Aemetis, Inc. reported a total revenue of $62.7 million for the second quarter of 2026, marking a 20% increase from $52.2 million in the same period of 2025. The company's revenue growth was driven primarily by its California Ethanol segment, which generated $52.9 million, up 41.8% from $37.3 million year-over-year. The California Dairy Renewable Natural Gas segment also saw significant growth, with revenues increasing by 140.1% to $7.3 million. However, the India Biodiesel segment experienced a decline, with revenues falling 78.9% to $2.5 million, attributed to fewer contracts with government-owned Oil Marketing Companies.
In terms of profitability, Aemetis reported a gross profit of $13.5 million for the second quarter of 2026, a substantial recovery from a gross loss of $3.4 million in the prior year. This improvement was largely due to increased sales volumes and the recognition of $6.5 million in Section 45Z Production Tax Credits (PTCs) during the quarter, which were not recognized in the same period last year. The company’s net loss for the quarter was $9.4 million, a reduction from a net loss of $23.4 million in the second quarter of 2025.
Operationally, Aemetis has been expanding its production capabilities, particularly in the California Dairy Renewable Natural Gas segment, where it operates twelve anaerobic digesters and is constructing additional facilities. The company has agreements with over fifty dairies for biogas production and is actively working on expanding its biogas collection pipeline. As of June 30, 2026, Aemetis had total assets of $289.2 million, up from $259.8 million at the end of 2025, reflecting investments in property, plant, and equipment.
The company’s financial position remains challenged, with total liabilities increasing to $611.1 million, up from $553.1 million at the end of 2025. Aemetis continues to rely heavily on its senior lender, Third Eye Capital, for financing, with total debt standing at $415.9 million as of June 30, 2026. The company is pursuing various strategies to improve liquidity, including optimizing operations at its Keyes Plant, expanding its renewable natural gas production, and monetizing tax credits. However, substantial doubt exists about Aemetis' ability to continue as a going concern over the next twelve months, given its reliance on refinancing and the need for continued lender cooperation.
Looking ahead, Aemetis plans to enhance its operational efficiency and expand its market presence. The company is focused on reducing its carbon intensity through energy efficiency initiatives and is exploring new technologies to improve financial performance. Additionally, Aemetis aims to continue monetizing Section 45Z PTCs and is actively seeking new financing options to support its growth initiatives.
About AEMETIS, INC
Aemetis, Inc. is a renewable fuels company based in Cupertino, California, focused on producing low and negative carbon intensity fuels. Key products include ethanol, renewable natural gas (RNG), and biodiesel, with significant operations in California and India. The company targets the growing demand for sustainable energy solutions, leveraging agricultural waste. Aemetis is advancing initiatives in sustainable aviation fuel and carbon capture, aiming to enhance its market position and reduce greenhouse gas emissions.
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