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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition.
On August 5, 2026, Alto Ingredients, Inc. issued a press release announcing certain results of operations for the three and six months ended June 30, 2026. A copy of the press release is furnished (not filed) as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K is not incorporated by reference into any filings of Alto Ingredients, Inc. made under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in the filing unless specifically stated so therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Number | Description | |
| 99.1 | Press Release dated August 5, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 5, 2026 | ALTO INGREDIENTS, INC. | |
| By: | /s/ AUSTE M. GRAHAM | |
| Auste M. Graham, | ||
| Chief Legal Officer and Secretary | ||
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Exhibit 99.1
Alto Ingredients, Inc. Reports Second Quarter 2026 Results
Q2
2026 Gross Profit of $16.6 Million Increased $18.6 Million
Q2 2026 Net Income of $11.4 Million, or $0.15 per Share, Improved $22.7 Million
Q2 2026 Adjusted EBITDA of $23.7 Million Improved $23.9 Million
Pekin, Ill., August 5, 2026 – Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of renewable fuels, essential ingredients and specialty alcohols, reported its financial results for the quarter ended June 30, 2026.
“Alto’s second quarter results mark the fourth consecutive quarter of positive gross profit, income from operations, net income and adjusted EBITDA. We have maintained consistent profitability over this period even before the contribution of earnings from 45Z tax credits. These results demonstrate the benefits of our diversification strategy, which gives us the flexibility to shift production toward the most attractive end markets and capture premium-value opportunities,” said President and Chief Executive Officer Bryon McGregor.
“Having begun a strategic realignment three years ago, we now have a diversified product portfolio, a leaner cost structure and an operating model capable of generating positive adjusted EBITDA through commodity cycles while providing meaningful upside when market conditions are favorable,” added Mr. McGregor. “In addition, we have numerous initiatives in process and ahead of us to expand capacity, optimize CO2 production, improve efficiencies and increase our earnings from 45Z tax credits.”
Mr. McGregor concluded, “Our second quarter and latest 12-month financial results, combined with our ability to execute on high-return opportunities, reinforce our confidence in Alto’s ability to generate sustainable earnings and create long-term shareholder value.”
Rob Olander, Chief Financial Officer, added that, “Today, we established a $50 million at-the-market equity program. Alongside our available borrowing capacity and operating cash flow, the ATM program provides additional financial flexibility and a prudent, low-cost tool to effectively access equity capital. We see a number of attractive, high-return organic opportunities across our platform. Having the ATM program in place allows us to remain prepared to pursue those opportunities when expected returns, market conditions and shareholder interests align. Any use of the program would be disciplined, measured and evaluated against other sources of available capital.”
Financial Results for the Three Months Ended June 30, 2026 Compared to 2025
| ● | Net sales were $245.7 million, compared to $218.4 million. |
| ● | Cost of goods sold was $229.1 million, compared to $220.4 million. |
| ● | Gross profit was $16.6 million, compared to a gross loss of $1.9 million. |
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| ● | Selling, general and administrative expenses were $8.0 million, compared to $6.2 million. |
| ● | Interest expense was $2.0 million, compared to $2.8 million. |
| ● | Net income attributable to common stockholders was $11.4 million, or $0.15 per diluted share, compared to a net loss of $11.3 million, or $0.15 per share. |
| ● | Adjusted EBITDA was $23.7 million, compared to negative $0.2 million, an increase of $23.9 million. |
Cash and cash equivalents at June 30, 2026 were $24.0 million, compared to $23.4 million at December 31, 2025. The company’s borrowing availability at June 30, 2026 was $106 million, including $41 million under the company’s operating line of credit and $65 million under its term loan facility.
Second Quarter 2026 Results Conference Call
Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Wednesday, August 5, 2026, and will deliver prepared remarks via webcast followed by a question-and-answer session.
To receive a number and unique PIN by email, register here. To dial directly up to 20 minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. Alternatively, the webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com and will be available for one year.
