AEMETIS, INC

Previous wording

Our California Ethanol segment consists of a 65 million gallon per year capacity ethanol production facility located in Keyes, California (the “Keyes Plant”) that we own and operate. In addition to low carbon renewable fuel ethanol, the Keyes Plant produces alcohol for other uses, Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”). WDG, DCO, and CDS are sold as animal feed to more than 80 local dairies and feedlots. A portion of our DCO is sold as feedstock for other renewable fuels plants. We also capture the Carbon Dioxide (“CO 2”) generated by our fermenters and sell it to an industrial gas company that liquifies the CO₂ to sell to food, beverage, and industrial customers. We are implementing energy efficiency initiatives focused on lowering the carbon intensity (“CI”) of our ethanol, primarily by decreasing the use of fossil natural gas. Recently completed energy efficiency projects include high efficiency heat exchangers and a solar micro grid. A significant energy efficiency project in progress is the Mechanical Vapor Recompression (“MVR”) system that will use low carbon electricity instead of natural gas. These changes will reduce our energy costs, lower the CI of the ethanol we produce, and generate increased cash flows from California Low Carbon Fuel Standard (“LCFS”) and tax credits. We have already begun installing MVR equipment and expect the system to be operational in 2026.

Current wording

Our California Ethanol segment consists of a 65 million gallon per year capacity ethanol production facility located in Keyes, California (the “Keyes Plant”) that we own and operate. In addition to low carbon renewable fuel ethanol, the Keyes Plant produces alcohol for other uses, Wet Distillers Grains (“WDG”), Distillers Corn Oil (“DCO”), and Condensed Distillers Solubles (“CDS”). WDG, DCO, and CDS are sold as animal feed to more than 80 local dairies and feedlots. A portion of our DCO is sold as feedstock for other renewable fuels plants. We also capture the Carbon Dioxide (“CO 2”) generated by our fermenters and sell it to an industrial gas company that liquifies the CO₂ to sell to food, beverage, and industrial customers. We are implementing energy efficiency initiatives focused on lowering the carbon intensity (“CI”) of our ethanol, primarily by decreasing the use of fossil natural gas. Recently completed energy efficiency projects include high efficiency heat exchangers and a solar micro grid. A significant energy efficiency project in progress is the Mechanical Vapor Recompression (“MVR”) system that will use low carbon electricity instead of natural gas. These changes will reduce our energy costs, lower the CI of the ethanol we produce, and generate increased cash flows from California Low Carbon Fuel Standard (“LCFS”) and tax credits. We have acquired all the necessary equipment for the MVR project, and construction is progressing toward completion.

Previous wording

Our California Dairy Renewable Natural Gas segment operates anaerobic digesters at local dairies near the Keyes Plant (many of whom also purchase WDG produced by the Keyes Plant as animal feed) to produce biogas from dairy waste, transports the biogas by pipeline to the Keyes Plant site, and converts the biogas to Renewable Natural Gas (“RNG”) that is delivered to customers through the utility natural gas pipeline. We currently operate twelve digesters that produce biogas from manure waste received from fifteen dairies, and we are actively growing with additional digesters under construction. We have constructed 36 miles of biogas collection pipeline and have received environmental approval to construct an additional 24 miles of pipeline. We currently have agreements to build digesters and receive waste from over 50 dairies and are seeking to sign agreements with additional dairies.

Current wording

Our California Dairy Renewable Natural Gas segment operates anaerobic digesters at local dairies near the Keyes Plant (many of whom also purchase WDG produced by the Keyes Plant as animal feed) to produce biogas from dairy waste, transports the biogas by pipeline to the Keyes Plant site, and converts the biogas to Renewable Natural Gas (“RNG”) that is delivered to customers through the utility natural gas pipeline. We currently operate fourteen digesters that produce biogas from manure waste received from seventeen dairies. Two of these digesters were placed into service in October 2026. We are actively growing with additional digesters planned for construction. We have constructed 36 miles of biogas collection pipeline and have received environmental approval to construct an additional 24 miles of pipeline. We currently have agreements to build digesters and receive waste from over 50 dairies and are seeking to sign agreements with additional dairies.

