The severe EPS miss and precarious cash position ($1.0M vs $415M current liabilities) dominate the narrative despite strong operational improvements. Watch for near-term financing announcements — the company is pursuing a multi-track plan including a potential India IPO, but any delay or unfavorable terms could trigger a liquidity crisis. The stock may see further downside until a credible refinancing is secured.
Price Chart
Executive Summary
Aemetis reported Q2 2026 revenue of $62.7M, up 20% YoY, and operating income of $5.8M versus a $10.7M loss a year ago, driven by Dairy RNG volume growth of 38% and $8.6M in Section 45Z tax credits. However, EPS of -$0.33 missed consensus of -$0.24 by 38%, and the company ended the quarter with only $1.0M cash against $415M in current liabilities, highlighting acute liquidity risk. The strong operational turnaround is overshadowed by the severe EPS miss and balance sheet distress, making the net read-through bearish.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $62.7M (+20% YoY) vs consensus $68.6M — a revenue miss of ~8.6%.
- EPS -$0.33 missed consensus -$0.24 by 38% (surprisePct -37.5%).
- Operating income of $5.8M vs -$10.7M in Q2 2025; gross profit $13.5M vs -$3.4M.
- Dairy RNG volume 146,900 MMBtu (+38% YoY); average RNG price fell to $1.51/MMBtu from $2.75.
- Cash at quarter-end only $1.0M vs $4.9M at Dec 2025; current liabilities $415M vs current assets $33M.
- Total debt (current portion) $303.4M; short-term borrowings $50.8M; stockholders' deficit -$322.1M.
- Adjusted EBITDA $9.7M vs -$5.8M in Q2 2025.
- Company pursuing multi-track financing including potential IPO of India subsidiary.
Financial Impact
EPS miss of 38% vs consensus; revenue miss of ~8.6%; cash burn of $3.9M in Q2; $415M current liabilities vs $33M current assets.
Risk Factors
- Liquidity risk: $1.0M cash against $415M current liabilities; $303.4M current portion of long-term debt.
- Dilution risk from ongoing financing efforts, including potential equity issuance or unfavorable debt terms.
- Execution risk on Keyes MVR project and dairy digester buildout given limited cash.
- India biodiesel segment revenue fell to $2.5M from $9.5M in Q2 2025 due to lack of OMC purchases.
- RNG average price declined to $1.51/MMBtu from $2.75 YoY, pressuring margins despite volume growth.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3340180 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Press Release | $1.63 $1.83 | ▼ −12.27% | ▼ −11.67% | $1.72 (−5.52%) |
May 7, 2026 21w ago | 8-K | $3.12 $2.45 | ▲ +21.47% | ▲ +24.61% | $1.72 (+44.87%) |
May 1, 2026 22w ago | Press Release | $3.52 $2.64 | ▼ −25.00% | ▼ −30.28% | $1.72 (−51.14%) |
Mar 12, 2026 29w ago | Press Release | $1.92 $2.27 | ▲ +18.23% | ▲ +16.25% | $1.72 (−10.42%) |
US Market Status
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