Alto Ingredients Files 10-Q, Confirms Compliance as Accelerated Filer

TL;DR

**ALTO is just checking boxes, no real news here; stay neutral until financials drop.**

AI Summary

Alto Ingredients, Inc. (ALTO) filed its 10-Q for the quarter ended June 30, 2025, indicating continued operations as an accelerated filer. The company, formerly Pacific Ethanol, Inc., maintains its listing on The Nasdaq Stock Market LLC (Nasdaq Capital Market) under the ticker ALTO. While specific revenue and net income figures are not provided in the excerpt, the filing confirms compliance with SEC reporting requirements, having filed all necessary reports over the past 12 months and submitting Interactive Data Files. The company's business address is 1300 South Second Street, Pekin, Illinois, and its principal executive offices are located at 400 Capitol Mall, Suite 2060, Sacramento, CA. The filing does not detail key business changes, risks, or strategic outlook beyond its operational status and compliance. The company's primary industry is Industrial Organic Chemicals.

Why It Matters

This filing confirms Alto Ingredients' ongoing compliance with SEC regulations, which is crucial for investor confidence and market transparency. For investors, it signals that the company is meeting its reporting obligations, a basic but essential requirement for due diligence. Employees and customers can infer a degree of operational stability from this regulatory adherence. In a competitive market, consistent and timely filings help maintain a company's reputation and access to capital, distinguishing it from less transparent peers. The lack of specific financial data in this excerpt, however, limits deeper competitive analysis.

Risk Assessment

Risk Level: low — The risk level is low based on the provided excerpt because Alto Ingredients, Inc. has confirmed compliance with all Section 13 or 15(d) reports and Rule 405 of Regulation S-T during the preceding 12 months. This indicates strong regulatory adherence and operational stability, with no immediate red flags presented in the filing's introductory sections.

Analyst Insight

Investors should hold their positions on ALTO based on this filing, as it primarily confirms regulatory compliance without offering new financial performance data. Await the full financial statements within the 10-Q for actionable insights on revenue, net income, and future outlook before making any investment decisions.

Key Numbers

• 10-Q — Form Type (Quarterly report filed by Alto Ingredients, Inc.)
• 000-21467 — Commission File Number (Unique identifier for Alto Ingredients' SEC filings)
• 20250630 — Conformed Period of Report (The end date of the financial period covered by the report)
• 20250808 — Filed As Of Date (The date the 10-Q report was officially filed with the SEC)
• 41-2170618 — IRS Employer Identification No. (Alto Ingredients' tax identification number)
• 833-710-2586 — Registrant's Telephone Number (Contact number for Alto Ingredients, Inc.)
• 2860 — Standard Industrial Classification (SIC) (Industry code for Industrial Organic Chemicals)
• 1231 — Fiscal Year End (Alto Ingredients' fiscal year ends on December 31st)

Key Players & Entities

• Alto Ingredients, Inc. (company) — registrant of the 10-Q filing
• Pacific Ethanol, Inc. (company) — former name of Alto Ingredients, Inc.
• The Nasdaq Stock Market LLC (regulator) — exchange where ALTO common stock is registered
• SEC (regulator) — regulator for 10-Q filings
• June 30, 2025 (date) — end of the quarterly period reported
• August 8, 2025 (date) — filing date of the 10-Q
• Delaware (location) — state of incorporation for Alto Ingredients, Inc.
• Sacramento, CA (location) — location of Alto Ingredients' business address
• Pekin, Illinois (location) — location of Alto Ingredients' principal executive offices
• $0.001 (dollar_amount) — par value of common stock

FAQ

Industry Context

Alto Ingredients operates within the Industrial Organic Chemicals sector (SIC 2860). This industry is characterized by the production of chemicals derived from organic compounds, often used as raw materials in various manufacturing processes. Key trends include fluctuating commodity prices, demand driven by end-use markets like food and beverage, and increasing focus on sustainability and bio-based alternatives.

Regulatory Implications

As an accelerated filer, Alto Ingredients is subject to stringent SEC reporting requirements, including timely filing of 10-Q and 10-K reports. Compliance with these regulations is crucial for maintaining its listing on the Nasdaq Capital Market and investor confidence. The company's submission of Interactive Data Files underscores its commitment to transparent and accessible financial reporting.

What Investors Should Do

1. Monitor upcoming earnings reports for detailed financial performance.
2. Review the company's risk factors section in future filings for evolving threats.
3. Analyze industry trends in industrial organic chemicals.

