Alto Ingredients Files Q2 2024 10-Q

TL;DR

Alto Ingredients (ALTO) filed its Q2 10-Q. Check financials.

AI Summary

Alto Ingredients, Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, formerly known as Pacific Ethanol, Inc., is incorporated in Delaware and headquartered in Sacramento, CA. The filing details its financial performance and operational status for the specified quarter.

Why It Matters

This filing provides investors with the latest financial results and operational updates for Alto Ingredients, Inc., crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, there are inherent risks associated with its financial performance and market conditions.

Key Players & Entities

• Alto Ingredients, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Pacific Ethanol, Inc. (company) — Former company name
• Delaware (location) — State of incorporation
• Sacramento, CA (location) — Business address city and state
• 000-21467 (other) — Commission File Number

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value ALTO The Nasdaq Stock Market

Filing Documents

• ea0210585-10q_altoingred.htm (10-Q) — 1012KB
• ea021058501ex31-1_altoingred.htm (EX-31.1) — 10KB
• ea021058501ex31-2_altoingred.htm (EX-31.2) — 8KB
• ea021058501ex32-1_altoingred.htm (EX-32.1) — 6KB
• 0001213900-24-066660.txt ( ) — 4730KB
• alto-20240630.xsd (EX-101.SCH) — 35KB
• alto-20240630_cal.xml (EX-101.CAL) — 36KB
• alto-20240630_def.xml (EX-101.DEF) — 176KB
• alto-20240630_lab.xml (EX-101.LAB) — 311KB
• alto-20240630_pre.xml (EX-101.PRE) — 172KB
• ea0210585-10q_altoingred_htm.xml (XML) — 640KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 6 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 15 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 29 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 31 PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. 32 ITEM 1A. RISK FACTORS. 32 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 46 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 46 ITEM 4. MINE SAFETY DISCLOSURES. 46 ITEM 5. OTHER INFORMATION. 46 ITEM 6. EXHIBITS. 47

SIGNATURES

SIGNATURES 48 i PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (in thousands) June 30, December 31, 2024 2023 (unaudited) * ASSETS Current Assets: Cash and cash equivalents $ 27,124 $ 30,014 Restricted cash 1,287 15,466 Accounts receivable, net (net of allowance for credit losses of $ 26 and $ 85 , respectively) 64,081 58,729 Inventories 49,434 52,611 Derivative instruments 5,606 2,412 Other current assets 6,126 9,538 Total current assets 153,658 168,770 Property and equipment, net 244,893 248,748 Other Assets: Right of use operating lease assets, net 20,404 22,597 Intangible assets, net 8,204 8,498 Other assets 5,339 5,628 Total other assets 33,947 36,723 Total Assets $ 432,498 $ 454,241 * Amounts derived from the audited consolidated financial statements for the year ended December 31, 2023. See accompanying notes to consolidated financial statements. 1 ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) (in thousands, except par value) June 30, December 31, 2024 2023 (unaudited) * LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 20,132 $ 20,752 Accrued liabilities 16,504 20,205 Current portion – operating leases 4,481 4,333 Derivative instruments 2,764 13,849 Other current liabilities 5,886 6,149 Total current liabilities 49,767 65,288 Long-term debt, net 90,960 82,097 Operating leases, net of current portion 16,828 19,029 Other liabilities 9,120 8,270 Total Liabilities 166,675 174,684 Commitments and Contingencies (Note 6) Stockholders' Equity: Preferred stock, $ 0.001 par value; 10,000 shares authorized; Series A: 1,684 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of June 30, 2024 and December 31, 2023; liquidation preference of $ 18,075 as of June

View Full Filing

View this 10-Q filing on SEC EDGAR