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Aemetis, Inc. (NASDAQ: AMTX): Stonegate Capital Partners updates coverage on Aemetis, Inc. (NASDAQ: AMTX). Aemetis' 1Q26 further supports the transition from project buildout toward recurring low-carbon fuel monetization, with quarterly 45Z recognition and improving RNG economics beginning to appear in reported results. Revenue increased 27% yy to $54.6M, gross profit improved to $2.8M from a $5.1M loss, and adj. EBITDA improved to negative $1.3M from negative $10.7M. The key change was recurring quarterly 45Z recognition tied to current-period production, with $4.0M recognized across Dairy RNG and California Ethanol following the full-year 2025 catch-up recognized in 4Q25.
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Key Takeaways:
- Credit monetization is moving from narrative to reported earnings. 1Q26 revenue rose 27% y/y to $54.6M, with gross profit turning positive and adj. EBITDA loss improving to $(1.3)M as 45Z recognition began contributing quarterly.
- Dairy RNG is becoming the clearest recurring cash flow proof point. RNG volumes increased 55% y/y to 110,000 MMBtu, while seven CARB pathways at a negative 380 CI score should materially improve LCFS capture as volumes scale.
- Keyes MVR remains the largest near-term EBITDA inflection catalyst. With construction advancing toward 2026 completion, MVR is expected to displace ~80% of fossil natural gas use and add ~$32M of annual cash flow.
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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
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