Alto Ingredients Inc Financials

ALTO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 36/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Alto Ingredients Inc has an operating margin of -5.3%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1.9% the prior year.

Growth

Alto Ingredients Inc's revenue declined 21.1% year-over-year, from $1.2B to $965.3M. This contraction results in a growth score of 0/100.

Leverage

Alto Ingredients Inc carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.65, Alto Ingredients Inc holds $2.65 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 86/100.

Cash Flow

While Alto Ingredients Inc generated -$3.5M in operating cash flow, capex of $11.1M consumed most of it, leaving -$14.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Alto Ingredients Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.06x

For every $1 of reported earnings, Alto Ingredients Inc generates $0.06 in operating cash flow (-$3.5M OCF vs -$59.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Alto Ingredients Inc (ALTO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$965.3M

YoY-21.1%

5Y CAGR-7.5%

10Y CAGR-1.4%

Alto Ingredients Inc generated $965.3M in revenue in fiscal year 2024. This represents a decrease of 21.1% from the prior year.

EBITDA

-$27.3M

YoY-3450.4%

Alto Ingredients Inc's EBITDA was -$27.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3450.4% from the prior year.

Free Cash Flow

-$14.6M

YoY-94.3%

Alto Ingredients Inc generated -$14.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 94.3% from the prior year.

Net Income

-$59.0M

YoY-110.6%

Alto Ingredients Inc reported -$59.0M in net income in fiscal year 2024. This represents a decrease of 110.6% from the prior year.

EPS (Diluted)

$-0.82

YoY-105.0%

Alto Ingredients Inc earned $-0.82 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 105.0% from the prior year.

Cash & Debt

$35.5M

YoY+18.2%

5Y CAGR+13.3%

10Y CAGR-5.4%

Alto Ingredients Inc held $35.5M in cash against $92.9M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

77M

YoY+1.1%

5Y CAGR+6.6%

10Y CAGR+12.1%

Alto Ingredients Inc had 77M shares outstanding in fiscal year 2024. This represents an increase of 1.1% from the prior year.

Gross Margin

1.0%

YoY-0.3pp

5Y CAGR+1.7pp

10Y CAGR-8.8pp

Alto Ingredients Inc's gross margin was 1.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.

Operating Margin

-5.3%

YoY-3.4pp

5Y CAGR-0.1pp

10Y CAGR-13.6pp

Alto Ingredients Inc's operating margin was -5.3% in fiscal year 2024, reflecting core business profitability. This is down 3.4 percentage points from the prior year.

Net Margin

-6.1%

YoY-3.8pp

5Y CAGR+0.1pp

10Y CAGR-8.0pp

Alto Ingredients Inc's net profit margin was -6.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$11.1M

YoY-62.5%

5Y CAGR+27.5%

10Y CAGR-1.8%

Alto Ingredients Inc invested $11.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 62.5% from the prior year.

ALTO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$965.3M-21.1%	$1.2B-8.4%	$1.3B+10.6%	$1.2B+34.7%	$897.0M-37.0%	$1.4B
Cost of Revenue	$955.5M-20.9%	$1.2B-11.4%	$1.4B+19.6%	$1.1B+35.1%	$844.2M-41.2%	$1.4B
Gross Profit	$9.7M-37.9%	$15.7M+156.8%	-$27.6M-140.6%	$67.8M+28.2%	$52.9M+631.9%	-$9.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$29.7M-0.4%	$29.9M+6.4%	$28.1M-3.8%	$29.2M-8.7%	$32.0M-9.8%	$35.5M
Operating Income	-$51.7M-116.7%	-$23.8M+61.1%	-$61.4M-253.1%	$40.1M+306.7%	$9.9M+113.2%	-$74.7M
Interest Expense	N/A	$7.4M+306.4%	$1.8M-49.1%	$3.6M-80.0%	$17.9M-11.2%	$20.2M
Income Tax	$173K+78.4%	$97K-95.0%	$1.9M+31.0%	$1.5M+8741.2%	-$17K+15.0%	-$20K
Net Income	-$59.0M-110.6%	-$28.0M+32.7%	-$41.6M-190.3%	$46.1M+404.9%	-$15.1M+83.0%	-$88.9M
EPS (Diluted)	$-0.82-105.0%	$-0.40+33.3%	$-0.60-198.4%	$0.61+317.9%	$-0.28+85.3%	$-1.90

