Alto Ingredients

What Alto Ingredients does

Alto Ingredients, Inc. (NASDAQ: ALTO, formerly Pacific Ethanol) is a publicly traded producer and marketer of specialty alcohols and essential ingredients derived from corn fermentation, headquartered in Sacramento, California with primary manufacturing operations at an integrated campus in Pekin, Illinois and additional production facilities in Oregon and Idaho. The company operates both dry mill and wet mill distillation platforms producing four categories of alcohol: food & beverage grade (Kosher, gluten-free, vegan, GMP/HACCP certified), pharmaceutical grade (ISO 9001, ICH Q7, and EXCiPACT certified for use as an active pharmaceutical ingredient and excipient), industrial alcohol at 190 and 200 proof, and renewable fuel ethanol rated at 113 octane. Specialty alcohol production capacity totals 140 million gallons annually at the Pekin site, with the majority meeting or exceeding USP certifications. Co-products from the fermentation process include distillers grains with solubles (DGS), corn protein feed and meal, distillers corn oil, corn germ, condensed distillers solubles, and inactive yeast manufactured through a world-scale continuous fermentation process that handles more than two million gallons of beer per day.

The company's revenue model combines direct manufacturing with downstream distribution and resale. Its Marketing & Distribution segment purchases and resells approximately 107 million gallons of fuel-grade ethanol annually from third parties, while the wholly owned Eagle Alcohol subsidiary provides break-bulk distribution of specialty alcohols in smaller volumes (tank trucks, totes, drums) via an owned truck fleet serving mid-market beverage, food, and industrial customers. Beyond alcohol, Alto Ingredients has vertically integrated CO2 capture through its January 2025 acquisition of Kodiak Carbonic LLC, converting more than 100,000 tons of fermentation CO2 annually into beverage-grade liquid CO2. The company also monetizes Section 45Z Clean Fuel Production Tax Credits, generating $8.9 million from 2025 credits and projecting $15-16 million in net proceeds from 90M+ qualifying gallons in 2026. Customers span six primary use-case segments (Renewable Fuel & Energy, Food & Beverage, Pharmaceutical & Healthcare, Industrial & Consumer Products, Animal Feed & Agriculture, and Eagle Alcohol specialty distribution) served through direct sales relationships with major enterprise buyers.

Founded in 2003 as Pacific Ethanol and rebranded to Alto Ingredients in January 2021, the company has shifted from a pure-play commodity ethanol producer to a diversified specialty ingredients platform. Full year 2025 revenue was approximately $917.93 million, with Q2 2026 revenue of $245.7 million (up 12.5% year-over-year) and the company has reported four consecutive quarters of profitability across gross profit, operating income, net income, and adjusted EBITDA through Q2 2026, including $11.4 million in Q2 2026 net income and $23.7 million in adjusted EBITDA. The balance sheet has been strengthened with debt reduced to a multi-year low of $64.5 million, and a $50 million at-the-market equity program was established in August 2026 to fund organic growth. The company is publicly listed on NASDAQ with a market capitalization of approximately $358 million as of August 2026.

Name

Alto Ingredients

Legal name

Alto Ingredients, Inc.

Website

https://altoingredients.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Alto Ingredients is a publicly traded producer of corn-derived specialty alcohols (food & beverage, pharmaceutical, industrial, renewable fuel) and essential ingredients, serving enterprise customers across pharmaceuticals, food & beverage, industrial, and renewable fuels from its Pekin, Illinois campus.

