[Alto Ingredients, Inc. First Quarter 2024 Results](index=1&type=section&id=Alto%20Ingredients%2C%20Inc.%20First%20Quarter%202024%20Results) [Executive Summary & Business Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Outlook) The company showed improved year-over-year profitability in Q1 2024 despite weather and hedging challenges, with a positive outlook driven by market fundamentals and strategic projects Q1 2024 vs Q1 2023 Performance Highlights | Metric | Improvement (YoY) | | :--- | :--- | | Gross Profit | $0.8 Million | | Net Loss | $1.4 Million | | Adjusted EBITDA | $3.4 Million | - The company's strategies to diversify revenue, enhance capacity utilization, cut costs, and broaden operating margins are showing positive results, benefiting from improved crush margins and operational efficiencies[2](index=2&type=chunk) - Q1 performance was materially impacted by a January cold spike that increased costs and a **$4.9 million loss** from energy hedging due to unseasonably moderate weather[2](index=2&type=chunk) - The market outlook for the rest of 2024 is considered favorable due to solid corn inventories, better export demand for ethanol, and the EPA's summer waiver for 15% ethanol blends[3](index=3&type=chunk) - The company is advancing its Carbon Capture and Storage (CCS) initiative by signing a letter of intent with Vault 44.01 to store CO2 near its Pekin campus[3](index=3&type=chunk)[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Net sales declined in Q1 2024, but a larger drop in costs led to an improved gross loss, a narrower net loss per share, and better Adjusted EBITDA [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) The company improved its Q1 2024 net loss to $12.0 million while total assets decreased to $434.6 million Q1 2024 vs Q1 2023 Consolidated Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | $240,629 | $313,891 | | Cost of Goods Sold | $243,029 | $317,055 | | Gross Loss | $(2,400) | $(3,164) | | Loss from Operations | $(10,332) | $(11,620) | | Net Loss | $(11,725) | $(13,166) | | Net Loss Available to Common Stockholders | $(12,040) | $(13,478) | | Net Loss Per Share | $(0.17) | $(0.18) | Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $29,310 | $30,014 | | Total Current Assets | $150,843 | $168,770 | | Total Assets | $434,635 | $454,241 | | Total Liabilities | $165,976 | $174,684 | | Total Stockholders' Equity | $268,659 | $279,557 | [Segment Performance](index=8&type=section&id=Segment%20Performance) The Pekin Campus segment returned to profitability, contrasting with a larger loss in the Western segment and a decline in Marketing and distribution Gross Profit (Loss) by Segment (in thousands) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Pekin Campus production | $4,268 | $(1,853) | | Marketing and distribution | $3,532 | $4,212 | | Western production | $(8,460) | $(4,696) | | **Total Gross Loss** | **$(2,400)** | **$(3,164)** | [Non-GAAP Measures (Adjusted EBITDA)](index=2&type=section&id=Non-GAAP%20Measures%20(Adjusted%20EBITDA)) Adjusted EBITDA improved to negative $7.1 million in Q1 2024 from negative $10.4 million in the prior year after non-cash and specific item adjustments Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Loss | $(11,725) | $(13,166) | | Total Adjustments | $4,672 | $2,747 | | **Adjusted EBITDA** | **$(7,053)** | **$(10,419)** | [Operational Metrics](index=9&type=section&id=Operational%20Metrics) Q1 2024 saw steady alcohol sales volumes with a mix shift to specialty, higher production, and significantly improved crush margins due to lower corn costs [Sales and Production Metrics](index=9&type=section&id=Sales%20and%20Production%20Metrics) Total alcohol sales volume grew slightly to 99.0 million gallons, driven by specialty alcohol, while the average sales price per gallon declined Alcohol Sales (gallons in millions) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total renewable fuel gallons sold | 72.7 | 77.1 | | Specialty alcohol gallons sold | 26.3 | 21.4 | | **Total gallons sold** | **99.0** | **98.5** | Alcohol Production (gallons in millions) | Location | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Pekin Campus | 53.6 | 53.3 | | Western production | 9.7 | 7.3 | | **Total** | **63.3** | **60.6** | [Key Cost and Market Metrics](index=9&type=section&id=Key%20Cost%20and%20Market%20Metrics) A significant drop in the average corn cost per bushel to $4.92 drove a substantial improvement in the board corn crush per gallon