Alto Ingredients Q3 2026 Earnings Call Transcript

Alto Ingredients (NASDAQ:ALTO) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Alto Ingredients reported a positive third quarter in 2026, achieving positive gross profit, income from operations, net income, and adjusted EBITDA, building on a trend of consistent profitability.

The company continues to execute its strategic plan, focusing on profitability, optimizing asset returns, and leveraging tax credits. They reported a healthy industry crush margin and improved ethanol pricing.

Operational highlights include the completion of key projects at the Pekin Dry Mill, enhancing production capacity and logistics flexibility. The company expects to qualify 90 million gallons for 45Z tax credits, generating at least $20 million in earnings.

Management expressed optimism about future prospects, supported by strong industry demand, particularly for E15, and ongoing efforts to lower the carbon intensity of production.

Financially, the company improved its cash flow, reduced debt, and maintained a strong liquidity position, with plans to continue strategic investments and explore further CO2 monetization opportunities.

Full Transcript

OPERATOR (Moderator)

Press star then two. Please note this event is being recorded. I would now like to turn the conference over to Jodi Burfening. Please go ahead.

Jodi Burfening (Investor Relations)

Thank you, Kim, and thank you all for joining us today for Alto Ingredients’ third quarter 2026 results conference call. With me on the call are President and CEO Brian McGregor and CFO Rob Olander. Alto Ingredients issued a press release after the market closed today providing details of the company’s financial results for the third quarter of 2026. The webcast and replay will be available on the Alto Ingredients website, altoingredients.com. Please note that the information on this call speaks only as of today, November 4, 2026.

You are advised that time-sensitive information may no longer be accurate at the time of any replay. The company also prepared a presentation for today’s call that is available on its website. Please refer to the company’s safe harbor statement in the presentation, which states that some of the comments constitute forward-looking statements and considerations that involve risks and uncertainties. The actual results of Alto Ingredients could differ materially from those statements. Factors that could cause or contribute to such differences include, but are not limited to, events, risks, and other factors previously and from time to time disclosed in Alto Ingredients’ filings with the SEC.

Except as required by applicable law, the company assumes no obligation to update any forward-looking statements. 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, acquisition-related expense, excess insurance proceeds, and depreciation and amortization expense.

To support the company’s review of the non-GAAP information, a reconciling table has been included in the third quarter earnings release and presentation. On today’s call, Brian will review the company’s third quarter performance, Rob will review the financial results, and then Brian will wrap up and open up the call for Q&A. It is now my pleasure to turn the call over to Brian McGregor. Brian, please do go ahead.

Bryon McGregor (Chief Executive Officer & President)

Thank you, Jody, and thank you everyone for joining us today. I’ll start with high-level observations about our third quarter financial results and operational activities. Then I’ll turn the call over to Rob for a more detailed review of our financial results. After that I’ll wrap up and open the call for Q&A. Over the past three years, we have made smart capital allocation decisions, improved profitability, and enhanced asset returns. On our last quarterly call, we reported our fourth consecutive quarter of positive gross profit, income from operations, net income, and adjusted EBITDA. Those results demonstrated that our diversified product strategy is working and that our improved operating model is capable of generating annual positive adjusted EBITDA through commodity cycles.

For the third quarter, Alto built on these achievements. Once again, we delivered positive gross profit, income from operations, net income, and adjusted EBITDA. These results are driven by the strength of our core operations, with 45Z tax credit earnings adding to an already solid foundation. As our track record grows, so does our confidence in the durable earnings power of our operational model and the strength of our diversified logistical platform, which helps us to pursue the highest value for our products under prevailing market conditions.

We continue to execute our strategic plan with discipline, focusing on enhanced profitability, unlocking premium value opportunities, and optimizing return on our assets. The industry crush margin remained healthy and profitable for the third quarter at $0.30 per gallon. Higher domestic blend rates, in part due to greater adoption of E15 reacting to high gasoline and RIN prices, and continued strong industry export demand, supported improved ethanol pricing.

Corn prices rose along with expectations for lower yields on this year’s harvest. While higher corn costs contributed to an $0.11 decline in market crush year over year, they also supported improved values for our essential ingredients. On a year-to-date basis through the third quarter, crush margins were $0.27 per gallon, representing an improvement of $0.08, or 42% higher than the same period last year. For October, crush margins were healthy and profitable at $0.32.

