AleAnna, Inc. Reports Substantial Quarter-Over-Quarter Growth in Revenue, Net Income, and Adjusted EBITDA(1)
DALLAS, Nov. 12, 2026 (GLOBE NEWSWIRE) -- AleAnna, Inc. ("AleAnna" or "the Company") $(ANNA)$ today is pleased to announce strong financial and operational results for the third quarter of 2026.
Highlights:
-- Net income increased substantially to $6.2 million and revenue more than
doubled to $20.5 million compared to the second quarter of 2026, driven
by robust growth in gas production and significantly stronger realized
prices.
-- Operating income increased nearly fivefold to $9.4 million and Adjusted
EBITDA(1) nearly tripled to $12.2 million, compared to the second quarter
of 2026.
-- Average daily net sales gas production in the third quarter increased to
approximately 274 kSmc/d (AleAnna Working Interest) compared to the
second quarter of 2026 supported by well optimization.
-- Development continued on Longanesi's permanent facilities and
construction progressed at Gradizza, reinforcing the growth potential of
AleAnna's Italian gas portfolio.
-- Glen Cayley joined the Board of Directors of AleAnna. Glen is a seasoned
upstream energy executive with extensive experience in exploration, field
development and production operations, and is ideally placed to assist
AleAnna with its ambitious growth program.
Management Commentary
Marco Brun, Chief Executive Officer, remarked on AleAnna's recent accomplishments: "AleAnna delivered excellent results for the third quarter of 2026, with substantially higher net income, revenue more than doubling and Adjusted EBITDA nearly tripling compared with the second quarter of 2026. Robust growth in production and stronger gas prices translated into a marked improvement in earnings, demonstrating the growing contribution of the Company's Italian gas business. These achievements reflect both the strength of the producing asset and the benefits of targeted well optimization.
Building on this strong performance, AleAnna is advancing the development of its projects to support the next phase of growth. The Company's ambition is clear: expand production, realize the potential of its Italian gas portfolio and create long-term shareholder value through disciplined investment and focused execution."
Financial Results Summary
Quarterly
average
Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 LTM LTM
--------- --------- --------- --------- --------- --------- -----------
Average daily
working
interest
production
(kSmc/d) 273.9 276.0 189.9 227.8 230.4 226.8 226.8
Working
interest
production
(MMSmc) 25.2 25.4 17.3 60.6 33.2 82.8 20.7
Realized
weighted
average gas
price
($/Smc) 0.79 0.42 0.55 0.63 0.42 0.56 0.56
Revenue ($m) 20.5 11.2 10.2 40.1 15.9 49.2 12.3
Revenue
conventional
($m) 19.9 10.6 9.5 38.2 13.9 46.7 11.7
Net income
($m) 6.2 5.3 3.8 13.4 2.6 13.7 3.4
Operating
income ($m) 9.4 5.7 1.9 15.0 2.7 15.2 3.8
Adjusted
EBITDA(1)
($m) 12.2 6.3 4.1 20.6 3.6 23.6 5.9
Net income
margin 30% 47% 37% 33% 17% 28% 28%
Adjusted
EBITDA
margin(1) 59% 56% 41% 51% 22% 48% 48%
"Smc" means standard cubic meter; "kSmc/d" means thousands of standard cubic meters per day; and "MMSmc" means millions of standard cubic meters.
Robust production growth and stronger prices drive substantial earnings improvement
-- Robust growth in Longanesi sales gas production and stronger realized
prices drove substantial revenue growth. Production from ten strings
throughout the quarter and targeted well optimization supported the
increase in average daily output compared to the second quarter of 2026.
-- Revenue growth outpaced increases in royalties and operating costs,
resulting in higher operating income and Adjusted EBITDA(1).
-- The quarter reflected the earnings benefit of higher production in a
stronger gas price environment.
-- Net income margin represented 30.3% of revenue, while Adjusted EBITDA
margin(1) was 59.4%, compared with 40.6% in the second quarter of 2026.
Earnings substantially exceed the average of the last four quarters
-- For the twelve months ended September 30, 2026, AleAnna reported revenue
of $49.2 million and net income of $13.7 million.
-- In the third quarter of 2026, net income of $6.2 million exceeded the
average of $3.4 million for the last four quarters. The average includes
the third quarter of 2026.
Longanesi supports growth and advances permanent infrastructure
-- Longanesi is the principal contributor to AleAnna's robust quarterly
growth with average gross production reaching more than 800 kSmc/d, and
strong plant uptime.