Corn Cost and Market Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Corn Cost per Bushel | $4.92 | $7.07 | | PLATTS Ethanol price per gallon | $1.56 | $2.19 | | Board corn crush per gallon | $0.01 | $(0.16) | [Essential Ingredients Metrics](index=10&type=section&id=Essential%20Ingredients%20Metrics) Increased sales of essential ingredients to 313.4 thousand tons improved the return as a percentage of total corn costs to 49.8% Total Essential Ingredients Sold (thousand tons) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Pekin Campus | 212.6 | 226.9 | | Total Western production | 100.8 | 72.4 | | **Total** | **313.4** | **299.3** | - The consolidated essential ingredients return as a percentage of total corn costs increased to **49.8%** in Q1 2024 from **45.4%** in Q1 2023[27](index=27&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a stable liquidity position with $29.3 million in cash and $90.9 million in total borrowing availability - Cash and cash equivalents were **$29.3 million** at March 31, 2024, a slight decrease from **$30.0 million** at December 31, 2023[6](index=6&type=chunk) - Total borrowing availability was **$90.9 million**, consisting of **$25.9 million** under the operating line of credit and **$65.0 million** under the term loan facility[6](index=6&type=chunk)

Core Viewpoint - Alto Ingredients, Inc. will release its first quarter 2024 financial results on May 6, 2024, and will host a conference call for investors [1] Company Overview - Alto Ingredients, Inc. is the largest producer of specialty alcohols in the United States, focusing on renewable fuel and essential ingredients [3] - The company serves five key markets: Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels [3] - Major customers include significant food and beverage companies and consumer products companies [3] Conference Call Details - The conference call will take place at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time [1] - Participants can join via webcast or by dialing in, with specific numbers provided for domestic and international callers [1] - A replay of the webcast will be available for one year on the company's website, and a telephonic replay will be accessible for one week following the call [2]

PEKIN, Ill., April 29, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuel and essential ingredients and the largest producer of specialty alcohols in the United States, announced it will release its first quarter 2024 financial results after the close of market on Monday, May 6, 2024. Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time and will deliver prepared remarks via webcast followed by a question-and-answe ...

PEKIN, Ill., March 21, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ:ALTO), a producer and distributor of renewable fuel and essential ingredients and the largest producer of specialty alcohols in the United States, announced today that Michael D. Kandris advised the company that he will resign from his position as Interim Chief Operating Officer effective April 1, 2024. Kandris will continue to serve as a special advisor during a transition period ending with his retirement on June 20, 2024 and w ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Alto Ingredients, Inc. is the largest U.S. producer of specialty alcohols, renewable fuel, and essential ingredients, operating five facilities across three segments - The company is the largest producer of specialty alcohols in the U.S. and operates five production facilities with a total annual alcohol production capacity of **350 million gallons**, of which up to **110 million gallons** can be specialty alcohols[11](index=11&type=chunk)[12](index=12&type=chunk) - The company reports in three segments: Pekin production, marketing and distribution, and Western production[14](index=14&type=chunk) - Key business strategies include focusing on customer relationships for specialty products, implementing a Carbon Capture and Storage (CCS) project at the Pekin Campus, expanding product offerings with certifications like ISO 9001 and ICH Q7, and increasing break bulk distribution capabilities through its Eagle Alcohol subsidiary[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The company's key markets are Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels[16](index=16&type=chunk) [Production Facilities](index=14&type=section&id=Item%201.