During the quarter, we finished the renewable fuel export shipments under the contract we entered in late 2025. With global market conditions shifting, we chose to sell domestically, where our economics are currently better than selling into Europe. Although we expect our domestic sales to remain the more attractive option through year-end, we are beginning to see more compelling economics for resuming renewable fuel exports to Europe in 2027. Operationally, we continue to make good progress with our production and capital improvement initiatives at the Pekin Dry Mill. The debottlenecking project completed last quarter is performing in line with our plan. Following the restart, we’re on target to increase annual production capacity by approximately 8%, or 5 million gallons, allowing us to exit the year at our new targeted annual run rate of approximately 65 million gallons. We’re also progressing our barge dock project.

The first phase of the project, adding new liquid loadout, is complete and operational. The second phase, improvements to the existing dock, is expected to be completed by year-end. These investments will provide greater logistics flexibility and loading capacity while helping us better leverage the strategic value of the Pekin location. Finally, we expect to complete installation of our third CO2 storage tank at Columbia before year-end, providing additional capacity to capture more of our existing production and the growing demand for liquid CO2 in the Pacific Northwest.

We remain on track to qualify 90 million gallons or more of combined production for 45Z tax credits this year and now expect to generate a minimum of $20 million in tax credit earnings, net of monetization costs. As Rob will discuss shortly, in addition to increasing production capacity at our Pekin Dry Mill, we’ve begun partnering with farmers to lower the carbon intensity of our qualified production. With clarifying rules on recognizing climate-smart farming practices, we are working to convert these practices into value for Alto and ART Ag Partners.

This quarter we signed our first multi-year agreement with a local farmer cooperative to supply a meaningful portion of our Pekin campus low-carbon-intensity corn needs and share the resulting 45Z benefit with the cooperative members, and we are currently working on finalizing additional agreements. We expect these earning contributions from our first agreement to be modest in 2026, but to build in 2027 as participating farmers adopt additional measures beginning this fall.

In addition, at our Columbia plant we are completing Phase One of our energy reduction project this quarter to further lower our carbon score and support our 45Z earning initiatives. In addition to the specifics I’ve shared, we continue to work diligently to capture more 45Z earnings in 2026 and beyond, primarily by qualifying more gallons and by exploring additional opportunities to lower our carbon footprint. With that, I’ll turn the call over to Rob for a more detailed review of our third quarter financial results.

Rob Olander (Chief Financial Officer)

Thank you, Brian. I’ll start with a review of the third quarter 2026 income statement. Compared to last year’s third quarter, consolidated net sales were $258 million, reflecting the sale of 89 million gallons of renewable fuel, specialty alcohols, with volume flat year over year at an average price per gallon of $2.23, 14 cents higher than last year. Renewable fuel prices improved due to continued demand from strong domestic blending and global exports and were supported by higher corn prices.

On a consolidated basis, we sold 21 million gallons of specialty alcohols in the third quarter, 900,000 fewer gallons than the same period a year ago. The net impact on gross profit, inclusive of the change in realized derivative gains, was a $400,000 improvement, or a $0.02 per gallon increase. We contract our specialty alcohols at fixed prices in advance, and with rising ethanol prices, the premium we earned over renewable fuel narrowed by $1.8 million compared to the prior year quarter.

Our hedging strategy, which effectively locks in the premium when we contract, offset this reduction with a positive $2.2 million of realized hedging gains quarter over quarter, recorded as a reduction to cost of goods sold. Renewable fuel exports were down $2.4 million this quarter, driven by lower sales volume, albeit at a higher average premium. As Brian noted, with global market conditions shifting, we are selling more renewable fuel domestically where economics are currently more favorable. Essential ingredient sales totaled $58.8 million, $5.5 million higher than Q3 2025. This increase reflects improved sales prices supported by rising corn costs on slightly higher sales volumes.

With the RVO requirements set, improved demand for corn oil as a feedstock for renewable diesel and biodiesel drove prices up, positively impacting the sales price of our corn oil and germ products. Our essential ingredients return improved to 53.5% compared to 52.5% for Q3 2025. Gross profit was $14.8 million for the third quarter of 2026, a decline of $8.7 million compared to last year. The primary driver is a lower industry crush margin, which declined $0.11 per gallon to $0.30 per gallon in Q3 2026 compared to $0.41 per gallon in the prior year quarter, negatively impacting the change in gross profit by $6.5 million. Of this swing, $4.9 million is reflected in our change in net realized derivative losses as part of cost of goods sold.

