AleAnna, Inc. Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
AleAnna (NASDAQ: ANNA) reported full year 2025 net income of $2.9 million and Adjusted EBITDA of $6.6 million. Fourth quarter 2025 delivered $9.1 million revenue, $0.3 million net income, and $3.0 million Adjusted EBITDA. Cash and equivalents were $31.8 million.
Production at Longanesi stabilized at approximately 25-30 million cubic feet per day, with all five wells contributing; reserves increased and the Gradizza concession was secured as part of the company’s growth program.
Positive
- Full year net income of $2.9 million
- Adjusted EBITDA of $6.6 million for 2025
- Q4 revenue of $9.1 million and Q4 Adjusted EBITDA of $3.0 million
- Cash and equivalents of $31.8 million at year end
- Production stabilized at ~25–30 MMcf/d from Longanesi
Negative
- Accumulated deficit of $189,248,843
- Contingent consideration liability totaling $28,227,911
- Total liabilities increased to $42,616,258 from $33,317,750
News Market Reaction – ANNAW
In the Mar 31 session, ANNAW declined 22.86%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | +26.7% | Profitable Q3 2025 driven by Longanesi revenue and strong cash generation. |
| May 15 | Q1 2025 earnings | Negative | -11.1% | Q1 2025 net loss of $2.0M before Longanesi revenue contributions. |
| Mar 31 | FY 2024 results | Positive | +0.0% | FY2024 de‑SPAC completion, RNG acquisitions, and cash of $28.3M. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often coincided with notable moves, with positive quarters (Q3 2025) drawing strong upside reactions and mixed/transformational updates seeing more muted or negative responses.
Across recent earnings events, AleAnna moved from FY2024 transition milestones into 2025 operational ramp-up. FY2024 results highlighted the de‑SPAC closing, RNG acquisitions, and cash of $28.3M. Q1 2025 showed a narrowed net loss of $2.0M and cash of $27.8M ahead of Longanesi revenues. By Q3 2025, the company reported $5.3M net income, $6.3M EBITDA, and roughly $11.2M revenue, driven by ~30 MMcf/d production. Today’s Q4/FY2025 report extends that profitability trend and balance sheet strength.
Key Terms
adjusted ebitda financial
ebitda financial
non-gaap financial
asset retirement obligation financial
contingent consideration liability financial
derivative liability financial
renewable natural gas technical
forward-looking statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
AleAnna, Inc. reports positive Adjusted EBITDA[1] and net income for the third consecutive quarter
DALLAS, March 30, 2026 (GLOBE NEWSWIRE) -- AleAnna, Inc. (“AleAnna” or “the Company”) (NASDAQ: ANNA) today announced financial and operational results for the fourth quarter and full year of 2025. AleAnna reported full year net income of
Fourth Quarter 2025 Results and Recent Company Highlights:
- AleAnna generated
$0.3 million of net income and$3.0 million of Adjusted EBITDA in the fourth quarter, driven by strong production at the Longanesi field, generating$9.1 million of revenue in the quarter. - AleAnna closed the period with a strong cash position of
$31.8 million , supporting ongoing development activity and future strategic initiatives. - Gradizza Concession secured which represents a first milestone within a broader growth and value creation Program.
- Following successful establishment of production at Longanesi, and completion of an extensive technical study, AleAnna's reserves have increased significantly.
Financial and Operational Update
Following production ramp-up and rate stabilization at the Longanesi field during the first half of 2025, the Company recognized
During the fourth quarter, AleAnna generated
During the second quarter, the Company commenced daily production from its Longanesi field, with the ramp-up significantly exceeding expectations in both timing and volume. Total production stabilized at approximately 25-30 million cubic feet per day after approximately six weeks. The stabilized production rate is slightly higher than AleAnna’s budgeted maximum production rate for 2025. All five of Longanesi’s wells are currently contributing to production.
Management Commentary
Marco Brun, Chief Executive Officer, remarked on AleAnna’s recent accomplishments: “The fourth quarter marks another significant milestone for AleAnna as we continued to realize strong performance from our Longanesi field generating approximately
In parallel, we continue to deliver on our plan to advance our broader growth strategy across both conventional and renewable natural gas. With a solid balance sheet, positive cash flow, and a growing asset base, we are well-positioned to deliver sustainable value creation for our shareholders.”
About AleAnna
AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and renewable natural gas ("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 fourteen new natural gas exploration projects planned this decade, AleAnna plays a significant 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. AleAnna operates regional headquarters in Dallas, Texas, and Rome and Milan, Italy.
