Aemetis period-ended-2026-06-30 Filing: Operating Line Crossovers to Profit While Parent Bottom Line Stays in Loss

Bottom line

- Net Income (Loss) Attributable to Parent was a loss on both reported windows in the current period and a loss on both windows in the prior-year comparative, with the authorized direction on each window stated as an increase and the authorized transition stated as loss to loss. - Earnings Per Share, Diluted was negative on the three-month reporting period and negative on the six-month year-to-date period, and the prior-year comparatives were also negative on each window, with the authorized direction stated as an increase and the authorized transition stated as loss to loss on each window.

- Operating Income (Loss) was a loss on the six-month year-to-date period versus a prior-year loss, an authorized loss-to-loss transition; on the three-month reporting period the operating line moved from a prior-year operating loss to a profit, an authorized loss-to-profit transition. - The reporting package is filed by AEMETIS, INC (AMTX) under accession 0001437749-26-026052 for fiscal period period-ended-2026-06-30 on form 10-Q, with identity drawn from the filing header and not restated from outside the catalog.

- Source scope is the second-quarter interim filing itself: the financial statements referenced by Note 1, the debt reconciliation referenced by Note 5, and the Part II items referenced by Item 1, Item 1A, Item 2, Item 3, Item 4, Item 5, and Item 6. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Financial performance

Reported earnings per share on a diluted basis was -$0.13 per diluted share USD/SHARES for the three-month period ended the three months ended June 30, 2026, which compares with -$0.41 per diluted share USD/SHARES for the three-month period ended the three months ended June 30, 2025. The authorized direction between those two windows is an increase, with the current quarter and the prior-year quarter both reported as losses, giving an authorized transition of loss to loss. On a year-to-date basis, diluted earnings per share was -$0.45 per diluted share USD/SHARES for the six-month period ended the six months ended June 30, 2026, against -$0.87 per diluted share USD/SHARES for the six-month period ended the six months ended June 30, 2025. The authorized year-over-year direction there is also an increase, with both the current and prior year-to-date figures reported as losses, so the transition reads loss to loss. The filing evidence does not attribute this change to any single cause.

Net income (loss) attributable to parent was -$9,367,000 USD for the three-month period ended the three months ended June 30, 2026, compared with -$23,395,000 USD for the three-month period ended the three months ended June 30, 2025. The authorized quarter-over-quarter direction is an increase, with both quarters in a loss position, and the authorized transition is loss to loss. For the year-to-date window, net income (loss) attributable to parent was -$31,080,000 USD for the six-month period ended the six months ended June 30, 2026, against -$47,924,000 USD for the six-month period ended the six months ended June 30, 2025. The authorized year-over-year direction is again an increase, with both six-month figures reported as losses, and the authorized transition is loss to loss. The filing evidence does not attribute this change to any single cause.

Operating income (loss) shows a different shape across the two windows. For the three-month period ended the three months ended June 30, 2026, operating income (loss) was $5,773,000 USD, against -$10,674,000 USD for the three-month period ended the three months ended June 30, 2025. The authorized direction is an increase, with the current quarter reported as a profit and the prior-year quarter as a loss, so the authorized transition is loss to profit. On a year-to-date basis, operating income (loss) was -$562,000 USD for the six-month period ended the six months ended June 30, 2026, compared with -$26,229,000 USD for the six-month period ended the six months ended June 30, 2025. The authorized direction there is an increase, with both year-to-date figures reported as losses, and the authorized transition is loss to loss. The filing evidence does not attribute this change to any single cause.

The accounting context is the interim framework referenced throughout the filing. The consolidated condensed statements of operations and the accompanying notes have been prepared on the same basis as the audited annual statements, with the policies described in Note 1 carried forward without material change, and the debt disclosures in Note 5 provide the supporting reconciliation referenced alongside the interim figures. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

Operating drivers and segments

The filing under 10-Q for period-ended-2026-06-30 (accession 0001437749-26-026052, CIK 0000738214, ticker AMTX) presents AEMETIS, INC's results through two complementary reporting windows. Operating Income (Loss) was -$26,229,000 for the six months ended June 30, 2025 and -$562,000 for the six months ended June 30, 2026, while the quarterly figures were -$10,674,000 for the three months ended June 30, 2025 and $5,773,000 for the three months ended June 30, 2026. On an authorised quarter-versus-prior-year basis the period shifted from a loss to a profit, and on the year-to-date comparison the loss narrowed relative to the prior period, in each case without an authorised causal explanation. No segment-level revenue, gross-profit, or unit-economics breakdown is released in the quoted narrative beyond a brief description of the California Ethanol facility in Keyes (capacity unspecified in the available text) and the California Dairy Renewable Natural Gas line, and no segment-level operating-income split is supplied, so a clean attribution of the improvement to either segment is not available in this filing. The only quantitative segment-relevant evidence in the narrative is the depreciation disclosure tied to plant, buildings, machinery and equipment, and furniture and fixtures, set out under the cited note's policy block.