Previous wording

*California Ethanol.*For the three months ended June 30, 2026, this segment generated 64% of its revenue from sales of ethanol, and the balance from sales of WDG, Corn Oil, CDS, and CO₂. It also generated and recognized $6.5 million in Section 45Z PTCincome during the three months ended June 30, 2026. For the three months ended June 30, 2026, the Keyes Plant sold 15.5 million gallons of ethanol at an average price of $2.19 per gallon and 107 thousand tons of WDG at an average price of $91 per ton, compared to sales during the three months ended June 30, 2025, when the Keyes Plant sold 13.8 million gallons of ethanol at an average price of $2.01 per gallon and 91 thousand tons of WDG at an average price of $86 per ton.

Current wording

*California Ethanol.*For the three months ended September 30, 2026, this segment generated 68% of its revenue from sales of ethanol, and the balance from sales of WDG, Corn Oil, CDS, and CO₂. It also generated and recognized $4.6 million in Section 45Z PTCincome during the three months ended September 30, 2026. For the three months ended September 30, 2026, the Keyes Plant sold 15.6 million gallons of ethanol at an average price of $2.34 per gallon and 102 thousand tons of WDG at an average price of $89 per ton, compared to sales during the three months ended September 30, 2025, when the Keyes Plant sold 14.7 million gallons of ethanol at an average price of $2.13 per gallon and 96 thousand tons of WDG at an average price of $76 per ton.

Previous wording

*California Dairy Renewable Natural Gas.*During the three months ended June 30, 2026, we sold 146.9 thousand MMBtu ("million British thermal units") of RNG at an average price of $1.51 per MMBtu, compared to the three months ended June 30, 2025, when we sold 106.4 thousand MMBtu of RNG at an average price of $2.75 per MMBtu. During the three months ended June 30, 2026, we sold 1.3 million federal Renewable Fuel Standard ("RFS") credits (referred to as "D3 RINs") at an average price of $2.54 per D3 RIN, compared to the three months ended June 30, 2025, when we sold 0.8 million D3 RINs at an average price of $2.60 per RIN. During the three-month period ended June 30, 2026, we sold 27.5 thousand LCFS credits at an average price of $66 each, compared to 14.0 thousand LCFS credits at an average price of $55 each during the period ended June 30, 2025. The RNG segment also generated $2.1 million of Section 45Z PTC income during the three months ended June 30, 2026.

Current wording

*California Dairy Renewable Natural Gas.*During the three months ended September 30, 2026, we sold 158.2 thousand MMBtu ("million British thermal units") of RNG at an average price of $3.16 per MMBtu, compared to the three months ended September 30, 2025, when we sold 114.0 thousand MMBtu of RNG at an average price of $3.45 per MMBtu. During the three months ended September 30, 2026, we sold 1.4 million federal Renewable Fuel Standard ("RFS") credits (referred to as "D3 RINs") at an average price of $2.45 per D3 RIN, compared to the three months ended September 30, 2025, when we sold 1.0 million D3 RINs at an average price of $2.37 per RIN. During the three-month period ended September 30, 2026, we sold 27.8 thousand LCFS credits at an average price of $73 each, compared to 22.2 thousand LCFS credits at an average price of $54 each during the period ended September 30, 2025. The RNG segment also recorded $20.1 million of Section 45Z PTC income during the three months ended September 30, 2026. In September 2026, regulatory updates to the Section 45ZCF-GREET model decreased the Section 45Z emissions rate, resulting in an increase in the Section 45Z PTCs generated by RNG sales in 2026. Accordingly, we recorded a cumulative true-up adjustment of approximately $11.0 million related to the period January 1, 2026, through June 30, 2026, which was recognized in third quarter of 2026 PTC income.

