Here are 1-2 brief analogies for Alto Ingredients (ALTO):

• Like a specialized ADM or Bunge for alcohols and essential ingredients derived from corn.
• Think of them as a Darling Ingredients for corn-based specialty alcohols and industrial ingredients.

• Specialty Alcohols: High-purity ethanol products used in health, beauty, food, and beverage industries.
• Renewable Fuel Ethanol: Ethanol primarily produced for blending with gasoline as a clean-burning, high-octane fuel.
• Distillers Grains: A high-protein co-product from ethanol production, widely used as animal feed.
• Corn Oil: A valuable co-product from corn processing, utilized in animal feed, food, and biodiesel applications.

Alto Ingredients (ALTO) Major Customers

Alto Ingredients primarily sells its products to other companies (Business-to-Business model).

Based on the company's latest annual report (10-K), its most significant major customer is:

• Marathon Petroleum Corporation (Symbol: MPC)

Marathon Petroleum Corporation accounted for approximately 40% of Alto Ingredients' total revenues in 2023, and approximately 30% in 2022, primarily through the sale of renewable fuel ethanol. While Alto Ingredients serves a diverse customer base across various industries for its specialty alcohols and essential ingredients (such as health, home and beauty, food and flavors, industrial applications, and agricultural markets), specific other major customer companies representing a comparable percentage of revenue are not individually named in public filings.

Bryon McGregor, President, Chief Executive Officer, and Director

Bryon McGregor was named President and Chief Executive Officer of Alto Ingredients in August 2023, after serving as Chief Financial Officer since 2009. He joined the company in 2008 as Vice President Finance/Treasurer. During his tenure as CFO, Mr. McGregor led multiple financings, integrated acquisitions, strengthened the company's balance sheet, and implemented cost reduction programs. Prior to joining Alto Ingredients, he served as Brokerage Treasurer for E*TRADE Financial, overseeing European and Asian treasury operations, international and U.S. brokerage treasury operations, corporate finance, and investor relations. Before E*TRADE, he was the Manager, Global Head of Project Finance at BP (formerly ARCO), where he was responsible for the development and management of investments in global industrial and infrastructure projects, including large-scale LNG and heavy-oil projects. He also held a Director position at Credit Suisse, where he developed limited-recourse financing opportunities and facilitated M&A for clients in various sectors.

Rob Olander, Chief Financial Officer

Rob Olander was appointed Chief Financial Officer in 2023, having served Alto Ingredients for over 16 years with increasing responsibilities, most recently as Vice President, Corporate Controller. Before his time at Alto Ingredients, Mr. Olander was a Controller and Business Manager at Hampton Distribution Companies. He also supervised audit and consulting at James Marta and Company. Mr. Olander began his career in audit and assurance at Deloitte & Touche, where he worked with clients such as ConAgra, Berkshire Hathaway, and Union Pacific.

Todd Benton, Chief Operating Officer

Todd Benton serves as the Chief Operating Officer of Alto Ingredients. Further details of his background were not prominently available in the search results.

Auste Graham, Chief Legal Officer & Secretary

Auste Graham holds the position of Chief Legal Officer & Secretary at Alto Ingredients. Further details of her background were not prominently available in the search results.

James Sneed, VP & Chief Commercial Officer

James Sneed is the Vice President & Chief Commercial Officer for Alto Ingredients. He has over 20 years of experience in various senior management and executive positions within the ethanol industry. Before joining Alto Ingredients in 2012, Mr. Sneed was the Vice President – Ethanol Marketing & Trading for Hawkeye Gold, LLC.

The accelerating global adoption of electric vehicles (EVs), which reduces overall demand for gasoline and, consequently, the ethanol that Alto Ingredients produces for fuel blending.

Emerging competition and technological disruption in the specialty alcohol and essential ingredients markets from advancements in synthetic biology and precision fermentation, which allow for the production of these materials with potentially greater efficiency, purity, and sustainability.

Renewable Fuels (Fuel Ethanol)

• U.S. Ethanol Fuel Market: The U.S. ethanol market is estimated to be valued at USD 32.76 billion in 2025. It is expected to reach USD 60.66 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.20% from 2025 to 2032.
• Global Fuel Ethanol Market: The global fuel ethanol market size was valued at USD 111.64 billion in 2025 and is projected to reach approximately USD 174.98 billion by 2034, expanding at a CAGR of 5.12% from 2025 to 2034. North America dominated the global fuel ethanol market in 2024 with a 57% market share.

Specialty Alcohols

• Global Specialty Spirits Market (primarily for food & beverage, and health & beauty applications): The global specialty spirits market size was valued at USD 32.57 billion in 2024. It is estimated to reach USD 47.84 billion by 2033, exhibiting a CAGR of 4.15% during 2025-2033. North America holds a significant market share, with the United States accounting for over 88.30% of the North American specialty spirits market in 2024.
• Global Industrial Alcohol Market (for pharmaceuticals, solvents, etc.): The global industrial alcohol market size was valued at USD 198.31 billion in 2024. It is projected to grow to USD 404.09 billion by 2033, exhibiting a CAGR of 8.23% during the forecast period (2025-2033). The U.S. industrial alcohol market is projected to reach USD 73.15 billion by 2027. In 2024, the United States controlled more than 75.7% of the North American industrial alcohol market.