Ownership category

akta.pro rank

Product category

Specialty Alcohols and Ingredients Manufacturing

NAICS

Ethyl Alcohol Manufacturing (325193), Distilleries (312140), Food Manufacturing (311)

SIC

Beverages (2080), Food And Kindred Products (2000), Industrial Organic Chemicals (2860)

akta.pro primary industry

Cocktail Mixes & Alcoholic Beverage Bases (non-alcoholic mixers, RTD spirit bases) (AFAFAGAH)

akta.pro secondary industries

Alcoholic Beverage Mixers & Cocktail Ingredients Brands (Non-alcoholic) (CRADAIAH), Beverage Fermentation Cultures (Beer, Wine, Cider, Kombucha, Fermented Soft Drinks) (AFAJAJAC), Beverage Concentrates, Syrups & Mixers Wholesale (AFAIAGAF)

Keywords

• Specialty alcohols
• Bio-based ingredients
• Renewable ethanol fuel
• Distillery products
• Essential food ingredients

Headquarters

HQ city

Sacramento

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Renewable Fuel / Fuel Ethanol: Production and sale of corn-derived ethanol as a renewable fuel, including domestic sales and export of renewable fuel at premium prices with forward contracts secured into 2026. The Marketing and Distribution segment also purchases and resells approximately 107 million gallons of fuel-grade ethanol from third parties annually.
2. Specialty Alcohols: Production and sale of high-purity specialty alcohols for food & beverage, pharmaceutical, and industrial applications. Includes beverage-grade alcohol, USP alcohol, grain-neutral spirits (GNS), and denatured alcohol products. Revenue is generated through direct sales to major industrial and consumer product companies.
3. Essential Ingredients (Protein, Oil, Yeast): Sale of co-products from ethanol fermentation including distillers grains with solubles (DGS), corn protein feed/meal, distillers corn oil, corn germ, and yeast products used in animal feed, aquaculture, pet food, and food processing. Revenue from sale of these ingredients to feed and food manufacturers.
4. Section 45Z Clean Fuel Production Tax Credits: Monetization of federal 45Z clean fuel production tax credits generated from low-carbon ethanol production at Pekin Dry Mill and Columbia facilities. The company monetized $8.9 million in 2025 credits and expects $15-16 million in net proceeds from qualifying 90+ million gallons in 2026.
5. Liquid CO2 Sales: Sale of beverage-grade liquid CO2 produced as a fermentation co-product, enhanced by the acquisition of Kodiak Carbonic LLC which vertically integrates CO2 capture at the Columbia facility and Oregon plant. Produces over 100,000 tons of CO2 annually at the Oregon plant alone.
6. Eagle Alcohol Distribution: Break bulk distribution of specialty alcohols through Eagle Alcohol, a subsidiary that purchases bulk alcohol, stores, denatures, packages, and resells in smaller sizes (tank trucks, totes, drums) using its own truck fleet. Serves beverage, food, and related-process industries.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Alto Ingredients manufactures and sells specialty alcohols and high-value essential ingredients produced at its Pekin, Illinois production campus, including beverage and industrial-grade alcohols, flavor and fragrance ingredients, and renewable ethanol fuel. The company processes corn and other feedstocks into these products through fermentation, distillation, and CO2 capture for sale to food & beverage, pharmaceutical, personal care, and fuel industry customers.

Product overview

Alto Ingredients is a producer of specialty alcohols and essential ingredients, operating a portfolio of products across two main categories. Specialty alcohols include Food & Beverage Alcohol, Pharmaceutical Alcohol, Industrial Alcohol, and Renewable Fuel, with a distribution subsidiary called Eagle Alcohol. Essential Ingredients include Distillers Corn Oil, Corn Germ, Distillers Grains with Solubles, Corn Protein Feed, Corn Protein Meal, Corn Condensed Distillers Solubles, and Alto Yeast. The company operates two distilleries and a specialty yeast production facility at its Pekin, Illinois campus, along with three renewable fuels plants in Illinois, Idaho, and Oregon.

Differentiator

Problem solved

Functional benefit

Brands

• Eagle Alcohol: Break bulk distribution company specializing in specialty alcohols. Purchases bulk alcohol from suppliers, stores, denatures, packages, and resells alcohol products in smaller sizes including tank trucks, totes, and drums. Services customers in beverage, food, and related-process industries.

