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Alto Ingredients, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net sales of $251.8 million for the quarter, a decrease from $318.1 million in the same quarter the previous year. This decline is attributed to lower average sales prices for both specialty alcohol and renewable fuel.
Cost of goods sold was $245.9 million, representing 98% of sales, compared to 99% in the same quarter of the previous year. The slight improvement in cost ratio is due to lower overall corn costs.
The company reported a gross profit of $6.0 million for the quarter, up from $4.2 million in the previous year, with the improvement attributed to increased production capabilities at the Pekin Campus.
Selling, general, and administrative expenses decreased to $7.5 million from $8.5 million, primarily due to lower professional services fees.
Net loss for the quarter was $2.4 million, compared to a net loss of $3.5 million in the previous year. After preferred dividends, net loss attributable to common stockholders was $2.8 million, compared to $3.8 million in the previous year.
Cash provided by operating activities was $6.3 million, while cash used in investing and financing activities was $12.2 million and $1.0 million, respectively.
Alto Ingredients had a working capital of $100.0 million as of September 30, 2024. The company acknowledges the need for significant additional capital to complete certain capital improvement projects.
The filing details the company's capital improvement projects, including a CO2 Transportation and Sequestration Agreement with Vault 44.01, which is part of its sustainability initiatives.
Alto Ingredients does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its specialty alcohol production and distribution infrastructure, with an emphasis on sustainability and reducing its carbon footprint.
Alto Ingredients is exploring alternatives to monetize or optimize its Western production assets, including potential partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alto Ingredients Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.