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AleAnna Inc. (ANNA-2.43%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details AleAnna's operations, which focus on delivering natural gas supplies to Europe through onshore conventional natural gas exploration and renewable natural gas development in Italy. The company holds a 33.5% working interest in the Longanesi field, one of Italy's largest modern natural gas discoveries.
During the fiscal year, AleAnna completed the acquisition of three renewable natural gas plant projects in Italy for approximately $9.5 million. These include one greenfield site and two operational brownfield plants.
AleAnna reported total revenues of $1.4 million from electricity sales at its renewable natural gas plants. The company has not yet generated revenue from its conventional natural gas activities.
Operating expenses for the year totaled $16.0 million, including $8.4 million in transaction expenses related to the Business Combination with Swiftmerge Acquisition Corp.
The company recorded a net loss of $12.4 million for the year. AleAnna also noted a deemed dividend to Class 1 Preferred Units redemption value of $155.4 million.
AleAnna's cash and cash equivalents as of December 31, 2024, were $28.3 million. The company received $62.1 million in capital contributions during the year to support its operations and development activities.
The filing outlines AleAnna's focus on achieving first production at the Longanesi field, which occurred in March 2025, and expanding its renewable natural gas operations.
AleAnna's management identified material weaknesses in internal control over financial reporting and is in the early stages of implementing a remediation plan.
The company operates in Italy and is subject to various regulatory and market risks, including those related to foreign operations and renewable energy policies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AleAnna Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.