Aemetis Q3 2026: Revenue +49%, Net Income $5.2M, Adjusted EBITDA $24.8M

Quarter highlights

Revenues were $88.2 million in Q3 2026, up 49% from $59.2 million a year earlier; net income was $5.2 million ($0.07 per basic share) versus a $23.7 million loss in Q3 2025, and Adjusted EBITDA was $24.8 million compared with negative $5.0 million a year earlier.

45Z model update and tax credits

The September 8, 2026 update to the 45ZCF‑GREET model decreased carbon intensity scores for dairy RNG and materially raised the Section 45Z credit value (to approximately $62/MMBtu before discounts and transaction costs). Aemetis recognized $24.7 million of Section 45Z tax‑credit revenue in Q3 2026, which included an approximately $11.0 million cumulative true‑up for RNG dispensed in Q1–Q2 2026.

Operations and capital projects

Dairy RNG sales rose 39% to 158,200 MMBtu; ethanol gallons sold increased 6% to 15.6 million and average ethanol selling price rose to $2.34 per gallon. Two new dairy digesters began operating in October 2026, expanding the digester network to 14 digesters serving 17 dairies. Capital investments related to carbon‑intensity reductions at Keyes and digester construction were $20.2 million in Q3, and the mechanical vapor recompression (MVR) project at the Keyes ethanol plant is progressing toward completion.

Financial position and financing plans

Cash was $3.4 million at quarter end. The company is pursuing a multi‑track financing plan including potential long‑term financing for Keyes, financing for continued Dairy RNG buildout, and steps toward a possible IPO of its India subsidiary; in September Aemetis received $22.4 million from the sale of 45Z credits and amended preferred unit terms for its biogas subsidiary.