Essential Ingredients/Co-products

• Distillers Grains: The global Distillers Dried Grains with Solubles (DDGS) market size was estimated at USD 17.15 billion in 2024 and is projected to expand at a CAGR of 7.60% from 2024 to 2031. North America held a major share of the global revenue with a market size of USD 6.86 billion in 2024, and the U.S. market size for DDGS was USD 5.41 billion in 2024.
• Corn Oil (as renewable diesel and biodiesel feedstock): Corn oil feedstock usage for biomass-based diesel (which includes renewable diesel and biodiesel) exceeded 4 billion pounds in 2023. A specific market size in USD for corn oil exclusively as a renewable diesel/biodiesel feedstock is not readily available.
• Liquid CO2 (Food Grade): The global Food Grade Liquid Carbon Dioxide market size was valued at USD 1.45 billion in 2024 and is projected to reach USD 2.35 billion by 2032, growing at a CAGR of 6.2% during the forecast period 2026-2032. North America exhibits the highest demand for liquid CO2 in industries such as beverage carbonation, food freezing, and modified atmosphere packaging. The U.S. carbon dioxide market (which includes food grade) is forecast to reach USD 451.5 million in 2025.
• Dried Yeast, Corn Protein Meal, Corn Germ, Liquid Feed: Market sizes for these specific co-products are not readily available in the provided information.

1. Increased Renewable Fuel Export Sales: Alto Ingredients has reported robust improvements in its business segments, specifically citing increased renewable fuel export sales as a contributing factor to its strong Q3 2025 performance. Management continues to adjust its product mix to manage evolving market conditions and has increased fuel ethanol production and sales volumes in response to higher export demand and better pricing. This focus on the export market, particularly for high-quality alcohols and ethanol to Europe, which currently yield the highest margins, is expected to continue driving revenue growth.
2. Growing Demand for Liquid CO2 and Expansion of CO2 Utilization: The company has highlighted greater demand for liquid CO2 as a driver of improved financial performance. Alto Ingredients' 2025 Carbonic acquisition and related investments are specifically aimed at expanding its CO2 utilization to capture this growing demand for premium liquid CO2. The company is exploring CO2 market expansion at its Oregon and Pekin sites, with potential for increased capture and storage, recognizing rising CO2 demand, especially on the West Coast for food and beverage markets.
3. Section 45Z Tax Credits: Alto Ingredients remains optimistic about generating Section 45Z tax credits from domestic renewable fuel sales. These tax credits are extended from 2025–2029 and reward low-carbon intensity production. The Columbia and Pekin facilities are expected to qualify, potentially adding significant annual value. The company is also evaluating additional methods to lower its carbon intensity to further boost tax credit values, which will directly enhance profitability and, by extension, revenue.
4. Strategic Product Mix Adaptation and Focus on High-Return Market Segments: Alto Ingredients is committed to adapting its product mix to market conditions and prioritizing projects based on cost, timing, and return on investment to sustain its growth trajectory. The company's 2025 initiatives specifically target high-return market segments and aim to boost operational efficiency and achieve cost savings. This strategic shift, including rationalizing unprofitable business activities and focusing on specialty alcohols and essential ingredients beyond fuel ethanol, positions the company for improved performance and revenue generation.

Share Repurchases

• On September 12, 2022, Alto Ingredients announced a share repurchase program authorizing up to $50 million of its common stock, with an initial purchase authorization of $10 million.
• The share repurchase program has no expiration date and the amount and timing of repurchases depend on market conditions and corporate needs.
• As of March 2025, the company's lender had limited the purchase authorization to $5 million, with amounts in excess of $10 million requiring additional board and preferred stockholder authorization.

Share Issuance

• No significant share issuances for capital raising purposes were identified in the last 3-5 years.

Inbound Investments

• In late 2022, Alto Ingredients secured a $125 million senior secured credit facility with a private credit provider. This financing was intended for plant upgrades to support a shift towards a higher-margin product mix and to capitalize on carbon capture sequestration opportunities.

Outbound Investments

• On January 14, 2022, Alto Ingredients acquired Eagle Alcohol, a specialty alcohol distributor, for $15.3 million in cash plus an earnout of up to $14.0 million (comprising $9 million in cash and $5 million in common stock).
• In 2025, the company completed the acquisition of Carbonic, a beverage-grade liquid carbon dioxide processor, to expand its CO2 utilization. This acquisition, along with the final payment for Eagle Alcohol and other capital expenditures, utilized $10.5 million in cash for investing activities during the first half of 2025.

Capital Expenditures

• Capital expenditures were approximately $4 million in 2022 and $5 million in 2023 and 2024 respectively.
• Expected capital expenditures for 2025 are focused on scaling production capacity for key product lines, improving plant reliability, enhancing ethanol production rates, increasing CO2 throughput, and adding storage capacity.
• The company reported using $1.6 million for capital expenditures in Q3 2025 and $0.5 million in H1 2025. Capital projects are prioritized based on cost, timing, and anticipated return on investment, with a focus on lowering carbon intensity and increasing CO2 utilization to capture benefits from Section 45Z tax credits.