Alto Ingredients, Inc. Reports Second Quarter 2026 Results
Rhea-AI Summary
Alto Ingredients (NASDAQ: ALTO) reported strong results for the quarter ended June 30, 2026, with net sales of $245.7 million versus $218.4 million a year earlier and gross profit of $16.6 million compared to a $1.9 million gross loss in Q2 2025.
Net income attributable to common stockholders was $11.4 million, or $0.15 per diluted share, reversing a net loss of $11.3 million, or $0.15 per share. Adjusted EBITDA rose to $23.7 million from negative $0.2 million, supported by segment-wide gross profit improvements and $5.1 million in transferable tax credits, net.
Alto ended the quarter with $24.0 million in cash and cash equivalents and total borrowing availability of $106 million. The company also established a $50 million at-the-market equity program to provide additional financial flexibility for funding organic growth opportunities.
Positive
- Net sales $245.7M, up from $218.4M in Q2 2025
- Net income $11.4M ($0.15/share) vs. $11.3M loss year-ago
- Adjusted EBITDA $23.7M vs. negative $0.2M, a $23.9M improvement
- Gross profit $16.6M vs. $1.9M gross loss in Q2 2025
- Transferable tax credits, net $5.1M contributed to Q2 2026 results
- Liquidity: $24.0M cash and $106M total borrowing availability at June 30, 2026
Negative
- Selling, general and administrative expenses $8.0M, up from $6.2M year-ago
- $50M at-the-market equity program authorized, enabling future share issuance and potential dilution
News Explained
Alto established a
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 2026 earnings | Positive | -18.4% | Profitability improved, but the stock declined 18.35% over the following 24 hours. |
| Nov 05 | Q3 2025 earnings | Positive | +22.4% | Higher sales, gross profit, net income, and EBITDA accompanied a 22.41% gain. |
| Aug 06 | Q2 2025 earnings | Negative | -3.9% | Net sales declined and the company reported an $11.3 million net loss. |
| May 07 | Q1 2025 earnings | Negative | -1.6% | The company reported a $12.0 million net loss and negative adjusted EBITDA. |
| Nov 06 | Q3 2024 earnings | Negative | -37.6% | Lower sales and a per-share loss accompanied a 37.63% decline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were aligned with the announcement sentiment in four of five events, although the average move was -7.8%.
Key Terms
adjusted ebitda financial
at-the-market equity program financial
gaap financial
45z tax credits regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Q2 2026 Gross Profit of
Q2 2026 Net Income of
Q2 2026 Adjusted EBITDA of
PEKIN, Ill., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of renewable fuels, essential ingredients and specialty alcohols, reported its financial results for the quarter ended June 30, 2026.
“Alto’s second quarter results mark the fourth consecutive quarter of positive gross profit, income from operations, net income and adjusted EBITDA. We have maintained consistent profitability over this period even before the contribution of earnings from 45Z tax credits. These results demonstrate the benefits of our diversification strategy, which gives us the flexibility to shift production toward the most attractive end markets and capture premium-value opportunities,” said President and Chief Executive Officer Bryon McGregor.
“Having begun a strategic realignment three years ago, we now have a diversified product portfolio, a leaner cost structure and an operating model capable of generating positive adjusted EBITDA through commodity cycles while providing meaningful upside when market conditions are favorable,” added Mr. McGregor. “In addition, we have numerous initiatives in process and ahead of us to expand capacity, optimize CO2 production, improve efficiencies and increase our earnings from 45Z tax credits.”
Mr. McGregor concluded, “Our second quarter and latest 12-month financial results, combined with our ability to execute on high-return opportunities, reinforce our confidence in Alto’s ability to generate sustainable earnings and create long-term shareholder value.”
