--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-23-064073" form_type: "8-K" ticker: "ALTO" cik: "0000778164" company_name: "Alto Ingredients, Inc." filed_at: "2023-08-07T23:59:59+00:00" generated_at: "2026-06-12T05:15:24.566990+00:00" event_type: "leadership" sentiment: "neutral" materiality_score: 0.7 calibrated_materiality_score: 0.7 confidence: "high" source: SEC EDGAR --- # Alto Ingredients posts Q2 net income $7.2M; appoints Bryon McGregor as CEO and Robert Olander as CFO ## Summary - Q2 net sales $317.3M (down 12% YoY); net income $7.2M/$0.10 diluted EPS vs $21.5M/$0.29 incl. $22.7M USDA grant. - Adjusted EBITDA $15.5M vs $29.9M (incl. $22.7M grant); operating income $9.3M vs prior loss of $152,000. - Expects positive adjusted EBITDA in Q3 2023; targets annual EBITDA increase of $125M by end of 2026 via carbon capture and other projects. - Bryon McGregor (former CFO) appointed President/CEO effective Aug 1; Michael Kandris retired as CEO, appointed Interim COO for up to one year. - Robert Olander (former VP, Corporate Controller) appointed CFO effective Aug 1. ## SEC filing metadata - accession: 0001213900-23-064073 - form_type: 8-K - ticker: ALTO - cik: 0000778164 - company_name: Alto Ingredients, Inc. - filed_at: 2023-08-07T23:59:59+00:00 - event_type: leadership - sentiment: neutral - materiality_score: 0.7 - calibrated_materiality_score: 0.7 - confidence: high - sec_items: 2.02, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/ea182962-8k_altoing.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-23-064073 - JSON: https://secwatch.observer/filing/0001213900-23-064073.json - Plain text: https://secwatch.observer/filing/0001213900-23-064073.txt ## Key facts - Earnings Releases Alto Ingredients, Inc. updated its the third quarter of 2023 guidance (initiated). - Period: the third quarter of 2023 - Guidance: initiated - Result: guidance update source text: Based on current trends, we expect to post positive Adjusted EBITDA in the third quarter of 2023 as well. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - Earnings Releases Alto Ingredients, Inc. reported the six months ended June 30, 2023 results: revenue $631.2 million, net income $6.2 million, EPS $0.08 per diluted share. - Period: the six months ended June 30, 2023 - Revenue: $631.2 million - Net income: $6.2 million - EPS: $0.08 per diluted share - Result: reported results source text: ● Net sales were $631.2 million, compared to $670.3 million. ● Cost of goods sold was $617.2 million, compared to $656.7 million. ● Gross profit was $14.0 million, compared to $13.6 million. ● Selling, general and administrative expenses were $15.8 million, compared to $16.6 million. ● Operating loss was $2.4 million, compared to $3.0 million. ● Net loss available to common stockholders was $6.2 million, or $0.08 per diluted share, compared to net income available to common stockholders of $18.6 million, including the $22.7 million USDA cash grant, or $0.26 per diluted share. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - Earnings Releases Alto Ingredients, Inc. reported the quarter ended June 30, 2023 results: revenue $317.3 million, net income $7.2 million, EPS $0.10 per diluted share. - Period: the quarter ended June 30, 2023 - Revenue: $317.3 million - Net income: $7.2 million - EPS: $0.10 per diluted share - Result: reported results source text: ● Net sales were $317.3 million, compared to $362.2 million. ● Cost of goods sold was $300.1 million, compared to $353.3 million. ● Gross profit was $17.2 million, compared to $8.8 million. ● Selling, general and administrative expenses were $7.9 million, compared to $9.0 million. ● Operating income was $9.3 million, compared to an operating loss of $152,000. 1 ● Net income available to common stockholders was $7.2 million, or $0.10 per diluted share, compared to $21.5 million, which included a $22.7 million USDA cash grant, or $0.29 per diluted share. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - Executive change Bryon T. McGregor was appointed as President and Chief Executive Officer at Alto Ingredients, Inc.. - Action: appointed - Role: President and Chief Executive Officer source text: the Board of Directors (the “Board”) of the Company appointed Bryon T. McGregor to serve as the Company’s President and Chief Executive Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - Executive change Robert R. Olander was appointed as Chief Financial Officer at Alto Ingredients, Inc.. - Action: appointed - Role: Chief Financial Officer source text: Effective August 1, 2023, the Board appointed Robert R. Olander to serve as the Company’s Chief Financial Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - Executive change Michael D. Kandris was appointed as Interim Chief Operating Officer at Alto Ingredients, Inc.. - Action: appointed - Role: Interim Chief Operating Officer source text: On the same date, the Board appointed Mr. Kandris to serve as the Company’s Interim Chief Operating Officer for a period of up to one year. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm - Executive change Michael D. Kandris retired as President and Chief Executive Officer at Alto Ingredients, Inc.. - Action: retired - Role: President and Chief Executive Officer source text: Effective August 1, 2023, Michael D. Kandris retired as President and Chief Executive Officer of the Company. evidence_url: https://www.sec.gov/Archives/edgar/data/778164/000121390023064073/0001213900-23-064073-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.