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$241.0M+10.3%	$218.4M-3.6%	$226.5M-4.1%	$236.3M-0.1%	$236.5M-1.7%	$240.6M-12.1%	$273.6M-14.0%	$318.1M
Cost of Revenue	$217.5M-1.3%	$220.4M-3.5%	$228.3M-4.0%	$237.7M+3.9%	$228.9M-5.8%	$243.0M-12.0%	$276.1M-12.0%	$314.0M
Gross Profit	$23.5M+1312.9%	-$1.9M-7.2%	-$1.8M-29.9%	-$1.4M-118.4%	$7.6M+414.7%	-$2.4M+5.0%	-$2.5M-160.7%	$4.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$6.5M+5.6%	$6.2M-14.2%	$7.2M+34.8%	$5.3M-40.5%	$9.0M+13.0%	$7.9M+42.1%	$5.6M-34.2%	$8.5M
Operating Income	$17.0M+309.4%	-$8.1M+9.9%	-$9.0M+77.1%	-$39.2M-2685.2%	-$1.4M+86.4%	-$10.3M+39.8%	-$17.2M-296.8%	-$4.3M
Interest Expense	$2.8M-0.4%	$2.8M	N/A	$1.9M+11.9%	$1.7M+88.4%	$886K-91.4%	$10.3M+616.0%	-$2.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$14.2M+229.2%	-$11.0M+5.8%	-$11.7M+72.0%	-$41.7M-1242.9%	-$3.1M+73.5%	-$11.7M+38.1%	-$18.9M-443.0%	-$3.5M
EPS (Diluted)	$0.19+226.7%	$-0.15+6.3%	$-0.16+71.4%	$-0.56-1020.0%	$-0.05+70.6%	$-0.17+37.0%	$-0.27-440.0%	$-0.05

ALTO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$401.4M-11.6%	$454.2M-5.0%	$478.3M-1.4%	$485.0M+1.7%	$476.8M-22.2%	$612.5M
Current Assets	$153.1M-9.3%	$168.8M-15.2%	$199.1M-13.2%	$229.5M+7.2%	$214.0M-7.8%	$232.1M
Cash & Equivalents	$35.5M+18.2%	$30.0M-17.7%	$36.5M-28.0%	$50.6M+6.2%	$47.7M+150.9%	$19.0M
Inventory	$49.9M-5.1%	$52.6M-21.0%	$66.6M+22.5%	$54.4M+43.4%	$37.9M-37.4%	$60.6M
Accounts Receivable	$58.2M-0.9%	$58.7M-14.5%	$68.7M-21.0%	$86.9M+99.8%	$43.5M-41.5%	$74.3M
Goodwill	N/A	N/A	$6.0M	N/A	N/A	N/A
Total Liabilities	$176.4M+1.0%	$174.7M+2.6%	$170.2M+21.8%	$139.7M-22.6%	$180.6M-53.2%	$385.4M
Current Liabilities	$57.8M-11.5%	$65.3M-16.3%	$78.0M+12.1%	$69.6M-19.9%	$86.9M-45.8%	$160.4M
Long-Term Debt	$92.9M+13.2%	$82.1M+20.1%	$68.4M+35.7%	$50.4M-29.9%	$71.8M-60.3%	$180.8M
Total Equity	$225.1M-19.5%	$279.6M-9.3%	$308.1M-10.8%	$345.2M+16.5%	$296.2M+30.5%	$227.0M
Retained Earnings	-$824.2M-7.9%	-$763.9M-4.0%	-$734.6M-6.2%	-$691.8M+6.1%	-$736.6M-2.3%	-$720.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$388.5M-1.2%	$393.1M-2.3%	$402.2M+0.2%	$401.4M-7.2%	$432.5M-0.5%	$434.6M-4.3%	$454.2M-1.5%	$461.1M
Current Assets	$150.9M+0.8%	$149.7M-2.4%	$153.5M+0.2%	$153.1M-0.4%	$153.7M+1.9%	$150.8M-10.6%	$168.8M+0.3%	$168.2M
Cash & Equivalents	$32.5M+9.2%	$29.8M+11.2%	$26.8M-24.5%	$35.5M+30.8%	$27.1M-7.5%	$29.3M-2.3%	$30.0M+14.7%	$26.2M
Inventory	$53.4M-0.9%	$53.9M+6.4%	$50.6M+1.4%	$49.9M+1.0%	$49.4M+16.0%	$42.6M-19.0%	$52.6M-7.8%	$57.1M
Accounts Receivable	$54.8M-4.7%	$57.5M-12.2%	$65.5M+12.4%	$58.2M-9.2%	$64.1M+10.3%	$58.1M-1.1%	$58.7M-11.1%	$66.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$6.0M
Total Liabilities	$166.1M-10.3%	$185.2M-1.6%	$188.3M+6.8%	$176.4M+5.8%	$166.7M+0.4%	$166.0M-5.0%	$174.7M+7.1%	$163.1M
Current Liabilities	$42.4M-0.2%	$42.5M-20.0%	$53.1M-8.1%	$57.8M+16.1%	$49.8M-9.6%	$55.1M-15.7%	$65.3M+11.8%	$58.4M
Long-Term Debt	$100.6M-15.0%	$118.3M+6.9%	$110.7M+19.1%	$92.9M+2.1%	$91.0M+8.2%	$84.1M+2.4%	$82.1M+8.2%	$75.9M
Total Equity	$222.4M+7.0%	$207.8M-2.8%	$213.9M-5.0%	$225.1M-15.3%	$265.8M-1.1%	$268.7M-3.9%	$279.6M-6.2%	$298.0M
Retained Earnings	-$833.6M+1.6%	-$847.5M-1.4%	-$836.2M-1.5%	-$824.2M-5.7%	-$779.4M-0.4%	-$776.0M-1.6%	-$763.9M-2.6%	-$744.6M

