AleAnna, Inc. Reports First Quarter 2025 Results
Longanesi First Gas Sales Have Been Achieved
First Quarter 2025 and Recent Company Highlights:
-- AleAnna reported basic and diluted net loss per common share of ($0.05)
for the quarter ended March 31, 2025, compared with ($3.41) for the same
period in 2024.
-- AleAnna ended the quarter with cash and cash equivalents of approximately
$27.8 million
DALLAS, May 15, 2025 (GLOBE NEWSWIRE) -- AleAnna, Inc. ("AleAnna" or "the Company") $(ANNA)$ today announced financial results for the first quarter of 2025. While revenue from Longanesi field production was not recognized during the quarter, in May 2025 AleAnna achieved first sales and the Company expects to report revenue from the Longanesi field as a part of second quarter results.
For the first quarter 2025, AleAnna reported net loss of $2.0 million. This amounts to a basic and diluted net loss per common share of ($0.05), compared with ($3.41) net loss per common share recorded by the Company in the first quarter 2024.
As of March 31, 2025, AleAnna had cash and cash equivalents of $27.8 million, providing the necessary liquidity to support development activities and pursue strategic opportunities.
Management Commentary
Marco Brun, Chief Executive Officer, remarked on AleAnna's recent accomplishments: "We continue to execute on our business strategy and are encouraged by the initial performance at the Longanesi field. Although first quarter results did not include revenue from Longanesi, with the onset of sales in early May 2025 we expect to report revenue in our second quarter results. With a healthy balance sheet and growing operational momentum, we're focused on delivering long-term value to our shareholders."
About AleAnna
AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and with a potential of up to fourteen new natural gas exploration projects that could be initiated this decade, our goal is to play a pivotal role in Italy's energy transition. Italy's extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna's commitment to sustainability. AleAnna's RNG projects' portfolio includes three plants under development and almost 100 potential projects that would represent up to a EUR1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding AleAnna's expectations and future financial performance, the Company's strategy, future operations, financial position, prospective plans, goals, and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "plan," "potential," "goal," "focus," "estimate," "expect," "project," the negative of such terms and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances or guarantees of future performance. Instead, they are based only on AleAnna's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna's control. As a result, these factors could cause AleAnna's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under "Risk Factors" in AleAnna's Form 10-K filed with the SEC on March 31, 2025, as well as general economic conditions; AleAnna's need for additional capital and ability to obtain any required capital; political, general economic, financial and legal conditions; changes in domestic and foreign markets; risks associated with the implementation of AleAnna's business strategy and the ability to execute on AleAnna's business strategy; timing of any business milestones; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna's expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC's website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.
Investor Relations Contact
Bill Dirks
wkdirks@aleannagroup.com
Website
https://www.aleannainc.com/
Source: AleAnna, Inc.
ALEANNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND MARCH 31, 2024
For the Three Months Ended March 31,
2025 2024
------------------- ------------------
Revenues $ 644,600 $ -
Operating expenses:
Cost of revenues $ 838,395 $ -
General and
administrative 3,324,845 2,018,524
Depreciation 73,106 -
Accretion of asset
retirement obligation 33,505 33,311
--------------- -----------------
Total operating expenses 4,269,850 2,051,835
--------------- -----------------
Operating loss (3,625,250) (2,051,835)
--------------- -----------------
Other income:
Interest and other income 237,605 289,337
Change in fair value of
derivative liability - 173,177
--------------- -----------------
Total other income 237,605 462,514
--------------- -----------------
Loss before income taxes (3,387,646) (1,589,321)
Income tax benefit 48,276 -
--------------- -----------------
Net loss (3,339,370) (1,589,321)
Deemed dividend to Class
1 Preferred Units
redemption value - (112,673,176)
Net loss attributable to
noncontrolling
interests 1,333,231 -
--------------- -----------------
Net loss attributable to
Class A Common
stockholders or holders
of Common Member Units $ (2,006,139) $ (114,262,497)
=============== =================
Other comprehensive loss
Currency translation
adjustment 1,139,303 113,872
--------------- -----------------
Comprehensive loss (2,200,067) (1,475,449)
Comprehensive loss
attributable to
noncontrolling
interests 1,333,231 -
--------------- -----------------
Total comprehensive loss
attributable to Class A
Common stockholders or
holders of Common Member
Units $ (866,836) $ (1,475,449)
=============== =================
Weighted average shares
of Class A Common Stock
outstanding, basic and
diluted 40,564,475 33,467,205
Net loss per share of
Class A Common Stock,
basic and diluted $ (0.05) $ (3.41)
ALEANNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 (unaudited) AND DECMBER 31, 2024
March 31, 2025 December 31, 2024
---------------- -------------------
ASSETS
Current Assets:
Cash and cash equivalents $ 27,810,160 $ 28,330,159
Accounts receivable 402,874 1,225,297
Prepaid expenses and other
assets 987,414 1,666,155
------------ ---------------
Total Current Assets 29,200,448 31,221,611
Non-current assets:
Natural gas and other
properties, successful
efforts method 34,794,734 33,979,014
Renewable natural gas
properties, net of
accumulated depreciation of
$209,009 and $132,094,
respectively 9,592,268 9,296,039
Value-added tax refund
receivable 6,578,604 6,845,030
Operating lease right-of-use
assets 1,777,356 1,744,897
Deferred tax assets 48,276 -
------------ ---------------
Total Non-current Assets 52,791,238 51,864,980
------------ ---------------
Total Assets $ 81,991,686 $ 83,086,591
============ ===============
LIABILITIES AND STOCKOLDERS'
EQUITY
Current Liabilities:
Accounts payable and accrued
expenses $ 1,980,897 $ 2,204,208
Lease liability, short-term 174,127 163,865
Total Current Liabilities 2,155,024 2,368,073
Non-current Liabilities:
Asset retirement obligation 4,409,230 4,375,919
Lease liability, long-term 1,601,573 1,579,443
Contingent consideration
liability, long-term 25,980,832 24,994,315
------------ ---------------
Total Non-current Liabilities 31,991,635 30,949,677
------------ ---------------
Total Liabilities 34,146,659 33,317,750
Commitments and Contingencies
(Note 6)
Stockholders' Equity:
Class A Common Stock, par
value $0.0001 per share,
150,000,000 shares
authorized, 40,584,455 and
40,560,433 shares issued and
outstanding as of March 31,
2025 and December 31, 2024 4,058 4,056
Class C Common Stock, par
value $0.0001 per share,
70,000,000 shares
authorized, 25,994,400
shares issued and
outstanding as of March 31,
2025 and December 31, 2024 2,599 2,599
Additional paid-in capital 226,998,675 226,722,424
Accumulated other
comprehensive loss (5,109,054) (5,803,378)
Accumulated deficit (193,054,092) (191,047,953)
Noncontrolling interest 19,002,841 19,891,093
------------ ---------------
Total Stockholders' Equity 47,845,027 49,768,841
------------ ---------------
Total Liabilities and
Stockholders' Equity $ 81,991,686 $ 83,086,591
============ ===============
(END) Dow Jones Newswires
May 15, 2025 16:15 ET (20:15 GMT)