Aemetis Q1 2026 revenues rise 27% on 45Z credits and RNG growth
Aemetis (NASDAQ: AMTX), a California-based producer of renewable natural gas (RNG) and biofuels, has reported first-quarter 2026 revenues of $54.6 million, a 27% increase on the same period a year earlier. The company swung to a gross profit of $2.8 million, against a gross loss of $5.1 million in Q1 2025, helped by growing RNG volumes, a rebound in its India biodiesel unit, and the first quarterly recognition of US Section 45Z Production Tax Credits.
The net loss narrowed to $21.7 million from $24.5 million, and adjusted EBITDA improved sharply to negative $1.3 million from negative $10.7 million in Q1 2025 — a substantial reduction in cash burn, though the company remains loss-making. Interest expense stayed heavy at roughly $16 million for the quarter, and total current liabilities stood at $396 million at 31 March against current assets of $34.7 million, a balance-sheet position that underscores the urgency of the multi-track financing plan the company is now pursuing.
Segment drivers
Dairy RNG volumes — gas captured from dairy waste, cleaned and injected into pipelines or used as transport fuel — rose 55% year-on-year to 110,000 MMBtu. The volume growth was partly offset by a lower average RNG price of $1.98 per MMBtu versus $3.65 a year earlier, though seven approved Low Carbon Fuel Standard (LCFS) provisional pathways, averaging a carbon-intensity score of negative 380 against a previous default of negative 150, are expected to lift LCFS credit revenues in later quarters. Six additional biogas pathways are nearing regulatory approval.
The California Ethanol segment — a 65 million gallon per year plant in Keyes — saw ethanol gallons sold edge down slightly to 13.7 million, but benefited from $2.6 million of 45Z credits and lower corn-input costs. The company said major equipment for a Mechanical Vapor Recompression (MVR) system, which it says will displace around 80% of fossil natural gas at Keyes using on-site solar and geothermal-sourced grid electricity, has been delivered and the upgrade remains on track for 2026 completion.
India Biodiesel, which had recorded no sales in Q1 2025, contributed $10.5 million in revenue following the resumption of oil-marketing company tender shipments.
Policy path and capital position
The 45Z Production Tax Credit — introduced under the Inflation Reduction Act and tied to the carbon intensity of domestic clean-fuel production — is now a material revenue line for Aemetis. The company recognised $4.0 million of 45Z credits in Q1 2026, split between its RNG and ethanol segments. Full normalisation of quarterly 45Z accrual is contingent on the Department of Energy publishing an updated 45ZCF-GREET carbon-intensity model, a policy-administrative step the company says it is monitoring closely.
On capital structure, Aemetis is pursuing long-term financing for the Keyes ethanol plant, continued digester buildout funding, and a planned initial public offering of its Indian subsidiary, Universal Biofuels Private Limited, for which legal, accounting and IPO advisers have been retained. The company said it expects to announce investment banking engagement in the near term.
The RNG sector broadly is navigating a period of LCFS credit price pressure — the California market has seen average credit prices fall from $72.50 in Q1 2025 to $55.00 in Q1 2026 — alongside policy uncertainty around the durability and generosity of federal clean-fuel incentives. For Aemetis, the operational trajectory is improving, but the heavily leveraged balance sheet means the financing milestones are as consequential as the production targets.