Preheat and prep: Heat oven to 350°F (175°C). Line a baking sheet with parchment paper.
If air-frying, preheat your air fryer to 320°F (160°C) and line the basket with parchment cut to fit.
Mix dry ingredients: In a medium bowl, whisk almond flour, coconut flour, sweetener, baking powder, salt, 1/2 teaspoon cinnamon, and the optional nutmeg.
Add wet ingredients: Stir in eggs, almond milk, 2 tablespoons melted butter or coconut oil, and vanilla. Mix until a soft, slightly sticky dough forms. If too sticky to roll, chill for 10 minutes.
Shape the donut holes: Use a small cookie scoop or spoon to portion the dough into 16–20 pieces.
Roll each between your palms to form smooth balls, about 1 to 1 1/4 inches wide.
Bake or air-fry: Oven: Bake 12–15 minutes, until lightly golden and set. They should feel springy, not wet.
Air fryer: Cook 8–10 minutes, shaking basket halfway. Watch closely to avoid over-browning.
Make the coating: In a shallow bowl, combine 2–3 tablespoons granular sweetener with 1 teaspoon cinnamon.
Brush and coat: While warm, lightly brush donut holes with the remaining melted butter or coconut oil.
Roll each in the cinnamon “sugar” until evenly coated.
Cool slightly: Let them rest 5–10 minutes. This helps the coating set and the texture finish.