Use of Non-GAAP Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles (“GAAP”) are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, provision (benefit) for income taxes, asset impairments, unrealized derivative gains and losses, acquisition-related expense, excess insurance proceeds and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company’s performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company’s results as reported under GAAP.
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About Alto Ingredients, Inc.
Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of renewable fuels, essential ingredients and specialty alcohols. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ expectations around expanding production capacity; profitability and executing on opportunities to grow earnings, including through improved utilization and reliability, optimization and capital projects, and monetizing additional Section 45Z tax credits; the use and benefits of its ATM program, including returns that Alto Ingredients may generate from using funds, if any, from the program to make capital investments; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others, adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints, including from tariffs; prevailing market prices and trading volumes of Alto Ingredients’ stock; Alto Ingredients’ ability, if desirable, to execute on its ATM program; Alto Ingredients’ ability to timely and within budget execute on its optimization and capital projects; regulatory developments and Alto Ingredients’ ability to successfully pursue and secure opportunities, and realize the expected results, under existing and new legislation, including the Section 45Z regulations, and to successfully apply for and receive anticipated credit amounts. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2026.
Company IR and Media Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755
Investorrelations@altoingredients.com
IR Agency Contact:
Jody Burfening, Alliance Advisors Investor Relations, 212-838-3777,
Investorrelations@altoingredients.com
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ALTO
INGREDIENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net sales | $ | 245,698 | $ | 218,436 | $ | 470,378 | $ | 444,976 | ||||||||
| Cost of goods sold | 229,062 | 220,373 | 444,523 | 448,720 | ||||||||||||
| Gross profit (loss) | 16,636 | (1,937 | ) | 25,855 | (3,744 | ) | ||||||||||
| Selling, general and administrative expenses | 8,017 | 6,171 | 14,716 | 13,361 | ||||||||||||
| Income (loss) from operations | 8,619 | (8,108 | ) | 11,139 | (17,105 | ) | ||||||||||
| Interest expense, net | (1,960 | ) | (2,811 | ) | (4,158 | ) | (5,540 | ) | ||||||||
| Transferable tax credits, net | 5,112 | — | 9,012 | — | ||||||||||||
| Other expense, net | (70 | ) | (78 | ) | (21 | ) | (31 | ) | ||||||||
| Income (loss) before provision for income taxes | 11,701 | (10,997 | ) | 15,972 | (22,676 | ) | ||||||||||
| Provision for income taxes | — | — | — | — | ||||||||||||
| Net income (loss) | $ | 11,701 | $ | (10,997 | ) | $ | 15,972 | $ | (22,676 | ) | ||||||
| Preferred stock dividends | $ | (315 | ) | $ | (315 | ) | $ | (627 | ) | $ | (627 | ) | ||||
| Net income (loss) attributable to common stockholders | $ | 11,386 | $ | (11,312 | ) | $ | 15,345 | $ | (23,303 | ) | ||||||