Key Dates

• 2025-06-30: Quarterly period ended — Marks the end of the financial reporting period for this 10-Q filing.
• 2025-08-08: 10-Q Filed — The official filing date of the quarterly report with the SEC, indicating the company's compliance with reporting deadlines.
• 2005-03-24: Name Change from Pacific Ethanol, Inc. — Historical event indicating a significant corporate identity change.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance and condition. (This document is the primary source of financial and operational information for the period ended June 30, 2025.)

Accelerated filer

A filer that meets certain size and filing history requirements, mandating more frequent and detailed SEC filings. (Alto Ingredients, Inc. is classified as an accelerated filer, indicating its size and reporting obligations.)

Interactive Data File

Electronic files submitted to the SEC in a standardized format (XBRL) that allows for automated processing and analysis of financial data. (The company's submission of these files confirms its adherence to modern SEC digital reporting standards.)

SIC Code 2860

Standard Industrial Classification code for 'Industrial Organic Chemicals', representing the company's primary industry sector. (This code categorizes Alto Ingredients within the chemical manufacturing industry, providing context for its business operations.)

Nasdaq Capital Market

A tier of the Nasdaq stock exchange that lists smaller companies with lower market capitalization requirements compared to other Nasdaq tiers. (This indicates the exchange where Alto Ingredients' common stock is traded.)

Year-Over-Year Comparison

This filing covers the period ending June 30, 2025. As specific financial metrics like revenue and net income were not detailed in the provided excerpt, a direct comparison to the previous year's filing (e.g., for the quarter ended June 30, 2024) is not possible. However, the filing confirms Alto Ingredients' status as an accelerated filer and its compliance with SEC reporting obligations, suggesting continued operational activity and adherence to disclosure standards.

Key Financial Figures

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

Filing Documents

• ea0251998-10q_altoingred.htm (10-Q) — 942KB
• ea025199801ex31-1_altoingred.htm (EX-31.1) — 10KB
• ea025199801ex31-2_altoingred.htm (EX-31.2) — 10KB
• ea025199801ex32-1_altoingred.htm (EX-32.1) — 5KB
• 0001213900-25-073660.txt ( ) — 4979KB
• alto-20250630.xsd (EX-101.SCH) — 38KB
• alto-20250630_cal.xml (EX-101.CAL) — 39KB
• alto-20250630_def.xml (EX-101.DEF) — 172KB
• alto-20250630_lab.xml (EX-101.LAB) — 341KB
• alto-20250630_pre.xml (EX-101.PRE) — 191KB
• ea0251998-10q_altoingred_htm.xml (XML) — 675KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 1 Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 1 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 3 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited) 4 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024 (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. 16 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 30 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. 45 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 46 ITEM 4. MINE SAFETY DISCLOSURES. 46 ITEM 5. OTHER INFORMATION. 46 ITEM 6. EXHIBITS. 47

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (in thousands) June 30, December 31, 2025 2024 (unaudited) * ASSETS Current Assets: Cash and cash equivalents $ 29,768 $ 35,469 Restricted cash 723 742 Accounts receivable (net of allowance for credit losses of $ 22 and $ 23 , respectively) 57,454 58,217 Inventories 53,867 49,914 Derivative instruments 2,563 3,313 Other current assets 5,350 5,463 Total current assets 149,725 153,118 Property and equipment, net 207,997 214,742 Other Assets: Right of use operating lease assets, net 19,255 20,553 Intangible assets, net 7,885 4,509 Other assets 8,203 8,516 Total other assets 35,343 33,578 Total Assets $ 393,065 $ 401,438 * Amounts derived from the audited consolidated financial statements for the year ended December 31, 2024. See accompanying

notes to consolidated financial statements

notes to consolidated financial statements. 1 ALTO INGREDIENTS, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) (in thousands, except par value) June 30, December 31, 2025 2024 LIABILITIES AND STOCKHOLDERS' EQUITY (unaudited) * Current Liabilities: Accounts payable $ 15,705 $ 20,369 Accrued liabilities 16,021 24,214 Current portion – operating leases 4,984 4,851 Derivative instruments 910 1,177 Other current liabilities 4,893 7,193 Total current liabilities 42,513 57,804 Long-term debt, net 118,323 92,904 Operating leases, net of current portion 15,414 16,913 Other liabilities 8,970 8,754 Total Liabilities 185,220 176,375 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, 2025 and December 31, 2024; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of June 30, 2025 and December 31, 2024; liquidation preference of $ 18,075 as of June 30, 2025 1 1 Common stock, $ 0.001 par value; 300,000 shares authorized; 77,201 and 76,565 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 77 77 Non-voting common stock, $ 0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Additional paid-in capital 1,050,261 1,044,176 Accumulated other comprehensive income 4,975 4,975 Accumulated deficit ( 847,469 ) ( 824,166 ) Total Stockholders' Equity 207,845 225,063 Total Liabilities and Stockholders' Equity $ 393,065 $ 401,438 * Amounts derived from the audited consolidated financial statements for the year ended December 31, 2024. See accompanying

