AleAnna, Inc. (ANNA)·Q4 2024 Earnings Summary

Executive Summary

• AleAnna reported a small revenue base in Q4 2024 ($0.77M*) with negative EBITDA (-$1.41M*) and diluted EPS (-$0.06*), reflecting pre‑Longanesi production and public company transition costs; formal guidance was not provided .
• FY24 was transformative: the company completed its de‑SPAC and listed on Nasdaq (Dec 13, 2024), acquired three RNG plants for ~$9.7M generating $1.4M FY24 electricity revenue, and ended FY24 with $28.33M cash—providing runway into 2025 .
• A key near‑term catalyst occurred post‑quarter: first gas and sales at the Longanesi field began March 13, 2025, supported by a long‑term gas sales agreement with Shell Energy Europe; this underpins 2025 revenue inflection potential .
• Street estimate coverage appears limited; S&P Global shows no consensus EPS or revenue estimates for Q4 2024 (only recorded actuals), implying low sell‑side coverage and higher event‑driven trading sensitivity to operational milestones rather than quarterly consensus beats/misses.*

What Went Well and What Went Wrong

What Went Well

• Successfully completed de‑SPAC and listed on Nasdaq (ticker “ANNA”), expanding access to capital and investor base .
• Executed three RNG plant acquisitions in Italy (~$9.7M consideration) that delivered $1.4M FY24 electricity production revenue, establishing an initial renewables cash flow base .
• Management highlighted strategic progress and commercialization momentum: “As we enter 2025, we are proud to have achieved first production and sales from Longanesi, marking a major milestone in our growth strategy.” — CEO Marco Brun .

What Went Wrong

• Q4 2024 profitability was weak on a small revenue base: revenue $0.77M*, EBITDA -$1.41M*, EPS -$0.06*, reflecting pre‑production operations and cost ramp.*
• FY24 included significant non‑operating charges tied to the de‑SPAC: business combination transaction expenses of $8.40M and a deemed dividend related to preferred units of $(155.42)M; FY net loss attributable to Class A holders was $(167.77)M .
• No formal quantitative guidance and no earnings call transcript found for Q4 2024; limited disclosures increase uncertainty and may elevate volatility until Longanesi volumes and RNG contributions are better quantified.

Financial Results

Quarterly performance (oldest → newest):

• Values with * retrieved from S&P Global.
• Sources: Quarterly metrics (S&P Global)*; FY financial statement context from 8‑K and Exhibit 99.1 .

Consensus vs. actual (Q4 2024):

• Street coverage appears limited; S&P Global shows no consensus estimates for Q4 2024 (only recorded actuals).*

KPIs and balance sheet highlights:

• Cash & Cash Equivalents at 12/31/24: $28.33M .
• FY24 electricity revenue from RNG acquisitions: $1.40M .
• Longanesi first gas and sales commencement: March 13, 2025 (post‑Q4 catalyst) .

Guidance Changes

No formal guidance was provided in the Q4 2024 8‑K press release; no separate guidance press releases were found in Q4 2024, and no earnings call transcript was available.

• Sources: 8‑K and press release; no guidance details disclosed .

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was found. Themes below reflect disclosures from the press release and FY filings; narrative will likely evolve as Longanesi ramps.

• Note: Some “previous mentions” lack public quarterly artifacts; underlying operations inferred from FY disclosures and S&P quarterly data.*

Management Commentary

• “2024 was a pivotal year for AleAnna as we successfully completed our de‑SPAC transaction and became a publicly traded company. We also strengthened our position in Italy’s renewable natural gas sector with strategic acquisitions and secured a long‑term gas sales agreement with Shell Energy Europe.” — Marco Brun, CEO .
• “As we enter 2025, we are proud to have achieved first production and sales from Longanesi, marking a major milestone in our growth strategy.” — Marco Brun, CEO .

Q&A Highlights

No Q4 2024 earnings call transcript was found; therefore, no Q&A highlights or guidance clarifications are available for this quarter.

Estimates Context

• S&P Global shows no consensus estimates for Q4 2024 EPS or revenue; actuals recorded were revenue $0.77M* and EBITDA -$1.41M*, indicating limited sell‑side coverage.*
• Given the absence of Street numbers, estimate revisions are unlikely to drive near‑term trading; instead, investors should focus on operational updates (Longanesi volumes, sales realization under the Shell agreement, and RNG execution) .

Key Takeaways for Investors

• 2025 inflection setup: First gas and sales at Longanesi (Mar 2025) can pivot the P&L from cost‑heavy development to revenue contribution; watch production volumes and uptime .
• Liquidity to bridge the ramp: $28.33M cash at YE 2024 provides flexibility to execute on early 2025 milestones and RNG growth .
• RNG platform emerging: FY24 electricity revenue ($1.4M) is a base; the broader RNG pipeline (~100 projects; ~€1.1B potential) offers multi‑year optionality, contingent on capital, permitting, and execution .
• Public company transition costs and FY24 non‑operating impacts (e.g., $8.40M business combination expense; large deemed dividend) distorted FY loss; look through to operational metrics as Longanesi ramps .
• Lack of formal guidance and limited Street coverage heighten event‑driven volatility; near‑term stock reaction will likely hinge on disclosed production data, sales/realizations under Shell contract, and additional RNG transactions .
• Monitoring priorities: production cadence at Longanesi, realized pricing and contract terms, OpEx discipline post‑listing, and capital allocation toward RNG vs. conventional developments .

Notes and sources:

• Press release and 8‑K (Item 2.02) announcing FY2024 results, de‑SPAC listing, RNG acquisitions, cash balance, and Longanesi first gas: .
• FY24 financial statement details (loss drivers and equity impacts): .
• Quarterly figures marked with * are values retrieved from S&P Global (no company document citations available).*