Previous wording

*India Biodiesel.*In 2025 and 2026, all our India sales of biodiesel were to government owned Oil Marketing Companies ("OMCs") pursuant to the OMC tender and allocation process. For the three months ended June 30, 2026, we generated 56% of our India segment revenues from the sale of biodiesel and 44% from other sales. The decrease in revenues was primarily due to OMC contracts not received during the second quarter of 2026 and Palm Fatty Acid Distillate ("PFAD") sales that occurred during the second quarter of 2025, but not during the same period in 2026. These decreases were partially offset by an increase in sales of refined glycerin. We sold 1.4 thousand metric tons of biodi esel at an average sales price of $1,038 per metric ton during the three months ended June 30, 2026, compared to 9.4 thousand metric tons of biodiesel at an average sales price of $1,010 per metric ton during the three months ended June 30, 2025.

Current wording

*India Biodiesel.*In 2025 and 2026, our India sales of biodiesel were primarily to government-owned Oil Marketing Companies ("OMCs") pursuant to the OMC tender and allocation process. For the three months ended September 30, 2026 and 2025, we generated 87% and 96% of our India segment revenues from the sale of biodiesel and 13% and 4% from other sales, respectively. The decrease in revenue was primarily due to delays in receiving OMC tender contracts during the second quarter of 2026. Shipments under the contract commenced during the third quarter of 2026 and remained ongoing as of period end. We sold 6.6 thousand metric tons of biodi esel at an average sales price of $1,108 per metric ton during the three months ended September 30, 2026, compared to 12.5 thousand metric tons of biodiesel at an average sales price of $1,112 per metric ton during the three months ended September 30, 2025.

Previous wording

We utilize several different feedstocks for the Kakinada Plant, including stearin, a non-edible feedstock, from neighboring natural oil processing plants. Raw material is received by truck and loaded at our vendor's nearby facilities. Credit terms vary by vendor. However, we generally receive 15 days of credit for the purchases. We purchase crude glycerin in the international market on letters of credit or advance payment terms as market prices become viable.

Current wording

We utilize several different feedstocks for the Kakinada Plant, including stearin, a non-edible feedstock, from neighboring natural oil processing plants. Raw material is received by truck and loaded at our vendor's nearby facilities. Credit terms vary by vendor. However, we generally receive 15 days of credit for the purchases.

Previous wording

California Ethanol. We ground 5.4 million bushels of corn at an average cost of $6.07 per bushel duringthe three months ended June 30, 2026, compared to 4.7 million bushels of corn at an average cost of $6.42 per bushel during the three months ended June 30, 2025. The increase in cost of goods sold for the three months ended June 30, 2026 is mainly due to an increase in ethanol production and an associated increase in the quantity of corn used.

Current wording

California Ethanol. We ground 5.4 million bushels of corn at an average cost of $6.29 per bushel duringthe three months ended September 30, 2026, compared to 5.0 million bushels of corn at an average cost of $5.95 per bushel during the three months ended September 30, 2025. The increase in cost of goods sold for the three months ended September 30, 2026, is mainly due to an increase in ethanol production and an associated increase in the quantity and price of corn used.

Previous wording

*California Ethano**l.*The gross profit during the three months ended June 30, 2026, compared to a gross loss during the same period in 2025, was attributable primarily to increased volumes, increased average sale prices and reduced corn costs, as well as $6.5 million of Section 45Z PTC income recognized during the three months ended June 30, 2026, but not during the three months ended June 30, 2025.

Current wording

*California Ethano**l.*The gross profit during the three months ended September 30, 2026, compared to a gross loss during the same period in 2025, was attributable primarily to increased volumes and increased average sale prices, partially offset by higher corn costs, as well as $4.6 million of Section 45Z PTC income recognized during the three months ended September 30, 2026, but not during the three months ended September 30, 2025.

Previous wording

California Dairy Renewable Natural Gas. Theincrease in gross profit for the three months ended June 30, 2026, compared to the same period in 2025, is due to the 38% increase in RNG production and associated environmental attributes, as well as $2.1 million of Section 45Z PTC income recognized during the three months ended June 30, 2026, but not during the three months ended June 30, 2025.