-- Development of permanent production facilities continued with the joint
venture partner and operator, with the permanent infrastructure expected
to further enhance operations and support the concession's long-term
development.
Gradizza advances the operated production portfolio
-- Gradizza advanced during the quarter, with construction and baseline
environmental monitoring progressing toward AleAnna's first wholly owned
and operated producing asset.
-- The project represents a strategic opportunity and is expected to expand
the Company's Italian production base.
Advancing a promising portfolio of development opportunities
-- Beyond Longanesi and Gradizza, AleAnna actively advanced preparations
across its wider Italian project portfolio for future development.
-- In October 2026, environmental compliance work at Fornace was completed
and preparatory activities included rig identification and tender
documentation for civil works and drilling, with further authorization
still required.
-- Environmental compliance work and other permit applications progressed
for several permits, supporting the identification and preparation of
future investment opportunities.
About AleAnna
AleAnna is a technology-driven energy company, focused on growing gas production in Italy and helping drive Italy's energy future. Further details can be found on our website at www.aleannainc.com/AboutAleAnna.
Forward-Looking Statements
The information included herein contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements, other than statements of present or historical fact included herein regarding AleAnna's future operations, financial position, plans and objectives are forward-looking statements. These include, among others, statements regarding expected production levels, the completion and anticipated benefits of the permanent production facilities at Longanesi, the development of and receipt of remaining authorizations for Gradizza and Fornace, the advancement of AleAnna's wider Italian project portfolio, and the sufficiency of AleAnna's cash resources. AleAnna's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. A list and descriptions of these risks, uncertainties and other factors can be found in AleAnna's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in AleAnna's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC"). SEC filings are available on the SEC's website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.
Investor Relations Contact
Ivan Ronald
ironald@aleannagroup.com
Website
https://www.aleannainc.com
(1) This is a non-GAAP financial measure. Refer to Non-GAAP Performance Measures and Definitions for further details.
ALEANNA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND SEPTEMBER 30, 2025
For the Three Months Ended For the Nine Months Ended,
September 30, September 30,
-------------------------- ----------------------------
2026 2025 2026 2025
---------- ----------
Revenues $20,512,904 $11,224,868 $40,071,540 $15,899,878
---------- ---------- ---------- ----------
Operating expenses
(income):
Cost of revenues 2,936,293 2,155,189 5,954,423 3,295,105
Lease operating
expense 2,281,793 654,092 5,424,978 1,748,500
General and
administrative 4,017,088 2,071,051 10,295,162 7,185,948
Depreciation and
depletion 1,810,542 582,604 3,870,972 885,140
Accretion and
remeasurement of
asset retirement
obligation 54,204 33,318 (497,333) 98,519
---------- ---------- ---------- ----------
Total operating
expenses 11,099,920 5,496,254 25,048,202 13,213,212
---------- ---------- ---------- ----------
Operating income 9,412,984 5,728,614 15,023,338 2,686,666
Other income:
Interest and other
income 139,079 146,655 427,355 538,291
---------- ---------- ---------- ----------
Total other
income 139,079 146,655 427,355 538,291
---------- ---------- ---------- ----------
Income before
income taxes 9,552,063 5,875,269 15,450,693 3,224,957
Income tax expense (3,333,538) (556,592) (2,033,699) (600,987)
---------- ---------- ---------- ----------
Net income 6,218,525 5,318,677 13,416,994 2,623,970
Net income
attributable to
noncontrolling
interests (2,416,741) (2,004,779) (5,183,752) (967,268)
---------- ---------- ---------- ----------
Net income
attributable to
Class A Common
stockholders $ 3,801,784 $ 3,313,898 $ 8,233,242 $ 1,656,702
========== ========== ========== ==========
Other comprehensive
(loss) income
Currency
translation
adjustment $ (333,206) $ 716,316 $(1,715,056) $ 4,797,503
---------- ---------- ---------- ----------
Comprehensive
income 5,885,319 6,034,993 11,701,938 7,421,473
Comprehensive
income
attributable
to
noncontrolling
interests (2,284,773) (2,729,530) (4,512,074) (3,286,011)
---------- ---------- ---------- ----------
Total comprehensive
income attributable
to Class A Common
stockholders $ 3,600,546 $ 3,305,463 $ 7,189,864 $ 4,135,462
========== ========== ========== ==========
Weighted average
shares of Class A
