AleAnna, Inc. (ANNA)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 reported total revenue of $0.645M and diluted EPS of $(0.05); management emphasized that no Longanesi field revenue was recognized in Q1, with first gas sales achieved in May and revenue expected to appear in Q2 results .
• Net loss attributable to Class A common stockholders narrowed sharply to $(2.01)M versus $(114.26)M in Q1 2024, largely due to the absence of the prior-year deemed dividend tied to preferred unit redemption, not operational improvement per se .
• Liquidity remained solid with cash and equivalents of $27.8M at March 31, 2025, supporting development activities and RNG growth initiatives .
• Near-term catalyst: formal recognition of Longanesi production revenue in Q2 2025 and clarity on ramp trajectory; RNG portfolio development remains a secondary growth pillar .

What Went Well and What Went Wrong

What Went Well

• Longanesi project advanced from first production (March 13, 2025) to first sales (May 2025), setting up Q2 revenue recognition: “we achieved first sales and … expect to report revenue … as a part of second quarter results” .
• YoY per-share loss improved materially (from $(3.41) to $(0.05)), with fewer one-time capital structure impacts versus Q1 2024 .
• Balance sheet liquidity remained robust ($27.8M cash) to fund development and pursue strategic opportunities in Italy’s gas and RNG markets .

What Went Wrong

• Q1 revenue was modest and carried a negative gross margin given cost of revenues exceeding reported revenues; no Longanesi revenue was recognized in Q1, limiting operating leverage .
• Operating loss increased YoY (from $(2.05)M to $(3.63)M) on higher G&A as the company scales post listing and advances projects .
• Consensus estimates were not available for EPS/revenue, limiting external benchmark comparison and headline “beat/miss” assessment for the quarter via S&P Global [Values retrieved from S&P Global]*.

Financial Results

Income Statement vs Prior Year and Prior Quarter (where available)

Notes:

• Gross margin and gross profit derived from reported revenue and cost of revenues in the Q1 2025 8-K .
• “Prior quarter” income statement data not available in filed documents; balance sheet comparison provided below.

Balance Sheet Snapshot (Liquidity and Assets)

Segment/Source Breakdown (where disclosed)

KPIs and Operating Milestones

Guidance Changes

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript found in the document set; themes are derived from filed press releases.

Management Commentary

• “We continue to execute on our business strategy and are encouraged by the initial performance at the Longanesi field… with the onset of sales in early May 2025 we expect to report revenue in our second quarter results.” — Marco Brun, CEO .
• “2024 was a pivotal year… we successfully completed our de-SPAC transaction and became a publicly traded company… we are proud to have achieved first production and sales from Longanesi.” — Marco Brun, CEO .

Q&A Highlights

No Q1 2025 earnings call transcript was available in the filing set; as a result, analyst Q&A themes and clarifications are not available for this quarter.

Estimates Context

• S&P Global consensus for Q1 2025 EPS and revenue was not available; only actuals were observed in the estimates dataset, limiting beat/miss determination [Values retrieved from S&P Global]*.
• Model implications: Street frameworks should incorporate Q2 Longanesi revenue recognition and consider the Q1 run-rate of G&A and cost of revenues as a baseline input for near-term profitability trajectory .

*Values retrieved from S&P Global.

Key Takeaways for Investors

• Q1 was a transitional quarter: no Longanesi revenue recognized, but first sales in May should shift the narrative to monetization in Q2 .
• Liquidity ($27.8M cash) provides runway for Longanesi ramp and RNG project execution; equity base remains positive despite losses .
• Operating loss widened YoY due to higher operating expenses; margins were negative given limited revenue scale against cost of revenues .
• YoY EPS improvement reflects structural capital changes (absence of the prior-year deemed dividend), not solely operating performance gains .
• RNG portfolio remains a strategic pillar, with three plants under development and nearly 100 potential projects indicating multi-year optionality .
• Near-term catalyst: confirmation of Q2 Longanesi revenue and any disclosure on ramp, pricing, and volumes; absence of formal guidance underscores the importance of Q2 prints for trajectory .
• With no available Street consensus, traders should anchor on the company’s Q2 revenue expectation and observed Q1 cost base when handicapping near-term earnings risk-reward .