| Net income (loss) per share, basic | $ | 0.15 | $ | (0.15 | ) | $ | 0.20 | $ | (0.31 | ) | ||||||
| Net income (loss) per share, diluted | $ | 0.15 | $ | (0.15 | ) | $ | 0.20 | $ | (0.31 | ) | ||||||
| Weighted-average shares outstanding, basic | 75,588 | 74,611 | 75,191 | 74,232 | ||||||||||||
| Weighted-average shares outstanding, diluted | 77,071 | 74,611 | 76,609 | 74,232 | ||||||||||||
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ALTO
INGREDIENTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value)
| ASSETS | June 30, 2026 |
December 31, 2025 |
||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 23,962 | $ | 23,415 | ||||
| Restricted cash | — | 2,258 | ||||||
| Accounts receivable, net | 67,889 | 55,069 | ||||||
| Inventories | 51,609 | 61,676 | ||||||
| Transferable tax credits, net | 8,265 | 7,500 | ||||||
| Derivative instruments | 4,173 | 525 | ||||||
| Other current assets | 4,926 | 5,474 | ||||||
| Total current assets | 160,824 | 155,917 | ||||||
| Property and equipment, net | 197,479 | 198,501 | ||||||
| Other Assets: | ||||||||
| Right of use operating lease assets, net | 21,492 | 16,931 | ||||||
| Intangible assets, net | 7,264 | 7,574 | ||||||
| Other assets | 10,011 | 9,863 | ||||||
| Total other assets | 38,767 | 34,368 | ||||||
| Total Assets | $ | 397,070 | $ | 388,786 | ||||
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ALTO
INGREDIENTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited, in thousands, except par value)
| June 30, 2026 |
December 31, 2025 |
|||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 24,219 | $ | 14,509 | ||||
| Accrued liabilities | 16,424 | 16,691 | ||||||
| Current portion – long-term debt | — | 16,600 | ||||||
| Current portion – operating leases | 4,916 | 4,958 | ||||||
| Derivative instruments | 277 | 1,067 | ||||||
| Other current liabilities | 4,561 | 5,246 | ||||||
| Total current liabilities | 50,397 | 59,071 | ||||||
| Long-term debt, net | 60,469 | 63,027 | ||||||
| Operating leases, net of current portion | 17,553 | 13,012 | ||||||
| Other liabilities | 8,774 | 8,435 | ||||||
| Total Liabilities | 137,193 | 143,545 | ||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, $0.001 par value; 10,000 shares authorized; Series A: no shares issued and outstanding as of June 30, 2026 and December 31, 2025 Series B: 927 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 1 | 1 | ||||||
| Common stock, $0.001 par value; 300,000 shares authorized; 77,576 and 77,307 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 78 | 77 | ||||||
| Non-voting common stock, $0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — | ||||||
| Additional paid-in capital | 1,051,085 | 1,051,795 | ||||||
| Accumulated other comprehensive income | 5,461 | 5,461 | ||||||
| Accumulated deficit | (796,748 | ) | (812,093 | ) | ||||
| Total Stockholders’ Equity | 259,877 | 245,241 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 397,070 | $ | 388,786 | ||||
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Reconciliation of Adjusted EBITDA to Net Income (Loss)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| (in thousands) (unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income (loss) | $ | 11,701 | $ | (10,997 | ) | $ | 15,972 | $ | (22,676 | ) | ||||||
| Adjustments: | ||||||||||||||||
