Aemetis Inc. (NASDAQ: AMTX) reported second-quarter 2026 results that highlight a visible operating inflection, according to an update from Stonegate Capital Partners. The company achieved positive operating income and adjusted EBITDA, driven by quarterly 45Z recognition, higher renewable natural gas (RNG) production, and improved ethanol economics, which more than offset weaker India revenue due to OMC tender timing.
Revenue increased 20% year-over-year and 15% sequentially to $62.7 million, slightly below the $68.6 million consensus. However, normalized earnings per share of negative $0.11 exceeded the consensus estimate of negative $0.24. Gross profit improved to $13.5 million from a $3.4 million loss in the prior year, and adjusted EBITDA reached $9.7 million, a significant turnaround from negative $5.8 million. The company's underlying performance was stronger than the revenue variance suggests, as both California businesses delivered higher volumes, stronger gross profit, and increased environmental-credit contribution.
Dairy RNG remains the clearest growth driver. Sales volume increased 38% year-over-year to 146,900 MMBtu, and segment gross profit rose to $4.0 million from $0.9 million. Seven approved LCFS pathways with an average negative carbon intensity of 380 are already improving credit economics. Additionally, six more pathways are nearing approval, and two digesters are expected to be commissioned in the third quarter of 2026, providing further runway for higher production, profitability, and cash flow.
The Keyes earnings bridge continues to advance, with the mechanical vapor recompression (MVR) system targeted for operation by year-end 2026. Management estimates 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 constraint. The company had $1.0 million of unrestricted cash and $415.9 million of total debt, making refinancing progress crucial to translating operating improvement into durable free cash flow.
Stonegate Capital Partners, a capital markets advisory firm, provides equity research and investor relations services. For more details, the full announcement is available at [Stonegate's website](https://www.stonegateinc.com). The company's progress in RNG and environmental credits positions it for potential earnings growth, but financial leverage remains a key factor to watch.