Management's framing in the source narrative leans on a forward-looking programme rather than retrospective attribution. The narrative lists intended levers, including incorporating lower-cost, non-food advanced biofuels feedstock at the Keyes Plant, expanding biodiesel and byproduct sales into international markets, supplying gas into transportation markets, accessing governmental carbon reduction incentives, generating and monetising credits such as California LCFS, federal RINs, federal PTCs, and investment tax credits, and improving margins. Management also discusses funding, developing, building and operating digesters, facilities and pipelines for the California Dairy Renewable Natural Gas segment, pursuing carbon capture and sequestration projects subject to required permits, and meeting grant-award conditions including minimum contributions. No management statement in the quoted passage quantifies the contribution of any of those levers to the quarter's swing from loss to profit or to the year-to-date narrowing of the operating loss, and management itself flags that forward-looking statements are subject to numerous risks and uncertainties identified under the Risk Factors caption. Depreciation policy and expense are described for plant and buildings, machinery and equipment, and furniture and fixtures, with the dollar amounts redacted in the quoted source.

Cash flow and capital

The unaudited interim statements filed for AEMETIS, INC under 10-Q for period-ended-2026-06-30 (accession 0001437749-26-026052) present the six-month cash-flow picture alongside a balance-sheet snapshot at the balance sheet date of June 30, 2026, allowing the year-to-date cash story to be read against end-of-period liquidity and debt positions.

Reported facts (from the consolidated statements) - Operating cash flow for the six months ended the six months ended June 30, 2026 was -$12,439,000 USD, compared with -$5,577,000 USD for the prior-year six months; the direction authorized for this comparison is a decrease, with both periods reporting cash used in operations. - Investing cash flow for the current six months was -$13,641,000 USD, compared with -$4,939,000 USD for the prior-year comparative; the authorized direction is a decrease, with both periods reporting cash used in investing activities. - Financing cash flow for the current six months was $21,754,000 USD, compared with $11,268,000 USD for the prior-year comparative; the authorized direction is an increase, with both periods reporting cash provided by financing activities. - Capital expenditures (Payments to Acquire Property, Plant, and Equipment) for the current six months were $15,083,000 USD, compared with $5,350,000 USD for the prior-year six months; the authorized direction is an increase, with both periods reporting positive spending. - Cash and Cash Equivalents stood at $973,000 USD at the balance sheet date of June 30, 2026. - Long-term Debt, Excluding Current Maturities, was $61,719,000 USD at the balance sheet date of June 30, 2026. - Accounts Receivable, after the Allowance for Credit Loss, was $2,300,000 USD, with gross receivables of $2,315,000 USD before the allowance at the balance sheet date of June 30, 2026. - Accounts Payable, Current, was $31,291,000 USD at the balance sheet date of June 30, 2026.

Management explanation Management ties the ongoing investing outflows to construction activity captured under the cited note on property, plant, and equipment: construction in progress includes biogas dairy digesters, mechanical vapor recompression at the Keyes Plant, the Riverbank sustainable aviation fuel and renewable diesel plant, and the Carbon Capture and Underground Sequestration facilities, while property held for development relates to the partially completed Goodland Plant. Restricted cash disclosed on the balance sheet is held under the Aemetis Biogas financing agreements for reserves and construction contingencies. Depreciation is recognized on a straight-line basis once each project is placed into service. Management also notes a recent accounting-policy update, adopted in the fourth quarter of the prior year, to account for transferable production tax credits by analogy to a grant model, and to present production tax credits within Revenues beginning in the first quarter of the current year.

Analyst inference Because operating cash flow and investing cash flow are both reported as cash used in each period and capital spending is authorized to have increased year over year, the cash-out profile remains dominated by the same combination of negative operating results and project spending, while financing remains the source of cash inflow for the period. The opening period-by-period direction on financing is authorized as an increase, indicating that more cash came in from financing in the current six months than in the prior-year comparative.

Counter-evidence and unknowns The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. The cited evidence does not address any single driver behind the change in operating, investing, or financing cash flow, nor does it benchmark the cash and debt positions against peers or industry medians. Readers evaluating the size of the capital-expenditure program relative to cash on hand can model it with the ROI Calculator, but the filing itself does not quantify coverage or payback periods.