Forward-Looking Statements
The information included herein 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. Certain statements, other than statements of present or historical fact included herein regarding AleAnna’s future operations, financial position, plans 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,” “estimate,” “expect,” “project,” 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 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. AleAnna’s actual results and financial condition may 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. 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 “Item 1A. Risk Factors” in AleAnna’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and in other public filings with the SEC, as well as general economic conditions; AleAnna’s need for additional capital; risks associated with the growth of AleAnna’s business; 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
Ivan Ronald
ironald@aleannagroup.com
Website
https://www.aleannainc.com/
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
| For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||
| 2025 (unaudited) | 2024 (unaudited) | 2025 | 2024 | |||||||||||
| Revenues | $ | 9,135,859 | $ | 771,702 | $ | 25,035,737 | $ | 1,420,030 | ||||||
| Operating expenses: | ||||||||||||||
| Cost of revenues | 2,900,370 | 504,567 | 6,195,475 | 1,043,174 | ||||||||||
| Lease operating expense | 1,459,062 | - | 3,207,562 | - | ||||||||||
| General and administrative | 2,478,704 | 1,790,254 | 9,664,653 | 6,264,087 | ||||||||||
| Depreciation and depletion | 2,048,341 | 82,205 | 2,933,481 | 133,516 | ||||||||||
| Accretion of asset retirement obligation | 33,483 | 33,309 | 132,002 | 133,239 | ||||||||||
| Business combination transaction expenses | - | 8,398,653 | - | 8,398,653 | ||||||||||
| Total operating expenses | 8,919,960 | 10,808,988 | 22,133,172 | 15,972,669 | ||||||||||
| Operating income (loss) | 215,899 | (10,037,286 | ) | 2,902,565 | (14,552,639 | ) | ||||||||
| Other income: | ||||||||||||||
| Interest and other income | 704,608 | 622,621 | 1,242,899 | 1,948,281 | ||||||||||
| Change in fair value of derivative liability | - | - | - | 173,177 | ||||||||||
| Total other income | 704,608 | 622,621 | 1,242,899 | 2,121,458 | ||||||||||
| Income (loss) before income taxes | 920,507 | (9,414,665 | ) | 4,145,464 | (12,431,181 | ) | ||||||||
| Income tax expense | (662,409 | ) | - | (1,263,396 | ) | - | ||||||||
| Net income (loss) | 258,098 | (9,414,665 | ) | 2,882,068 | (12,431,181 | ) | ||||||||
| Deemed dividend to Class 1 Preferred Units redemption value | - | - | (155,423,177 | ) | ||||||||||
| Net loss (income) attributable to noncontrolling interests | (115,690 | ) | 87,511 | (1,082,958 | ) | 87,511 | ||||||||
| Net income (loss) attributable to Class A Common stockholders or holders of Common Member Units | $ | 142,409 | $ | (9,327,154 | ) | $ | 1,799,110 | $ | (167,766,847 | ) | ||||
| Other comprehensive income (loss) | ||||||||||||||
| Currency translation adjustment | $ | (686,222 | ) | $ | (2,859,314 | ) | $ | 4,111,281 | $ | (1,548,154 | ) | |||
| Comprehensive income (loss) | (428,124 | ) | (12,273,979 | ) | 6,993,349 | (13,979,335 | ) | |||||||
| Comprehensive loss (income) attributable to noncontrolling interests | (46,238 | ) | 87,511 | (3,332,249 | ) | 87,511 | ||||||||
| Total comprehensive income (loss) attributable to Class A Common stockholders or holders of Common Member Units | $ | (474,362 | ) | $ | (12,186,468 | ) | $ | 3,661,100 | $ | (13,891,824 | ) | |||
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2025 and 2024
| December 31, 2025 | December 31, 2024 | ||||||||||||||
| ASSETS | |||||||||||||||
| Current Assets: | |||||||||||||||
| Cash and cash equivalents | $ | 31,826,830 | $ | 28,330,159 | |||||||||||
| Restricted cash | 1,304,129 | - | |||||||||||||
| Accounts receivable | 1,959,001 | 1,225,297 | |||||||||||||
| Prepaid expenses and other assets | 1,528,622 | 1,666,155 | |||||||||||||
| Total Current Assets | 36,618,582 | 31,221,611 | |||||||||||||
| Non-current assets: | |||||||||||||||
| Natural gas and other properties, successful efforts method, net of accumulated depreciation and depletion of | 42,553,580 | 33,979,014 | |||||||||||||
