Alternus Clean Financials
This page shows Alternus Clean (ACLEW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2024 looks like a balance-sheet workout more than an operating company, with revenue collapse overwhelming normal earnings signals.
Across the period shown, revenue fell from$17.1M to$311K , yet the latest year still showed positive net income. With operating cash flow still negative and the current ratio dropping from 1.2x to 0.0x, that profit looks driven by non-core accounting effects rather than cash produced by the underlying business.
The immediate constraint is liquidity: current assets were only
The income statement is being shaped more by financing structure than by sales activity: interest expense was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Alternus Clean's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Alternus Clean's revenue declined 100% year-over-year, from $311K to $0. This contraction results in a growth score of 0/100.
Alternus Clean carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Alternus Clean's current ratio of 0.00 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Alternus Clean generates a -189.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Alternus Clean passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Alternus Clean generates $0.38 in operating cash flow (-$2.5M OCF vs -$6.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Alternus Clean earns $1.6 in operating income for every $1 of interest expense ($6.9M vs $4.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Alternus Clean generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Alternus Clean's EBITDA was $7.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 146.4% from the prior year.
Alternus Clean reported -$6.5M in net income in fiscal year 2025. This represents a decrease of 130.8% from the prior year.
Cash & Balance Sheet
Alternus Clean generated -$2.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 47.2% from the prior year.
Alternus Clean held $32K in cash against $0 in long-term debt as of fiscal year 2025.
Alternus Clean had 724,658 shares outstanding in fiscal year 2025. This represents a decrease of 83.4% from the prior year.
Margins & Returns
Alternus Clean's ROE was -189.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Alternus Clean invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
ACLEW Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0 | N/A | N/A | $31K-66.7% | $93K-1.1% | $94K+1.1% | $93K |
| Cost of Revenue | N/A | $0 | N/A | N/A | $143K+204.3% | $47K-70.4% | $159K+960.0% | $15K |
| Gross Profit | N/A | $0 | N/A | N/A | -$112K-343.5% | $46K+170.8% | -$65K-183.3% | $78K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | $741K | N/A | $7K |
| SG&A Expenses | N/A | $984K-73.3% | $3.7M+147.6% | $1.5M-67.4% | $4.6M+200.0% | $1.5M-45.2% | $2.8M-10.5% | $3.1M |
| Operating Income | N/A | -$984K-111.9% | $8.2M+318.2% | $2.0M+124.6% | -$8.0M-251.8% | -$2.3M+21.6% | -$2.9M+6.8% | -$3.1M |
| Interest Expense | N/A | $100K-92.0% | $1.3M-42.9% | $2.2M+1909.2% | $109K-72.8% | $400K-90.3% | $4.1M-1.3% | $4.2M |
| Income Tax | N/A | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | N/A | -$9.7M-286.3% | $5.2M+3007.8% | -$180K | N/A | -$5.1M+25.8% | -$6.8M-3.9% | -$6.6M |
| EPS (Diluted) | N/A | N/A | $7.12 | $-0.02 | N/A | $-0.82+99.8% | $-516.90-20576.0% | $-2.50 |
ACLEW Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $57.0M-0.8% | $57.5M+1096.6% | $4.8M-48.8% | $9.4M+21.4% | $7.7M-91.6% | $92.3M+6.5% | $86.6M+1.7% | $85.2M |
| Current Assets | $44K-8.3% | $48K-95.7% | $1.1M-73.6% | $4.3M+566.4% | $639K-98.9% | $58.7M+303.3% | $14.5M+3.2% | $14.1M |
| Cash & Equivalents | $32K-17.9% | $39K+290.0% | $10K-87.7% | $81K-49.7% | $161K-83.9% | $1.0M-8.1% | $1.1M-21.2% | $1.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | $21K-98.2% | $1.2M+136.4% | $500K |
| Goodwill | $19.0M0.0% | $19.0M | N/A | $241K0.0% | $241K | N/A | N/A | N/A |
| Total Liabilities | $53.6M-3.0% | $55.3M+113.1% | $25.9M-36.3% | $40.7M-2.1% | $41.6M-76.2% | $175.0M+6.9% | $163.7M+4.9% | $156.1M |
