Alto Ingredients(US:ALTO)2022-08-08 22:47Company Overview - Alto Ingredients operates 3 biorefinery campuses and 1 distribution center, with a total production capacity of 350 million gallons per year (MGY)[5] - The company serves four key markets: Health, Home & Beauty; Food & Beverage; Essential Ingredients; and Renewable Fuels[5] - Alto Ingredients acquired Eagle Alcohol on January 14, 2022, for $15.3 million in cash plus a potential earnout of up to $14 million ($9 million in cash and $5 million in common stock)[23] Financial Performance - In the three months ended June 30, 2022, Alto Ingredients reported net sales of $362189 thousand, compared to $298110 thousand for the same period in 2021[34] - Adjusted EBITDA for the three months ended June 30, 2022, was $29892 thousand, compared to $16960 thousand for the same period in 2021[34] - For the six months ended June 30, 2022, net sales were $670307 thousand, compared to $516844 thousand for the same period in 2021[34] - Adjusted EBITDA for the six months ended June 30, 2022, was $34340 thousand, compared to $30397 thousand for the same period in 2021[34] - Eagle Alcohol generated $35 million in revenue and $4 million in Adjusted EBITDA in 2021[23] Strategic Initiatives - Alto Ingredients plans to install Harvesting Technology's CoPromax™ at its Magic Valley, ID facility, expecting to produce over 33000 tons of 50+% protein content feed and increase corn oil yields by approximately 9 million pounds, contributing over $9 million in Adjusted EBITDA annually[17] - The company has a $50 million+ 3-year EBITDA growth plan[25] - Alto Ingredients has a strong balance sheet with working capital of $178.4 million as of June 30, 2022[30]