethanol, Dairy RNG, and India Biodiesel segments. The company achieved a gross profit of $2.8 million, compared to a gross loss of $5.1 million in the same period last year, marking a significant turnaround in profitability.
The improvement was largely attributed to the recognition of $4.0 million in Section 45Z Production Tax Credits, which contributed $1.4 million in the Dairy RNG segment and $2.6 million in the California Ethanol segment. These credits represent the first quarter of ongoing generation tied to quarterly production since eligibility was established in Q4 2025. The company expects 45Z accrual and monetization to normalize on a quarterly cadence going forward.
Dairy RNG sales volume grew 55% to 110,000 MMBtu, compared to 71,000 MMBtu in Q1 2025, reflecting the ramp-up of a large centralized dairy digester that became operational late last year. The segment benefits from seven fully approved LCFS provisional pathways with an average carbon intensity score of negative 380, significantly better than the negative 150 default pathway applied in Q1 2025. Six additional biogas pathways are nearing approval, which could further boost Low Carbon Fuel Standard revenues in later quarters of 2026.
India Biodiesel rebounded to $10.5 million in revenue with the resumption of OMC tender shipments under new contracts. The California Ethanol segment sold 13.7 million gallons, slightly lower than 14.1 million gallons 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, driven by higher gross profit and lower selling, general and administrative expenses. Adjusted EBITDA improved to negative $1.3 million from negative $10.7 million. Net loss narrowed to $21.7 million from $24.5 million.
Capital investments increased significantly, with $6.5 million spent on carbon intensity reduction projects at the Keyes ethanol plant and dairy digester construction, compared to $1.8 million in Q1 2025. Major equipment deliveries included first components for the $40 million Mechanical Vapor Recompression system at Keyes, which will use on-site solar and geothermal grid electricity to displace approximately 80% of fossil natural gas. The company also delivered its first dairy biogas pretreatment skids under a $27 million fabrication contract and major equipment for an on-site RNG station to directly fuel trucks.
Aemetis is pursuing a multi-track financing plan to address near-term obligations and fund growth, including advanced preparation for long-term financing of the Keyes ethanol plant, continued funding for dairy RNG digester buildout, and progress toward a planned initial public offering of its India subsidiary, Universal Biofuels Private Limited. The MVR upgrade at Keyes is on track for completion in 2026.
For more details, the earnings call webcast is available at webcaster5.com and additional information can be found at aemetis.com/investors/conference-calls.