Alto Ingredients, Inc. (ALTO) SEC Filings & Earnings Calls
EquiReason read 11 Alto Ingredients, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-08-07 — Alto Ingredients, Inc. entered into an At-The-Market Issuance Sales Agreement with Craig-Hallum Capital Group, The Benchmark Company, and H.C. Wainwright & Co. for an ATM equity of.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 280.0M
- P/E TTM
- 5.3
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 9 Nov, in 16 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
7 Aug 20268-K · 1.01Alto Ingredients, Inc. entered into an At-The-Market Issuance Sales Agreement with Craig-Hallum Capital Group, The Benchmark Company, and H.C. Wainwright & Co. for an ATM equity offering. Filing includes legal opinion and consent.open
Risks flagged
ATM equity offering creates potential for shareholder dilution
“At-The-Market Issuance Sales Agreement” · word for word
7 Aug 202610-QAlto Ingredients reported fourth consecutive quarter of profitability with net income of $11.7M vs loss of $11.0M YoY, driven by improved crush margins and strong demand.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q2-2026 | $246M | +13% y/y |
| Net income (loss) · Q2-2026 | $12M | |
| Gross profit (loss) · Q2-2026 | $17M | |
| Crush margin per gallon · Q2-2026 | $0.33 | +200% y/y |
| Operating cash flow · H1-2026 | $33M | |
| Capital expenditures · H1-2026 | $11M | +1030% y/y |
Guidance
Third quarter margins continue to be healthy and profitable
Management expressed positive outlook with healthy third-quarter margins and continued profitability.
Risks flagged
Idled facility costs
“The Company cold-idled its Magic Valley facility on December 31, 2024, and through the filing of this report, to minimize financial losses.” · word for word
Geopolitical export disruption
“ongoing geopolitical disruptions in the Middle East negatively impacted renewable fuel export economics from the United States during the second quarter.” · word for word
5 Aug 20268-K · 2.02Alto Ingredients Q2 2026 net income $11.4M ($0.15/share) vs net loss $11.3M YoY; gross profit $16.6M vs loss $1.9M; adjusted EBITDA $23.7M vs -$0.2M; established $50M ATM equity program.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q2-2026 | $246M | +13% y/y |
| Gross profit · Q2-2026 | $17M | |
| Net income attributable to common stockholders · Q2-2026 | $11M | |
| Earnings per share (diluted) · Q2-2026 | $0.15 | |
| Adjusted EBITDA · Q2-2026 | $24M | |
| Cash and cash equivalents · Q2-2026 | $24M | |
| Borrowing availability · Q2-2026 | $106M |
Risks flagged
ATM equity program could dilute existing shareholders if used extensively.
“Established a $50 million at-the-market equity program.” · word for word
Dependence on 45Z tax credits for future earnings growth; not yet contributing.
“Even before the contribution of earnings from 45Z tax credits.” · word for word
Commodity price exposure; profitability sensitive to market conditions.
“Operating model capable of generating positive adjusted EBITDA through commodity cycles while providing meaningful upside when market conditions are favorable.” · word for word
8 May 202610-QQ1 2026 net income of $4.3M vs loss of $11.7M in Q1 2025; gross profit of $9.2M vs loss of $1.8M; adjusted EBITDA of $4.7M vs loss of $4.4M.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q1-2026 | $225M | -1% y/y |
| Net income (loss) · Q1-2026 | $4M | |
| Adjusted EBITDA · Q1-2026 | $5M | |
| Gross profit (loss) · Q1-2026 | $9M | |
| Cash and cash equivalents · 2026-03-31 | $20M | |
| Availability borrowing · 2026-03-31 | $29M | |
| Operating cash flow · Q1-2026 | $4M | |
| Income per share · Q1-2026 | $0.05 |
Guidance
Expects ~90M gallons to qualify for Section 45Z at $0.20/gal (~$15M net proceeds); plans ~$25M capex in 2026; debottlenecking to increase dry mill capacity by ~8% (~5M gallons)
Management expresses confidence in operating model and strategic initiatives, with positive outlook on margins and capacity expansion.