| Current Liabilities | $34.0M-2.5% | $34.9M+34.5% | $25.9M-36.3% | $40.7M+2.9% | $39.6M-77.2% | $173.9M+7.1% | $162.3M+4.9% | $154.7M |
| Long-Term Debt | $0 | $0 | N/A | N/A | $1.6M-95.1% | $33.5M-72.1% | $120.2M+1.2% | $118.8M |
| Total Equity | $3.4M+54.9% | $2.2M+110.5% | -$21.1M+32.6% | -$31.4M+7.5% | -$33.9M+59.0% | -$82.7M-7.3% | -$77.1M-8.7% | -$70.9M |
| Retained Earnings | -$73.6M-2.5% | -$71.8M-15.7% | -$62.1M+7.8% | -$67.3M-0.3% | -$67.1M+37.1% | -$106.7M-5.0% | -$101.6M-7.2% | -$94.8M |
ACLEW Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$164K+65.3% | -$473K+63.5% | -$1.3M-134.8% | -$552K+60.6% | -$1.4M-333.7% | $600K+256.3% | -$384K+81.1% | -$2.0M |
| Capital Expenditures | $0 | N/A | N/A | N/A | -$19K | $0-100.0% | $18K-98.8% | $1.5M |
| Free Cash Flow | -$164K | N/A | N/A | N/A | -$1.4M-336.8% | $600K+249.3% | -$402K+88.6% | -$3.5M |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ACLEW Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | -361.3%-410.8pp | 49.5%+118.6pp | -69.2%-153.0pp | 83.9% |
| Operating Margin | N/A | N/A | N/A | N/A | -25774.2%-23332.3pp | -2441.9%+638.9pp | -3080.8%+258.9pp | -3339.8% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -5451.6%+1821.8pp | -7273.4%-199.2pp | -7074.2% |
| Return on Equity | N/A | -440.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | N/A | -17.0%-125.9pp | 108.9%+110.8pp | -1.9% | N/A | -5.5%+2.4pp | -7.9%-0.2pp | -7.7% |
| Current Ratio | 0.000.0 | 0.00-0.0 | 0.04-0.1 | 0.10+0.1 | 0.02-0.3 | 0.34+0.2 | 0.090.0 | 0.09 |
| Debt-to-Equity | 0.000.0 | 0.00+1.2 | -1.23+0.1 | -1.30 | N/A | -0.41+1.2 | -1.56+0.1 | -1.68 |
| FCF Margin | N/A | N/A | N/A | N/A | -4583.9%-5229.0pp | 645.2%+1072.8pp | -427.7%+3359.4pp | -3787.1% |
Note: The current ratio is below 1.0 (0.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Alternus Clean's annual revenue?
Alternus Clean (ACLEW) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Alternus Clean's revenue growing?
Alternus Clean (ACLEW) revenue declined by 100% year-over-year, from $311K to $0 in fiscal year 2025.
Is Alternus Clean profitable?
No, Alternus Clean (ACLEW) reported a net income of -$6.5M in fiscal year 2025.
What is Alternus Clean's EBITDA?
Alternus Clean (ACLEW) had EBITDA of $7.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Alternus Clean have?
As of fiscal year 2025, Alternus Clean (ACLEW) had $32K in cash and equivalents against $0 in long-term debt.
What is Alternus Clean's return on equity (ROE)?
Alternus Clean (ACLEW) has a return on equity of -189.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Alternus Clean's free cash flow?
Alternus Clean (ACLEW) generated -$2.5M in free cash flow during fiscal year 2025. This represents a 47.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Alternus Clean's operating cash flow?
Alternus Clean (ACLEW) generated -$2.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Alternus Clean's total assets?
Alternus Clean (ACLEW) had $57.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Alternus Clean's capital expenditures?
Alternus Clean (ACLEW) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Alternus Clean's current ratio?
Alternus Clean (ACLEW) had a current ratio of 0.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Alternus Clean's debt-to-equity ratio?
Alternus Clean (ACLEW) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Alternus Clean's return on assets (ROA)?
Alternus Clean (ACLEW) had a return on assets of -11.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Alternus Clean's cash runway?
Based on fiscal year 2025 data, Alternus Clean (ACLEW) had $32K in cash against an annual operating cash burn of $2.5M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Alternus Clean's Piotroski F-Score?
Alternus Clean (ACLEW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alternus Clean's earnings high quality?
Alternus Clean (ACLEW) has an earnings quality ratio of 0.38x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Alternus Clean cover its interest payments?
Alternus Clean (ACLEW) has an interest coverage ratio of 1.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Alternus Clean?
Alternus Clean (ACLEW) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.