ALTO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$3.5M-116.0%	$22.0M+264.1%	$6.0M-77.4%	$26.8M-62.6%	$71.7M+329.5%	-$31.2M
Capital Expenditures	$11.1M-62.5%	$29.5M-21.8%	$37.7M+130.4%	$16.4M+149.0%	$6.6M+100.5%	$3.3M
Free Cash Flow	-$14.6M-94.3%	-$7.5M+76.3%	-$31.7M-403.7%	$10.4M-84.0%	$65.1M+288.7%	-$34.5M
Investing Cash Flow	-$13.5M+59.2%	-$33.0M+12.3%	-$37.7M-238.9%	$27.1M+16.3%	$23.3M+810.6%	-$3.3M
Financing Cash Flow	$7.7M+10.9%	$7.0M-63.4%	$19.0M+147.5%	-$40.0M+39.8%	-$66.4M-449.3%	$19.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$3.7M+177.3%	$1.3M	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$22.8M+2786.8%	-$848K+95.3%	-$18.2M-86.2%	-$9.8M+28.7%	-$13.7M-1060.7%	$1.4M-87.9%	$11.8M-49.0%	$23.1M
Capital Expenditures	$1.6M+237.4%	$484K-9.0%	$532K-58.4%	$1.3M-72.5%	$4.7M+0.2%	$4.6M-5.6%	$4.9M-25.9%	$6.6M
Free Cash Flow	$21.2M+1687.9%	-$1.3M+92.9%	-$18.8M-69.5%	-$11.1M+39.8%	-$18.4M-471.9%	-$3.2M-146.7%	$6.9M-58.3%	$16.5M
Investing Cash Flow	-$1.6M+40.1%	-$2.7M+65.1%	-$7.8M-511.1%	-$1.3M+78.9%	-$6.1M-0.2%	-$6.0M-22.8%	-$4.9M+25.9%	-$6.6M
Financing Cash Flow	-$18.5M-368.5%	$6.9M-59.5%	$17.0M+93.5%	$8.8M+43.5%	$6.1M+407.5%	$1.2M-67.8%	$3.7M+155.7%	-$6.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$991K	$0

