Revenue: As of FY2026 Q2, the actual value is USD 62.7 M.

EPS: As of FY2026 Q2, the actual value is USD -0.13, beating the estimate of USD -0.2754.

EBIT: As of FY2026 Q2, the actual value is USD 5.773 M.

Financial Results for the Three Months Ended June 30, 2026 (Q2 2026) vs. June 30, 2025 (Q2 2025)

Revenue

Aemetis, Inc. reported revenues of $62.7 million in Q2 2026, an increase of 20% compared to $52.2 million in Q2 2025. This growth was driven by the California Ethanol and Dairy Renewable Natural Gas (RNG) segments. Revenues included $8.6 million from Section 45Z tax credits, with $2.1 million attributed to Dairy RNG and $6.5 million to California Ethanol. Ethanol gallons sold increased by 12% to 15.5 million gallons in Q2 2026 from 13.8 million gallons in Q2 2025, with the average selling price rising by 9% from $2.01 to $2.19 per gallon. Biodiesel sales were $2.5 million in Q2 2026. Aemetis Biogas RNG sales volume grew by 38% to 146,900 MMBtu in Q2 2026, up from 106,400 MMBtu in Q2 2025.

Gross Profit (Loss)

Gross profit for Q2 2026 was $13.5 million, a $17.0 million improvement compared to a gross loss of - $3.4 million in Q2 2025.

Operating Costs

Selling, general and administrative expenses increased to $7.7 million in Q2 2026 from $7.3 million in Q2 2025.

Operating Income (Loss)

Operating income was $5.8 million in Q2 2026, significantly improved from an operating loss of - $10.7 million in Q2 2025.

Net Loss

Net loss was - $9.4 million in Q2 2026, an improvement of $14.0 million compared to a net loss of - $23.4 million in Q2 2025.

Adjusted EBITDA

Adjusted EBITDA was $9.7 million in Q2 2026, an increase of $15.5 million from - $5.8 million in Q2 2025.

Interest Expense

Interest expense, excluding accretion of Series A preferred units, increased to $13.7 million in Q2 2026 from $12.3 million in Q2 2025. Accretion of Series A preferred units was $1.5 million in Q2 2026, down from $2.0 million in Q2 2025. Total interest expense was $15.174 million in Q2 2026 compared to $14.362 million in Q2 2025.

Cash and Capital Investments

Cash at the end of Q2 2026 was $1.0 million, compared to $4.9 million at the end of Q4 2025. Investments in capital projects totaled $8.6 million in Q2 2026, directed towards carbon intensity reductions at the Keyes ethanol plant and dairy digester construction.

Operational Metrics (Q2 2026 vs. Q2 2025)

• California Ethanol: Ethanol gallons sold were 15.5 million (113% of nameplate capacity) in Q2 2026 vs. 13.8 million (100% of nameplate capacity) in Q2 2025. WDG tons sold were 106.8 thousand vs. 91.0 thousand. Average delivered cost of corn per bushel was $6.07 vs. $6.42.
• California Dairy Renewable Natural Gas: MMBtu sold were 146.9 thousand vs. 106.4 thousand. Average price per MMBtu was $1.51 vs. $2.75. RINs sold were 1,262.1 thousand vs. 763.6 thousand, with an average price per RIN of $2.54 vs. $2.60. LCFS credits sold were 27.5 thousand vs. 14.0 thousand, with an average price per LCFS credit of $66 vs. $55.
• India Biodiesel: Biodiesel metric tons sold were 1.4 thousand (3.6% of nameplate capacity) vs. 9.4 thousand (25.2% of nameplate capacity). Average sales price per metric ton (Biodiesel) was $1,038 vs. $1,010. Refined glycerin metric tons sold were 0.7 thousand vs. 0.1 thousand, with an average sales price per metric ton (Refined Glycerin) of $1,541 vs. $879.

Financial Results for the Six Months Ended June 30, 2026 (H1 2026) vs. June 30, 2025 (H1 2025)

Revenue

Revenues for H1 2026 were $117.3 million, compared to $95.1 million for H1 2025. Production tax credit income recognized as revenue during H1 2026 was $12.6 million.

Gross Profit (Loss)

Gross profit for H1 2026 was $16.3 million, compared to a gross loss of - $8.4 million for H1 2025.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $16.8 million for H1 2026, compared to $17.8 million for H1 2025.

Operating Loss

Operating loss was - $0.6 million for H1 2026, an improvement from - $26.2 million for H1 2025.

Interest Expense

Interest expense, excluding accretion and other expenses of Series A preferred units, was $28.0 million for H1 2026, compared to $26.0 million for H1 2025. Accretion and other expenses for Series A preferred units were $3.1 million for H1 2026, compared to $4.3 million for H1 2025. Total interest expense was $31.161 million in H1 2026 compared to $30.334 million in H1 2025.

Net Loss

Net loss for H1 2026 was - $31.1 million, an improvement from a net loss of - $47.9 million during H1 2025.

Capital Investments

Investments in capital projects during H1 2026 totaled $15.1 million, with $8.9 million allocated to California Ethanol and $5.7 million to Aemetis Biogas.

Adjusted EBITDA

Adjusted EBITDA was $8.376 million for H1 2026, compared to - $16.430 million for H1 2025.

Operational Metrics (H1 2026 vs. H1 2025)

• California Ethanol: Ethanol gallons sold were 29.3 million (106% of nameplate capacity) in H1 2026 vs. 27.9 million (102% of nameplate capacity) in H1 2025. WDG tons sold were 197.7 thousand vs. 184.1 thousand. Average delivered cost of corn per bushel was $6.00 vs. $6.53.
• California Dairy Renewable Natural Gas: MMBtu sold were 256.4 thousand vs. 177.3 thousand. Average price per MMBtu was $1.71 vs. $3.11. RINs sold were 2,063.4 thousand vs. 1,151.8 thousand, with an average price per RIN of $2.49 vs. $2.61. LCFS credits sold were 57.7 thousand vs. 30.0 thousand, with an average price per LCFS credit of $60 vs. $64.
• India Biodiesel: Biodiesel metric tons sold were 10.5 thousand (14.1% of nameplate capacity) vs. 9.4 thousand (12.6% of nameplate capacity). Average sales price per metric ton (Biodiesel) was $1,037 vs. $1,010. Refined glycerin metric tons sold were 1.5 thousand vs. 0.1 thousand, with an average sales price per metric ton (Refined Glycerin) of $1,391 vs. $879.

Outlook / Guidance

Aemetis, Inc. is pursuing a multi-track financing plan to address near-term obligations and fund continued growth across its operating platform, including potential long-term financing for the Keyes ethanol plant and ongoing efforts for the Dairy RNG digester buildout. The company is also progressing towards a potential initial public offering of its India subsidiary, Universal Biofuels Private Limited. The MVR upgrade at Keyes is expected to become operational in 2026.