Aemetis reported third-quarter 2026 revenue of $88.2 million, up 49% from a year earlier, and net income of $5.2 million, compared with a $29 million year-over-year improvement. The renewable fuels company’s results included $24.7 million in Section 45Z production tax credit income, including an approximately $11 million adjustment for the first half of the year.
The company also reported higher renewable natural gas sales and said two additional dairy digesters began operating in October, expanding its biogas network.
Key details
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Revenue and earnings improved: Third-quarter revenue rose $29 million, or 49%, from the same period in 2025. Operating income was $20.9 million, a $29.4 million improvement year over year. Net income was $5.2 million, or 7 cents per basic share, and adjusted EBITDA was $24.8 million; those measures improved by $29 million and $29.8 million, respectively.
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Tax credits were a significant part of the quarter: Aemetis reported $24.7 million of Section 45Z production tax credit income. About $11 million of that amount was a cumulative adjustment for the first half of 2026, following a September update to the federal government’s 45Z emissions model.
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The updated model increased the indicated credit value for dairy RNG: Aemetis said the model change raised the value from about $15 to about $62 per MMBtu before sale discounts and transaction costs. The company described the credits as a recurring source of revenue and cash flow.
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Biogas sales volume grew: Aemetis Biogas sold 158,200 MMBtu of renewable natural gas in the quarter, up 39% from 114,000 MMBtu a year earlier.
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The digester network expanded: Two new dairy digesters began operating in October. Aemetis said its network then comprised 14 digesters receiving waste from 17 dairy facilities.
What changes for investors
The quarter’s reported improvement included a substantial amount of tax-credit income, and part of that was a catch-up for the first half rather than solely credit income generated in the third quarter. The release also points to growth in RNG sales volume and an expanded digester network.