ANNAMEDIUM SIGNALFINANCIAL10-K

ANNA shows improving financial health with meaningfully reduced losses and growing asset base, while expanding operations in Italian renewable natural gas projects.

The company's stockholders' equity deficit improved substantially from -$7.7M to -$2.9M, indicating progress toward profitability and reduced financial distress. The 22% growth in total assets to $101.3M combined with expanded liabilities suggests active investment and growth initiatives, particularly in renewable natural gas facilities in Italy.

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

ANNA demonstrated meaningful financial improvement with its stockholders' equity deficit narrowing considerably while total assets grew notably to $101.3M. The company maintained healthy cash reserves of $31.8M with modest growth, though total liabilities increased 28% to $42.6M, likely reflecting expanded operations and capital investments. Overall, the financial picture signals a company in transition from startup losses toward operational sustainability, with adequate liquidity to fund its renewable energy development projects.

FINANCIAL STATEMENT CHANGES
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.

Cash & Equivalents
Balance Sheet
+12.3%
$28.3M→$31.8M

Cash grew 12.3% — improving liquidity position supports investment and shareholder returns.

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.
AleAnna Renewable is comprised of various subsidiaries that hold its renewable natural gas assets (the RNG Subsidiaries ).
One tonne of LNG corresponds to approximately 1,400 cubic meters of gas.
Merger Agreement Agreement and Plan of Merger, as amended, dated June 4, 2024, by and among Swiftmerge, HoldCo, Swiftmerge Merger Sub LLC, a Delaware limited liability company and wholly-owned subsidiary of HoldCo, and AleAnna Energy.
The risks and uncertainties that may affect the operations, performance and results of our business and forward-looking statements include, but are not limited to, those set forth in Item 1A., Risk Factors in this Form 10-K, and other documents we file from time to time with the SEC.
Between March 2024 and July 2024, we successfully completed three separate strategic acquisitions of renewable natural gas plant projects in Italy for an aggregate 9.0 million or approximately $9.8 million.
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 .
Such incentives are subject to successful completion and start-up of the Campagnatico facility.
As a development-stage company, while we have generated electricity revenue from our RNG plants, we had not yet generated any revenue from our principal business activities as of December 31, 2024.
The permanent processing facility is expected to be constructed over the course of 2025 and early 2026 and commissioned in mid-20 26.
As of December 31, 2024, we have not derived revenue from its conventional natural gas business.
With several conventional and renewable projects under development, expected to initially generate revenue in the next 18 to 24 months.
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