ALTO — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• The second quarter represents our fourth consecutive quarter of positive gross profit, income from operations, net income and Adjusted EBITDA. We have been consistently profitable during this period even without the contributions from Section 45Z clean fuel production tax credits. Our results demons…

• Our trailing 12-month results are also a testament to our efforts to drive profitability, maximize the value of our asset base, and make smart decisions around capital allocations, including purchasing our Alto Carbonic business and investing in projects to optimize our dry mill and reduce the carbo…

• For the second quarter, our results also reflect strong domestic demand and improved essential ingredient values compared to the same period last year.

• The second quarter’s market crush margins improved significantly to $0.33 per gallon from $0.11 per gallon in the same period last year. This increase was driven by robust export demand, strong domestic blending activity, and tighter ethanol inventories following industry-wide spring maintenance out…

• While European demand remained robust, ongoing geopolitical disruptions in the Middle East negatively impacted renewable fuel export economics from the United States during the second quarter. Higher freight costs and reduced certainty of vessel availability to transport renewable fuel from the Gulf…

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• The first quarter is a seasonally weak period for us and for the ethanol industry, reflecting the build-up of inventories and lower demand following the winter months. In contrast, our first quarter 2026 results were strong relative to our historical performance for this period. We generated profita…

• We remain focused on maximizing value from our diversified portfolio of assets and on pursuing multiple revenue opportunities in response to market demand. Our priorities are to improve utilization and reliability across our platform, execute our 2026 optimization and capital projects on time and wi…

• During the first quarter of 2026, unusually cold weather in the first half of the quarter disrupted river logistics and led us to curtail production at our Pekin Campus. We used this unplanned downtime to accelerate a portion of our planned wet mill biennial outage work that had originally been sche…

• We also executed a planned outage at our Columbia facility during what is typically a seasonally slower quarter for liquid CO2 sales. Combined with an outage taken in December 2025, this work addressed certain deferred process-related activities intended to improve production performance and plant r…

• At our Pekin Campus, we began both the repairs on our original loading dock and the construction of a second loadout dock. As previously discussed, the second dock is intended to provide redundancy and enhance our logistical capabilities. We are currently on track to complete both projects by the en…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• ● make it more difficult to repay or refinance our indebtedness if it becomes due during adverse economic and industry conditions;

• ● limit our flexibility to pursue strategic opportunities or react to changes in our business and the industries in which we operate and, consequently, place us at a competitive disadvantage to our competitors who have less debt;

• ● limit our ability to procure additional financing for working capital or other purposes; or

• ● result in adverse consequences due to a breach of our financial or other covenants and obligations in favor of our lenders.

• Year-round E15 legislation, which would remove current seasonal restrictions on E15 sales, is being actively pursued in Congress but has not yet been enacted, and there can be no assurance that such legislation will be passed. We also sell fuel-grade ethanol into export markets. Ethanol exports acco…

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• ●limit our flexibility to pursue strategic opportunities or react to changes in our business and the industries in which we operate and, consequently, place us at a competitive disadvantage to our competitors who have less debt;

• ●limit our ability to procure additional financing for working capital or other purposes; or

• ●result in adverse consequences due to a breach of our financial or other covenants and obligations in favor of our lenders.

• ●fluctuations in the costs of key production input commodities such as corn and natural gas;

• ●the timing, cost and effects of, and our ability to fund, our capital improvement projects;