Alto Ingredients, Inc. (ALTO) reported a return to profitability in the first quarter of 2026, earning 5 cents per share compared to a loss of 16 cents per share in the same quarter the previous year. Adjusted EBITDA improved to $4.7 million, driven by robust export demand, stronger margins with crush margins rising to 17 cents per gallon from just 2 cents last year, and essential ingredient returns rising from 48.2% to 53.4%. The company also recognized $3.9 million in tax-credit earnings, positioning itself for expected annual net proceeds of around $15 million from qualifying production volumes.
Green Plains Inc. (GPRE) produced 174 million gallons of ethanol in Q1 2026, operating at 97% capacity. The company generated $55.2 million in net production tax credits, contributing to adjusted EBITDA while moving towards a portfolio that includes renewable corn oil and low-carbon products. GPRE anticipates that its carbon strategy will contribute between $200 million and $225 million to EBITDA in 2026, underlining its focus on improved efficiency and capital investments across its production network.
Over the past three months, Alto Ingredients’ stock rose by 10.4%, while Green Plains’ stock fell by 11.8%. Currently, ALTO trades at a forward price-to-sales ratio of 0.38, below GPRE’s 0.52, suggesting ALTO may present a more attractive valuation amid their contemporary moves towards low-carbon production.
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