Rob Olander, Chief Financial Officer, added that, “Today, we established a
Financial Results for the Three Months Ended June 30, 2026 Compared to 2025
- Net sales were
$245.7 million , compared to$218.4 million . - Cost of goods sold was
$229.1 million , compared to$220.4 million . - Gross profit was
$16.6 million , compared to a gross loss of$1.9 million . - Selling, general and administrative expenses were
$8.0 million , compared to$6.2 million . - Interest expense was
$2.0 million , compared to$2.8 million . - Net income attributable to common stockholders was
$11.4 million , or$0.15 per diluted share, compared to a net loss of$11.3 million , or$0.15 per share. - Adjusted EBITDA was
$23.7 million , compared to negative$0.2 million , an increase of$23.9 million .
Cash and cash equivalents at June 30, 2026 were
Second Quarter 2026 Results Conference Call
Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Wednesday, August 5, 2026, and will deliver prepared remarks via webcast followed by a question-and-answer session.
To receive a number and unique PIN by email, register here. To dial directly up to 20 minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. Alternatively, the webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com and will be available for one year.
Use of Non-GAAP Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles ("GAAP") are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, provision (benefit) for income taxes, asset impairments, unrealized derivative gains and losses, acquisition-related expense, excess insurance proceeds and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company's results as reported under GAAP.
About Alto Ingredients, Inc.
Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of renewable fuels, essential ingredients and specialty alcohols. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ expectations around expanding production capacity; profitability and executing on opportunities to grow earnings, including through improved utilization and reliability, optimization and capital projects, and monetizing additional Section 45Z tax credits; the use and benefits of its ATM program, including returns that Alto Ingredients may generate from using funds, if any, from the program to make capital investments; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others, adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints, including from tariffs; prevailing market prices and trading volumes of Alto Ingredients’ stock; Alto Ingredients’ ability, if desirable, to execute on its ATM program; Alto Ingredients’ ability to timely and within budget execute on its optimization and capital projects; regulatory developments and Alto Ingredients’ ability to successfully pursue and secure opportunities, and realize the expected results, under existing and new legislation, including the Section 45Z regulations, and to successfully apply for and receive anticipated credit amounts. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2026.
Company IR and Media Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755
Investorrelations@altoingredients.com
IR Agency Contact:
Jody Burfening, Alliance Advisors Investor Relations, 212-838-3777,
Investorrelations@altoingredients.com
| ALTO INGREDIENTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share data) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Net sales | $ | 245,698 | $ | 218,436 | $ | 470,378 | $ | 444,976 | ||||
