Business
Alto Ingredients, Inc. Reports Third Quarter 2022 Results
Grew Net Sales to $336.9 Million, Up 10% from Q3 2021Secured Up to $125 Million in Available Debt for Large Capital-Intensive Programs SACRAMENTO, Calif,,
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"Grew Net Sales to $336.9 Million, Up 10% from Q3 2021Secured Up to $125 Million in Available Debt for Large Capital-Intensive Programs SACRAMENTO, Calif,, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, reported its financial results for the quarter ended September 30, 2022. “Focused on long-term growth, we created the financial flexibility to accelerate the next phase of our capital expenditure program, which will build upon strategic repairs and maintenance completed in 2022,” said Mike Kandris, CEO of Alto Ingredients. “Year-to-date, we successfully upgraded equipment and operating systems to increase plant efficiency, reliability, redundancy, and capacity. Regardless, and as expected, our third quarter 2022 results were affected by logistical constraints, increased transportation costs, and low commodity margins. With proceeds from our announced $125 million term debt financing, we will implement larger capital-intensive growth projects to further our specialty alcohols and essential ingredients diversification strategy, minimize the impact of commodity pricing volatility and enrich our margin profile. Opportunities under evaluation include carbon capture sequestration, yeast production, energy supply improvements and more. We are excited about the future and look forward to delivering additional value to all our stakeholders.” Financial Results for the Three Months Ended September 30, 2022 Compared to 2021 Net sales were $336.9 million, compared to $305.6 million.Cost of goods sold was $356.7 million, compared to $309.0 million.Gross loss was $19.8 million, compared to $3.4 million.Selling, general and administrative expenses were $7.4 million, compared to $5.5 million, reflecting Eagle Alcohol acquisition-related expenses and higher stock-compensation expenses in the third quarter of 2022.Net loss available to common stockholders was $28.4 million, or $0.39 per share, compared to $3.5 million, or $0.05 per share.Adjusted EBITDA was negative $20.6 million, compared to Adjusted EBITDA of $3.0 million.Cash and cash equivalents were $28.5 million at September 30, 2022, compared to $50.6 million at December 31, 2021. Subsequent to quarter end, the company entered into a new six-year term loan facility allowing for period...