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ALTO

Alto Ingredients, Inc.

ALTO

Alto Ingredients, Inc. • NASDAQ
$2.55 ▲ 4.08% (+0.10)
Market Cap $197.42 M
52w High $2.62
52w Low $0.76
Dividend Yield 0%
P/E -3.64
Volume 448.24K
Outstanding Shares 77.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $240.986M ▲ $6.514M ▲ $14.208M ▲ 5.896% ▲ $0.19 ▲ $23.265M ▲
Q2-2025 $218.436M ▼ $6.171M ▼ $-10.997M ▲ -5.034% ▲ $-0.15 ▲ $-1.821M ▲
Q1-2025 $226.54M ▼ $7.19M ▼ $-11.679M ▲ -5.155% ▲ $-0.16 ▲ $-2.237M ▲
Q4-2024 $236.347M ▼ $37.824M ▲ $-41.712M ▼ -17.649% ▼ $-0.57 ▼ $-32.517M ▼
Q3-2024 $251.814M $6.68M $-2.441M -0.969% $-0.037 $5.484M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.516M ▲ $388.474M ▼ $166.072M ▼ $222.402M ▲
Q2-2025 $30.491M ▲ $393.065M ▼ $185.22M ▼ $207.845M ▼
Q1-2025 $26.778M ▼ $402.209M ▲ $188.289M ▲ $213.92M ▼
Q4-2024 $35.469M ▲ $401.438M ▼ $176.375M ▲ $225.063M ▼
Q3-2024 $33.591M $417.411M $153.486M $263.925M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $14.208M ▲ $22.784M ▲ $-1.633M ▲ $-18.503M ▼ $2.648M ▼ $21.151M ▲
Q2-2025 $-10.997M ▲ $-848K ▲ $-2.724M ▲ $6.892M ▼ $3.32M ▲ $-1.332M ▲
Q1-2025 $-11.679M ▲ $-18.231M ▼ $-7.81M ▼ $17.001M ▲ $-9.04M ▼ $-18.763M ▼
Q4-2024 $-41.712M ▼ $-9.79M ▼ $-1.278M ▼ $8.785M ▲ $-2.283M ▼ $-11.068M ▼
Q3-2024 $-2.441M $18.568M $-91K $-8.394M $10.083M $18.077M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Intersegment Eliminations Member
Intersegment Eliminations Member
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Alto’s income statement shows a business that has scaled up but is still struggling to turn that scale into steady profits. Revenue climbed meaningfully through the pandemic and then pulled back more recently, suggesting some loss of momentum or weaker pricing. Profit margins are very thin, with gross profit barely above break-even and operating results swinging between small profits and losses. Net income has been negative in most of the last five years, with only a single clearly profitable year in the middle of the period. Overall, the company looks volatile and still in transition, with the new, higher-value product focus not yet showing up as stable, healthy earnings.

Balance Sheet

Balance Sheet The balance sheet is relatively steady in size but shows some gradual erosion in quality. Total assets have stayed fairly flat, which suggests no major expansion or contraction of the business footprint. Debt levels are moderate and have not blown out, but shareholders’ equity has been drifting down from its peak, signaling that cumulative losses are slowly chipping away at the company’s capital base. Cash on hand is modest, not unusually low for an industrial operator, but not a large cushion either. In short, the balance sheet does not look distressed, but it also does not provide a lot of extra comfort if performance remains weak.

Cash Flow

Cash Flow Cash flow paints a picture of a company that can occasionally generate solid cash from operations but has not done so consistently. Operating cash flow was healthy a few years ago and then faded to roughly break-even more recently, in line with the weaker earnings. Free cash flow turned positive when conditions were favorable but has been negative in the last few years as the company continued investing in its facilities and capabilities. Capital spending is meaningful but not excessive, reflecting a transition strategy rather than a major expansion spree. The key question is whether future operating cash flow can reliably cover these investments without leaning too heavily on the balance sheet.

Competitive Edge

Competitive Edge Competitively, Alto is trying to move up the value chain from commodity ethanol into more specialized, higher-margin products. That shift, if executed well, can reduce exposure to swings in fuel markets and create more stable demand from food, beverage, health and beauty, and industrial customers. The company is also pursuing vertical integration, such as capturing and processing its own carbon dioxide, which can help lower costs and squeeze more value out of each plant. Its focus on lower-carbon products and certifications gives it a foothold in markets that reward sustainability. At the same time, the broader biofuels and ingredients space remains competitive and cyclical, so Alto’s advantage will depend on how quickly and effectively it can move its revenue mix away from pure commodities.

Innovation and R&D

Innovation and R&D Alto’s innovation efforts center on extracting more value from the same raw materials and production footprint. The CoPromax high-protein system is a notable step: it turns a traditional ethanol byproduct into a higher-protein feed and food ingredient while boosting corn oil output, aiming to lift margins without building entirely new plants. The company is also investing in higher-purity alcohol refining, carbon reduction, and potentially carbon capture and sequestration, which could unlock premium pricing and tax incentives if regulatory and technical hurdles are overcome. Longer term, extending into areas like sustainable aviation fuel or broader CO2 utilization could open new markets, but these are still developing and carry execution and policy risk.

Summary

Overall, Alto looks like a company in the middle of a strategic transformation: financially fragile, but actively working to reshape its business model. The historical record shows choppy revenue, thin and inconsistent profitability, and modest but not alarming leverage, with equity slowly being worn down by repeated losses. Cash generation has been uneven, especially in the most recent period. Against that backdrop, the move toward specialty alcohols, high-protein ingredients, and low-carbon solutions is an attempt to build a more defensible, higher-margin position. The investment case hinges on whether these initiatives can move from promise to tangible, durable earnings and cash flow before the balance sheet’s flexibility becomes too constrained.

NEWS

October 29, 2025 · 8:30 AM UTC

Alto Ingredients, Inc. to Release Third Quarter 2025 Financial Results on November 5, 2025

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October 20, 2025 · 7:01 AM UTC

Alto Neuroscience Announces Plans to Accelerate Development of ALTO-207 in Treatment Resistant Depression Following Successful Outcome from Recent FDA Meeting

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October 7, 2025 · 8:30 AM UTC

Alto Ingredients, Inc. to Present in the LD Micro Main Event XIX

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October 6, 2025 · 8:30 AM UTC

Alto Ingredients Applauds Passage of Assembly Bill 30 Expanding E15 Fuel Options in California

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September 2, 2025 · 4:05 PM UTC

Alto Ingredients, Inc. to Present in the 27th Annual H.C. Wainwright Global Investment Conference

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