| Cost of goods sold | 229,062 | 220,373 | 444,523 | 448,720 | ||||||||
| Gross profit (loss) | 16,636 | (1,937 | ) | 25,855 | (3,744 | ) | ||||||
| Selling, general and administrative expenses | 8,017 | 6,171 | 14,716 | 13,361 | ||||||||
| Income (loss) from operations | 8,619 | (8,108 | ) | 11,139 | (17,105 | ) | ||||||
| Interest expense, net | (1,960 | ) | (2,811 | ) | (4,158 | ) | (5,540 | ) | ||||
| Transferable tax credits, net | 5,112 | — | 9,012 | — | ||||||||
| Other expense, net | (70 | ) | (78 | ) | (21 | ) | (31 | ) | ||||
| Income (loss) before provision for income taxes | 11,701 | (10,997 | ) | 15,972 | (22,676 | ) | ||||||
| Provision for income taxes | — | — | — | — | ||||||||
| Net income (loss) | $ | 11,701 | $ | (10,997 | ) | $ | 15,972 | $ | (22,676 | ) | ||
| Preferred stock dividends | $ | (315 | ) | $ | (315 | ) | $ | (627 | ) | $ | (627 | ) |
| Net income (loss) attributable to common stockholders | $ | 11,386 | $ | (11,312 | ) | $ | 15,345 | $ | (23,303 | ) | ||
| Net income (loss) per share, basic | $ | 0.15 | $ | (0.15 | ) | $ | 0.20 | $ | (0.31 | ) | ||
| Net income (loss) per share, diluted | $ | 0.15 | $ | (0.15 | ) | $ | 0.20 | $ | (0.31 | ) | ||
| Weighted-average shares outstanding, basic | 75,588 | 74,611 | 75,191 | 74,232 | ||||||||
| Weighted-average shares outstanding, diluted | 77,071 | 74,611 | 76,609 | 74,232 | ||||||||
| ALTO INGREDIENTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except par value) | |||||||
ASSETS | June 30, 2026 | December 31, 2025 | |||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 23,962 | $ | 23,415 | |||
| Restricted cash | — | 2,258 | |||||
| Accounts receivable, net | 67,889 | 55,069 | |||||
| Inventories | 51,609 | 61,676 | |||||
| Transferable tax credits, net | 8,265 | 7,500 | |||||
| Derivative instruments | 4,173 | 525 | |||||
| Other current assets | 4,926 | 5,474 | |||||
| Total current assets | 160,824 | 155,917 | |||||
| Property and equipment, net | 197,479 | 198,501 | |||||
| Other Assets: | |||||||
| Right of use operating lease assets, net | 21,492 | 16,931 | |||||
| Intangible assets, net | 7,264 | 7,574 | |||||
| Other assets | 10,011 | 9,863 | |||||
| Total other assets | 38,767 | 34,368 | |||||
| Total Assets | $ | 397,070 | $ | 388,786 | |||
| ALTO INGREDIENTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (unaudited, in thousands, except par value) | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | June 30, 2026 | December 31, 2025 | ||||||||
| Current Liabilities: | ||||||||||
| Accounts payable | $ | 24,219 | $ | 14,509 | ||||||
| Accrued liabilities | 16,424 | 16,691 | ||||||||
| Current portion – long-term debt | — | 16,600 | ||||||||
| Current portion – operating leases | 4,916 | 4,958 | ||||||||
| Derivative instruments | 277 | 1,067 | ||||||||
| Other current liabilities | 4,561 | 5,246 | ||||||||
| Total current liabilities | 50,397 | 59,071 | ||||||||
| Long-term debt, net | 60,469 | 63,027 | ||||||||
| Operating leases, net of current portion | 17,553 | 13,012 | ||||||||
| Other liabilities | 8,774 | 8,435 | ||||||||
| Total Liabilities | 137,193 | 143,545 | ||||||||
| Stockholders’ Equity: | ||||||||||
| Preferred stock, Series A: no shares issued and outstanding as of June 30, 2026 and December 31, 2025 Series B: 927 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 1 | 1 | ||||||||
