Aemetis Inc (FRA:DW51)

Q2 2026 Aemetis Inc Earnings Call Transcript

Aug 6, 2026 / 06:00 PM GMT

Release Date Price: €1.5 (+7.78%)

Transcript 10-Q8-K

Key Points

Positve

Aemetis Inc (AMTX) reported strong financial improvements in Q2 2026, with revenue growing 20% year-over-year to $62.7 million, operating income improving by $16.4 million to $5.8 million, and adjusted EBITDA increasing by $15.5 million to $9.7 million.
The company received $17.6 million in net cash proceeds from the sale of Section 45Z credits in July, providing a significant liquidity boost.
Aemetis Inc (AMTX) has seven approved California LCFS pathways for its dairy RNG business with an average carbon intensity score of negative 380, which substantially increases credit generation per MMBTU, and six more pathways are nearing approval.
The Mechanical Vapor Recompression (MVR) project at the California ethanol plant is on track for operation by the end of 2026 and is expected to add approximately $32 million in annual cash flow through reduced natural gas costs and higher credit values.
The India biodiesel business received new allocations from three government-owned oil marketing companies in late July, expected to generate approximately $17 million in revenue, and is also expanding sales to private commercial customers due to rising diesel prices.
The company is actively pursuing a potential public offering of a minority stake in its India subsidiary, Universal Biofuels, subject to market conditions, which could provide additional capital.

Negative

Aemetis Inc (AMTX) ended Q2 2026 with only $1 million in cash, indicating a tight liquidity position despite recent credit sales.
The company's biodiesel revenue in India was down sequentially to $2.5 million in Q2, as the oil marketing companies worked through their tender process, highlighting the start-stop nature of this business.
The Department of Energy has not yet corrected the 45Z emissions rate for RNG, which is currently generating significantly less revenue ($15.20 per MMBTU) than the company believes is warranted, creating uncertainty and delaying potential revenue uplifts.
The company faces uncertainty regarding the timing and amount of potential 45Z catch-up payments, with the range of potential net cash improvement being wide ($6 million to $24 million) and dependent on regulatory decisions.
The India IPO process for Universal Biofuels has been delayed due to unfavorable market conditions, including a downturn in the Indian stock market and a bottleneck in the IPO pipeline, pushing the timeline potentially into 2027.
Aemetis Inc (AMTX) carries a significant amount of debt with its private credit provider, Third Eye Capital, and while some is at a low interest rate, the company's ability to refinance the balance at lower rates depends on future large cash events like 45Z catch-ups.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AMTX.OQ - Aemetis Inc
Q2 2026 Aemetis Inc Earnings Call
Aug 06, 2026 / 06:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello and welcome to the A-Metus Second Quarter 2026 Earnings Conference Call.

Joining us today are Eric McAfee, Chairman and Chief Executive Officer Todd Walz, Chief Financial Officer and Andy Foster, President of A-Metus Advanced Fuels.

I will now turn the call over to Mr. Todd Walz.

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Unidentified_2 [2]
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Thank you and welcome, everyone. Before we begin, I'd like to remind you that during the call, we'll make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. These statements involve risk and

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