ALTO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	1.0%-0.3pp	1.3%+3.3pp	-2.1%-7.7pp	5.6%-0.3pp	5.9%+6.6pp	-0.7%
Operating Margin	-5.3%-3.4pp	-1.9%+2.6pp	-4.6%-7.9pp	3.3%+2.2pp	1.1%+6.3pp	-5.2%
Net Margin	-6.1%-3.8pp	-2.3%+0.8pp	-3.1%-6.9pp	3.8%+5.5pp	-1.7%+4.5pp	-6.2%
Return on Equity	N/A	N/A	N/A	13.4%	N/A	N/A
Return on Assets	-14.7%-8.5pp	-6.2%+2.5pp	-8.7%-18.2pp	9.5%+12.7pp	-3.2%+11.3pp	-14.5%
Current Ratio	2.65+0.1	2.58+0.0	2.55-0.7	3.30+0.8	2.46+1.0	1.45
Debt-to-Equity	0.41+0.1	0.29+0.1	0.22+0.1	0.15-0.1	0.24-0.6	0.80
FCF Margin	-1.5%-0.9pp	-0.6%+1.8pp	-2.4%-3.2pp	0.9%-6.4pp	7.3%+9.7pp	-2.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	9.8%+10.6pp	-0.9%-0.1pp	-0.8%-0.2pp	-0.6%-3.8pp	3.2%+4.2pp	-1.0%-0.1pp	-0.9%-2.2pp	1.3%
Operating Margin	7.0%+10.8pp	-3.7%+0.3pp	-4.0%+12.6pp	-16.6%-16.0pp	-0.6%+3.7pp	-4.3%+2.0pp	-6.3%-4.9pp	-1.4%
Net Margin	5.9%+10.9pp	-5.0%+0.1pp	-5.2%+12.5pp	-17.6%-16.3pp	-1.3%+3.6pp	-4.9%+2.0pp	-6.9%-5.8pp	-1.1%
Return on Equity	6.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	3.7%+6.5pp	-2.8%+0.1pp	-2.9%+7.5pp	-10.4%-9.7pp	-0.7%+2.0pp	-2.7%+1.5pp	-4.2%-3.4pp	-0.8%
Current Ratio	3.56+0.0	3.52+0.6	2.89+0.2	2.65-0.4	3.09+0.3	2.74+0.2	2.58-0.3	2.88
Debt-to-Equity	0.45-0.1	0.57+0.1	0.52+0.1	0.41+0.1	0.34+0.0	0.31+0.0	0.29+0.0	0.25
FCF Margin	8.8%+9.4pp	-0.6%+7.7pp	-8.3%-3.6pp	-4.7%+3.1pp	-7.8%-6.4pp	-1.3%-3.9pp	2.5%-2.7pp	5.2%

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Frequently Asked Questions

What is Alto Ingredients Inc's annual revenue?

Alto Ingredients Inc (ALTO) reported $965.3M in total revenue for fiscal year 2024. This represents a -21.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Alto Ingredients Inc's revenue growing?

Alto Ingredients Inc (ALTO) revenue declined by 21.1% year-over-year, from $1.2B to $965.3M in fiscal year 2024.

Is Alto Ingredients Inc profitable?

No, Alto Ingredients Inc (ALTO) reported a net income of -$59.0M in fiscal year 2024, with a net profit margin of -6.1%.

What is Alto Ingredients Inc's earnings per share (EPS)?

Alto Ingredients Inc (ALTO) reported diluted earnings per share of $-0.82 for fiscal year 2024. This represents a -105.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Alto Ingredients Inc's EBITDA?

Alto Ingredients Inc (ALTO) had EBITDA of -$27.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Alto Ingredients Inc have?

As of fiscal year 2024, Alto Ingredients Inc (ALTO) had $35.5M in cash and equivalents against $92.9M in long-term debt.

What is Alto Ingredients Inc's gross margin?

Alto Ingredients Inc (ALTO) had a gross margin of 1.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Alto Ingredients Inc's operating margin?

Alto Ingredients Inc (ALTO) had an operating margin of -5.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Alto Ingredients Inc's net profit margin?

Alto Ingredients Inc (ALTO) had a net profit margin of -6.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Alto Ingredients Inc's free cash flow?

Alto Ingredients Inc (ALTO) generated -$14.6M in free cash flow during fiscal year 2024. This represents a -94.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Alto Ingredients Inc's operating cash flow?

Alto Ingredients Inc (ALTO) generated -$3.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Alto Ingredients Inc's total assets?

Alto Ingredients Inc (ALTO) had $401.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Alto Ingredients Inc's capital expenditures?

Alto Ingredients Inc (ALTO) invested $11.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Alto Ingredients Inc have outstanding?

Alto Ingredients Inc (ALTO) had 77M shares outstanding as of fiscal year 2024.

What is Alto Ingredients Inc's current ratio?

Alto Ingredients Inc (ALTO) had a current ratio of 2.65 as of fiscal year 2024, which is generally considered healthy.

What is Alto Ingredients Inc's debt-to-equity ratio?

Alto Ingredients Inc (ALTO) had a debt-to-equity ratio of 0.41 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Alto Ingredients Inc's return on assets (ROA)?

Alto Ingredients Inc (ALTO) had a return on assets of -14.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Alto Ingredients Inc's cash runway?

Based on fiscal year 2024 data, Alto Ingredients Inc (ALTO) had $35.5M in cash against an annual operating cash burn of $3.5M. This gives an estimated cash runway of approximately 121 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Alto Ingredients Inc's Piotroski F-Score?

Alto Ingredients Inc (ALTO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Alto Ingredients Inc's earnings high quality?

Alto Ingredients Inc (ALTO) has an earnings quality ratio of 0.06x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Alto Ingredients Inc?

Alto Ingredients Inc (ALTO) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.