What drove ALTO's earnings beat in Q1 and Q4 of 2024?

Alto Ingredients experienced an earnings beat in Q1 2024, but not in Q4 2024. The factors contributing to the Q1 earnings beat and the Q4 earnings miss are as follows:

1. **Q1 2024 Earnings Beat**:
- The company's stock price was boosted by **strategic initiatives** and **acquisitions**.
- Specifically, the acquisition of a **beverage-grade liquid CO2 processor** was announced on January 1, 2025, which is expected to be immediately accretive with a payback period of less than two years.
2. **Q4 2024 Earnings Miss**:
- Alto Ingredients faced a challenging fourth quarter, reporting a significant earnings miss with EPS at -$0.57, missing the forecast of $0.06.
- The company's revenue fell short of expectations, coming in at $236.3 million, which was $32.32 million below the forecast.
- The gross profit margin was adversely impacted by a decline in the market crush margin, which led to a decrease of nearly $0.18, resulting in a loss of $8.7 million in gross profit.
- The company reported a consolidated net loss of $41.7 million, largely driven by $30.5 million in asset impairments.

In conclusion, Alto Ingredients' Q1 2024 earnings beat was driven by strategic initiatives and acquisitions, while the Q4 2024 earnings miss was due to revenue falling short of expectations and gross profit being adversely impacted by a decline in market crush margin.