Key Highlights

  • Aemetis, Inc. (NASDAQ:AMTX) climbed 49.2% to USD 1.87 in trading on November 5, 2026, according to published market data, with roughly 8.07 million shares changing hands.
  • Third-quarter 2026 Revenue increased 49% to USD 88.2 million, while Net Income came in at USD 5.2 million, compared with a USD 23.7 million net loss a year earlier.
  • Section 45Z Credit income hit USD 24.7 million for the quarter, including a cumulative true-up near USD 11.0 million covering the first half of 2026.
  • Cash stood at USD 3.4 million on September 30, 2026, versus a current portion of long-term Debt of USD 316.4 million.

Quarterly Results Behind the Jump

Aemetis, Inc. (NASDAQ:AMTX) published its third-quarter 2026 results on November 5, 2026, and held its Earnings Call at 11:00 a.m. PT. Revenue grew USD 29.0 million, or 49%, reaching USD 88.2 million from USD 59.2 million. Gross Profit came to USD 29.5 million, a turnaround from a gross loss of USD 58,000, while Operating Income of USD 20.9 million compared with an operating loss of USD 8.5 million a year earlier. Net income was USD 5.2 million, or USD 0.07 per basic share, up from a net loss of USD 23.7 million, and adjusted EBITDA reached USD 24.8 million versus negative USD 5.0 million. The company's own table lists diluted EPS at negative USD 0.02, an inconsistency the release leaves unexplained. On November 5, 2026, based on published market data, shares were quoted at USD 1.87, giving a Market Value of about USD 134.6 million.

Tax Credits, Segments and Leadership Commentary

Section 45Z clean fuel production credits accounted for most of the swing, adding up to USD 24.7 million in the quarter, with USD 20.1 million tied to dairy renewable Natural Gas and USD 4.6 million to California ethanol. CFO Todd Waltz noted that a September 8 update to the federal GREET model raised the credit value for dairy gas from roughly USD 15 to about USD 62 per million British thermal units before discounts and costs, and the company recorded a cumulative true-up of around USD 11.0 million for the first half. Working through two reported numbers, net income of USD 5.2 million less that true-up points to a loss of about USD 5.8 million before any tax effect. Dairy gas Volume climbed 39% to 158,200 MMBtu, ethanol sales reached 15.6 million gallons priced at USD 2.34, and India biodiesel sales dropped to USD 7.3 million from USD 13.9 million. Chairman Eric McAfee credited corn oil expansion and vapor recompression at the Keyes plant.

Debt, Preferred Deadline and Risk Factors

The Balance Sheet is the main concern. Cash totaled USD 3.4 million, short-term borrowings reached USD 60.5 million, the current portion of long-term debt stood at USD 316.4 million, and total current liabilities were USD 439.8 million, which leaves a stockholders' Deficit of USD 314.2 million. The nine-month net loss was USD 25.9 million. Series A preferred units must be redeemed by December 31, 2026, or the rate jumps to the higher of prime plus 5.0% or 12.0%. Aemetis is working on Keyes plant financing, digester financing and a potential India Subsidiary listing, any of which could dilute holders or fall through. Credit values hinge on federal rules that may change. Intraday moves can reverse quickly. Attention should go to call commentary, refinancing headlines and the December 31 deadline.

Where Things Stand

Aemetis (NASDAQ:AMTX) rallied 49.2% on November 5, 2026 after third-quarter results showed a swing to profit, with revenue up 49% and USD 24.7 million in tax credit income. Whether that profit is durable is the open question: about USD 11.0 million was a catch-up for earlier months, and the company still owes USD 316.4 million of debt due within a year against USD 3.4 million of cash. One strong quarter does not erase refinancing risk. The next catalysts are earnings call details, financing for the Keyes plant and the preferred Redemption deadline.