| Interest expense | 1,960 | 2,811 | 4,158 | 5,540 | ||||||||||||
| Interest income | (87 | ) | (67 | ) | (165 | ) | (150 | ) | ||||||||
| Unrealized derivative losses (gains) | 3,634 | 2,117 | (4,439 | ) | 483 | |||||||||||
| Acquisition-related income | — | (460 | ) | — | (460 | ) | ||||||||||
| Depreciation and amortization expense | 6,452 | 6,365 | 12,819 | 12,631 | ||||||||||||
| Total adjustments | 11,959 | 10,766 | 12,373 | 18,044 | ||||||||||||
| Adjusted EBITDA | $ | 23,660 | $ | (231 | ) | $ | 28,345 | $ | (4,632 | ) | ||||||
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Segment Financials (in thousands) (unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Sales | ||||||||||||||||
| Pekin Campus production: | ||||||||||||||||
| Alcohol sales | $ | 114,370 | $ | 94,155 | $ | 222,321 | $ | 201,390 | ||||||||
| Essential ingredient sales | 45,071 | 39,565 | 89,064 | 84,183 | ||||||||||||
| Intersegment sales | 229 | 183 | 492 | 481 | ||||||||||||
| Total Pekin Campus sales | 159,670 | 133,903 | 311,877 | 286,054 | ||||||||||||
| Marketing and distribution: | ||||||||||||||||
| Alcohol sales, gross | $ | 54,612 | $ | 58,106 | $ | 101,889 | $ | 107,101 | ||||||||
| Alcohol sales, net | 60 | 80 | 109 | 142 | ||||||||||||
| Intersegment sales | 2,512 | 2,334 | 4,962 | 4,840 | ||||||||||||
| Total marketing and distribution sales | 57,184 | 60,520 | 106,960 | 112,083 | ||||||||||||
| Western production: | ||||||||||||||||
| Alcohol sales | $ | 20,798 | $ | 16,604 | $ | 37,479 | $ | 32,798 | ||||||||
| Essential ingredient sales | 8,843 | 8,250 | 16,123 | 16,058 | ||||||||||||
| Intersegment sales | 449 | 505 | 848 | 769 | ||||||||||||
| Total Western production sales | 30,090 | 25,359 | 54,450 | 49,625 | ||||||||||||
| Corporate and other | 1,944 | 1,676 | 3,393 | 3,304 | ||||||||||||
| Intersegment eliminations | (3,190 | ) | (3,022 | ) | (6,302 | ) | (6,090 | ) | ||||||||
| Net sales as reported | $ | 245,698 | $ | 218,436 | $ | 470,378 | $ | 444,976 | ||||||||
| Cost of goods sold: | ||||||||||||||||
| Pekin Campus production | $ | 148,148 | $ | 139,748 | $ | 292,918 | $ | 294,974 | ||||||||
| Marketing and distribution | 53,404 | 56,518 | 99,442 | 104,167 | ||||||||||||
| Western production | 27,955 | 23,501 | 52,707 | 49,024 | ||||||||||||
| Corporate and other | 1,010 | 1,705 | 2,046 | 3,386 | ||||||||||||
| Intersegment eliminations | (1,455 | ) | (1,099 | ) | (2,590 | ) | (2,831 | ) | ||||||||
| Cost of goods sold as reported | $ | 229,062 | $ | 220,373 | $ | 444,523 | $ | 448,720 | ||||||||
| Gross profit (loss): | ||||||||||||||||
| Pekin Campus production | $ | 11,522 | $ | (5,845 | ) | $ | 18,959 | $ | (8,920 | ) | ||||||
| Marketing and distribution | 3,780 | 4,002 | 7,518 | 7,916 | ||||||||||||
| Western production | 2,135 | 1,858 | 1,743 | 601 | ||||||||||||
| Corporate and other | 934 | (29 | ) | 1,347 | (82 | ) | ||||||||||
| Intersegment eliminations | (1,735 | ) | (1,923 | ) | (3,712 | ) | (3,259 | ) | ||||||||
| Gross profit (loss) as reported | $ | 16,636 | $ | (1,937 | ) | $ | 25,855 | $ | (3,744 | ) | ||||||
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Sales and Operating Metrics (unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Alcohol Sales (gallons in millions) | ||||||||||||||||
| Pekin Campus renewable fuel gallons sold | 31.6 | 28.8 | 62.8 | 61.4 | ||||||||||||