Current wording

California Dairy Renewable Natural Gas. Theincrease in gross profit for the three months ended September 30, 2026, compared to the same period in 2025, is due to the increase in RNG production and associated environmental attributes, as well as $20.1 million of Section 45Z PTC income recognized during the three months ended September 30, 2026, but not during the three months ended September 30, 2025.

Previous wording

*India Biodiesel.*The gross profit for the three months ended June 30, 2026, compared to a gross loss during same period in 2025, is primarily due to a decrease in feedstock costs.

Current wording

*India Biodiesel.*The increase in gross profit for the three months ended September 30, 2026, compared to the same period in 2025, is primarily due to a decrease in feedstock costs.

Previous wording

Selling, General and Administrative expenses ("SG&A") expenses consist primarily of salary and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 12% in the three months ended June 30, 2026, compared to 14% in the three months ended June 30, 2025. The increase in SG&A expenses during the three months ended June 30, 2026 is primarily due to increases in salary and related expenses, and professional fees, partially offset by a reduction in facility expenses.

Current wording

Selling, General and Administrative expenses ("SG&A") expenses consist primarily of salary and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 10% in the three months ended September 30, 2026, compared to 14% in the three months ended September 30, 2025. The increase in SG&A expenses during the three months ended September 30, 2026 is primarily due to increases in salary and related expenses, and professional fees, partially offset by a reduction in utility expenses.

Previous wording

Other expenses consist primarily of interest and amortization expense on debt and accretion of the liability to redeem Biogas Series A Preferred Units. The cost of debt includes issuance of warrants as renewal fees. The fair value of stock and warrants are amortized as expenses, except when the extinguishment accounting method is applied, in which case unamortized debt costs are recorded as extinguishment expense. Interest expense increased during the six months ended June 30, 2026, due to higher variable interest rates and higher debt balances.

Current wording

Other expenses consist primarily of interest and amortization expense on debt and accretion of the liability to redeem Biogas Series A Preferred Units. Debt related fees and amortization expense include amortization of debt extension fees and debt discounts of warrants issued in connection with debt renewals. The fair value of warrants issued is recorded as a debt discount and amortized to interest expense over the term of the related debt. Debt related fees and amortization expense decreased during the three months ended September 30, 2026 as a result of a significant portion of the Company’s debt becoming due on demand during 2026. Accretion expense decreased during the three months ended September 30, 2026, as a result of the PUPA Thirteenth Amendment discussed inNote 11 - Aemetis Biogas LLC – Series A Preferred Financing, which resulted in a lower interest rate on the credit agreement. Interest rate expense increased during the three months ended September 30, 2026, due to higher variable interest rates and higher debt balances.

Previous wording

Our revenues are derived primarily from sales of ethanol and WDG in our California Ethanol segment, RNG environmental attributes in our California Dairy Renewable Natural Gas segment, and biodiesel in our India Biodiesel segment. We also generate Section 45Z PTCs in the California Ethanol and RNG segments, which we recognize as income in 2026. Revenue recognized during same period in 2025 did not include PTC income, as we recognized Section 45Z PTC income for calendar year 2025 in the fourth quarter of 2025 after establishing qualification for the PTCs under the applicable statute and guidance.

Current wording

Our revenues are derived primarily from sales of ethanol and WDG in our California Ethanol segment, RNG environmental attributes in our California Dairy Renewable Natural Gas segment, and biodiesel in our India Biodiesel segment. We also generate Section 45Z PTCs in the California Ethanol and RNG segments, which we recognize as income in 2026. Revenue recognized during the same period in 2025 did not include PTC income, as we recognized Section 45Z PTC income for calendar year 2025 in the fourth quarter of 2025 after establishing qualification for the PTCs under the applicable statute and guidance.