notes to consolidated financial statements

notes to consolidated financial statements. 2 ALTO INGREDIENTS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net sales $ 218,436 $ 236,468 $ 444,976 $ 477,097 Cost of goods sold 220,373 228,915 448,720 471,944 Gross profit (loss) ( 1,937 ) 7,553 ( 3,744 ) 5,153 Selling, general and administrative expenses 6,171 8,961 13,361 16,893 Loss from operations ( 8,108 ) ( 1,408 ) ( 17,105 ) ( 11,740 ) Interest expense, net ( 2,811 ) ( 1,669 ) ( 5,540 ) ( 3,303 ) Other income (expense), net ( 78 ) ( 29 ) ( 31 ) 212 Loss before provision for income taxes ( 10,997 ) ( 3,106 ) ( 22,676 ) ( 14,831 ) Provision for income taxes — — — — Net loss $ ( 10,997 ) $ ( 3,106 ) $ ( 22,676 ) $ ( 14,831 ) Preferred stock dividends $ ( 315 ) $ ( 316 ) $ ( 627 ) $ ( 631 ) Net loss attributable to common stockholders $ ( 11,312 ) $ ( 3,422 ) $ ( 23,303 ) $ ( 15,462 ) Net loss per share, basic and diluted $ ( 0.15 ) $ ( 0.05 ) $ ( 0.31 ) $ ( 0.21 ) Weighted-average shares outstanding, basic and diluted 74,611 73,486 74,232 73,126 See accompanying

notes to consolidated financial statements

notes to consolidated financial statements. 3 ALTO INGREDIENTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Six Months Ended June 30, 2025 2024 Operating Activities: Net loss $ ( 22,676 ) $ ( 14,831 ) Adjustments to reconcile net loss to Net cash used in operating activities: Depreciation and amortization 12,631 11,802 Inventory valuation 1,649 — Gains on derivative instruments ( 4,371 ) ( 11,570 ) Stock-based compensation 1,474 2,788 Amortization of deferred financing fees 502 505 Amortization of debt discount 397 400 Credit loss recovery ( 1 ) ( 47 ) Changes in operating assets and liabilities, net of business acquisition: Accounts receivable 480 ( 5,305 ) Inventories ( 5,448 ) 7,014 Other assets 2,242 3,701 Operating leases ( 3,180 ) ( 2,901 ) Accounts payable and accrued liabilities ( 2,778 ) ( 3,855 ) Net cash used in operating activities ( 19,079 ) ( 12,299 ) Investing Activities: Additions to property and equipment ( 1,016 ) ( 9,297 ) Purchase of Kodiak Carbonic, net of cash acquired ( 7,278 ) — Deferred purchase price payments for Eagle Alcohol ( 2,240 ) ( 2,800 ) Net cash used in investing activities ( 10,534 ) ( 12,097 ) Financing Activities: Net proceeds from Kinergy's line of credit 24,520 7,958 Preferred stock dividends paid ( 627 ) ( 631 ) Net cash provided by financing activities 23,893 7,327 Net change in cash, cash equivalents and restricted cash ( 5,720 ) ( 17,069 ) Cash, cash equivalents and restricted cash at beginning of period 36,211 45,480 Cash, cash equivalents and restricted cash at end of period $ 30,491 $ 28,411 Reconciliation of total cash, cash equivalents and restricted cash: Cash and cash equivalents $ 29,768 $ 27,124 Restricted cash 723 1,287 Total cash, cash equivalents and restricted cash $ 30,491 $ 28,411 Supplemental Information: Interest paid $ 4,596 $ 4,080 Capitalized i