%20Business.Production%20Facilities) The company operates five alcohol production facilities, including three at the Pekin Campus and two in the West, with a total annual capacity of 350 million gallons Production Facility Overview | Facility | Location | Status | Max Annual Alcohol Capacity (million gallons) | Max Annual Specialty Alcohol Capacity (million gallons) | Milling Process | | :--- | :--- | :--- | :--- | :--- | :--- | | **Pekin Campus** | | | | | | | Pekin Wet | Pekin, IL | Operating | 100 | 74 | Wet | | Pekin Dry | Pekin, IL | Operating | 60 | — | Dry | | Pekin ICP | Pekin, IL | Operating | 90 | 66 | Dry | | **Western Facilities** | | | | | | | Magic Valley | Burley, ID | Hot-Idled | 60 | N/A | Dry | | Columbia | Boardman, OR | Operating | 40 | N/A | Dry | [Customers and Suppliers](index=12&type=section&id=Item%201.%20Business.Customers%20and%20Suppliers) The company serves diverse customers, with Shell and Chevron accounting for 16% of 2023 net sales, and sources corn from three main suppliers - For 2023, sales to the two largest customers, Shell Trading US Company and Chevron Products USA, represented approximately **16%** of net sales[61](index=61&type=chunk) - In 2023, purchases of corn from the three largest suppliers represented approximately **26%** of total corn purchases[63](index=63&type=chunk) - The company purchased and resold approximately **103 million gallons** of fuel-grade ethanol from third parties in 2023[66](index=66&type=chunk) [Competition](index=15&type=section&id=Item%201.%20Business.Competition) Alto Ingredients is the largest U.S. specialty alcohol producer, competing with major players and over 200 facilities in the fragmented fuel-grade ethanol market - The company is the largest producer of specialty alcohols in the United States[76](index=76&type=chunk) - Significant competitors in specialty alcohols include Archer-Daniels-Midland Company, Grain Processing Corporation, CIE, and Greenfield Global Inc[76](index=76&type=chunk) - The U.S. fuel-grade ethanol market has over **200 production facilities** with a total capacity of approximately **17.8 billion gallons**, with largest producers being POET, LLC, Valero, ADM, and Green Plains Inc[77](index=77&type=chunk) [Governmental Regulation](index=16&type=section&id=Item%201.%20Business.Governmental%20Regulation) Operations are subject to extensive FDA, EPA, and OSHA regulations, with the Renewable Fuel Standard mandating 15.0 billion gallons of conventional ethanol annually - Products for Health, Home & Beauty, Food & Beverage, and Essential Ingredients markets are regulated by the FDA under the FDCA[83](index=83&type=chunk) - The Renewable Fuel Standard (RFS) mandates the use of renewable fuels, with the EPA setting the conventional ethanol requirement at **15.0 billion gallons** for each of 2023, 2024, and 2025[85](index=85&type=chunk) - The EPA approved E15 for most modern vehicles, but its sale is restricted in summer months in most states, with a proposal for year-round sales deferred to April 2025[87](index=87&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from commodity price volatility, operational disruptions, historical losses, capital project execution, and regulatory changes, including cybersecurity threats - The business is highly dependent on the spread between the costs of corn and natural gas and the prices of alcohols and essential ingredients, which are volatile and subject to forces beyond the company's control[94](index=94&type=chunk) - Hedging activities to mitigate price volatility expose the company to financial loss, counterparty default, and margin calls, with **net losses of $8.0 million** from hedging in FY 2023[102](index=102&type=chunk)[103](index=103&type=chunk) - The company has incurred significant past losses, including a consolidated net loss of **$28.0 million** in 2023 and **$41.6 million** in 2022[119](index=119&type=chunk) - Capital improvement projects, such as the Carbon Capture and Storage (CCS) initiative, are subject to significant execution, financing, and regulatory risks, and may not achieve expected results[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - The fuel-grade ethanol business is highly dependent on the federal Renewable Fuel Standard (RFS), where changes like reduced volume mandates could materially harm the business[137](index=137&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [Cybersecurity](index=30&type=section&id=Item%201C.