Previous wording

*California Ethanol.*For the six months ended June 30, 2026, this segment generated 67% of its revenue from sales of ethanol, and the rest from sales of WDG, Corn Oil, CDS, and CO₂. It also generated and recognized $9.1 million in Section 45Z PTC income during the six months ended June 30, 2026. For the six months ended June 30, 2026, the Keyes Plant sold 29.3 million gallons of ethanol at an average price of $2.09 per gallon and 198 thousand tons of WDG at an average price of $88 per ton, compared to sales during the six months ended June 30, 2025, when the Keyes Plant sold 27.9 million gallons of ethanol at an average price of $2.00 per gallon and 184 thousand tons of WDG at an average price of $86 per ton.

Current wording

*California Ethanol.*For the nine months ended September 30, 2026, this segment generated 67% of its revenue from sales of ethanol, and the rest from sales of WDG, Corn Oil, CDS, and CO₂. It also generated and recognized $13.7 million in Section 45Z PTC income during the nine months ended September 30, 2026. For the nine months ended September 30, 2026, the Keyes Plant sold 44.9 million gallons of ethanol at an average price of $2.18 per gallon and 300 thousand tons of WDG at an average price of $88 per ton, compared to sales during the nine months ended September 30, 2025, when the Keyes Plant sold 42.6 million gallons of ethanol at an average price of $2.04 per gallon and 280 thousand tons of WDG at an average price of $83 per ton.

Previous wording

*California Dairy Renewable Natural Gas.*During the six months ended June 30, 2026, we sold 256.4 thousand MMBtu of RNG at an average price of $1.71 per MMBtu, compared to the six months ended June 30, 2025, when we sold 177.3 thousand MMBtu of RNG at an average price of $3.11 per MMBtu. During the six months ended June 30, 2026, we sold 2.1 million D3 RINs at an average price of $2.49 per D3 RIN, compared to the six months ended June 30, 2025, when we sold 1.2 million D3 RINs at an average price of $2.61 per RIN. During the six months ended June 30, 2026, we sold 57.7 thousand LCFS credits at an average price of $60 each, compared to 30.0 thousand LCFS credits at an average price of $64 each during the period ended June 30, 2025. The RNG segment also generated $3.5 million of Section 45Z PTC income during the six months ended June 30, 2026.

Current wording

*California Dairy Renewable Natural Gas.*During the nine months ended September 30, 2026, we sold 414.6 thousand MMBtu of RNG at an average price of $2.26 per MMBtu, compared to the nine months ended September 30, 2025, when we sold 291.3 thousand MMBtu of RNG at an average price of $3.24 per MMBtu. During the nine months ended September 30, 2026, we sold 3.4 million D3 RINs at an average price of $2.47 per D3 RIN, compared to the nine months ended September 30, 2025, when we sold 2.2 million D3 RINs at an average price of $2.50 per RIN. During the nine months ended September 30, 2026, we sold 85.5 thousand LCFS credits at an average price of $64 each, compared to 52.2 thousand LCFS credits at an average price of $60 each during the period ended September 30, 2025. The RNG segment also generated $23.6 million of Section 45Z PTC income during the nine months ended September 30, 2026.

Previous wording

*India Biodiesel.*In 2025 and 2026, all our India sales of biodiesel were to government owned OMCs pursuant to the OMC tender and allocation process. For the six months ended June 30, 2026, we generated 84% of our India segment revenues from the sale of biodiesel and 16% from other sales. The decrease in revenues was primarily due to PFAD sales that occurred during the six months ended June 30, 2025, but not during the same period in 2026. This decrease was partially offset by increases in refined glycerin and biodiesel sales, mitigating the impact of OMC contracts not received during the second quarter of 2026. We sold 10.5 thousand metric tons of biodiesel at an average sales price of $1,037 per metric ton during the six months ended June 30, 2026, compared to 9.4 thousand metric tons of biodiesel at an average sales price of $1,010 per metric ton during the six months ended June 30, 2025.