notes to consolidated financial statements

notes to consolidated financial statements. 4 ALTO INGREDIENTS, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited, in thousands) Preferred Stock Common Stock Additional Paid-In Accumulated Accum. Other Comprehensive Shares Amount Shares Amount Capital Deficit Income Total Balances, January 1, 2025 927 $ 1 76,565 $ 77 $ 1,044,176 $ ( 824,166 ) $ 4,975 $ 225,063 Stock-based compensation — — — — 848 — — 848 Restricted stock issued to employees and directors, net of cancellations and tax — — ( 68 ) — — — — — Preferred stock dividends — — — — — ( 312 ) — ( 312 ) Net loss — — — — — ( 11,679 ) — ( 11,679 ) Balances, March 31, 2025 927 $ 1 76,497 $ 77 $ 1,045,024 $ ( 836,157 ) $ 4,975 $ 213,920 Stock-based compensation — — — — 626 — — 626 Restricted stock issued to employees and directors, net of cancellations and tax — — 704 — ( 389 ) — — ( 389 ) Shares vested for Eagle Alcohol — — — — 5,000 — — 5,000 Preferred stock dividends — — — — — ( 315 ) — ( 315 ) Net loss — — — — — ( 10,997 ) — ( 10,997 ) Balances, June 30, 2025 927 $ 1 77,201 $ 77 $ 1,050,261 $ ( 847,469 ) $ 4,975 $ 207,845 Balances, January 1, 2024 927 $ 1 75,703 $ 76 $ 1,040,912 $ ( 763,913 ) $ 2,481 $ 279,557 Stock-based compensation — — — — 1,142 — — 1,142 Restricted stock issued to employees and directors, net of cancellations and tax — — 1,315 1 ( 1 ) — — — Preferred stock dividends — — — — — ( 315 ) — ( 315 ) Net loss — — — — — ( 11,725 ) — ( 11,725 ) Balances, March 31, 2024 927 $ 1 77,018 $ 77 $ 1,042,053 $ ( 775,953 ) $ 2,481 $ 268,659 Stock-based compensation — — — — 1,646 — — 1,646 Restricted stock issued to employees and directors, net of cancellations and tax — — ( 373 ) — ( 1,060 ) — — ( 1,060 ) Preferred stock dividends — — — — — ( 316 ) — ( 316 ) Net income

notes to consolidated financial statements

notes to consolidated financial statements. 5 ALTO INGREDIENTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION AND BASIS OF PRESENTATION. Organization and Business – The consolidated financial statements include, for all periods presented, the accounts of Alto Ingredients, Inc., a Delaware corporation ("Alto Ingredients"), and its direct and indirect wholly-owned subsidiaries (collectively, the "Company"), including Kinergy Marketing LLC, an Oregon limited liability company ("Kinergy"), Alto Nutrients, LLC, a California limited liability company ("Alto Nutrients"), Alto Op Co., a Delaware corporation, Alto Pekin, LLC, a Delaware limited liability company ("Alto Pekin") and Alto ICP, LLC, a Delaware limited liability company ("ICP"), and the Company's production facilities in Oregon and Idaho. As discussed in Note 2, on January 1, 2025, the Company's wholly-owned subsidiary, Alto Carbonic, LLC ("Alto Carbonic"), acquired Kodiak Carbonic, LLC, a beverage-grade liquid CO 2 processor, for $ 7.6 million. Alto Carbonic's facility is co-located at the Company's Columbia ethanol plant. The Company began reporting the results of Alto Carbonic in the Company's Western Production segment on January 1, 2025. The Company produces and distributes renewable fuels, essential ingredients and specialty alcohols. The Company also markets fuel-grade ethanol produced by third parties. The Company's production facilities in Pekin, Illinois are located in the heart of the Corn Belt. The Company's two production facilities in Oregon and Idaho are located in close proximity to both feed and fuel-grade ethanol customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, over 1.4 million tons of essential ingredients, such as dried yeast, corn protein meal, corn protein feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company markets and distributes fuel-grade ethanol produced by t

Financial Statements – The accompanying unaudited consolidated financial statements and related notes have been prepared

Financial Statements – The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Results for interim periods should not be considered indicative of results for a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The accounting policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated financial (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. Accounts Receivable and Allowance for Credit Losses – Trade accounts receivable is presented at original invoice amount, net of the allowance for credit losses. The Company sells specialty alcohols to large consumer product companies, sells fuel-grade ethanol to gasoline refining and distribution companies, sells essential ingredients such as dried yeast for human and pet food and to animal feed customers, including distillers grains to export markets, sells those same and other feed co-products to dairy operators and animal feedlots and sells corn oil to poultry, renewable diesel and biodiesel customers, in each case generally without requiring collateral. The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company's best estimate of the amounts that will not be collected. The Company

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