| Western production renewable fuel gallons sold | 9.4 | 8.3 | 17.6 | 16.6 | ||||||||||||
| Third-party renewable fuel gallons sold | 24.0 | 29.7 | 47.5 | 54.1 | ||||||||||||
| Total renewable fuel gallons sold | 65.0 | 66.8 | 127.9 | 132.1 | ||||||||||||
| Specialty alcohol gallons sold | 23.5 | 19.9 | 46.5 | 44.2 | ||||||||||||
| Total gallons sold | 88.5 | 86.7 | 174.4 | 176.3 | ||||||||||||
| Sales Price per Gallon | ||||||||||||||||
| Pekin Campus production | $ | 2.09 | $ | 1.95 | $ | 2.05 | $ | 1.92 | ||||||||
| Western production | $ | 2.20 | $ | 2.00 | $ | 2.13 | $ | 1.98 | ||||||||
| Marketing and distribution | $ | 2.27 | $ | 1.96 | $ | 2.14 | $ | 1.98 | ||||||||
| Average sales price per gallon | $ | 2.15 | $ | 1.95 | $ | 2.08 | $ | 1.94 | ||||||||
| Alcohol Production (gallons in millions) | ||||||||||||||||
| Pekin Campus production | 51.8 | 50.9 | 103.0 | 105.2 | ||||||||||||
| Western production | 9.0 | 8.3 | 16.9 | 16.6 | ||||||||||||
| Total production gallons | 60.8 | 59.2 | 119.9 | 121.8 | ||||||||||||
| Corn Cost per Bushel | ||||||||||||||||
| Pekin Campus production | $ | 4.58 | $ | 4.86 | $ | 4.51 | $ | 4.75 | ||||||||
| Western production | $ | 5.59 | $ | 5.71 | $ | 5.57 | $ | 5.83 | ||||||||
| Average cost per bushel | $ | 4.73 | $ | 4.98 | $ | 4.65 | $ | 4.89 | ||||||||
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Sales and Operating Metrics (unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Average Market Metrics | ||||||||||||||||
| PLATTS Ethanol price per gallon | $ | 1.92 | $ | 1.72 | $ | 1.82 | $ | 1.72 | ||||||||
| CME Corn cost per bushel | $ | 4.44 | $ | 4.51 | $ | 4.41 | $ | 4.62 | ||||||||
| Board corn crush per gallons (1) | $ | 0.33 | $ | 0.11 | $ | 0.25 | $ | 0.07 | ||||||||
| Essential Ingredients Sold (thousand tons) | ||||||||||||||||
| Pekin Campus production: | ||||||||||||||||
| Distillers grains | 68.2 | 70.2 | 148.6 | 160.9 | ||||||||||||
| CO2 | 45.2 | 45.1 | 88.5 | 90.4 | ||||||||||||
| Corn wet feed | 26.3 | 28.7 | 56.2 | 63.2 | ||||||||||||
| Corn dry feed | 24.7 | 21.4 | 45.7 | 45.2 | ||||||||||||
| Corn oil and germ | 19.1 | 18.9 | 37.2 | 38.5 | ||||||||||||
| Syrup and other | 11.9 | 11.7 | 21.1 | 19.9 | ||||||||||||
| Corn meal | 8.2 | 8.3 | 17.7 | 17.7 | ||||||||||||
| Yeast | 5.9 | 5.7 | 12.0 | 12.1 | ||||||||||||
| Total Pekin Campus essential ingredients sold | 209.5 | 210.0 | 427.0 | 447.9 | ||||||||||||
| Western production: | ||||||||||||||||
| Distillers grains | 67.0 | 61.8 | 127.1 | 119.9 | ||||||||||||
| CO2 | 14.5 | 14.4 | 27.3 | 27.0 | ||||||||||||
| Corn oil | 0.9 | 1.0 | 1.7 | 2.4 | ||||||||||||
| Syrup and other | 0.6 | 1.2 | 1.4 | 2.0 | ||||||||||||
| Total Western production essential ingredients sold | 83.0 | 78.4 | 157.5 | 151.3 | ||||||||||||
| Total Essential Ingredients Sold | 292.5 | 288.4 | 584.5 | 599.2 | ||||||||||||
| Essential ingredients return % (2) | ||||||||||||||||
| Pekin Campus return | 51.7 | % | 44.2 | % | 52.8 | % | 46.1 | % | ||||||||
| Western production return | 51.4 | % | 50.8 | % | 50.7 | % | 49.9 | % | ||||||||
| Consolidated total return | 51.6 | % | 45.2 | % | 52.5 | % | 46.7 | % | ||||||||
| (1) | Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn. |
| (2) | Essential ingredients revenues as a percentage of total corn costs consumed. |
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