| Renewable natural gas properties, net of accumulated depreciation of | 10,744,121 | 9,296,039 | |||||||||||||
| Value-added tax refund receivable | 9,589,576 | 6,845,030 | |||||||||||||
| Operating lease right-of-use assets | 1,790,461 | 1,744,897 | |||||||||||||
| Total Non-current Assets | 64,677,738 | 51,864,980 | |||||||||||||
| Total Assets | $ | 101,296,320 | $ | 83,086,591 | |||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
| Current Liabilities: | |||||||||||||||
| Accounts payable and accrued expenses | $ | 6,776,384 | $ | 2,204,208 | |||||||||||
| Income tax payable | 417,568 | - | |||||||||||||
| Lease liability, short-term | 200,419 | 163,865 | |||||||||||||
| Contingent consideration liability, short-term | 11,576,846 | - | |||||||||||||
| Total Current Liabilities | 18,971,217 | 2,368,073 | |||||||||||||
| Non-current Liabilities: | |||||||||||||||
| Asset retirement obligation | 4,507,921 | 4,375,919 | |||||||||||||
| Deferred tax liability | 897,812 | - | |||||||||||||
| Lease liability, long-term | 1,588,243 | 1,579,443 | |||||||||||||
| Contingent consideration liability, long-term | 16,651,065 | 24,994,315 | |||||||||||||
| Total Non-current Liabilities | 23,645,041 | 30,949,677 | |||||||||||||
| Total Liabilities | 42,616,258 | 33,317,750 | |||||||||||||
| Commitments and Contingencies | |||||||||||||||
| Stockholders' Equity: | |||||||||||||||
| Class A Common Stock, par value | 4,066 | 4,056 | |||||||||||||
| Class C Common Stock, par value | 2,599 | 2,599 | |||||||||||||
| Additional paid-in capital | 228,640,286 | 226,722,424 | |||||||||||||
| Accumulated other comprehensive loss | (3,941,388 | ) | (5,803,378 | ) | |||||||||||
| Accumulated deficit | (189,248,843 | ) | (191,047,953 | ) | |||||||||||
| Noncontrolling interest | 23,223,342 | 19,891,093 | |||||||||||||
| Total Stockholders' Equity | 58,680,062 | 49,768,841 | |||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 101,296,320 | $ | 83,086,591 | |||||||||||
| SEGMENT OPERATING RESULTS | |||||||||||||||
| Three Months Ended December 31, 2025 | |||||||||||||||
| Conventional | Renewable | Total | |||||||||||||
| Unaudited | |||||||||||||||
| Revenues | $ | 8,476,797 | $ | 659,062 | $ | 9,135,859 | |||||||||
| Less: | |||||||||||||||
| Cost of revenues | 1,599,978 | 1,300,392 | |||||||||||||
| Lease operating expense | 1,459,062 | - | |||||||||||||
| Segment general and administrative | 109,698 | (264,602 | ) | ||||||||||||
| Depreciation and depletion | 1,958,416 | 89,925 | |||||||||||||
| Accretion of asset retirement obligation | 33,483 | - | |||||||||||||
| Segment operating income (loss) | $ | 3,316,160 | $ | (466,653 | ) | $ | 2,849,507 | ||||||||
| Reconciling items: | |||||||||||||||
| Less: Corporate general and administrative | $ | 2,633,608 | |||||||||||||
| Interest and other income | 704,608 | ||||||||||||||
| Income before income taxes | $ | 920,507 | |||||||||||||
| Segment assets | $ | 67,310,047 | $ | 16,133,887 | $ | 83,443,934 | |||||||||
| Corporate and other assets | 17,852,386 | ||||||||||||||
| Total assets | $ | 101,296,320 | |||||||||||||
| Year Ended December 31, 2025 | |||||||||||
| Conventional | Renewable | Total | |||||||||
| Revenues | $ | 22,369,981 | $ | 2,665,756 | $ | 25,035,737 | |||||
| Less: | |||||||||||
| Cost of revenues | $ | 2,948,757 | $ | 3,246,718 | |||||||
| Lease operating expense | 3,207,562 | - | |||||||||
| Segment general and administrative | 2,653,853 | 1,889,476 | |||||||||
| Depreciation and depletion | 2,586,564 | 346,916 | |||||||||
| Accretion of asset retirement obligation | 132,002 | - | |||||||||
| Segment operating income (loss) | $ | 10,841,243 | $ | (2,817,354 | ) | $ | 8,023,889 | ||||
| Reconciling items: | |||||||||||
| Less: Corporate general and administrative | $ | 5,121,324 | |||||||||
| Interest and other income | 1,242,899 | ||||||||||
| Income (loss) before income taxes | $ | 4,145,464 | |||||||||
| Segment assets | $ | 67,310,047 | $ | 16,133,887 | $ | 83,443,934 | |||||
| Corporate and other assets | 17,852,386 | ||||||||||
| Total assets | $ | 101,296,320 | |||||||||
| Three Months Ended December 31, 2024 | |||||||||||
| Conventional | Renewable | Total | |||||||||
| Unaudited | |||||||||||
| Revenues | $ | - | $ | 771,702 | $ | 771,702 | |||||
