Alto Ingredients (ALTO) produces specialty alcohols for industry and is trading at a significant discount to sector medians, with forward EV/sales at 0.54x. ALTO's Q1 earnings beat expectations, with adjusted EBITDA swinging to $4.7M from a $4.4M loss, and gross profit rising to $9.2M from -$1.8M. Management is executing a turnaround strategy, improving essential ingredient returns, and planning a debottlenecking project to boost capacity by 8%.