AMTX earnings analysis
What we found in AMTX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Aemetis reported Q1 2026 revenue of $54.6 million, reflecting a 27.4% increase compared to $42.9 million in Q1 2025, primarily driven by growth in its India Biodiesel and California Dairy Renewable Natural Gas segments. Despite revenue growth, the company reported a diluted EPS loss of -$0.33, missing estimates and indicating persistent challenges such as a net loss of $21.7 million and ongoing cash flow difficulties.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue increased by 27.4% YoY to $54.6 million from $42.9 million.
- Segment Performance Improvement
- India Biodiesel revenue rose by 291.1% YoY to $10.5 million, primarily from government contracts.
- Operational Efficiency Gains
- California Dairy RNG segment grew revenue by 115.1% YoY to $5.3 million due to increased biogas production.
- Cost Reductions
- Cost of goods sold decreased in the California Ethanol segment, reducing costs by 10.4% YoY.
- Reduction in SG&A Expense
- SG&A expenses decreased by 13.2% YoY to $9.1 million, improving as a percentage of revenue.
- Tax Credit Income Recognition
- A total of $4 million recognized in Section 45Z PTC income across segments, boosting financials.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Net Loss
- Q1 2026 reported a net loss of $21.7 million, raising concerns over profitability.
- Increased Interest Expense
- Interest expense rose by 12.6% YoY, totaling $12.4 million due to higher debt balances.
- Cash Flow Concerns
- Operating cash flow was negative at -$10.6 million, indicating ongoing liquidity issues.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.33
- Segment
- California Ethanol: $38.8M
- Segment
- California Dairy RNG: $5.3M
- Segment
- India Biodiesel: $10.5M
What they said about what is next.
No explicit forward guidance provided; liquidity and cash flow strategies discussed.
The filing reads worse than the one before it.
What came before.
- 10-K · March 16, 2026
- Aemetis reported 2025 revenues of $197.6M and recognized $10.355M of Section 45Z production tax credits, while recording a net loss of $77.0M (EPS $(1.28)). RNG production grew materially (399k MMBtu, +32.1% YoY) and…
- 10-Q · August 7, 2025
- Aemetis reported Q2 2025 revenue of $52.243M and a net loss per share of $(0.41). Revenue improved sequentially (+$9.357M vs Q1 2025) but declined year‑over‑year (−$14.318M vs Q2 2024); margins remain negative with a…
- 10-Q · May 8, 2025
- Aemetis reported Q1 2025 revenue of $42.9M and a net loss of $24.5M (EPS $(0.47)). Revenue fell sharply from $72.6M in Q1 2024 to $42.9M, compressing gross margin to a loss of $5.08M (−11.9%) and widening operating loss…
- 10-K · March 14, 2025
- Aemetis describes a multi-pronged renewable fuels strategy built around its Keyes ethanol plant (65 MGY), 11 dairy digesters/RNG network, and an 80 MGY biodiesel plant in Kakinada, plus a planned Riverbank SAF/RD…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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