Alternus Clean (ALCE) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ALCE SEC filings page.
Alternus Clean (ALCE) reported $0 in revenue for fiscal year 2025, down 100.0% from the prior fiscal year. This page shows its 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).
The dominant mechanic is operating cash drain against a shrinking asset base, with liquidity pressure overwhelming reported accounting gains.
FY2024 paired reported net income of$21.1M with operating cash flow of-$3.2M : accounting earnings did not convert into cash, making profit a poor proxy for internally funded operations. The contrast with FY2023—operating cash flow of$3.0M versus net income of-$69.5M —shows earnings quality has swung sharply rather than tracking cash economics.
The revenue base fell from
Total assets fell from
Financial Health Signals
Alternus Clean does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
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.
Alternus Clean reported a net loss of $6.5M while operations used $2.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Alternus Clean earns $1.63 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 Q2 2026.
Alternus Clean's EBITDA was -$1.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 118.7% from the same quarter a year earlier. Against the prior quarter it is down 16.5%.
Alternus Clean reported -$1.8M in net income in Q2 2026. This represents a decrease of 134.0% from the same quarter a year earlier. Against the prior quarter it is down 2122.5%.
Cash & Balance Sheet
Alternus Clean held $1.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Alternus Clean's ROE was -17.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 16.9 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
ALCE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | N/A | $0-100.0% | $0-100.0% | $0-100.0% | $31K-60.3% | $93K-92.6% |
| Cost of Revenue | N/A | N/A | N/A | $0-100.0% | N/A | N/A | $143K | $47K |
| Gross Profit | N/A | N/A | N/A | $0-100.0% | N/A | N/A | -$112K | $46K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $741K |
| SG&A Expenses | $1.5M-58.3% | $1.3M-11.3% | N/A | $984K-35.4% | $3.7M+32.7% | $1.5M-52.0% | $4.6M+932.1% | $1.5M+74.8% |
| Operating Income | -$2.0M-124.4% | -$1.8M-191.3% | N/A | -$984K+56.7% | $8.2M+384.4% | $2.0M+163.4% | -$8.0M+31.2% | -$2.3M-556.4% |
| EBITDA | -$1.5M-118.7% | -$1.3M-162.9% | N/A | -$984K+55.7% | $8.2M+389.4% | $2.1M+169.1% | -$7.9M+34.6% | -$2.2M-2364.3% |
| Interest Expense | $384K-69.3% | $276K-87.4% | N/A | $100K-75.0% | $1.3M-69.6% | $2.2M-47.3% | $109K-98.8% | $400K-77.0% |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0-100.0% |
| Net Income | -$1.8M-134.0% | -$80K+55.6% | N/A | -$9.7M-92.3% | $5.2M+176.6% | -$180K+97.3% | N/A | -$5.1M+65.3% |
| EPS (Basic) | -$2.45-122.4% | -$0.11+97.4% | N/A | -$14.48+95.3% | $10.95+102.1% | -$4.28-71.2% | N/A | -$306.23-33551.6% |
| EPS (Diluted) | -$2.45 | N/A | N/A | N/A | $7.12 | -$0.02 | N/A | -$0.82 |
| Diluted Shares (Avg) | 724,658 | N/A | N/A | N/A | 944,154 | 8M | N/A | 3M |
ALCE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $57.1M+1088.9% | $56.9M+506.5% | $57.0M+638.2% | $57.5M-37.7% | $4.8M-94.5% | $9.4M-89.0% | $7.7M-95.8% | $92.3M+6.9% |
| Current Assets | $1.1M-3.7% | $375K-91.2% | $44K-93.1% | $48K-99.9% | $1.1M-92.3% | $4.3M-69.8% | $639K-99.6% | $58.7M-32.0% |
| Cash & Equivalents | $1.1M+10620.0% | $363K+348.1% | $32K-80.1% | $39K-96.1% | $10K-99.1% | $81K-94.1% | $161K-96.0% | $1.0M-65.8% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $21K |