Quantifiable outcome

• Q2 2026 revenue of $245.7M, up 12.5% year-over-year, exceeding analyst consensus of $231.22M
• +9 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered major, core and minor.

• Illinois River Infrastructure PartnershipmajorStrategic or Co-development Partner · 26 June 2026Alto Ingredients announced a US$16 million partnership on Illinois River infrastructure to enhance barge-based product transport and storage for export capabilities. This logistics partnership is expected to reduce delivery times by approximately 10% and support the company's renewable fuel export growth strategy.
• Kodiak Carbonic, LLC (Acquisition)coreStrategic or Co-development Partner · 6 January 2025Alto Ingredients acquired Kodiak Carbonic, LLC, a CO2 processing plant in Oregon adjacent to the Columbia facility, for $7.25 million along with an improved long-term CO2 sales contract. The acquisition vertically integrates CO2 capture, converting over 100,000 tons of annual CO2 waste gas into a profit center for beverage-grade liquid CO2 used in food/beverage and industrial cooling.
• Vault 44.01coreStrategic or Co-development PartnerAlto Ingredients partnered with Vault 44.01 on a carbon capture and storage (CCS) project at its Pekin facility to enhance CO2 sequestration. This partnership supports the company's qualification for Section 45Z clean fuel production tax credits and positions Alto as a low-carbon fuel producer.
• Logistics Partnership (unnamed)minorChannel Partner/ Reseller/ DistributorA logistics partnership announced as part of the company's efficiency improvement initiatives, helping reduce delivery times by 10% and supporting margin growth alongside a 15% efficiency boost at the Kansas facility.

Scale indicators16 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• MGP Ingredients, Inc. Distiller and ingredient producer of grain-neutral spirits and specialty ingredients for premium spirits, food, and beverage markets. Highly comparable on GNS/USP-grade alcohol production and specialty ingredient strategy.
• Rex American Resources Corporation: Invests in and operates ethanol production facilities and holds interests in corn processing. Direct competitor in fuel ethanol production space with similar Midwest geographic footprint.
• Green Plains Inc. Pure-play U.S. ethanol producer with growing specialty alcohol and high-protein ingredient focus (PureGreen platform). Most direct comparable on renewable fuel ethanol, USP-grade alcohol production, and protein co-products.
• Aemetis, Inc. Renewable fuels and specialty alcohol producer focused on low-carbon intensity ethanol with CCS (carbon capture) projects. Closely comparable on renewable fuel production and carbon credit monetization strategy.

Broad incumbents

• Valero Energy Corporation: Operates renewable diesel and ethanol production assets as part of its broader refining portfolio. Competes with Alto in renewable fuel distribution and fuel-grade ethanol sales.
• The Andersons, Inc. Diversified agribusiness operating ethanol plants alongside grain storage and plant nutrient businesses. Overlapping ethanol and corn-based ingredient production with broader agricultural exposure.
• Ingredion Incorporated: Specialty ingredient producer including corn-based sweeteners, starches, and fermentation-derived ingredients. Comparable on specialty food-grade ingredient production from corn processing.
• Cargill, Inc. Private global agribusiness with substantial ethanol, corn processing, and specialty ingredient operations. Competes with Alto across renewable fuels, food ingredients, and industrial alcohol supply.
• Archer-Daniels-Midland Company: Global corn processor with significant ethanol production capacity and a broad specialty ingredient portfolio. Competes in industrial alcohol, food ingredients, and animal nutrition markets at greater scale.
• POET, LLC: Largest U.S. ethanol producer operating a network of dry mill plants producing fuel ethanol, distillers grains, and CO2. Major competitor in fuel ethanol and protein co-products from corn fermentation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/altoingredients
• Facebookfacebook.com/AltoIngredients
• LinkedInlinkedin.com/company/pacific-ethanol

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alto Ingredients