%20Cybersecurity) Alto Ingredients maintains a cybersecurity program aligned with NIST and ISO standards, overseen by the Audit Committee, and does not believe threats have materially affected the company - The company's cybersecurity framework is based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework and ISO/IEC 27001[160](index=160&type=chunk) - Oversight is provided by the Audit Committee of the Board of Directors, with the Chief Financial Officer and Director of Information Technology leading management's efforts[161](index=161&type=chunk)[168](index=168&type=chunk) - The company utilizes third-party solutions including a managed security service provider, an endpoint detection and response (EDR) system, and a security information and event management (SIEM) system[166](index=166&type=chunk) - As of the filing date, the company does not believe that risks from cybersecurity threats have materially affected or are reasonably likely to materially affect its business[167](index=167&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company owns its Pekin, IL and Burley, ID production facilities and leases its Boardman, OR facility, along with other office and warehouse spaces - The company owns its Pekin, IL (**145 acres**) and Burley, ID (**25 acres**) facilities[172](index=172&type=chunk) - The Boardman, OR facility (**25 acres**) is on land leased under an agreement expiring in 2076[172](index=172&type=chunk) Part II [Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20Market%20For%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Alto Ingredients' common stock trades on Nasdaq under 'ALTO', with **75,697,150 shares** outstanding, and the company repurchased **436,000 shares** in Q4 2023 under its **$50 million** program - The company's common stock trades on The Nasdaq Capital Market under the symbol 'ALTO'[176](index=176&type=chunk) - The company has a share repurchase program of up to **$50 million**, announced on September 12, 2022, with lenders limiting the initial purchase authorization to **$5 million**[185](index=185&type=chunk) Share Repurchases in Q4 2023 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 2023 | — | $ — | | Nov 2023 | 436,000 | $2.27 | | Dec 2023 | — | $ — | | **Q4 2023 Total** | **436,000** | **$2.27** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Alto Ingredients reported a **$28.0 million** net loss on **$1.2 billion** net sales, an improvement from 2022, driven by better margins and positive Adjusted EBITDA, with a focus on the CCS project [Financial Review, Current Initiatives and Outlook](index=37&type=section&id=Item%207.%20MD%26A.Financial%20Review%2C%20Current%20Initiatives%20and%20Outlook) FY2023 saw significant financial improvement with increased gross profit and Adjusted EBITDA, driven by strategic initiatives including the top-priority Carbon Capture and Storage (CCS) project - Gross profit for FY2023 was **$16 million**, a **$43 million** improvement over 2022, and Adjusted EBITDA was approximately **$21 million**, a **$27 million** increase from the prior year[199](index=199&type=chunk)[200](index=200&type=chunk) - The Carbon Capture and Storage (CCS) project is the company's top priority, projected to generate over **$30 million** in annual EBITDA, excluding additional benefits from low-carbon ethanol attributes[209](index=209&type=chunk)[211](index=211&type=chunk) - Capital expenditures were **$30.0 million** in 2023, with approximately **$25.0 million** planned for 2024 for equipment upgrades and process improvements[208](index=208&type=chunk) - The Magic Valley facility was temporarily hot-idled in January 2024 to expedite the installation of its corn oil and high protein system and to minimize losses from negative regional crush margins[195](index=195&type=chunk)[217](index=217&type=chunk) [Results of Operations (FY 2023 vs. FY 2022)](index=44&type=section&id=Item%207.%20MD%26A.Results%20of%20Operations) Consolidated net sales decreased by **8.4%** to **$1.22 billion** in 2023, but gross profit significantly improved to **$15.7 million** due to better commodity crush margins, resulting in a reduced net loss of **$28.0 million** Consolidated Statement of Operations Summary (in thousands) | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,222,940 | $1,335,621 | ($112,681) | | Gross Profit (Loss) | $15,653 | ($27,550) | $43,203 | | Loss from Operations | ($23,848) | ($61,359) | $37,511 | | Income from Cash Grant | $2,812 | $22,652 | ($19,840) | | Consolidated Net Loss | ($28,005) | ($41,597) | $13,592 | - Net sales declined due to a **9% decrease** in total alcohol gallons sold (**382.5 million** vs **418.9 million**) and a **6% decrease** in the average sales price per gallon (**$2.47** vs **$2.64**)[224](index=224&type=chunk) - Gross profit improved by **$43.2 million**, primarily due to improved commodity crush margins from lower corn prices, with the average cost of corn declining **15%** year-over-year[228](index=228&type=chunk)[230](index=230&type=chunk) - The company recorded a **$6.5 million** asset impairment charge in 2023, primarily related to goodwill from the Eagle Alcohol acquisition[253](index=253&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Item%207.