Alto Ingredients, Inc. [ALTO], a leading industry player, announced its financial results for the third quarter of 2023. The company reported a net loss of $10 million for the quarter, reflecting a challenging operating environment. Despite ongoing headwinds, Alto Ingredients generated quarterly revenue of $318.1 million.
In terms of financial performance, Alto Ingredients faced significant challenges during the quarter. The company's gross profit stood at $4.2 million, marking an improvement compared to the previous year's loss of $19.8 million. Selling, general and administrative expenses amounted to $8.5 million, while asset impairments amounted to $0.6 million. Consequently, Alto Ingredients reported a loss from operations of $4.3 million.
Although the company experienced a decline in revenue, the quarterly figure of $318.1 million represents a resilient performance considering the prevailing market conditions. This compares to revenue of $336.9 million in the same quarter of the previous year, indicating a slight decrease in sales.
Alto Ingredients remains committed to enhancing its financial stability. The company's total assets decreased from $478.3 million to $461.1 million, primarily driven by a decline in current assets across categories such as cash and cash equivalents, restricted cash, and inventories. Additionally, total liabilities decreased from $170.2 million to $163.1 million, reflecting efforts to manage debt levels and maintain a solid financial position.
For the quarter, Alto Ingredients reported a net loss per share of $0.05 on both a basic and diluted basis. This compares to a net loss per share of $0.39 in the same quarter of the previous year. The weighted-average shares outstanding for the quarter were 73.2 million, a slight increase from the 73.0 million shares in the previous year's corresponding quarter.
Looking ahead, Alto Ingredients remains focused on addressing the challenges impacting its financial performance. The company continues to explore cost optimization initiatives to improve profitability and enhance shareholder value. Additionally, Alto Ingredients will monitor market conditions closely and adapt its strategies to mitigate potential risks.
Alto Ingredients, Inc. has reported a net loss of $10 million for the third quarter of 2023. Although the company faced operational challenges, it recorded quarterly revenue of $318.1 million. Despite the competitive environment, Alto Ingredients remains committed to strengthening its financial position and pursuing initiatives to enhance profitability.