Peer and historical context

- The interim report discloses only the issuer's own prior-period comparatives inside 10-Q for period-ended-2026-06-30 under accession 0001437749-26-026052; no separately named competitor or peer issuer is named anywhere in the quoted narrative, and no industry-wide benchmark, sector index, or third-party study is referenced. - The filing evidence contains no peer or industry comparison. - Across the year-over-year windows the authorized directional movements are internally consistent in one respect — every bottom-line and operating line moved in the direction of smaller losses or, in one case, moved from loss to profit. - $5,773,000 was positive while -$10,674,000 was a loss, the one authorized transition from loss to profit in the catalog. - -$562,000 and -$26,229,000 were both losses, with the current period the smaller loss. - -$9,367,000 and -$23,395,000 were both losses, with the current period the smaller loss. - -$31,080,000 and -$47,924,000 were both losses, again with the current period the smaller loss. - The diluted-EPS series matches that pattern — a smaller loss per share in both the three-month and six-month windows than in the prior-year comparatives — and -$12,439,000 and -$5,577,000 were both negative with the current period the less negative figure. - The investing-activities and financing-activities cash-flow lines, as well as property, plant, and equipment additions, also moved in authorized directions, but none of these movements is attributed to a cause. - The filing evidence does not attribute this change to any single cause.

What the filing does not provide is any external yardstick for these improvements. No reference is made to renewable-fuel or low-carbon-commodity price benchmarks such as RIN, LCFS, or California carbon allowance indices, even though those credits appear in the narrative; no competitor's reported results are cited; and no management commentary in the quoted excerpt benchmarks the current quarter against any peer group's margins or returns. The capital project list — the Keyes Plant mechanical vapor recompression upgrade, the Riverbank sustainable aviation fuel and renewable diesel project, the Carbon Capture and Underground Sequestration facilities, and the partially completed Goodland, Kansas plant held for development — is presented as an asset description rather than as a comparison against any rival capacity build-out.

Because the only available comparison set is the company's own prior periods, the cleanest read of the evidence is that Aemetis's headline metrics improved directionally in every authorized comparison but the magnitude and any meaning relative to peers cannot be assessed from this filing alone. Readers looking to size the change against the renewable-fuels sector will need to pull external benchmarks. Investors weighing the EPS trajectory alongside return-on-capital questions can sketch the trade-off with the ROI Calculator, but that tool does not substitute for the missing peer data.

Scenario analysis

Net Income (Loss) Attributable to Parent was -$31,080,000 USD for the six-month year-to-date period the six months ended June 30, 2026, compared with -$47,924,000 USD for the six months ended June 30, 2025. Both windows show a loss, with the current-period loss smaller than the prior-year loss on an authorized higher-versus-prior comparison. For the three-month reporting period, Net Income (Loss) Attributable to Parent was -$9,367,000 USD for the three months ended June 30, 2026, versus -$23,395,000 USD for the three months ended June 30, 2025, and on an authorized higher-versus-prior comparison the current quarter's loss is smaller than the prior-year quarter's loss. The filing does not supply revenue, gross-margin, or balance-sheet anchors in the supplied catalog, so the base case is anchored to the net-income trajectory only. No cause is furnished for either year-over-year movement: The filing evidence does not attribute this change to any single cause..

A constructive case is supported only by the direction permitted in the catalog. Operating Income (Loss) shifted from a loss in the three months ended June 30, 2025 to a profit in the three months ended June 30, 2026, an authorized loss-to-profit transition, while Net Income (Loss) Attributable to Parent on the same three-month comparison is moving higher within a loss-to-loss pattern. That combination permits a constructive read: the operating line has crossed into profitability on a year-over-year basis at the same time the bottom line is improving. The six-month picture is consistent with the same direction — higher versus the prior period on both Operating Income (Loss) and Net Income (Loss) Attributable to Parent, each anchored as a loss-to-loss transition. Project context in the filing (biogas dairy digesters, the Riverbank sustainable aviation fuel and renewable diesel plant, Carbon Capture and Underground Sequestration facilities, mechanical vapor recompression at the Keyes Plant, and the Goodland Plant held for development) gives an operational backdrop for the upside case, but the catalog does not provide revenue, capacity, or margin values to quantify the lift. The filing evidence does not attribute this change to any single cause.. Readers can sketch the per-dollar return mechanics with ROI Calculator for context, though no forecast is offered here.

