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- **Revenue Surge**: 20% YoY growth to $62.7M, driven by RNG and ethanol segments.
- **Profit Recovery**: Operating income up $16.4M, EBITDA up $15.5M, with 45Z credits adding $8.6M.
- **RNG Upside**: 7 approved LCFS pathways at -380 CI score, potential $75/MMBtu with DOE rate update.
- **MVR Impact**: $32M annual savings via 80% natural gas reduction, operational by end-2026.
- **India Growth**: $17M Q3 revenue from OMC tenders, expanding private customer sales with 5% diesel price discount.
- **Credit Catch-Up**: RNG and ethanol 45Z retroactive payments could add $100M+ in 2026.

**【CFO Financial Overview】**
- **Revenue Growth**: Q2 2026 revenue rose 20% YoY to $62.7M, driven by California ethanol and dairy RNG segments. Biodiesel revenue benefited from $17M in India allocations.
- **Profitability Improvements**: Operating income improved by $16.4M to $5.8M (vs. $10.7M loss in Q2 2025). Adjusted EBITDA surged $15.5M to $9.7M (vs. -$5.8M prior year).
- **45Z Credit Impact**: Section 45Z credits added $8.6M to gross profit, with $6.4M from California ethanol and $2.2M from RNG. Excluding 45Z, gross profit still increased $8M YoY due to lower corn prices (-12%), higher ethanol volume (+12%), and RNG volume jump (+38%).
- **Liquidity**: Cash ended at $1M, but $17.6M was received from 45Z credit sales in July. Capital spending was $8.6M in Q2 and $15.1M YTD.

**【CEO Key Takeaways】**
1. **Financial Inflection Point**: 20% revenue growth, $16.4M op income improvement, and $15.5M EBITDA increase confirm turnaround momentum.
2. **LCFS Pathway Expansion**: 7 approved RNG pathways with -380 CI score (vs. -150 default) generate higher credits. 6 more pathways pending approval, with potential to scale RNG production.
3. **Capital Project Progress**: 
   - **MVR System**: Expected to save $32M annually via 80% natural gas reduction. Equipment installed, operational by end-2026.
   - **Corn Oil Expansion**: 3 units to double Q1 2026 production, targeting renewable diesel/SAF markets.
   - **Dairy RNG Scale**: 12 digesters operational, 2 more to come online soon, with 50+ dairies under contract.
4. **45Z Credit Upside**: RNG emissions rate could rise from $15.20/MMBtu to $75/MMBtu if DOE adopts -375 CI score. Ethanol emissions rate update could add $6-24M in annual cash flow.

**【Q&A Highlights】**
1. **45Z Credit Outlook**: 
   - RNG: Potential $15-75/MMBtu range depending on DOE emissions rate update.
   - Ethanol: $6-24M annual impact from corn emission rate correction, with 18-month retroactive catch-up.
   - CO2 Reuse: Seeking 45Z credit eligibility for 150k+ tons/year of reused CO2.
2. **LCFS Credit Market**: 
   - California LCFS in deficit due to limited low-carbon feedstock and 80%+ renewable diesel adoption. Prices may rise to $100-270/ton as banks deplete.
   - CFR (Canada) sales offer higher prices, with registration process underway.
3. **India Operations**: 
   - Biodiesel shipments to OMCs resume post-tender, with $17M in Q3 revenue. Private customer sales growing due to 3-5% diesel price discount.
   - IPO for India subsidiary delayed due to market conditions, but execution team in place.
4. **Liquidity Management**: 
   - $120M in low-cost debt (5% interest) with Third Eye Capital. Planning to refinance remaining debt at lower rates post-45Z catch-up.
5. **Digesters Performance**: 
   - New digesters expected to produce 25-30k MMBtu/year, aligning with average dairy RNG output.


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Aemetis (AMTX) Financials Overview

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