Alternus Clean Financials
This page shows Alternus Clean (ALCE) 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).
A balance-sheet reset improved solvency, but near-zero liquidity and weak cash conversion now define the business.
By FY2025, reported operating profitability returned, with operating income of$6.9M and EBITDA of$7.4M . Yet cash conversion broke down: operating cash flow was-$2.5M even before considering interest expense of$4.2M , and the period also marked a shift from negative equity to positive equity.
The immediate constraint is short-term funding, not just headline leverage. FY2025 ended with only
Even before the latest reset, gross margin was not the main operating problem. In FY2023 the company produced
Financial Health Signals
We are recalculating Alternus Clean's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Alternus Clean scores -2.09, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.1M) relative to total liabilities ($53.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Alternus Clean passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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.
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.
ALCE 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 |
ALCE 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 |
ALCE 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 |
ALCE 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 (ALCE) 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 (ALCE) revenue declined by 100% year-over-year, from $311K to $0 in fiscal year 2025.
Is Alternus Clean profitable?
No, Alternus Clean (ALCE) reported a net income of -$6.5M in fiscal year 2025.
What is Alternus Clean's EBITDA?
Alternus Clean (ALCE) 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 (ALCE) had $32K in cash and equivalents against $0 in long-term debt.
What is Alternus Clean's return on equity (ROE)?
Alternus Clean (ALCE) 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 (ALCE) 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 (ALCE) 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 (ALCE) 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 (ALCE) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Alternus Clean's current ratio?
Alternus Clean (ALCE) 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 (ALCE) 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 (ALCE) 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 (ALCE) 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 Altman Z-Score?
Alternus Clean (ALCE) has an Altman Z-Score of -2.09, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Alternus Clean's Piotroski F-Score?
Alternus Clean (ALCE) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 (ALCE) 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 (ALCE) 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.