As we establish corn hedges to bridge the period of time between contracting the corn and grinding it, this allows us to capture the approximate market crush margin at the point of sale in our gross profit. SG&A expenses were $7.8 million, an increase of $1.3 million due primarily to inflationary impacts on compensation and benefit costs, higher professional fees associated with our efforts to qualify for additional 45Z credits, and business development costs as we assess options to further improve our production processes and modernize our facilities. For the third quarter, we recognized $7.6 million in 2026 vintage 45Z tax credit earnings, bringing our year-to-date total to $15.8 million, net of estimated transaction costs.

We expect to fully monetize these 2026 credits in the first half of 2027. As a result of our efforts to continue lowering our carbon scores, we now project the Columbia facility to qualify for $0.30 per gallon and the Pekin dry mill to qualify for $0.20 per gallon on a gross credit basis. Together with 90 million or more of qualifying gallons, we now expect to generate a minimum of $20 million in net tax credit earnings this year. Interest expense for the quarter amounted to $1.5 million, a reduction of $1.3 million on lower outstanding debt balances. Our tax provision remained at zero as we expect to use a portion of our NOLs to offset taxable income this year. We are pleased to report adjusted EBITDA was a robust $21 million this quarter.

Turning to our balance sheet and capital allocation, in the third quarter we generated $13 million of positive cash flow from operations, which supported a $6.5 million paydown on our line of credit and $4 million in additional CapEx. Year to date, we have reduced our total debt by $26.5 million and spent $16 million on CapEx, and we remain on track to spend $25 million on CapEx this year. At quarter end, our cash balance was $24 million and our total borrowing availability was $108 million.

Over the past four quarters, we have been keenly focused on strengthening our balance sheet and on expanding our funding capacity to support investments in our production assets. Through deliberate actions to manage our liquidity and with improving profitability and positive cash flow from operations over the last 12 months, we have reduced our term debt by $30 million, resulting in lower debt servicing costs going forward by approximately $4.3 million annually.

With that, I will turn the call back to Brian.

Bryon McGregor (Chief Executive Officer & President)

Thanks, Rob. Looking ahead, industry tailwinds are supporting healthy ethanol demand and strengthening our strategic position. The outlook for E15 improved meaningfully in September when California enacted legislation clearing the way for E15 sales in the state. California is one of the nation’s largest gasoline markets, and we believe E15 could add an estimated 600 million gallons or more annual ethanol demand as adoption ramps up. Together with year-round E15 in several Midwestern states, this sets the stage for a more favorable margin environment and improved industry utilization.

Our Columbia Plant and Western marketing and distribution capabilities position Alto well to serve this market. On top of the earnings power of our core operations, 45Z tax credits provide incremental cash to strengthen our balance sheet and invest in growth. With increased production at Pekin and in our farmer partnerships, we expect to qualify more gallons and further lower our carbon scores, which should drive additional 45Z tax credit earnings. Today, having completed a strategic realignment over the past three years, Alto is in the strong position to create value.

Our cost structure is leaner, our operating model is working as intended, and our diversified production portfolio is unlocking premium value opportunities. Near term, our capacity, or excuse me, our capital priority, is high-return projects that expand capacity and improve efficiencies. Longer term, we will pursue additional ways to monetize our CO2 revenue stream relative to alternatives. In summary, we are well positioned to benefit from favorable industry fundamentals and are executing plans to grow, drive profitability, and build shareholder value. Kim, we’re ready to begin the Q&A session. Operator.

OPERATOR (Moderator)

We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Eric Stein with Craig-Hallum.

Eric Stein (Analyst)

Hi Brian. Hi Rob. So maybe just starting with your CO2 initiatives, Brian, there at the end, you just mentioned that beyond what you’re doing currently, longer term, looking at things like sequestration, increased utilization, central U.S., et cetera. So maybe, although you’ve got some things that are more near term on your plate, maybe an update on those initiatives longer term.