Risks flagged
Commodity price volatility
“We are closely monitoring macroeconomic and geopolitical developments, including unrest in the Middle East, which can indirectly affect our business through energy and commodity price volatility, as well as freight and export logistics.” · word for word
Idled facility risk
“The Company cold-idled its Magic Valley facility on December 31, 2024, and through the filing of this report, to minimize financial losses.” · word for word
Regulatory dependency
“Without corresponding demand growth, production incentives alone could contribute to industry overproduction and margin pressure.” · word for word
6 May 20268-K · 2.02ALTO Q1 2026: Net income $4.0M vs loss -$12.0M YoY; Adj. EBITDA $4.7M vs -$4.4M; Gross profit $9.2M vs -$1.8M; benefited from strong exports, higher crush margins, and Section 45Z tax credits.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q1-2026 | $225M | -1% y/y |
| Gross profit · Q1-2026 | $9M | -611% y/y |
| Net income (loss) attributable to common stockholders · Q1-2026 | $4M | -133% y/y |
| Adjusted EBITDA · Q1-2026 | $5M | -207% y/y |
| Cash and cash equivalents · Q1-2026 | $20M | -13% y/y |
| Borrowing availability · Q1-2026 | $94M | |
| Cost of goods sold · Q1-2026 | $216M | -6% y/y |
| Selling, general and administrative expenses · Q1-2026 | $7M | -7% y/y |
| Interest expense · Q1-2026 | $2M | -19% y/y |
| Diluted earnings per share · Q1-2026 | $0.05 | -131% y/y |
Risks flagged
Commodity price and margin volatility: crush margins and input costs (corn, natural gas) can fluctuate significantly.
“fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas” · word for word
Tariff exposure: adverse impacts from tariffs on supply chain and costs.
“adverse impacts of inflation and supply chain constraints, including from tariffs” · word for word
Dependence on tax credits: Section 45Z tax credits contributed to profitability; changes in policy could impact earnings.
“incremental earnings from Section 45Z tax credits” · word for word
30 Apr 2026DEF 14AProxy statement (DEF 14A) for 2026 annual meeting detailing executive compensation, pay-for-performance alignment, and 2025 business highlights showing significant financial turnaround.open
Figures in the filing · each found in the filing text
| Adjusted EBITDA · FY2025 | $45M | |
| Net income (loss) · FY2025 | $13M | |
| Section 45Z credit earnings · FY2025 | $8M | |
| Cash and equivalents · FY2025 | $5M |
Guidance
Section 45Z credits expected ~$15M in 2026 vs $7.5M in 2025; Adjusted EBITDA ROA target for 2026: threshold $5M, target $33M, max $66M
Management expects Section 45Z credits to double in 2026 to ~$15M, and performance-based LTI targets for 2026 imply continued Adjusted EBITDA growth.
Risks flagged
Commodity price and margin volatility
“ongoing commodity volatility and regulatory uncertainty” · word for word
Regulatory uncertainty (Section 45Z)
“Section 45Z tax credit strategy and enhanced asset value” · word for word
Idled Magic Valley facility overhang
“we continue to evaluate options for our Magic Valley facility, including a sale of the plant or a restart” · word for word
13 Mar 202610-KALTO reported a strong operational turnaround in FY2025 with gross profit +$25.2M, net income +$72.4M, and Adjusted EBITDA +$53.2M, driven by higher crush margins, Section 45Z tax credits, and cost reductions.earningsopen
Figures in the filing · each found in the filing text
| Total gallons sold · FY2025 | 350,100,000 | -9% y/y |
| Average sales price per gallon · FY2025 | $2.02 | +4% y/y |
| Gross profit · FY2025 | $35M | +259% y/y |
| Net income (loss) attributable to common stockholders · FY2025 | $12M | |
| Crush margin per gallon · Q4-2025 | $0.23 | +188% y/y |
| Section 45Z tax credits, net · FY2025 | $8M | |
| Essential ingredients return % · Consolidated · FY2025 | 49.5% | |
| Alcohol production capacity · FY2025 | 330,000,000 | |
| Specialty alcohol production capacity · FY2025 | 110,000,000 | |
| Total essential ingredients sold · FY2025 | 1,219,200 | -14% y/y |
Guidance
FY2026 capex guided to ~$25M; Section 45Z credits expected at $0.20/gal (~$15M net); Pekin dry mill capacity +8%
Management provided positive FY2026 guidance with increased capex, expected Section 45Z credit benefits, and capacity expansion, while noting seasonally challenging Q1.
Risks flagged
RFS small refinery exemption risk
“The EPA may grant small refinery exemptions... that have materially and adversely affected overall demand for and the price of fuel-grade ethanol.” · word for word
Loper Bright regulatory uncertainty
“The United States Supreme Court’s decision in the case of Loper Bright Enterprises v. Raimondo may result in less industry-favorable rulemaking and agency interpretations of laws and regulations.” · word for word
Magic Valley facility idling risk
“We cold-idled our Magic Valley facility for all of 2025 and through the filing of this report to minimize financial losses.” · word for word
Commodity price volatility
“Our profitability is highly dependent on various commodity prices, including the market prices of corn, natural gas and fuel-grade ethanol.” · word for word
4 Mar 20268-K · 2.02Q4 2025 net income $21.5M vs loss $42.0M; Adj EBITDA $27.9M vs -$7.7M; gross profit $15.2M vs -$1.4M; strong crush margins, 45Z credits, export sales; no guidance provided.earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q4-2025 | $232M | -2% y/y |
| Gross profit · Q4-2025 | $15M | -1186% y/y |
| Net income (loss) attributable to common stockholders · Q4-2025 | $22M | -151% y/y |
| Adjusted EBITDA · Q4-2025 | $28M | -462% y/y |
| Cash and cash equivalents · Q4-2025 | $23M | -34% y/y |
| Borrowing availability · Q4-2025 | $102M |
Risks flagged
Cash decreased $12.1M from prior year; reliance on borrowing availability for liquidity.