Current wording

*India Biodiesel.*In 2025 and 2026, our India sales of biodiesel were primarily to government-owned OMCs pursuant to the OMC tender and allocation process. For the nine months ended September 30, 2026, we generated 85% of our India segment revenues from the sale of biodiesel and 15% from other sales. The decrease in revenues was primarily due to palm fatty acid distillate ("PFAD") sales that occurred during the nine months ended September 30, 2025, but not during the same period in 2026. In addition, delays in receiving new OMC contracts delayed biodiesel shipments. We sold 17.2 thousand metric tons of biodiesel at an average sales price of $1,065 per metric ton during the nine months ended September 30, 2026, compared to 21.0 thousand metric tons of biodiesel at an average sales price of $1,117 per metric ton during the nine months ended September 30, 2025.

Previous wording

We utilize several different feedstocks for the Kakinada Plant, including stearin, a non-edible feedstock, from neighboring natural oil processing plants. Raw material is received by truck and loaded at our vendor's nearby facilities. Credit terms vary by vendor. However, we generally receive 15 days of credit for the purchases. We purchase crude glycerin in the international market on letters of credit or advance payment terms as market prices become viable.

Current wording

We utilize several different feedstocks for the Kakinada Plant, including stearin, a non-edible feedstock, from neighboring natural oil proce ssing plants. Raw material is received by truck and loaded at our vendor's nearby facilities. Credit terms vary by vendor. However, we generally receive 15 days of credit for the purchases.

Previous wording

California Ethanol. We ground 10.1 million bushels of corn at an average cost of $6.00 per bushel during the six months ended June 30, 2026, compared to 9.4 million bushels of corn at an average cost of $6.53 per bushel during the six months ended June 30, 2025. The slight decrease in cost of goods sold for the six months ended June 30, 2026, ismainly due to a lower average cost per bushel of corn, compared to the six months ended June 30, 2025.

Current wording

California Ethanol. We ground 15.5 million bushels of corn at an average cost of $6.10 per bushel during the nine months ended September 30, 2026, compared to 14.4 million bushels of corn at an average cost of $6.33 per bushel during the nine months ended September 30, 2025. The slight increase in cost of goods sold for the nine months ended September 30, 2026, ismainly due to higher corn ground for increased ethanol production, related transportation costs, chemicals and electricity costs, partially offset by a lower average cost per bushel of corn, compared to the nine months ended September 30, 2025.

Previous wording

India Biodiesel. The decrease in costof goods sold during thesix months ended June 30, 2026, compared to June 30, 2025, was attributable to a decrease in biodiesel sales.

Current wording

India Biodiesel. The decrease in costof goods sold during thenine months ended September 30, 2026, compared to September 30, 2025, was attributable to a decrease in biodiesel sales.

Previous wording

*California Ethano**l.*The gross profit during the six months ended June 30, 2026, compared to a gross loss during the same period in 2025, was attributable primarily to increased volumes and reduced corn costs, as well as the $9.1 million of Section 45Z PTC income recognized during the six months ended June 30, 2026, but not during the six months ended June 30, 2025.

Current wording

*California Ethano**l.*The gross profit during the nine months ended September 30, 2026, compared to a gross loss during the same period in 2025, was attributable primarily to increased sales volumes, average sales prices, and a decrease in corn prices, as well as the $13.7 million of Section 45Z PTC income recognized during the nine months ended September 30, 2026, but not during the nine months ended September 30, 2025.

Previous wording

California Dairy Renewable Natural Gas. Theincrease in gross profit for the six months ended June 30, 2026, compared to the same period in 2025, is due to the increase in RNG production and associated environmental attributes, as well as the $3.5 million of Section 45Z PTC income recognized during the six months ended June 30, 2026, but not during the six months ended June 30, 2025.

Current wording

California Dairy Renewable Natural Gas. Theincrease in gross profit for the nine months ended September 30, 2026, compared to the same period in 2025, is due to the increase in RNG production and associated environmental attributes, as well as the $23.6 million of Section 45Z PTC income recognized during the nine months ended September 30, 2026, but not during the nine months ended September 30, 2025.

