Aemetis, Inc. reported a significant increase in revenue for the first quarter of 2026, achieving $54.6 million, up 27.4% from $42.9 million in the same period of 2025. This growth was driven by strong performance across its three segments: California Ethanol, California Dairy Renewable Natural Gas, and India Biodiesel. The California Ethanol segment generated $38.8 million, a slight increase from $37.7 million, while the California Dairy Renewable Natural Gas segment saw a substantial rise to $5.3 million from $2.4 million. The India Biodiesel segment reported revenues of $10.5 million, a significant jump from just $2.7 million in the prior year, primarily due to increased sales to government-owned Oil Marketing Companies.
Despite the revenue growth, Aemetis reported a net loss of $21.7 million for the quarter, an improvement from the $24.5 million loss recorded in the same quarter of 2025. The operating loss also decreased to $6.3 million from $15.6 million year-over-year. The company attributed the improved financial performance to a combination of reduced costs in the California Ethanol segment, including a decrease in corn prices, and the recognition of Section 45Z Production Tax Credits (PTCs) for the first time in the current quarter, which contributed $2.6 million to revenues.
Operationally, Aemetis has been expanding its renewable natural gas production capabilities, with twelve anaerobic digesters currently in operation and additional digesters under construction. The company has agreements with over fifty dairies for biogas production and is actively working on expanding its biogas collection pipeline. In India, the Kakinada biodiesel plant continues to operate at high capacity, producing biodiesel and refined glycerin from various feedstocks. The company is also pursuing new technologies to enhance operational efficiency and reduce carbon intensity at its facilities.
As of March 31, 2026, Aemetis reported total assets of $270.3 million, up from $259.8 million at the end of 2025. However, total liabilities increased to $404.7 million from $381.8 million, reflecting ongoing challenges with debt management. The company has indicated that it will need to refinance its senior debt and secure additional liquidity to meet its obligations over the next twelve months. Aemetis is exploring various strategies to improve its financial position, including optimizing operations, expanding its renewable natural gas segment, and seeking new financing opportunities.
Looking ahead, Aemetis remains focused on leveraging its existing infrastructure and expanding into new markets for renewable fuels. The company plans to continue monetizing Section 45Z PTCs and is optimistic about the potential for increased revenue from its renewable natural gas and biodiesel segments. However, the company acknowledges the risks associated with its substantial debt load and reliance on its senior lender, which may impact its ability to sustain operations without additional financing.
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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