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Alternus Clean Energy (ACLEW0.00%), Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue for continuing operations to $93,000 from $1,261,000 in the same quarter the previous year. This decline is attributed to the sale of Italian solar parks in December 2023.
Cost of revenues for continuing operations decreased to $47,000 from $291,000 due to the sale of Italian parks. Gross margins were 49% of sales for the quarter compared to 77% in the previous year.
Selling, general, and administrative expenses increased to $1,524,000 from $872,000, primarily due to costs associated with being listed on Nasdaq (NDAQ+1.07%).
Net loss for continuing operations increased to $2,700,000 from $2,083,000 in the previous year. Net loss for discontinued operations decreased to $2,370,000 from $12,510,000.
The company reported a comprehensive loss of $7,729,000 for the quarter, compared to $17,067,000 in the previous year.
Cash used in operating activities was $1,820,000, while cash used in investing activities was $6,544,000. Cash provided by financing activities was $664,000.
Alternus Clean Energy had $290,000 in cash and cash equivalents as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern.
The filing details various financial agreements, including a convertible note issued in April 2024 and a securities purchase agreement in October 2024.
Alternus Clean Energy is working with multiple global banks and funds to secure necessary project financing to execute its transatlantic business plan.
The company identified material weaknesses in its internal controls over financial reporting, including insufficient segregation of duties and inadequate controls for non-routine transactions.
Alternus Clean Energy continues to focus on expanding its transatlantic IPP portfolio and optimizing financing sources to support long-term growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alternus Clean Energy quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.