| Common stock, | 78 | 77 | ||||||||
| Non-voting common stock, | — | — | ||||||||
| Additional paid-in capital | 1,051,085 | 1,051,795 | ||||||||
| Accumulated other comprehensive income | 5,461 | 5,461 | ||||||||
| Accumulated deficit | (796,748 | ) | (812,093 | ) | ||||||
| Total Stockholders’ Equity | 259,877 | 245,241 | ||||||||
| Total Liabilities and Stockholders’ Equity | $ | 397,070 | $ | 388,786 | ||||||
| Reconciliation of Adjusted EBITDA to Net Income (Loss) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| (in thousands) (unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Net income (loss) | $ | 11,701 | $ | (10,997 | ) | $ | 15,972 | $ | (22,676 | ) | ||
| Adjustments: | ||||||||||||
| Interest expense | 1,960 | 2,811 | 4,158 | 5,540 | ||||||||
| Interest income | (87 | ) | (67 | ) | (165 | ) | (150 | ) | ||||
| Unrealized derivative losses (gains) | 3,634 | 2,117 | (4,439 | ) | 483 | |||||||
| Acquisition-related income | — | (460 | ) | — | (460 | ) | ||||||
| Depreciation and amortization expense | 6,452 | 6,365 | 12,819 | 12,631 | ||||||||
| Total adjustments | 11,959 | 10,766 | 12,373 | 18,044 | ||||||||
| Adjusted EBITDA | $ | 23,660 | $ | (231 | ) | $ | 28,345 | $ | (4,632 | ) | ||
| Segment Financials(in thousands) (unaudited) | ||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net Sales | ||||||||||||||
| Alcohol sales | $ | 114,370 | $ | 94,155 | $ | 222,321 | $ | 201,390 | ||||||
| Essential ingredient sales | 45,071 | 39,565 | 89,064 | 84,183 | ||||||||||
| Intersegment sales | 229 | 183 | 492 | 481 | ||||||||||
| Total Pekin Campus sales | 159,670 | 133,903 | 311,877 | 286,054 | ||||||||||
Marketing and distribution: | ||||||||||||||
| Alcohol sales, gross | $ | 54,612 | $ | 58,106 | $ | 101,889 | $ | 107,101 | ||||||
| Alcohol sales, net | 60 | 80 | 109 | 142 | ||||||||||
| Intersegment sales | 2,512 | 2,334 | 4,962 | 4,840 | ||||||||||
| Total marketing and distribution sales | 57,184 | 60,520 | 106,960 | 112,083 | ||||||||||
| Western production: | ||||||||||||||
| Alcohol sales | $ | 20,798 | $ | 16,604 | $ | 37,479 | $ | 32,798 | ||||||
| Essential ingredient sales | 8,843 | 8,250 | 16,123 | 16,058 | ||||||||||
| Intersegment sales | 449 | 505 | 848 | 769 | ||||||||||
| Total Western production sales | 30,090 | 25,359 | 54,450 | 49,625 | ||||||||||
| Corporate and other | 1,944 | 1,676 | 3,393 | 3,304 | ||||||||||
| Intersegment eliminations | (3,190 | ) | (3,022 | ) | (6,302 | ) | (6,090 | ) | ||||||
| Net sales as reported | $ | 245,698 | $ | 218,436 | $ | 470,378 | $ | 444,976 | ||||||
Cost of goods sold: | ||||||||||||||
| Pekin Campus production | $ | 148,148 | $ | 139,748 | $ | 292,918 | $ | 294,974 | ||||||
| Marketing and distribution | 53,404 | 56,518 | 99,442 | 104,167 | ||||||||||
| Western production | 27,955 | 23,501 | 52,707 | 49,024 | ||||||||||
| Corporate and other | 1,010 | 1,705 | 2,046 | 3,386 | ||||||||||
| Intersegment eliminations | (1,455 | ) | (1,099 | ) | (2,590 | ) | (2,831 | ) | ||||||
| Cost of goods sold as reported | $ | 229,062 | $ | 220,373 | $ | 444,523 | $ | 448,720 | ||||||
Gross profit (loss): | ||||||||||||||
| Pekin Campus production | $ | 11,522 | $ | (5,845 | ) | $ | 18,959 | $ | (8,920 | ) | ||||
| Marketing and distribution | 3,780 | 4,002 | 7,518 | 7,916 | ||||||||||
| Western production | 2,135 | 1,858 | 1,743 | 601 | ||||||||||
| Corporate and other | 934 | (29 | ) | 1,347 | (82 | ) | ||||||||