| Goodwill | $19.0M | $19.0M+7768.9% | $19.0M+7768.9% | $19.0M | N/A | $241K | $241K | N/A |
| Total Liabilities | $47.0M+81.2% | $45.0M+10.4% | $53.6M+28.8% | $55.3M-68.4% | $25.9M-84.2% | $40.7M-73.9% | $41.6M-83.3% | $175.0M+57.9% |
| Current Liabilities | $28.6M+10.2% | $25.8M-36.8% | $34.0M-14.0% | $34.9M-79.9% | $25.9M-84.0% | $40.7M-73.7% | $39.6M-84.0% | $173.9M+3423.7% |
| Non-Current Liabilities | $18.4M | $19.2M | $19.6M+862.2% | $20.4M+1804.0% | $0-100.0% | $0-100.0% | $2.0M+84.8% | $1.1M-99.0% |
| Long-Term Debt | N/A | N/A | $0-100.0% | $0-100.0% | N/A | N/A | $1.6M-95.0% | $33.5M |
| Total Equity | $10.1M+147.9% | $11.9M+138.0% | $3.4M+110.1% | $2.2M+102.7% | -$21.1M+72.6% | -$31.4M+55.8% | -$33.9M+46.4% | -$82.7M-237.1% |
| Retained Earnings | -$75.5M-21.6% | -$73.7M-9.5% | -$73.6M-9.7% | -$71.8M+32.7% | -$62.1M+38.9% | -$67.3M+29.0% | -$67.1M+23.9% | -$106.7M-2186.0% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.
ALCE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$722K+44.3% | -$1.2M-111.8% | -$164K+88.3% | -$473K-178.8% | -$1.3M-237.5% | -$552K+72.9% | -$1.4M-126.4% | $600K+113.5% |
| Depreciation & Amortization | $469K | $477K+266.9% | N/A | $0-100.0% | $0-100.0% | $130K+85.7% | $43K+108.0% | $52K-88.3% |
| Stock-Based Compensation | N/A | $0-100.0% | N/A | N/A | N/A | $60K-48.7% | N/A | N/A |
| Capital Expenditures | N/A | N/A | $0-100.0% | N/A | N/A | N/A | -$19K-99.2% | $0-100.0% |
| Free Cash Flow | N/A | N/A | -$164K+88.5% | N/A | N/A | N/A | -$1.4M-150.4% | $600K+113.5% |
| Investing Cash Flow | $0 | $0 | N/A | N/A | $0 | $0 | N/A | N/A |
| Financing Cash Flow | $1.4M+16.9% | $1.5M+218.5% | N/A | N/A | $1.2M | $471K | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ALCE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | -361.3% | 49.5% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | -25774.2% | -2441.9% |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -5451.6% |
| Return on Equity | -17.6% | -0.7% | N/A | -440.1% | N/A | N/A | N/A | N/A |
| Return on Assets | -3.1%-112.0pp | -0.1%+1.8pp | N/A | -17.0%-11.5pp | 108.9%+116.8pp | -1.9%+5.8pp | N/A | -5.5%+11.4pp |
| Current Ratio | 0.040.0x | 0.01-0.1x | 0.000.0x | 0.00-0.3x | 0.040.0x | 0.100.0x | 0.02-0.6x | 0.34-17.2x |
| Debt-to-Equity | 4.64 | 3.78 | 0.00 | 0.00 | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -4583.9% | 645.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Note: The current ratio is below 1.0 (0.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Alternus Clean ALCE | FY2025 | $0 | -$6.5M | N/A | N/A | — |
| Solarwindow Tech WNDW | FY2025 | N/A | -$2.3M | N/A | $121.0M | — |
Where Alternus Clean Ranks
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 100.0% 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) recorded an outflow of $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) recorded an outflow of $2.5M in operating cash flow during fiscal year 2025, representing cash used by 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) reported no capital expenditure during fiscal year 2025.
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.
How does Alternus Clean's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Alternus Clean (ALCE) held $32K in cash, cash equivalents and investments, and reported an operating cash outflow of $2.5M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
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) reported a net loss of $6.5M while operations used $2.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 1.63x, 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.