Aemetis Q2 2026: Revenue up 20% and operating income positive
- Revenues $62.7 million in Q2 2026, up 20% year-over-year and including $8.6 million of Section 45Z production tax credits.
- Operating income was $5.8 million in Q2 2026 and gross profit was $13.5 million, versus losses in the prior-year quarter.
- Adjusted EBITDA improved to $9.7 million in Q2 2026 from negative $5.8 million a year earlier; net loss narrowed to $9.4 million.
- Dairy RNG sales rose 38% to 146,900 MMBtu; ten digester cleanup skids received and two dairy digesters are expected to be commissioned in Q3 2026.
Quarterly results
Revenues for Q2 2026 were $62.7 million, a 20% increase versus Q2 2025, including $8.6 million of Section 45Z production tax credits. Gross profit for the quarter was $13.5 million and operating income was $5.8 million, compared with gross and operating losses in the prior-year quarter. Adjusted EBITDA was $9.7 million, up $15.5 million year-over-year, while net loss narrowed to $9.4 million.
Operational performance
Dairy RNG sales volume grew 38% to 146,900 MMBtu. Ethanol gallons sold rose 12% to 15.5 million with an average selling price of $2.19 per gallon. Improved ethanol margins reflected a lower delivered corn cost of $6.07 per bushel and recognition of production tax credits; seven LCFS provisional pathways are fully approved and six more are nearing approval.
Cash, capex and liabilities
Cash at quarter end was $1.0 million. Capital investments related to carbon-intensity reduction at the Keyes ethanol plant and dairy digester construction totaled $8.6 million in Q2. Interest expense (excluding certain accretion) was $13.7 million for the quarter.
Financing and near-term projects
The company is pursuing multi-track financing including potential long-term financing for the Keyes plant, funding for Dairy RNG buildout, and preparation for a possible IPO of its India biodiesel subsidiary. The mechanical vapor recompression (MVR) project at Keyes is expected to become operational in 2026, and two additional dairy digesters are slated for commissioning in Q3 2026.
Source: Aemetis, Inc.