Moderna’s Q3 revenue grew 29% year-on-year, significantly exceeding expectations; the company raised its full-year revenue growth guidance to 15%–25%. | Caifubao Insight

Moderna’s third-quarter revenue and earnings both surged well above Wall Street expectations. The company consequently raised its full-year 2026 revenue growth guidance sharply—from a prior high of 10% to 15%–25%. Accelerated launch of new products and international market expansion are the key drivers. The company’s Q3 revenue rose 29% year-on-year to $1.31 billion, with net income reaching $162 million and earnings per share (EPS) at $0.38. Analysts had previously forecast an EPS loss of $1.25 and revenue of only approximately $885 million. Following the announcement, Moderna’s stock rose nearly 10% in pre-market trading; its year-to-date gain has already exceeded 700%.

If technological breakthroughs can be achieved, could biofuels potentially replace petroleum as the primary energy source on a large scale?

In March 2021, he and his colleagues detailed this technology in the Proceedings of the National Academy of Sciences and, through calculations, found that the resulting jet fuel would be nearly as cost-competitive as petroleum-based jet fuel. Because the carbon it contains originates from plants—extracted from the atmosphere—bio-based jet fuel’s net emissions would constitute only a small fraction of those from fossil fuels. In October 2021, Vardon bet on his technology, leaving NREL to become Chief Technology Officer at Alder Fuels, a startup dedicated to producing sustainable aviation fuel (SAF). Alder is also hedging its bets by developing another process: using high temperatures to convert wood waste into jet fuel. “Time is limited for us to impact climate change,” Vardon said. “I had to ask myself, ‘Do I want to write more papers, or try to take this solution to market?’” That autumn, United Airlines committed to purchasing 5.7 billion liters of SAF from Alder—the largest such aviation deal at the time. And Alder is not alone. In recent years, over a dozen SAF startups have emerged across the United States, China, Japan, Singapore, India, Finland, Sweden, Austria, and Canada. James Spaeth, a biofuels expert at the U.S. Department of Energy’s Bioenergy Technologies Office (BETO), said: “This interest is global—and expanding rapidly.” Currently, SAF producers generate only about 100 million liters annually, whereas the industry consumed over 360 billion liters in 2019—roughly halved during the pandemic. According to Markets and Markets, the SAF market could grow 70-fold by 2030, reaching nearly $15.7 billion. This effort casts a shadow: over a decade ago, a handful of companies attempted—and failed—to convert agricultural waste into automotive fuel. This time, however, success is more likely, partly because firms are pursuing many different approaches, and partly because airlines, urgently seeking ways to reduce their carbon footprints, have few alternatives. Cars can run on batteries, but aircraft will likely always require liquid fuels, given their superior energy density per unit volume. Eric McAfee, CEO of Aemetis—a startup converting wood waste and used cooking oil into biofuels—said no one will be flying battery-powered planes to Australia anytime soon. The transition has begun—slowly and intermittently. Beyond United Airlines, over a dozen global carriers have collectively pledged to purchase roughly 21 billion liters of SAF over the coming years. SAF was first blended with fossil-derived kerosene for aviation flights in 2008; since then, thousands of commercial jets have burned such blends. But it wasn’t until December 2021 that United Airlines’ flight from Chicago to Washington became the first passenger flight powered entirely by 100% SAF. Biofuels’ debut moment in the spotlight was, in part, a failure.

Aemetis Announces Strong Q3 2026 Earnings Driven by Biofuel Incentives

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Aemetis reported a 49% revenue increase to $88.2 million in Q3 2026, driven by biofuel tax credits and fuel standards, while advancing ethanol and renewable natural gas projects.

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