%20MD%26A.Liquidity%20and%20Capital%20Resources) As of December 31, 2023, Alto Ingredients had **$30.0 million** in cash and **$33.3 million** available on its credit line, with **$22.0 million** cash from operations and **$60.0 million** outstanding on its Orion term loan Liquidity Status (in thousands) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Balance Sheet** | | | | Cash and cash equivalents | $30,014 | $36,456 | | Working capital | $103,482 | $121,104 | | Long-term debt, noncurrent | $82,097 | $68,356 | - The company has access to a **$100.0 million** operating line of credit for its Kinergy subsidiary, with **$33.3 million** available at year-end 2023[258](index=258&type=chunk)[268](index=268&type=chunk) - A senior secured term loan with Orion Infrastructure Capital has up to **$125.0 million** available, with **$60.0 million** drawn as of December 31, 2023[272](index=272&type=chunk)[276](index=276&type=chunk) - For the year ended December 31, 2023, the company repurchased **1,685,000 shares** of its common stock for an aggregate of **$3.7 million**[275](index=275&type=chunk) [Critical Accounting Policies and Estimates](index=55&type=section&id=Item%207.%20MD%26A.Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant judgment in business combinations, revenue recognition, impairment of long-lived assets and goodwill, and deferred tax valuation allowances - Key critical accounting estimates include: accounting for business combinations, revenue recognition, impairment of long-lived assets and goodwill, and the valuation allowance for deferred taxes[277](index=277&type=chunk) - The company assesses long-lived assets for impairment when events indicate their carrying value may not be recoverable, using forecasted, undiscounted cash flows, and recognized an impairment loss of **$6.0 million** against goodwill in FY2023[286](index=286&type=chunk)[287](index=287&type=chunk) - Due to a history of pre-tax losses, the company has recorded a valuation allowance against its net deferred tax assets, concluding it is more likely than not that they will not be realized[292](index=292&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility for ethanol and corn, managed with derivatives that resulted in **$8.0 million** net losses in 2023, with a **10%** adverse price change impacting pre-tax income by **$45.5 million** for ethanol and **$41.0 million** for corn - The company's primary market risk is from the price volatility of ethanol and corn[297](index=297&type=chunk) - The company uses derivative instruments for risk management, which are not designated as hedges for accounting purposes, resulting in recognized net losses of **$8.0 million** related to the change in fair values of these contracts for FY2023[301](index=301&type=chunk) Market Risk Sensitivity Analysis (FY 2023) | Commodity | Approximate Change to Pre-Tax Income (in millions) from a 10% Adverse Price Change | | :--- | :--- | | Ethanol | $45.5 | | Corn | $41.0 | [Controls and Procedures](index=59&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, a conclusion attested to by the independent auditor - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[306](index=306&type=chunk) - Based on the COSO 2013 framework, management concluded that internal control over financial reporting was effective as of December 31, 2023[310](index=310&type=chunk) - The independent auditor, RSM US LLP, issued an unqualified attestation report on the company's internal control over financial reporting[310](index=310&type=chunk) Part III [Directors, Executive Compensation, Security Ownership, and Principal Accountant Fees](index=61&type=section&id=Item%2010%2C%2011%2C%2012%2C%2013%2C%2014) Information for Items 10 through 14 is incorporated by reference from the company's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders - Information for Part III, Items 10 through 14, is incorporated by reference from the registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders[315](index=315&type=chunk)[316](index=316&type=chunk)[317](index=317&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=62&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section includes the consolidated financial statements and exhibits, audited by RSM US LLP, with an unqualified opinion on both financial statements and internal control effectiveness [Consolidated Financial Statements](index=67&type=section&id=Item%2015.