“Cash and cash equivalents $23.4M vs $35.5M; borrowing availability $102M.”
7 Nov 202510-QAlto Ingredients reported strong Q3 2025 results with gross profit up $17.5M YoY, net income improved $16.6M, and Adjusted EBITDA grew $9.2M, driven by higher renewable fuel exports, liquid CO2 business, and cost savings.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $241M | -4% y/y |
| Gross Profit · Q3-2025 | $23M | +294% y/y |
| Adjusted EBITDA · Q3-2025 | $21M | +76% y/y |
| Net Income (Loss) Attributable to Common Stockholders · Q3-2025 | $14M | |
| Cash and Cash Equivalents and Restricted Cash · 2025-09-30 | $33M | |
| Availability Borrowing · 2025-09-30 | $20M | |
| Crush Gallon Margin Per · Q3-2025 | $0.41 | 0% y/y |
| Total Gallons Sold · Q3-2025 | 89,200,000 | -8% y/y |
| Consolidated Sales Price per Gallon · Q3-2025 | $2.09 | +2% y/y |
| Corn Cost per Bushel (Consolidated) · Q3-2025 | $4.55 | -3% y/y |
Guidance
Section 45Z tax credits up to $18M for 2025-2026; forward contracted export volumes for Q4 2025 and H1 2026; capital expenditures lower than historical averages; expects $32M in repairs for full year
Management positive on export demand and liquid CO2 growth; expects Section 45Z tax credits; capex reduced; forward contracts locked in.
Risks flagged
Commodity Price Volatility
“Our results of operations are highly impacted by commodity prices, including the cost of corn, natural gas and other production inputs that we must purchase, and the prices of alcohols and essential ingredients that we sell.” · word for word
Production Disruption
“In late April 2025, during a period of rapidly rising river levels, our loadout dock at our Pekin Campus was damaged, negatively impacting production and logistics.” · word for word
Regulatory Delay for CCS
“Carbon capture and storage at our Pekin Campus is delayed due to regulatory and environmental constraints enacted in Illinois, including drilling restrictions specifically impacting our planned site.” · word for word
Asset Impairment Risk
“We recognized asset impairments of $24.8 million and $6.5 million for the years ended December 31, 2024 and 2023, respectively.” · word for word
5 Nov 20258-K · 2.02Alto Ingredients reports strong Q3 2025: gross profit $23.5M vs $6.0M YoY, net income $13.9M vs loss $2.8M, Adj EBITDA $21.4M vs $12.2M. Revenue $241M vs $252M. Cash $32.5M, borrowing availability $85M. CEO cites export demand, CO2 growth,earningsopen
Figures in the filing · each found in the filing text
| Net sales · Q3-2025 | $241M | -4% y/y |
| Gross profit · Q3-2025 | $24M | +292% y/y |
| Net income (loss) attributable to common stockholders · Q3-2025 | $14M | -596% y/y |
| Adjusted EBITDA · Q3-2025 | $21M | +75% y/y |
| Cash and cash equivalents · Q3-2025 | $33M | |
| Borrowing availability · Q3-2025 | $85M |
Risks flagged
Revenue declined 4.3% YoY despite profit improvement; reliance on export demand and CO2 growth may be cyclical.
“Net sales were $241.0 million, compared to $251.8 million.” · word for word
Unrealized derivative gains/losses volatile: +$8M in Q3 vs -$6.7M YTD, indicating earnings variability.
“The year-over-year change in unrealized noncash derivatives was positive $8.0 million. ... a negative $6.7 million.” · word for word
Alto Ingredients, Inc. — questions
- What did Alto Ingredients, Inc. file recently?
- 11 SEC filings in the last 12 months. Latest: 8-K on 2026-08-07 — Alto Ingredients, Inc. entered into an At-The-Market Issuance Sales Agreement with Craig-Hallum Capital Group, The Benchmark Company, and H.C. Wainwright & Co. for an ATM equity offering. Filing includes legal opinion and consent.
Every figure on this page comes from Alto Ingredients, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.