Alto Ingredients, Inc.

Company profile

• U.S. producer and distributor of specialty alcohols, renewable fuels and essential ingredients.
• Five alcohol production facilities: three at the Pekin Campus (Pekin, Illinois), one in Boardman, Oregon, and one in Burley, Idaho.
• Annual alcohol production capacity up to 330 million gallons (includes renewable fuels and specialty alcohols).
• Up to 110 million gallons annually of specialty alcohols (capacity depends on product mix).
• Owns and operates a liquid CO2 production facility adjacent to the Boardman, Oregon plant for CO2 offtake, conversion to liquid CO2, and sale.
• Provides break-bulk and distribution services for alcohols produced internally and by third parties.

Reportable segments

1. Pekin production
   • Alcohols and essential ingredients produced at the Pekin Campus (three facilities), including wet milling and dry milling operations.
2. Marketing and distribution
   • Marketing and merchant trading of company-produced and third-party alcohols.
   • Sells fuel-grade ethanol sourced from third parties and manages transportation, storage and delivery for customers.
3. Western production
   • Renewable fuels and essential ingredients produced at Western facilities, including the Boardman, Oregon CO2 facility and the Magic Valley, Idaho plant (reported as a single segment).

Production facilities and capacities

• Pekin Campus (Pekin, Illinois) — three facilities
  • Wet Facility: up to 100 million gallons of alcohol per year
  • Dry Facility: up to 60 million gallons per year
  • ICP Facility: up to 70 million gallons per year
  • Approximate maximum annual specialty alcohol production capacity: Wet Facility 74 million gallons; ICP Facility 66 million gallons
• Western production facilities
  • Boardman, Oregon — Columbia facility
    • Fuel-grade ethanol capacity: approximately 40–60 million gallons per year
    • Dry milling process
    • Primary energy: natural gas
  • Burley, Idaho — Magic Valley facility
    • Fuel-grade ethanol capacity: approximately 40–60 million gallons per year
    • Dry milling process
    • Primary energy: natural gas
  • Liquid CO2 plant adjacent to the Oregon facility
    • CO2 capacity in reporting data: 70,000 tons per year

Core products and markets

• Health, Home & Beauty: specialty alcohols for mouthwash, cosmetics, pharmaceuticals, sanitizers, disinfectants and cleaners (including API-grade and USP-grade alcohols with EXCiPACT and other certifications).
• Food & Beverage: grain neutral spirits (GNS) for beverages and vinegar; high-purity 192 proof and low-moisture 200 proof GNS; corn germ for corn oil; CO2 for beverage carbonation and dry ice.
• Industry & Agriculture: alcohols and ingredients for paints, inks, vehicle fluids and fertilizers.
• Essential Ingredients: dried yeast, corn protein meal, corn protein feed, distillers grains (WDGS/DDGS), corn germ, distillers corn oil, liquid CO2 and gas CO2; some ingredients suitable for human and pet foods; third-party ISO 9001 and HACCP certifications for ingredients; FSMA audits for animal feed production.
• Renewable Fuels: fuel-grade ethanol and distillers corn oil (feedstock for renewable diesel and biodiesel); ISCC-certified fuel-grade ethanol for export.

Production processes

• Dry milling: grinding corn, fermentation to ethanol, distillation to 190 proof and dehydration to ~200 proof; production of distillers grains and WDGS/DDGS byproducts.
• Wet milling: steeping and separation to extract corn germ and oil, production of corn protein meal and starch, fermentation to ethanol, and production of distillers yeast.

Customers and sales

• Kinergy Marketing LLC (subsidiary) sells company-produced alcohols and markets third-party ethanol.
• Alto Nutrients, LLC (subsidiary) sells essential ingredients produced by the company.
• Alto Carbonic, LLC (subsidiary) sells liquid CO2.
• Eagle Alcohol (brand) handles break-bulk sales of company and third-party alcohols.
• Customer base includes domestic and international buyers across cosmetics, sanitizers, distilled spirits, food manufacturers, personal care and global trading firms.
• Largest customer (Chevron Products USA) represented about 9% of net sales in 2025, 11% in 2024 and 9% in 2023.
• Customer counts for alcohol purchases (including third-party resales): approximately 82 in 2025, 85 in 2024 and 88 in 2023.
• In 2025 the company marketed and distributed approximately 350 million gallons of alcohols (company-produced plus third-party fuel-grade ethanol) and over 1.2 million tons of essential ingredients.
• Aggregate alcohol production/purchase and resale: ~350 million gallons in 2025 (386 million in 2024; 383 million in 2023).

Revenue and income (2025 net sales by segment)

• Pekin Campus
  • Alcohols: $416 million
  • Essential ingredients: $175 million
• Western Production
  • Alcohols: $67 million
  • Essential ingredients: $32 million
• Marketing and Distribution: $221 million
• Corporate and Other: $7 million
• Combined 2025 net sales: approximately $918 million

Context for prior years:

• 2024 total net sales: approximately $965 million (Pekin Alcohols $416m; Pekin Essential Ingredients $169m; Western Alcohols $115m; Western Essential Ingredients $37m; Marketing & Distribution $217m; Corporate & Other $11m).
• 2023 total net sales: approximately $1.223 billion (Pekin Alcohols $502m; Pekin Essential Ingredients $218m; Western Alcohols $167m; Western Essential Ingredients $57m; Marketing & Distribution $263m; Corporate & Other $16m).

Employees and workforce

• As of March 12, 2026: approximately 390 full-time employees.
• About 51% of employees are represented by a labor union.

Capital and financial considerations

• Pursuing capital improvement initiatives and project financing to expand revenue streams and margins.
• The company reported net losses in prior years (e.g., 2024: about $59.0 million; 2023: about $28.0 million) and reported negative operating cash flow in 2024 (about $3.5 million).
• No cash dividends are planned; common stock trades under the ALTO ticker.

Certifications and quality

• Certifications include ISO 9001, FSSC 22000, ICH Q7, EXCiPACT (for USP-grade alcohols), and HACCP/FSMA for ingredients and feed production.
• Liquid CO2 and yeast-related facilities hold applicable quality certifications and industry benchmarks.

Market position

• Competitive strengths include established customer and supplier relationships, a diversified product mix across five markets, high-quality controls and strategically located facilities with access to rail, truck and barge for domestic and international distribution.

Geographic and logistical footprint

• Pekin Campus (Pekin, Illinois): three facilities with corn-based input advantages and Midwest market access.
• Western production (Boardman, Oregon; Burley, Idaho): proximity to Western fuel-grade ethanol markets and CO2 production.
• Distribution network supports company-produced and third-party alcohols for domestic and international customers.