Bryon McGregor (Chief Executive Officer & President)

Sure. So as you know, we have existing relationships with gas companies, particularly Pekin, as well as all of our facilities that are operating, and there’s an opportunity to be able to work with them, particularly with changes that were made to the program, to be able to earn credits both for utilization and sequestration. So we’re working with those parties to make sure that we have a program in place and to minimize the amount of new capital spend required in order to be able to maximize the value there.

That said, we certainly produce more than what we’ve used historically, and we vent a lot of that CO2. So the opportunities ahead of us are to be able to bring that to bear and generate revenues off of those and turn what is otherwise a vented CO2 into a revenue stream, and a profitable one at that. And that is really what the area of focus on the long term is: being able to do that in a capitally efficient way.

Eric Stein (Analyst)

Okay. And so just to be clear, I mean, so it does sound like initiatives, they’re underway to some extent, but I mean you’re not looking anything close to what some of the CapEx numbers you might have had in the past when you were talking about some of these initiatives, carbon capture and sequestration?

Bryon McGregor (Chief Executive Officer & President)

Yeah, I mean, it’s not as if those aren’t possibilities, but the idea is to be capitally efficient. And as you think about where we spend capital, whether it’s in expansion in production, whether it’s in expansion in capture of CO2, we’re going to weigh each one of those opportunities against the other alternatives and make sure that we optimize the investment opportunity.

Eric Stein (Analyst)

Okay, good, thanks for that. And then, you know, interested in the agreement, this first agreement with the co-op for Pekin. And just to clarify, I’m not sure if you gave a specific percentage of what that covers of Pekin. But you know, just curious now with this first one in hand, more clarity in the market, what type of reception are you seeing from farmers to expand this across Pekin and then potentially across the rest of your platform?

Bryon McGregor (Chief Executive Officer & President)

There’s certainly a lot of interest, and we are, as you know, we’re not the only ethanol producer in and around our area. And so along with other competitors, we have engaged in discussions and in agreements to be able to make sure that we’re sharing some of those incentives for them to be able to make those investments on-farm in low-carbon initiatives. And so the amount that we would share depends on how much they bring to the table with regards to savings that we can actually convert into 45Z credit.

But you know, we remain optimistic, we’re excited about it, the farmers are excited about it, and really it’s just, you know, what’s the best way for them to be able to optimize the value and the opportunity for them to be able to bring that value to the table. Anything else you want to add, Rob?

Rob Olander (Chief Financial Officer)

Yeah, no, just to address your question about the size. As a reminder, it’s a three-year agreement with the cooperative for up to 20 million bushels of low CI corn. And as Brian said, we are continuing to engage with other farmers to address the rest of our low carbon intensity needs. And as Brian said, it is a sliding scale. We will be sharing the benefits of any 45Z credits with our farmer partners, and we expect modest impact for the 2026 year.

But a lot of the CSA, or Carbon Smart Ag, practices start after this year’s harvest.

Eric Stein (Analyst)

Okay, thank you for that.

OPERATOR (Moderator)

Our next question comes from Ben Cleave with StoneX.

Ben Cleave (Analyst)

All right, thanks for taking my questions and congratulations on a nice quarter coming off of a tough comp here. I want to follow up the previous conversation here on the relationships now you have in place with farmers, and curious about a couple of things. First of all, can you talk about the relative ease of which you think you’re going to be able to also secure these types of agreements for low-carbon corn, for grain destined to your western assets?

I’m just wondering if it’s a lot easier for you to negotiate here with your neighbors in Illinois than it is for somebody that may be not necessarily right next door.

Bryon McGregor (Chief Executive Officer & President)

Sure. So there’s a couple items in there. As you apply the smart options that are available — everything from first is around registration and making sure you’re capturing the information for that — that’s a fairly easy lift, I think, for farmers. But as you try and move either up or down, depending on how you’re looking at it, to reduce your carbon score, they become much more challenging. You’ve got to be doing cover crops and low nitrogen applications, things like that.

Those will become more challenging, but still achievable. We think that if you look across the industry, for most of the dollar that’s available, up to 40 or 50 cents of that would be eligible for sharing with farmers. If you translate that for a farmer, times 2.9 gallons per bushel of corn, that’s a significant benefit for them, so you can see why there’s incentive to do that. That would apply to both those who we’re working with locally, either in Illinois, or for those that — we also have a significant amount of local corn that’s available up in the Columbia in the Pacific Northwest, western Washington area and western Oregon.

