DALLAS, TX -- Aemetis Inc. (NASDAQ: AMTX) reported second-quarter 2026 results that made its operating inflection visible, as quarterly 45Z recognition, higher RNG production, and improved ethanol economics drove positive operating income and adjusted EBITDA despite India OMC tender timing. Revenue increased 20% year-over-year and 15% sequentially to $62.7 million, below the $68.6 million consensus, while the normalized EPS estimate of negative $0.11 exceeded the negative $0.24 consensus. Underlying results were better than the revenue variance: India reflected tender timing, and both California businesses delivered higher volumes, stronger gross profit, and increased environmental-credit contribution.
Revenue increased 20% y/y and 15% q/q to $62.7 million, while gross profit improved to $13.5 million from a $3.4 million loss, and adjusted EBITDA reached $9.7 million from negative $5.8 million. The quarter made the operating inflection more visible, as quarterly 45Z recognition, higher RNG production, and improved ethanol economics more than offset weaker India revenue tied to OMC tender timing.
Dairy RNG remains the clearest growth driver, with sales volume increasing 38% y/y to 146,900 MMBtu and segment gross profit rising to $4.0 million from $0.9 million. Seven approved LCFS pathways averaging negative 380 CI are already improving credit economics, while six additional pathways nearing approval and two digesters expected to be commissioned in 3Q26 provide additional runway for higher production, profitability, and cash flow.
The Keyes earnings bridge continues to advance, with MVR targeted for operation by year-end 2026 and management estimating approximately $32 million of annual value from lower natural-gas usage and incremental LCFS and 45Z benefits. While these operating improvements could materially strengthen the earnings profile beginning in 2027, the balance sheet remains the primary thesis constraint, with $1.0 million of unrestricted cash, $415.9 million of total debt, and refinancing progress still important to translating operating improvement into durable free cash flow.