| Intersegment eliminations | (1,735 | ) | (1,923 | ) | (3,712 | ) | (3,259 | ) | ||||||
| Gross profit (loss) as reported | $ | 16,636 | $ | (1,937 | ) | $ | 25,855 | $ | (3,744 | ) | ||||
| Sales and Operating Metrics (unaudited) | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| 2026 | 2025 | 2026 | 2025 | |||||
| Alcohol Sales (gallons in millions) | ||||||||
| Pekin Campus renewable fuel gallons sold | 31.6 | 28.8 | 62.8 | 61.4 | ||||
| Western production renewable fuel gallons sold | 9.4 | 8.3 | 17.6 | 16.6 | ||||
| Third-party renewable fuel gallons sold | 24.0 | 29.7 | 47.5 | 54.1 | ||||
| Total renewable fuel gallons sold | 65.0 | 66.8 | 127.9 | 132.1 | ||||
| Specialty alcohol gallons sold | 23.5 | 19.9 | 46.5 | 44.2 | ||||
| Total gallons sold | 88.5 | 86.7 | 174.4 | 176.3 | ||||
| Sales Price per Gallon | ||||||||
| Pekin Campus production | $ | 2.09 | $ | 1.95 | $ | 2.05 | $ | 1.92 |
| Western production | $ | 2.20 | $ | 2.00 | $ | 2.13 | $ | 1.98 |
| Marketing and distribution | $ | 2.27 | $ | 1.96 | $ | 2.14 | $ | 1.98 |
| Average sales price per gallon | $ | 2.15 | $ | 1.95 | $ | 2.08 | $ | 1.94 |
| Alcohol Production (gallons in millions) | ||||||||
| Pekin Campus production | 51.8 | 50.9 | 103.0 | 105.2 | ||||
| Western production | 9.0 | 8.3 | 16.9 | 16.6 | ||||
| Total production gallons | 60.8 | 59.2 | 119.9 | 121.8 | ||||
| Corn Cost per Bushel | ||||||||
| Pekin Campus production | $ | 4.58 | $ | 4.86 | $ | 4.51 | $ | 4.75 |
| Western production | $ | 5.59 | $ | 5.71 | $ | 5.57 | $ | 5.83 |
| Average cost per bushel | $ | 4.73 | $ | 4.98 | $ | 4.65 | $ | 4.89 |
| Average Market Metrics | |||||||||||||
| PLATTS Ethanol price per gallon | $ | 1.92 | $ | 1.72 | $ | 1.82 | $ | 1.72 | |||||
| CME Corn cost per bushel | $ | 4.44 | $ | 4.51 | $ | 4.41 | $ | 4.62 | |||||
| Board corn crush per gallons (1) | $ | 0.33 | $ | 0.11 | $ | 0.25 | $ | 0.07 | |||||
| Essential Ingredients Sold (thousand tons) | |||||||||||||
| Pekin Campus production: | |||||||||||||
| Distillers grains | 68.2 | 70.2 | 148.6 | 160.9 | |||||||||
| CO2 | 45.2 | 45.1 | 88.5 | 90.4 | |||||||||
| Corn wet feed | 26.3 | 28.7 | 56.2 | 63.2 | |||||||||
| Corn dry feed | 24.7 | 21.4 | 45.7 | 45.2 | |||||||||
| Corn oil and germ | 19.1 | 18.9 | 37.2 | 38.5 | |||||||||
| Syrup and other | 11.9 | 11.7 | 21.1 | 19.9 | |||||||||
| Corn meal | 8.2 | 8.3 | 17.7 | 17.7 | |||||||||
| Yeast | 5.9 | 5.7 | 12.0 | 12.1 | |||||||||
| Total Pekin Campus essential ingredients sold | 209.5 | 210.0 | 427.0 | 447.9 | |||||||||
| Western production: | |||||||||||||
| Distillers grains | 67.0 | 61.8 | 127.1 | 119.9 | |||||||||
| CO2 | 14.5 | 14.4 | 27.3 | 27.0 | |||||||||
| Corn oil | 0.9 | 1.0 | 1.7 | 2.4 | |||||||||
| Syrup and other | 0.6 | 1.2 | 1.4 | 2.0 | |||||||||
| Total Western production essential ingredients sold | 83.0 | 78.4 | 157.5 | 151.3 | |||||||||
| Total Essential Ingredients Sold | 292.5 | 288.4 | 584.5 | 599.2 | |||||||||
| Essential ingredients return % (2) | |||||||||||||
| Pekin Campus return | 51.7 | % | 44.2 | % | 52.8 | % | 46.1 | % | |||||
| Western production return | 51.4 | % | 50.8 | % | 50.7 | % | 49.9 | % | |||||
| Consolidated total return | 51.6 | % | 45.2 | % | 52.5 | % | 46.7 | % | |||||
________________
(1) Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn.
(2) Essential ingredients revenues as a percentage of total corn costs consumed.