%20Financial%20Statements) The consolidated financial statements show total assets of **$454.2 million** and liabilities of **$174.7 million** as of December 31, 2023, with **$1.22 billion** in net sales and a **$28.0 million** net loss for the year Key Financial Data (in thousands) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Balance Sheet** | | | | Total Assets | $454,241 | $478,321 | | Total Liabilities | $174,684 | $170,232 | | Total Stockholders' Equity | $279,557 | $308,089 | | **Statement of Operations (FY)** | **FY 2023** | **FY 2022** | | Net Sales | $1,222,940 | $1,335,621 | | Gross Profit (Loss) | $15,653 | ($27,550) | | Consolidated Net Loss | ($28,005) | ($41,597) | | **Cash Flow (FY)** | **FY 2023** | **FY 2022** | | Net Cash from Operations | $22,025 | $6,049 | [Notes to Consolidated Financial Statements](index=74&type=section&id=Item%2015.%20Notes%20to%20Financial%20Statements) The notes provide detailed segment information, debt details including the **$100 million** Kinergy credit line and **$125 million** Orion term loan, lease liabilities, and income tax details with a significant valuation allowance against deferred tax assets - The company reports in three segments: Pekin Campus production, marketing and distribution, and Western production; for FY2023, Pekin Campus had an income before tax of (**$1.6 million**), Marketing had **$7.6 million**, and Western had (**$13.5 million**)[429](index=429&type=chunk)[433](index=433&type=chunk) - As of Dec 31, 2023, the company had **$90.7 million** in total long-term borrowings, primarily consisting of a **$30.7 million** balance on the Kinergy line of credit and a **$60.0 million** balance on the Orion term loan[455](index=455&type=chunk) - The company has significant net operating loss (NOL) carryforwards of approximately **$207.5 million** for federal and **$227.8 million** for state purposes, though their use is subject to limitations and a large valuation allowance has been recorded against them[489](index=489&type=chunk)[492](index=492&type=chunk)

Alto Ingredients, Inc. Q4 & FY 2023 Investor Presentation March 11, 2024 Safe Harbor Statement 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 ...

Alto Ingredients, Inc. (NASDAQ:ALTO) Q4 2023 Earnings Conference Call March 11, 2024 5:00 PM ET Company Participants Kirsten Chapman - MD, LHA Investor Relations Bryon McGregor - President and CEO Rob Olander - CFO Conference Call Participants Amit Dayal - H.C. Wainwright Eric Stine - Craig-Hallum Justin Dopierala - DOMO Capital Management Operator Good afternoon, and welcome to the Alto Ingredients Fourth Quarter and Year-End 2023 Financial Results Conference Call. All participants will be in listen-only m ...

Exhibit 99.1 Alto Ingredients, Inc. Reports Fourth Quarter and Year-end 2023 Results - Delivered 2023 Gross Profit of $15.7 Million, Versus Gross Loss of $27.6 Million in 2022 – - Improved 2023 Net Loss by $13.6 Million and Adjusted EBITDA by $26.5 Million over 2022 – - Signed Letter of Intent with Vault 44.01 for CO2 Storage - Pekin, IL, March 11, 2024 – Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuel and essential ingredients and the largest producer of specialty alcoho ...

PEKIN, Ill., March 04, 2024 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ:ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, announced it will release its fourth quarter and year end 2023 financial results after the close of market on Monday, March 11, 2024. Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time and will deliver prepared remarks via webcast followed by a question-and-answer session. How to participate: To listen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each Class Trading Symbol Name of Exchange on Which Registered Common Stock, $0.001 par value ALTO The Nasdaq Stock Market LLC (Nasdaq Capital Market) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...