So those are discussions that we’re having. But then there’s also potentially eligible applications that you can use for the rail corn that comes in, as long as you can trace it, and there are still clarifications that need to be made around some of the rules as to how that’s applied. Rob, anything that I missed?

Rob Olander (Chief Financial Officer)

Yeah, no, I agree with you, Bryon. Specifically to how it pertains to Columbia, even though the majority of corn is not sourced locally like it is for our Pekin campus, the farmers in the Midwest also want to participate in this program, and we will be working with our grain merchandising partners to pursue that avenue as well.

Ben Cleave (Analyst)

Got it, got it. Very helpful. Look forward to learning more about this in the quarters to come. One more for me and then I’ll get back in line. This is around the dynamic you talked about in your prepared remarks regarding the contract you had for exported volumes and the relative margin dynamic between domestic and exports. Can you kind of quantify the degree to which that was a challenge here within the third quarter or year to date? Challenge is the wrong word.

But can you quantify the delta of your profit that maybe you had from having to force your production into the export market versus being able to capitalize on the domestic market?

Bryon McGregor (Chief Executive Officer & President)

Yeah, I’m going to let Rob go first on this, and then I’ll fill in some of the details behind the scenes if I need to.

Rob Olander (Chief Financial Officer)

Yeah, you’re referring to the renewable fuel exports volume, is that correct, Ben?

Ben Cleave (Analyst)

That’s correct.

Rob Olander (Chief Financial Officer)

Okay. So that volume was definitely down quarter over quarter. We capitalized on that last year. But since then, even though global export demand remains strong, Brazil has really been the lower-cost supplier this year. That means the second half of 2026 is being met by their ethanol. Even though the European demand is strong and global exports are high, that is helping maintain balance in the domestic markets where, for Alto Ingredients, we can actually get a better value for our product selling it domestically until that arbitrage opens back up.

We do think that there will be an opportunity to be competitive with Brazil again in 2027.

Ben Cleave (Analyst)

Got it. Okay, very good. Well, I appreciate you taking my questions. Congratulations again on a good quarter and I’ll get back in line.

Bryon McGregor (Chief Executive Officer & President)

Thank you.

OPERATOR (Moderator)

Our next question comes from Samir Joshi with HC Wainwright.

Samir Joshi (Analyst)

Hey, good afternoon, Bryon, Rob. Thanks for taking my questions. Many of the questions I had have been answered, but just a clarification on the expected 45Z during 2026. I think it is 20 million, and I think 16.6 as of 3Q is already booked. And I also heard a 15.8 million number. Just wanted to understand what are we expecting in 4Q — just that clarification for now.

Rob Olander (Chief Financial Officer)

Yeah, I can take that, Bryon. The difference in the number — the 16.6 — is the total tax credit earnings that we’ve recognized year to date in 2026, but about a million of that was related to the final monetization of 2025 credits. So the 15.7 that we talked about year to date that we’ve recorded is associated with just the 2026 vintage-year tax credits. Since you brought it up, I’d just like to point out that the increase in the 45Z credit expectations really reflects the progress of us working hard to lower our CI scores. Because of those efforts and those investments in our production processes and lowering our carbon footprint, we’ve updated the calculations, and that’s why for Columbia they now qualify for $0.30 per gallon of gross credits, which is up from the $0.20 per gallon that they calculated through the second quarter.

The Pekin dry mill is still targeting $0.20 a gallon for the year. We do expect to realize a minimum of $20 million, net of monetization costs, for the full year of 2026, and we fully expect to monetize those credits in the first half of 2027.

Samir Joshi (Analyst)

Got it. Understood. Thanks for that clarification. And my second question was actually going to be around that $0.30 and $0.20 for Columbia and Pekin, respectively. Just to make sure, the CI scores that they relate to do not take into account any of the low-carbon, low-CI — sorry, I’m mumbling — low-CI corn, right?

Rob Olander (Chief Financial Officer)

That is correct. Low-carbon-intensity corn will be incremental to what we are seeing today.

Samir Joshi (Analyst)

Okay. And then we expect more than a few of these agreements coming in the rest of the year and 2027 with these co-ops and more farmers, right?

Rob Olander (Chief Financial Officer)

That’s correct.