| Less: | |||||||||||
| Cost of revenues | $ | - | $ | 504,567 | |||||||
| Segment general and administrative | 642,991 | 586,052 | |||||||||
| Depreciation and depletion | - | 82,205 | |||||||||
| Accretion of asset retirement obligation | 33,309 | - | |||||||||
| Segment operating income (loss) | $ | (676,300 | ) | $ | (401,122 | ) | $ | (1,077,423 | ) | ||
| Reconciling items: | |||||||||||
| Less: Corporate general and administrative | $ | 561,210 | |||||||||
| Business combination transaction expenses | $ | (8,398,653 | ) | ||||||||
| Interest and other income | 622,621 | ||||||||||
| Income (loss) before income taxes | $ | (9,414,665 | ) | ||||||||
| Segment assets | $ | 44,962,865 | $ | 14,150,411 | $ | 59,113,276 | |||||
| Corporate and other assets | 23,973,315 | ||||||||||
| Total Assets | $ | 83,086,591 | |||||||||
| Year Ended December 31, 2024 | |||||||||||
| Conventional | Renewable | Total | |||||||||
| Revenues | $ | - | $ | 1,420,030 | $ | 1,420,030 | |||||
| Less: | |||||||||||
| Cost of revenues | $ | - | $ | 1,043,174 | |||||||
| Segment general and administrative | 2,639,824 | 1,502,054 | |||||||||
| Depreciation and depletion | - | 133,516 | |||||||||
| Accretion of asset retirement obligation | 133,239 | - | |||||||||
| Segment operating income (loss) | $ | (2,773,063 | ) | $ | (1,258,714 | ) | $ | (4,031,777 | ) | ||
| Reconciling items: | |||||||||||
| Less: Corporate general and administrative | $ | 2,122,209 | |||||||||
| Business combination transaction expenses | (8,398,653 | ) | |||||||||
| Interest and other income | 1,948,281 | ||||||||||
| Change in fair value of derivative liability | 173,177 | ||||||||||
| Income (loss) before income taxes | $ | (12,431,181 | ) | ||||||||
| Segment assets | $ | 44,962,865 | $ | 14,150,411 | $ | 59,113,276 | |||||
| Corporate and other assets | 23,973,315 | ||||||||||
| Total Assets | $ | 83,086,591 | |||||||||
NON-GAAP MEASURES
Non-GAAP Performance Measures and Definitions
In addition to amounts presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we also present certain supplemental non-GAAP performance measures. We believe that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company's operating results and trends in addition to the results measured in accordance with GAAP and provides greater comparability across time periods. These measures are not to be considered more relevant or accurate than the measures presented in accordance with GAAP. The non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures used by other companies. In compliance with the requirements of the SEC, our non-GAAP measures are reconciled to net income, the most directly comparable GAAP performance measure. For all non-GAAP measures, neither the SEC nor any other regulatory body has passed judgment on these non-GAAP measures.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are both non-GAAP financial measures. EBITDA is calculated as net income before interest expense, taxes, depreciation, depletion and amortization. We adjust EBITDA for stock compensation, acquisition costs and one-off items such as transaction expenses to reach Adjusted EBITDA. The purpose of presenting non-GAAP measures is to highlight earnings without finance, taxes, and depreciation, depletion and amortization expense, as well as stock compensation and transaction expense, and their use is limited to specialized analysis. We present EBITDA and Adjusted EBITDA because we believe it provides useful additional information to investors for specialized analysis of our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
The following table presents a reconciliation of Adjusted EBITDA to net income for the three months ended December 31, 2025 and for the year ended December 31, 2025:
| Three Months Ended | Year Ended | ||||||
| December 31, 2025 | December 31, 2025 | ||||||
| Net Income | $ | 258,098 | $ | 2,882,068 | |||
| Add (deduct): | |||||||
| Interest | (704,608 | ) | (1,242,899 | ) | |||
| Tax expense | 662,409 | 1,263,396 | |||||
| Depreciation, depletion and amortization | 2,048,341 | 2,933,481 | |||||
| EBITDA | $ | 2,264,240 | $ | 5,836,046 | |||
| Add: | |||||||
| Stock compensation expense | 774,220 | 774,220 | |||||
| Adjusted EBITDA | $ | 3,038,460 | $ | 6,610,266 | |||
