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Alto Ingredients Inc. (ALTO-7.14%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in net sales to $965.3 million from $1.2 billion in the previous year, attributed to lower average sales prices for alcohols and essential ingredients.
Cost of goods sold was $955.5 million, representing 99% of net sales, compared to 98.7% in the prior year. The increase in cost ratio is due to lower commodity crush margins.
The company reported a gross profit of $9.7 million, down from $15.7 million in the previous year, with the decline attributed to weakened commodity crush margins.
Asset impairments for the year totaled $24.8 million, primarily related to the cold-idling of the Magic Valley facility and changes to the Eagle Alcohol business.
Selling, general, and administrative expenses were $29.7 million, largely unchanged from the previous year.
Net loss for the year was $58.9 million, compared to a net loss of $28.0 million in the previous year. After preferred dividends, the net loss attributable to common stockholders was $60.3 million, compared to $29.3 million in the previous year.
Cash used in operating activities was $3.5 million, while cash used in investing and financing activities was $13.5 million and $7.7 million, respectively.
Alto Ingredients had a working capital of $95.3 million as of December 31, 2024. The company notes its reliance on cash on hand and borrowing availability to meet future obligations.
The filing also details the company's acquisition of Kodiak Carbonic, a beverage-grade liquid CO2 processor, and its ongoing carbon capture and storage project at the Pekin Campus.
Alto Ingredients does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting and continues to focus on expanding its specialty alcohol production and distribution infrastructure.
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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.