Bryon McGregor (Chief Executive Officer & President)

Correct. That is our intent. To be clear, when Rob says it’s incremental, it’s in addition to what otherwise we’re already capturing. It’s what the farmers bring to the table and then what we’re able to monetize and apply through our system, in which they’ll share.

Samir Joshi (Analyst)

And then this last one I think you already addressed, but just a clarification. I think the capex for this year year-to-date is 16 and targeting 25. Or maybe correct me if I’m wrong there, but what is being planned in 4Q? Is it the second phase of the dock repairs, or is there anything else in there as well?

Rob Olander (Chief Financial Officer)

Yeah, you’re correct. We’ve incurred about $16 or $17 million year to date through Q3. We are still on track for $25 million for the full year. Q4 will include the Pekin dock repairs and also the addition of the second alcohol loadout dock, as well as the third CO2 storage tank at Columbia.

Samir Joshi (Analyst)

Oh, so the CO2 tank is coming up, or at least the capex for that is during this quarter. That’s good to know. Okay. Yeah, I think that’s all I have. I will take my other questions offline. Thanks.

Bryon McGregor (Chief Executive Officer & President)

Great. Thank you. Thanks, Samir.

OPERATOR (Moderator)

Our next question comes from Justin Dopierala with Domo Capital Management.

Justin Dopierala (Analyst)

Good afternoon. Fantastic quarter. Thank you, Joe.

Bryon McGregor (Chief Executive Officer & President)

Thanks, Justin. How are you?

Justin Dopierala (Analyst)

Doing well. So a couple questions. I think there’s a lot of concern in the market last quarter when you announced the ATM that could potentially dilute shareholders. I was just wondering if you could update us on how many shares you sold and what we should expect on that moving forward.

Bryon McGregor (Chief Executive Officer & President)

Go ahead, Rob.

Rob Olander (Chief Financial Officer)

Again, as we said before, we view the ATM really as a flexible capital markets tool. It’s not something that we need to use every quarter, and we have not used the ATM yet. We didn’t believe that issuing shares was necessary or in the best interest of the shareholders, given our current strong liquidity position and the healthy market fundamentals. However, we will continue to evaluate the ATM based on what our capital needs are, the share price, and the potential uses of that capital.

Justin Dopierala (Analyst)

Got it. So it’s not something you were contemplating in the $5 range, and now here at 3–4, I’m sure it’s similar thinking. Got it. Perfect. And then last question, I just want to piggyback on the Brazilian export situation. I was just curious — you expect the arbitrage situation would potentially change again in 2027. Is that because of — I know after the Brazilian election, the real has significantly depreciated — so is that one of the main reasons you’re expecting to resume exports to Europe in 2027, or are there some other dynamics going on?

Bryon McGregor (Chief Executive Officer & President)

That’s certainly part of it. It’s a bit of a complex calculus, but as Rob mentioned, a high-level way to explain it is that when you take into account the exchange rates, prices of sugar, and alternative uses for ethanol that comes out of Brazil — largely driven by sugarcane — versus what is produced by corn, both here and in Brazil, when you take that all into account, historically, or a year ago, the U.S., and particularly our product, was incredibly attractive and thus accounted for a significant amount of sales that we made into Europe last summer and fall and actually into six months of this year.

But that arbitrage opportunity, as Rob described it, had closed. And then, Justin, you’re right. With the recent elections, we saw significant changes in the exchange rate between the U.S. dollar and the real, and that certainly starts to open the door. You also have to think about when supplies are available, at what time there are volumes in excess, and when they are in need of product in Brazil for their domestic consumption. All those things go together, but that’s what gives us optimism looking into 2027, as we’re in discussions with various parties for that product.

Justin Dopierala (Analyst)

Thank you.

Bryon McGregor (Chief Executive Officer & President)

Thanks, Justin.

OPERATOR (Moderator)

Okay. Thank you, Justin. This concludes our question and answer session. I would like to turn the conference back over to Bryon McGregor, CEO, for any closing remarks. Go ahead, Bryon.

Bryon McGregor (Chief Executive Officer & President)

Thank you, operator. Thanks to everyone for joining us today. We look forward to meeting with investors at the Craig-Hallum Alpha Select Conference on November 17 and the StoneX 1-on-1 Conference on December 10. Have a great day.

OPERATOR (Moderator)

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.