ALTO · Alto Ingredients, Inc.

Alto Ingredients delivered its first quarterly net income since at least Q1 2025, reporting $4.0 million net income attributable to common stockholders ($0.05 per diluted share) for Q1 2026 — a $16.0 million improvement over the $12.0 million net loss in Q1 2025. This turnaround was underpinned by a $11.0 million swing in gross profit, which turned positive at $9.2 million versus a $1.8 million gross loss a year earlier. The filing explicitly attributes this to an $8.1 million net unrealized gain on derivatives, alongside lower cost of goods sold ($215.5 million vs. $228.3 million) despite flat net sales ($224.7 million vs. $226.5 million). Adjusted EBITDA rose to $4.7 million from negative $4.4 million, reflecting reduced SG&A ($6.7M vs. $7.2M) and interest expense ($2.2M vs. $2.7M), as well as $3.9 million in transferable tax credits. Management emphasized that profitability was achieved even excluding those credits, citing strong export sales, higher crush margins, and strategic realignment. The company also highlighted ongoing priorities: improving facility utilization and reliability, executing 2026 capital projects on time and budget, expanding monetization of Section 45Z tax credits, and optimizing biogenic CO₂ value to reduce carbon footprint. While no formal forward guidance is provided, management’s commentary signals confidence in sustaining profitability across commodity cycles through multi-stream revenue flexibility and operational discipline.