ANNAHIGH SIGNALFINANCIAL10-K

AleAnna achieved a dramatic operational turnaround with revenue surging 1,663% to $25M and operating cash flow swinging from -$16.9M to +$10.2M positive.

This represents a fundamental transformation from a development-stage company to an operating business, likely driven by the Italian renewable natural gas acquisitions completed in 2024. The company has successfully transitioned from burning cash to generating positive operating cash flow, though investors should monitor the 701% increase in current liabilities and whether this growth trajectory is sustainable.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

AleAnna delivered explosive financial performance with revenue increasing 1,663% to $25M and operating cash flow swinging dramatically from -$16.9M to +$10.2M, signaling successful commercialization of their renewable natural gas operations. While total assets grew 21.9% to $101.3M and stockholders' equity improved from -$7.7M to -$2.9M, the 701% surge in current liabilities to $19M raises questions about working capital management and debt structure. Overall, the financials demonstrate a company that has successfully transitioned from development stage to operational profitability, though the liability growth warrants close monitoring.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+1663%
$1.4M$25.0M

Strong top-line growth of 1663% — accelerating demand or successful expansion into new markets.

Current Liabilities
Balance Sheet
+701.1%
$2.4M$19.0M

Current liabilities surged 701.1% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
+222.4%
$1.1M$3.4M

Net income grew 222.4% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+160.1%
-$16.9M$10.2M

Operating cash flow surged 160.1% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+119.9%
-$14.6M$2.9M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Stockholders Equity
Balance Sheet
+62.1%
-$7.7M-$2.9M

Equity base grew 62.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+59.9%
$1.2M$2.0M

Receivables surged 59.9% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Total Liabilities
Balance Sheet
+27.9%
$33.3M$42.6M

Liabilities increased 27.9% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+21.9%
$83.1M$101.3M

Asset base grew 21.9% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+17.3%
$31.2M$36.6M

Current assets grew 17.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
As of March 30, 2026, there were 40,659,881 shares of Class A common stock, par value $0.0001 per share, and 25,994,400 shares of Class C common stock, par value $0.0001 per share, of the registrant outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53 Item 6.
Carbon Negative Renewable Natural Gas - Renewable natural gas ( RNG ) is considered carbon negative if it captures more greenhouse gases than it emits.
together with its subsidiaries, is collectively referred to herein as the Company or AleAnna ), AleAnna Inc.
is comprised of wholly owned subsidiaries, AleAnna Energy, LLC, AleAnna Resources, LLC, AleAnna Italia S.p.A.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55 Item 6: [Reserved] 55 Item 7.
Carbon Negative Renewable Natural Gas - Renewable natural gas (RNG) is considered carbon negative if it captures more greenhouse gases than it emits.
Between March 2024 and July 2024, we successfully completed three separate strategic acquisitions of renewable natural gas plant projects in Italy for an aggregate 9,087,882, or approximately $9,829,034.
We expect to begin construction on our Camapagnatico greenfield facility in 2025 and that Campagnatico has been preliminarily approved for government-backed incentives for both capital expenditure reimbursement and a biomethane floor price through the end of 2039 of 124 per MWh, equivalent, as of December 31, 2024, to $37.60 per 103ft 3 .
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