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Alto Ingredients, Inc. Reports Second Quarter 2025 Results

- Western Assets Increased Gross Profit by $5.6 Million, Compared to Q2 2024 -

PEKIN, Ill., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, reported its financial results for the quarter ended June 30, 2025.

鈥淚n 2025, our higher productivity and efficiency initiatives positively impacted our financial position.听These successes reflect our commitment听to projects with near-term returns and long-term benefits,鈥� said Bryon McGregor, President and Chief Executive Officer of Alto Ingredients. 鈥淚n the second quarter of 2025, our Western assets generated gross profit, reflecting the positive impact of our liquid CO₂ facility acquisition and our decision to cold-idle our Magic Valley facility due to adverse market factors. Our marketing and distribution segment improved because we integrated our bulk sales customers, continued third-party ethanol marketing relationships that met profitability criteria, and transitioned away from business that had limited returns. We partially offset the negative impact of the previously announced loading dock outage at Pekin by capitalizing on our operational flexibility, selling higher-margin ISCC export products into Europe, and rightsizing corporate overhead to align with our current company footprint. In the second quarter of 2025, this corporate reorganization exceeded our annualized savings goal of approximately $8 million.

鈥淪everal positive regulatory developments, including the 45Z credit extension through the end of 2029, are beneficial for the industry. This has improved our earnings profile, increasing the intrinsic valuation of our facilities and creating opportunities for at least two of our plants to apply for credits for up to nearly $18 million in the next two years based on our nameplate and targeted carbon intensity scores.听To execute our short-term payback strategy, we are evaluating projects to lower our carbon intensity, to capture more of the benefits from favorable regulations, improve prospects to monetize our Western assets, and increased our CO₂ utilization at our Pekin campus and at Columbia. We expect that this approach will support our path to profitability.鈥�

Financial Results for the Three Months Ended June 30, 2025 Compared to 2024

• Net sales were $218.4 million, compared to $236.5 million.
• Cost of goods sold was $220.4 million, compared to $228.9 million.
• Gross loss was $1.9 million, compared to gross profit of $7.6 million. The year-over-year change in unrealized noncash derivatives was negative $13.2 million and the realized derivatives gain was positive $7.6 million, resulting in a net unfavorable change of $5.6 million. Although the market crush continued to improve in 2025, it was still on average $0.10 lower than in the second quarter of 2024.
• Selling, general and administrative expenses were $6.2 million, compared to $9.0 million.
• Interest expense was $2.8 million, compared to $1.7 million.
• Net loss attributable to common stockholders was $11.3 million, or $0.15 per share, compared to $3.4 million, or $0.05 per share.
• Adjusted EBITDA was negative $0.2 million, including $4.7 million in realized gains on derivatives, compared to negative $5.9 million, including $2.9 million in realized losses on derivatives.

Financial Results for the Six Months Ended June 30, 2025 Compared to 2024

• Net sales were $445.0 million, compared to $477.1 million.
• Cost of goods sold was $448.7 million, compared to $471.9 million.
• Gross loss was $3.7 million, compared to a gross profit of $5.2 million. The year-over-year change in unrealized noncash derivatives was negative $14.8 million and the realized derivatives gain was positive $7.6 million, resulting in a net unfavorable impact of $7.2 million. Although the market crush continued to improve in 2025, it was still on average lower than in the first half of 2024.
• Selling, general and administrative expenses were $13.4 million, compared to $16.9 million.
• Interest expense was $5.5 million, compared to $3.3 million.
• Net loss attributable to common stockholders was $23.3 million, or $0.31 per share, compared to $15.5 million, or $0.21 per share.
• Adjusted EBITDA was negative $4.6 million, including $4.9 million in realized gains on derivatives, compared to negative $13.0 million, including $2.7 million in realized losses on derivatives.

Cash and cash equivalents at June 30, 2025 were $29.8 million, compared to $26.8 million at March 31, 2025 and $35.5 million at December 31, 2024. At June 30, 2025, the company鈥檚 borrowing availability was $70 million including $5 million under the company鈥檚 operating line of credit and $65 million under its term loan facility, subject to certain conditions.

Second Quarter 2025 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 6, 2025, and will deliver prepared remarks via webcast followed by a question-and-answer session.

The webcast for the conference call can be accessed from Alto Ingredients鈥� website at . Alternatively, to receive a number and unique PIN by email, . To dial directly up to twenty minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. The webcast will be archived for replay on the Alto Ingredients website for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Wednesday, August 13, 2025. To access the replay, please dial (877) 344-7529. International callers should dial 00-1 412-317-0088. The pass code will be 1666529.

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 for income taxes, asset impairments, unrealized derivative gains and losses, acquisition-related expense 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 specialty alcohols, renewable fuels and essential ingredients. 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听.

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鈥� estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients鈥� 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 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥減lan,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渇orecast,鈥� 鈥渙utlook,鈥� 鈥済uidance,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渨ill,鈥� 鈥減ossible,鈥� 鈥減otential,鈥� 鈥減redict,鈥� 鈥減roject,鈥� or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients鈥� projected outlook and future performance, including the anticipated timing and effects of its productivity and efficiency initiatives; expectations around, and the anticipated timing and effects of, regulatory developments, including the Section 45Z credit extension and the dollar amounts of credits for which Alto Ingredients may be eligible to apply and receive; and Alto Ingredients鈥� other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients鈥� plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients鈥� current expectations depending upon a number of factors affecting Alto Ingredients鈥� 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鈥檚 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; Alto Ingredients鈥� ability to timely and fully realize the results of its productivity and cost saving initiatives; regulatory developments and Alto Ingredients鈥� 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鈥� 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鈥� 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鈥� filings with the Securities and Exchange Commission including, specifically, those factors set forth in the 鈥淩isk Factors鈥� section contained in Alto Ingredients鈥� Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2025.

Company IR and Media Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755

IR Agency Contact:
Kirsten Chapman, Alliance Advisors Investor Relations, 415-433-3777

Reconciliation of Adjusted EBITDA to Net Loss

Sales and Operating Metrics (unaudited)

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(1)听 听Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn.

(2)听 听Essential ingredients revenues as a percentage of total corn costs consumed.

Segment Financials (unaudited, in thousands)