Alternus Clean Energy Reports $311,000 Revenue and $24.75 Million Net Loss for 2024

Alternus Clean Energy, Inc. reported revenue of $311,000 for the year ended December 31, 2024, a significant decrease from the $3.48 million reported in the previous year. This decline is primarily attributed to the sale of operating parks in Italy, Poland, and the Netherlands, as well as the deconsolidation of Lightwave Renewables, LLC. The company's net loss from continuing operations was $24.75 million, compared to a net loss of $32.61 million in 2023. This improvement was driven by decreased costs of revenues, depreciation, and other expenses, partially offset by lower revenues and increased selling, general, and administrative expenses.

A key strategic shift for Alternus in 2024 was the sale of its Romanian operating parks, resulting in a gain of $53.46 million. This contributed to a net income from discontinued operations of $45.83 million, a stark contrast to the $36.85 million loss in the prior year. Despite these strategic moves, the company's selling, general, and administrative expenses increased substantially to $11.98 million, up from $4.93 million in 2023, due to higher audit, consulting, legal, and listing costs associated with its Nasdaq listing efforts. The company also incurred $3.26 million in impairment losses related to Spanish assets.

Operationally, Alternus sold 4,540 MWh of electricity from continuing operations, compared to 11,985 MWh in the previous year, reflecting the reduced asset base. The company's operating model focuses on acquiring and developing utility-scale clean energy projects, with a strategy to expand into complementary market segments through mergers and acquisitions or strategic partnerships. As of December 31, 2024, the company had 14 employees, with a focus on business development, finance, and management functions.

Looking ahead, Alternus faces challenges related to its substantial indebtedness and the need to raise additional working capital. The company's auditor has expressed substantial doubt about its ability to continue as a going concern. Management plans to address this by securing corporate and project-level financing to support its transatlantic business plan. The company aims to mitigate risks through a diversified geographic footprint and a flexible, technology-agnostic strategy.