Aemetis reported a significant beat on both revenue and earnings for the third quarter of 2026, driven primarily by the recognition of $24.7 million in Section 45Z production tax credits. The results were bolstered by favorable carbon intensity scoring updates from the Department of Energy, which allowed for a retroactive $11 million revenue true-up for the first half of the year.
Key Highlights
- Revenues surged 49% year-over-year to $88.2 million, significantly exceeding analyst expectations due to tax credit recognition and improved ethanol pricing.
- Renewable Natural Gas (RNG) sales volume grew 39% to 158,200 MMBtu, supported by an expansion of the dairy digester network to 14 operational units.
- California Ethanol segment performance improved with average selling prices rising 10% to $2.34 per gallon on 15.6 million gallons sold.
- Adjusted EBITDA reached $24.8 million, a major turnaround from the negative $5.0 million reported in the third quarter of 2025.