Aemetis Inc. (NASDAQ: AMTX) reported its first quarterly net income of $5.2 million in the third quarter of 2026, a milestone that underscores the earnings power of assets already in service, according to an update from Stonegate Capital Partners. Revenue rose 49% year over year to $88.2 million, and adjusted EBITDA reached $24.8 million. The $11.0 million first-half 45Z catch-up amplified profits, but recurring economics also improved, the firm noted.
The importance of the quarter lies in what it reveals about Aemetis’ existing operations rather than its long-term buildout. Excluding the catch-up, renewable natural gas 45Z revenue was $9.1 million for the quarter after a federal model update lifted the credit to roughly $62 per MMBtu. RNG volume rose 39% year over year, two digesters entered service in October, and six more Low Carbon Fuel Standard pathways are nearing approval. That combination points to growth from current output, which could support more stable cash generation if the trend holds.
At the Keyes facility, two near-term margin levers are coming into focus. The mechanical vapor recompression system has all key equipment on site, with construction targeted for completion around March 2027. Management maintains an approximately $32 million annual cash-flow opportunity: natural-gas savings begin at switchover, and most of the benefit lands in the second half of 2027. The third corn-oil unit, scheduled for December, completes a program expected to roughly double corn-oil output versus the first quarter of 2026 into a stronger price environment.
Stonegate also flagged multiple dated catalysts over the next 12 months. RNG fueling station deliveries to truck fleets are scheduled to begin in November. California’s year-round E15 implementation is slated for January 1, 2027. EU export approvals for India biodiesel are expected in the fourth quarter. Thirteen cleanup and compression units are in hand for the next 13 digesters. Higher 45Z and LCFS economics, together with refinancing and a potential minority India IPO, could drive meaningful margin expansion, cash-flow improvement and valuation upside, according to the update.
For investors, the key variable is timing. Most MVR benefits are now expected in the second half of 2027, extending the funding period before Keyes delivers its next earnings step. As a result, financing terms and the cash retained after investment should determine how much of the improvement reaches shareholders. The full announcement is available click here, and the update was distributed by Reportable, Inc.
