Alto Ingredients, Inc.

Good day and welcome to the Alto Ingredients fourth quarter and year-end 2025 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ms. Harriet Freed of Alliance Advisors. Please go ahead.

Thank you, Operator, and thank you all for joining us today for the Alto Ingredients Fourth Quarter and Year-End 2025 Results Conference Call. On the call today are President and CEO Brian McGregor and CFO Rob Molander. Alto Ingredients issued a press release after the market closed today providing details of the company's financial results for the fourth quarter of 2025. The company also prepared a presentation for today's call that is available on its website at altoingredients.com. A webcast and a webcast replay will be available on the Alto Ingredients website. Please note that the information on this call speaks only as of today, March 4th. you are advised that time-sensitive information may no longer be accurate at the time of any replay. Please refer to the company's safe harbor statement in the slide deck posted to the company's website, which states that some of the comments in this presentation constitute forward-looking statements and considerations that involve risks and uncertainties. The actual future results of Ulta Ingredients could differ materially from those statements. Factors that could cause or contribute to such differences include that are not limited to events, risks, and other factors previously and from time to time disclosed in auto ingredients filing with the SEC. Except as required by applicable law, the company assumes no obligation to update any forward-looking statement. In management's prepared remarks, non-GAAP measures will be referenced. Management uses these non-GAAP measures to monitor the financial performance of operations and believes these measures will assist investors in assessing the company's performance for the periods reported. The company defines adjusted EBITDA as unaudited consolidated net income or loss before interest expense, interest income, provision or benefit for income taxes, asset impairments, unrealized derivative gains and losses, excess insurance proceeds, acquisition-related expense or recoveries, and depreciation and amortization expense. To support the company's review of non-GAAP information, a reconciling table has been included in today's release. On today's call, Brian will provide a review of the company's strategic plan and activities. Rob will comment on its financial results. Then Brian will wrap up and open the call for Q&A. It's now my pleasure to introduce Brian McGregor. Brian, go ahead, please.

Thank you, Harriet, and thank you all for joining us today. I'll begin with a quick review of our fourth quarter results and achievements, after which I'll turn the call over to Rob for more details on our numbers. After that, I'll give you an overview of our major initiatives for 2026 and the opportunities we're seeing in our markets. We'll then open the call for Q&A. The fourth quarter capped a year of strong execution, and it was a pivotal milestone in our strategic realignment. Entering the year, we made tactical decisions to focus on opportunities that were within our control to maximize earnings. We adjusted staffing to align with our current organizational footprint, captured cost savings, invested in the throughput and efficiency of our plants, culled underperforming business activities in our marketing and distribution segment, and maintained operational disciplines in support of our diversification efforts. Earnings for the fourth quarter were $21 million, a $63 million improvement compared to the fourth quarter of 2024. For the full year, 2025, earnings were $12 million, a $72 million improvement. Further, adjusted EBITDA for the fourth quarter was $28 million, a $36 million positive swing last year. For 2025, adjusted EBITDA grew to $45 million, a $53 million improvement compared to 2024. Increased crush margins, qualified 45Z credits, and strong renewable fuel export sales were major contributors to improved performance for both the quarter and the full year. Our carbonic acquisition in early 2025 is a perfect example of our focus strategy. This acquisition and the resultant diversification into liquid CO2 improved the profitability of our Columbia ethanol plant. AltoCarbonic also contributed positively to the profitability in our western segment for both the fourth quarter and for all of 2025. Further, we made significant progress in determining the amount of 45Z transferable tax credits for 2025 and associated incremental earnings. We expect to qualify approximately 90 million gallons of combined production on an annual basis for 45Z credits at our Columbia and our peak and dry mill facilities. In the fourth quarter, we recorded for the full year $7.5 million in 45Z credit earnings, or 10 cents per gallon, net of estimated monetization costs. For 2026, with the removal of the indirect land use change, or ILUC, from the GREET model, We expect to qualify for 20 cents per gallon at our Columbia and Pekin dry mill facilities and to generate approximately $15 million in net proceeds. We continue to pursue opportunities to lower our carbon scores further. The Pekin wet mill and ICP do not currently qualify for these credits but are advantaged to serve a variety of domestic and export markets, which are predominantly sold at a premium to ethanol. Finally, with respect to our Western asset optimization and monetization plan, as I mentioned at last quarter's call, current market conditions, including operational improvements, together with the positive impact of our autocarbonic acquisition, have materially changed the calculus for simply selling the facilities. Given Columbia's improved profitability, we are no longer actively marketing the assets. We continue, however, to evaluate all options for our Magic Valley facility, including selling the plant as well as restarting and capturing 45Z credits and monetizing the valuable CO2 the facility would produce. In summary, we are pleased with our Q4 and full year results that demonstrate the successful execution of our strategic realignment. I'll now turn the call over to Rob for a more detailed review of our financial performance. Rob?