Previous wording

*India Biodiesel.*The gross profit for thesix months ended June 30, 2026, compared to the loss during same period in 2025, reflects lower feedstock costs.

Current wording

*India Biodiesel.*The gross profit for thenine months ended September 30, 2026, compared to the loss during the same period in 2025, reflects lower feedstock costs.

Previous wording

SG&A expenses consist primarily of salary and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 14% in the six months ended June 30, 2026, compared to 19% in the six months ended June 30, 2025. The decrease in SG&A expenses during the six months ended June 30, 2026, is primarily due to reductions in insurance and professional fees, supplies and services expenses, partially offset by an increase in salary and related expenses.

Current wording

SG&A expenses consist primarily of salary and related expenses for employees, marketing expenses related to sales of ethanol and WDG in California Ethanol and biodiesel and other products in India Biodiesel, as well as professional fees, insurance, other corporate expenses, and related facility expenses. SG&A expenses as a percentage of revenue were 12% in the nine months ended September 30, 2026, compared to 17% in the nine months ended September 30, 2025. The decrease in SG&A expenses during the nine months ended September 30, 2026, is primarily due to reductions in insurance and professional fees, supplies and services expenses, partially offset by an increase in salary and related expenses.

Previous wording

Cash and cash equivalents were $973 thousand at June 30, 2026, with $847 thousand held in our North American entities and $126 thousand in our India entity. We expect that our future available cash resources will be generated from operations, sales of equity, sales of tax credits, and new debt. Incurrence of new debt and the associated use of proceeds from future debt financings are subject to approval by our senior lender.

Current wording

Cash and cash equivalents were $3.4 million at September 30, 2026, with $2.6 million held in our North American entities and $0.8 million in our India entity. We expect that our future available cash resources will be generated from operations, sales of equity, sales of tax credits, and new debt. Incurrence of new debt and the associated use of proceeds from future debt financings are subject to approval by our senior lender.

Previous wording

The India Biodiesel segment utilized its receivables financing facility during the quarter to support short-term liquidity needs. Although the facility was fully repaid by quarter-end, it remains available for future use. We believe this arrangement provides flexibility in managing cash flows while maintaining prudent risk oversight.

Current wording

The India Biodiesel segment utilized its receivables financing facility during the quarter to support short-term liquidity needs. As of September 30, 2026, $2.0 million was outstanding under the facility. We believe this arrangement provides flexibility in managing cash flows while maintaining prudent risk oversight.

Previous wording

We are implementing several strategies to improve our cash flow from operations, as described in more detail inNote 15 - Liquidity of the Notes to the consolidated condensed financial statements of this Form 10-Q.

Current wording

We are implementing several strategies to improve our cash flow from operations, as described in more detail inNote 16 - Liquidity of the Notes to the consolidated condensed financial statements of this Form 10-Q.

Previous wording

As of June 30, 2026, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital Notes totals $269.6 million, which is all due on demand by the lender. Third Eye Capital has provided a series of accommodating amendments to our debt facilities as described in further detail inNote 5 - Debtof the Notes to the consolidated condensed financial statements in this Form 10-Q. However, future amendments or accommodations will continue to be at the discretion of the lender. In the event our senior lender demands debt repayment, we would likely not have sufficient cash to pay the debt when due unless we are able to obtain alternative financing.

Current wording

As of September 30, 2026, the outstanding balance of principal, interest and fees, net of discounts, on all Third Eye Capital notes totals $280.6 million, which is all due on demand by the lender. Third Eye Capital has provided a series of accommodating amendments to our debt facilities as described in further detail inNote 5 - Debtof the Notes to the consolidated condensed financial statements in this Form 10-Q. However, future amendments or accommodations will continue to be at the discretion of the lender. In the event our senior lender demands debt repayment, we would likely not have sufficient cash to pay the debt when due unless we are able to obtain alternative financing.