The downside read is also supported only by the direction permitted in the catalog. Net Income (Loss) Attributable to Parent remains in loss territory for both reported windows — -$31,080,000 USD for the six months ended June 30, 2026 and -$9,367,000 USD for the three months ended June 30, 2026 — so any reversal in the authorized higher-versus-prior improvement would leave the issuer unprofitable on both a year-to-date and a quarterly view. The financing-side pressures flagged around the Third Eye Capital Keyes Notes (term notes, the revolving lines, revenue participation notes, acquisition notes, and short-term promissory notes) and the demand-call mechanic sit inside the cited note on debt and are available to the reader as the legal-finance backdrop, but the catalog contains no covenant, ratio, or liquidity value that would quantify a stress outcome. Capital-expenditure activity — for the digesters, the Riverbank plant, CCUS, mechanical vapor recompression, and the Goodland Plant — is described qualitatively as construction in progress and property held for development, again without a value to size the downside. A scenario reversal therefore rests on whether the operating-profit crossover and the directional narrowing of the net loss both hold. The filing evidence does not attribute this change to any single cause.. No peer or industry comparison anchors the base, upside, or downside framing: The filing evidence contains no peer or industry comparison..

Risks and what to watch

Reported facts - The filing identifies AEMETIS, INC (AMTX) in its period-ended-2026-06-30 report on 10-Q filed under accession 0001437749-26-026052. - Net Income (Loss) Attributable to Parent was -$9,367,000 USD for the three months ended June 30, 2026 and -$31,080,000 USD for the six months ended June 30, 2026. - The prior-year comparatives reported -$23,395,000 USD for the three months ended June 30, 2025 and -$47,924,000 USD for the six months ended June 30, 2025. - The debt narrative in the cited note covers the Third Eye Capital Keyes Notes, with revolving, term, revenue-participation, and acquisition tranches summarized in Note 5. - The forward-looking-statements language and exhibit list sit in Item 6 and Item 1A.

Management explanations - Management describes the Notes as due on demand, accruing interest at fixed rates, and secured by first-priority liens on substantially all real and personal property, with cross-collateral and cross-default provisions. - Management states that covenants cover debt-to-plant value, minimum production, and restrictions on capital expenditures, and that default could permit the lender to call the debt. - Management discloses that Mr. McAfee, through McAfee Capital, has provided a payment-and-performance guaranty secured by Company shares owned by McAfee Capital and additional assets. - Management also references an Amended and Restated Credit Agreement with Third Eye Capital covering the Fuels Revolving Line with GAFI and the Carbon Revolving Line with ACCI.

Analyst inference - A demand-callable instrument secured by first-priority liens, with cross-default, concentrates refinancing risk in a single counterparty and ties liquidity to compliance with the covenant package. - The presence of a CEO-affiliated guaranty means a covenant trip or demand event would not be contained inside the corporate structure and could surface at the shareholder level. - Net Income (Loss) Attributable to Parent remained a loss in both the three months ended June 30, 2026 and the six months ended June 30, 2026, consistent with the authorized transition of loss to loss on a year-over-year basis, so the headline profitability backdrop is unchanged.

Counter-evidence - The authorized year-over-year relations also cover Operating Income (Loss) for the quarter, which moves from a loss in the three months ended June 30, 2025 to a profit in the three months ended June 30, 2026 — that is the cleanest counterweight in the income statement to the persistent parent-level losses. - Cash-flow authorized relations show financing inflows higher than the prior year for the six-month window, which partially offsets the year-over-year decline in operating and investing cash usage. - The half-year Earnings Per Share, Diluted comparison is authorized to show an increase while remaining a loss, another directional counter-evidence to a strictly deteriorating narrative.

Unknowns - The filing evidence does not assign a single driver to any of the year-over-year movements on the authorized relations: The filing evidence does not attribute this change to any single cause.. - The filing evidence contains no peer or industry comparison: The filing evidence contains no peer or industry comparison.. - The filing evidence does not disclose segment-level detail for this dimension: The filing evidence does not disclose segment-level detail for this dimension.. - Legal-proceedings, risk-factor, controls, market-risk, unregistered-sales, and exhibits material sits in Item 1, Item 1A, Item 2, Item 3, Item 4, Item 5, and Item 6; specifics are not surfaced in the quoted narrative.

Metrics to watch next period - Compliance with the Third Eye Capital Keyes Notes covenants — debt-to-plant value, minimum production, and capital-expenditure restrictions — and any move to amend or refinance the Notes. - The trajectory of Net Income (Loss) Attributable to Parent in the next interim window, given the current-period loss positions cited in this filing. - Operating Income (Loss) for the next quarter, since the current period shows the authorized loss-to-profit transition while the parent bottom line remains a loss. - Whether the CEO-affiliated guaranty is extended, replaced, or released, since it currently backstops a demand-callable facility.