STOCK TITAN

AleAnna (NASDAQ: ANNA) turns 2025 profit as Longanesi gas ramps up

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

AleAnna, Inc. reported a strong turnaround for 2025, driven by its Longanesi natural gas field in Italy. For the year ended December 31, 2025, the company generated revenues of $25.0 million, up sharply from $1.4 million in 2024, and posted net income of $2.9 million with Adjusted EBITDA of $6.6 million.

In the fourth quarter of 2025, AleAnna recorded revenues of $9.1 million, including $8.5 million from its share of Longanesi production, net income of $0.3 million, and Adjusted EBITDA of about $3.0 million. Conventional operations were profitable while renewable natural gas remained loss-making but growing.

The balance sheet showed $31.8 million in cash and total assets of $101.3 million as of December 31, 2025, with total liabilities of $42.6 million. Management highlighted consistent positive Adjusted EBITDA and net income for three consecutive quarters and emphasized a strategy spanning both conventional and renewable natural gas projects in Italy.

Positive

  • Turn to profitability: 2025 revenue rose to $25.0 million from $1.4 million in 2024, with net income of $2.9 million and Adjusted EBITDA of $6.6 million, marking a major improvement from prior heavy losses.

Negative

  • None.

Insights

AleAnna shifts from heavy losses to profitable growth in 2025.

AleAnna delivered a notable inflection in 2025, with revenue of $25.0 million and net income of $2.9 million after minimal revenue and large losses in 2024. The key driver is the Longanesi conventional gas field, which contributed most of the $9.1 million Q4 revenue.

Conventional operations generated segment operating income of $10.8 million for the year, while renewable natural gas posted a $2.8 million segment loss. This mix shows the legacy gas asset funding early-stage renewable projects, supported by a cash balance of $31.8 million as of December 31, 2025.

Adjusted EBITDA reached $6.6 million for 2025, reflecting recurring profitability after stripping out non-cash and one-off items. Future results will depend on maintaining Longanesi’s 25–30 million cubic feet per day production range and scaling the renewable portfolio, as described in subsequent company filings.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Full-year 2025 revenue $25,035,737 Year ended December 31, 2025 vs $1,420,030 in 2024
Full-year 2025 net income $2,882,068 Year ended December 31, 2025
Full-year 2025 Adjusted EBITDA $6,610,266 Non-GAAP, year ended December 31, 2025
Q4 2025 revenue $9,135,859 Three months ended December 31, 2025
Q4 2025 net income $258,098 Three months ended December 31, 2025
Cash and cash equivalents $31,826,830 As of December 31, 2025
Total assets $101,296,320 As of December 31, 2025
Total liabilities $42,616,258 As of December 31, 2025
Adjusted EBITDA financial
"AleAnna reported full year net income of $2.9 million and Adjusted EBITDA[1] of $6.6 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
asset retirement obligation financial
"Accretion of asset retirement obligation | | | 33,483 | | | | 33,309 |"
A liability recorded for the future cost to retire, dismantle or clean up a long-lived asset — for example removing an oil rig, closing a mine, or decommissioning a plant. Investors care because it reduces reported profit and ties up capital: companies must estimate and set aside money now for a known future expense, and changes to that estimate can swing earnings, debt ratios and the company’s cash needs much like setting aside savings to repair or return a rented property later.
contingent consideration liability financial
"Contingent consideration liability, short-term | | | 11,576,846 |"
Contingent consideration liability is an obligation a company records when it may owe future payments tied to the outcome of a past deal, such as extra cash or shares if certain targets are met. Think of it like a promised bonus that depends on future results; it matters to investors because it can change a company's reported debt, future cash needs, and reported earnings volatility as those contingent payments are re-estimated over time.
noncontrolling interest financial
"Noncontrolling interest | | | 23,223,342 | | | | 19,891,093 |"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
comprehensive income (loss) financial
"COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024"
non-GAAP financial measures financial
"we also present certain supplemental non-GAAP performance measures."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $25,035,737 vs $1,420,030 in 2024
Net income $2,882,068 vs $(12,431,181) in 2024
Adjusted EBITDA $6,610,266 non-GAAP, 2025 figure only
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 30, 2026

 

ALEANNA, INC.
(Exact name of registrant as specified in its charter)

 

Delaware   001-41164   98-1582153
(State or other jurisdiction of   (Commission File Number)   (IRS Employer
incorporation)       Identification No.)