Previous wording

The following table describes the changes in current and long-term debt during the six months ended June 30, 2026:

Current wording

The following table describes the changes in current and long-term debt during the nine months ended September 30, 2026:

Previous wording

Cash used in operating activities was $12.4 million, derived from a net loss of $31.1 million, non-cash expenses of $13.9 million, and changes in operating assets and liabilities of $4.8 million. The non-cash expenses primarily consisted of: (i) $5.1 million in depreciation expenses, (ii) $3.1 million in preferred unit accretion and other expenses of Series A Preferred Units, (iii) $2.3 million in amortization of debt issuance costs and other intangible assets, and (iv) $2.8 million in stock-based compensation expense. Changes in operating assets and liabilities consisted primarily of (i) a $2.2 million increase in accounts receivable, (ii) an increase in inventory of $2.5 million primarily due to the India biodiesel segment buying feedstock for third quarter production and sales, (iii) a $6.7 million increase in the balance of other current assets primarily from earning Section 45Z PTCs, (iv) a $2.5 million decrease in accounts payable, and (v) $2.8 million decrease in other liabilities. This was offset by a $21.3 million increase in accrued interest expense.

Current wording

Cash provided by operating activities was $9.5 million, derived from a net loss of $25.9 million, non-cash expenses of $19.2 million, and changes in operating assets and liabilities of $16.1 million. The non-cash expenses primarily consisted of: (i) $7.6 million in depreciation expenses, (ii) $4.3 million in preferred unit accretion and other expenses of Series A Preferred Units, (iii) $2.7 million in amortization of debt issuance costs and other intangible assets, and (iv) $4.0 million in stock-based compensation expense. Changes in operating assets and liabilities consisted primarily of (i) a $4.4 million increase in accounts receivable, (ii) an increase in inventory of $1.9 million primarily due to the India biodiesel segment buying and processing feedstock for fourth quarter production and sales, (iii) a $4.6 million decrease in accounts payable, and (iv) $7.5 million decrease in other liabilities. This was offset by (i) a $2.0 million decrease in the balance of other current assets primarily from monetizing Section 45Z PTCs, and (ii) a $32.6 million increase in accrued interest expense.

Previous wording

Cash used in investing activities was $13.6 million, of which $15.1 million was primarily used for capital projects associated with production of RNG and energy efficiency projects in California offset by $1.4 million grants received.

Current wording

Cash used in investing activities was $33.9 million, of which $35.3 million was primarily used for capital projects associated with production of RNG and energy efficiency projects in California offset by $1.4 million grants received.

Previous wording

Cash provided by financing activities was $21.8 million, consisting primarily of (i) $21.5 million proceeds from borrowings, and (ii) $13.7 million from sales of common stock, offset by $13.3 million in repayments of borrowings.

Current wording

Cash provided by financing activities was $21.4 million, consisting primarily of (i) $37.5 million proceeds from borrowings, and (ii) $15.5 million from sales of common stock, offset by $23.5 million and $7.9 million in repayments of borrowings and Series A preferred financing, respectively.

Previous wording

Our ongoing at-the-market stock sales program allows us to sell shares of common stock into the publicly traded market. During the three months ended June 30, 2026, we sold 2.6 million shares of common stock for proceeds of $7.1 million, net of commissions. During the six months ended June 30, 2026, we sold 5.2 million shares of common stock for proceeds of $13.7 million, net of commissions.

Current wording

Our ongoing at-the-market stock sales program allows us to sell shares of common stock into the publicly traded market. During the three months ended September 30, 2026, we sold 0.9 million shares of common stock for proceeds of $1.8 million, net of commissions. During the nine months ended September 30, 2026, we sold 6.1 million shares of common stock for proceeds of $15.4 million, net of commissions.

Previous wording

See Note 1 to the consolidated condensed financial statements of this Form 10-Q for information regarding ASU 2026-02,Environmental Credits and Environmental Credit Obligations (Topic 818), issued in May 2026.

Current wording

See Note 1 to the consolidated condensed financial statements of this Form 10-Q for information regarding recently issued accounting pronouncements.