Stonegate Capital Partners Updates Coverage on Aemetis Inc. (AMTX) 3Q26

Dallas, Texas--(Newsfile Corp. - November 6, 2026) - Aemetis Inc. (NASDAQ: AMTX): Stonegate Capital Partners Updates Coverage on Aemetis Inc. (NASDAQ: AMTX). Aemetis' 3Q26 results strengthened the operating case as higher RNG credit values increased earnings from existing assets. The $11.0M first-half 45Z catchup amplified profits, but recurring economics also improved. Most MVR benefits are now expected in 2H27, extending the funding period before Keyes delivers its next earnings step. Financing terms and cash retained after investment should determine how much improvement reaches shareholders.

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Key Takeaways:

• 3Q26 showed the earnings power of assets already built. Revenue rose 49% y/y to $88.2M, adjusted EBITDA reached $24.8M, and Aemetis posted its first quarterly net income of $5.2M. The $11.0M first-half 45Z catch-up helped, but recurring economics also stepped up. Excluding it, RNG 45Z revenue was $9.1M for the quarter after the federal model update lifted the credit to ~$62/MMBtu. RNG volume rose 39% y/y, two digesters entered service in October, and six more LCFS pathways are nearing approval. That is growth from existing output, without the full long-term buildout.
• Keyes has two near-term margin levers. The MVR system has all key equipment on site and construction targeted for completion around March 2027. Management maintains an ~$32M annual cash-flow opportunity: natural-gas savings begin at switchover, and most of the benefit lands in 2H27. The third corn-oil unit, scheduled for December, completes a program expected to roughly double corn-oil output vs. 1Q26 into a stronger price environment.
• 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 4Q. 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.

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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.

Source: Stonegate, Inc.

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