 

300 Crescent Court, Suite 1860
Dallas, Texas
  75201
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (469) 398-2200

 

(Former name or former address, if changed since last report)

 

Not Applicable

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)  
     
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  
     
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))  
     
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share   ANNA   The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one share of Class A Common Stock   ANNAW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On March 30, 2026, AleAnna, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

The information in this Current Report on Form 8-K, including Exhibit 99.1 furnished hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press Release, issued March 30, 2026 (furnished pursuant to Item 7.01).
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 30, 2026  
   
  AleAnna, Inc.
     
  By: /s/ Ivan Ronald
    Name: Ivan Ronald
    Title: Chief Financial Officer

 

 

2

 

Exhibit 99.1

 

 

 

AleAnna, Inc. Reports Fourth Quarter and Full Year 2025 Results

 

AleAnna, Inc. reports positive Adjusted EBITDA[1] and net income for the third consecutive quarter.

 

DALLAS – March 30, 2026 – 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 $2.9 million and Adjusted EBITDA[1] of $6.6 million.

 

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 $8.5 million of revenue during the fourth quarter of 2025 from sales of its share of production from the Longanesi field.

 

During the fourth quarter, AleAnna generated $3.0 million of Adjusted EBITDA[1].

 

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 $3.0 million of Adjusted EBITDA[1]. We are on track to exceed our expectations for the performance of the Longanesi field.

 

[1] This is a non-GAAP financial measure. Refer to Non-GAAP Performance Measures and Definitions for further details.

 

 

 

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/

 

2

 

 

ALEANNA, INC.

 

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   2024         
   (unaudited)   (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)

 

 

3

 

 

ALEANNA, INC.

 

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 $2,932,984 and $0, respectively

   42,553,580    33,979,014 
Renewable natural gas properties, net of accumulated depreciation of $508,583 and $132,094, respectively   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 $0.0001 per share, 150,000,000 shares authorized, 40,659,881 and 40,560,433 shares issued and outstanding as of December 31, 2025 and 2024, respectively

   4,066    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 December 31, 2025 and 2024, respectively   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 

 

4

 

 

ALEANNA, INC.

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 

 

5

 

 

ALEANNA, INC.
SEGMENT OPERATING RESULTS

 

   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 

 

6

 

 

ALEANNA, INC.

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 

 

 

7

FAQ

How did AleAnna (ANNA) perform financially in full-year 2025?

AleAnna reported strong improvement in 2025, with revenue of $25.0 million and net income of $2.9 million. This compares to $1.4 million of revenue and a large net loss in 2024, reflecting successful ramp-up of its Longanesi natural gas operations.

What were AleAnna’s fourth quarter 2025 results?

In Q4 2025, AleAnna generated $9.1 million in revenue and $0.3 million in net income. Adjusted EBITDA was about $3.0 million, driven mainly by $8.5 million of revenue from its share of production at the Longanesi natural gas field in Italy.

How profitable was AleAnna’s Longanesi conventional gas business in 2025?

AleAnna’s conventional segment, led by Longanesi, delivered $22.4 million in 2025 revenue and $10.8 million in segment operating income. Production ramped quickly to roughly 25–30 million cubic feet per day, slightly above the company’s budgeted maximum rate for 2025.

What is AleAnna’s Adjusted EBITDA and why is it important?

AleAnna reported Adjusted EBITDA of $6.6 million for 2025 and about $3.0 million in Q4 2025. This non-GAAP measure starts from net income and adds back interest, taxes, depreciation, depletion and amortization, plus stock compensation, to highlight underlying operating performance trends.

What does AleAnna’s balance sheet look like at year-end 2025?

As of December 31, 2025, AleAnna held $31.8 million in cash and cash equivalents and total assets of $101.3 million. Total liabilities were $42.6 million, including contingent consideration and asset retirement obligations, leaving stockholders’ equity of $58.7 million.

How did AleAnna’s renewable natural gas segment perform in 2025?

In 2025, the renewable segment generated $2.7 million in revenue but recorded a segment operating loss of $2.8 million. This reflects ongoing investment and early-stage development, as the company builds a portfolio of renewable natural gas projects to complement its conventional gas operations.

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