Alto Ingredients, Inc. Q2 FY26 Results

Alto’s second quarter results mark the fourth consecutive quarter of positive gross profit, income from operations, net income and adjusted EBITDA. We have maintained consistent profitability over this period even before the contribution of earnings from 45Z tax credits. These results demonstrate the benefits of our diversification strategy, which gives us the flexibility to shift production toward the most attractive end markets and capture premium-value opportunities. Having begun a strategic realignment three years ago, we now have a diversified product portfolio, a leaner cost structure and an operating model capable of generating positive adjusted EBITDA through commodity cycles while providing meaningful upside when market conditions are favorable. In addition, we have numerous initiatives in process and ahead of us to expand capacity, optimize CO2 production, improve efficiencies and increase our earnings from 45Z tax credits. Our second quarter and latest 12-month financial results, combined with our ability to execute on high-return opportunities, reinforce our confidence in Alto’s ability to generate sustainable earnings and create long-term shareholder value.

Today, we established a $50 million at-the-market equity program. Alongside our available borrowing capacity and operating cash flow, the ATM program provides additional financial flexibility and a prudent, low-cost tool to effectively access equity capital. We see a number of attractive, high-return organic opportunities across our platform. Having the ATM program in place allows us to remain prepared to pursue those opportunities when expected returns, market conditions and shareholder interests align. Any use of the program would be disciplined, measured and evaluated against other sources of available capital.