Common Stock
outstanding,
basic and
diluted 40,960,842 40,615,773 40,840,312 40,631,315
Net income per
share of Class A
Common Stock,
basic and
diluted $ 0.09 $ 0.08 $ 0.20 $ 0.04
ALEANNA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
September 30, December 31,
2026 2025
-------------- ----------------
ASSETS
Current Assets:
Cash and cash equivalents $ 25,474,351 $ 31,826,830
Restricted cash 1,260,782 1,304,129
Accounts receivable 8,025,589 1,959,001
Prepaid expenses and other assets 5,029,939 1,528,622
------------ ------------
Total Current Assets 39,790,661 36,618,582
Non-current assets:
Natural gas and other properties,
successful efforts method, net
of accumulated depreciation and
depletion of $5,913,206 and
$2,932,984, respectively 51,562,184 42,553,580
Renewable natural gas properties,
net of accumulated depreciation
of $767,807 and $508,583,
respectively 10,310,354 10,744,121
Value-added tax receivable 9,118,938 9,589,576
Operating lease right-of-use
assets 100,094 1,790,461
Deferred tax assets 1,761,504 --
------------ ------------
Total Non-current Assets 72,853,074 64,677,738
------------ ------------
Total Assets $ 112,643,735 $ 101,296,320
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued
expenses $ 15,140,130 $ 6,776,384
Income tax payable 4,195,215 417,568
Lease liability, short-term 76,076 200,419
Contingent consideration
liability, short-term 16,615,215 11,576,846
------------ ------------
Total Current Liabilities 36,026,636 18,971,217
Non-current Liabilities:
Asset retirement obligation 3,065,287 4,507,921
Deferred tax liability 866,923 897,812
Lease liability, long-term -- 1,588,243
Contingent consideration
liability, long-term -- 16,651,065
------------ ------------
Total Non-current Liabilities 3,932,210 23,645,041
------------ ------------
Total Liabilities 39,958,846 42,616,258
Commitments and Contingencies
Stockholders' Equity:
Class A Common Stock, par value
$0.0001 per share, 150,000,000
shares authorized, 40,980,797
and 40,659,881 shares issued and
outstanding as of September 30,
2026 and December 31, 2025,
respectively 4,098 4,066
Class C Common Stock, par value
$0.0001 per share, 70,000,000
shares authorized, 25,994,400
shares issued and outstanding as
of September 30, 2026 and
December 31, 2025, respectively 2,599 2,599
Additional paid-in capital 230,943,142 228,640,286
Accumulated other comprehensive
loss (4,984,766) (3,941,388)
Accumulated deficit (181,015,601) (189,248,843)
Noncontrolling interest 27,735,417 23,223,342
------------ ------------
Total Stockholders' Equity 72,684,889 58,680,062
------------ ------------
Total Liabilities and
Stockholders' Equity $ 112,643,735 $ 101,296,320
------------ ------------
Non-GAAP Performance Measures and Definitions
In addition to amounts presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we also present certain supplemental non-GAAP financial measures. We believe that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of our operating results and trends in addition to the results measured in accordance with GAAP and provides greater comparability across time periods. These measures should not be considered a substitute for GAAP basis measures, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. The non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures used by other companies. Our non-GAAP measures are reconciled to net income, the most directly comparable GAAP performance measure.
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
EBITDA is a supplemental non-GAAP financial measure defined as net income (loss) adjusted for interest and other income, income taxes, depreciation and depletion. Our definition of Adjusted EBITDA differs from EBITDA because we further adjust non-GAAP EBITDA for stock-based compensation expense and the remeasurement of asset retirement obligations, and other one-off activity, when applicable. The purpose of presenting Adjusted EBITDA is to adjust for items that we do not believe represent the operations of the core business such as transaction expenses, share-based compensation, and other non-recurring costs. Adjusted EBITDA margin corresponds to the ratio between Adjusted EBITDA and revenue.
The following table is a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin:
Quarterly
average
Amounts in USD Q3 2026 Q3 2025 Q2 2026 9M 2026 9M 2025 LTM LTM
-------------- ------------- -------------- -------------- ------------- -------------- -------------
Net Income 6,218,525 5,318,677 3,798,948 13,416,994 2,623,970 13,675,092 3,418,773
Add (deduct):
Interest and other
income (139,079) (146,655) (148,439) (427,355) (538,291) (1,131,963) (282,991)
Income tax
(benefit)/expense 3,333,538 556,592 (1,737,236) 2,033,699 600,987 2,696,108 674,027
Depreciation and
depletion 1,810,542 582,604 881,978 3,870,972 885,140 5,919,313 1,479,828
---------- --------- ---------- ---------- --------- ---------- ---------
EBITDA 11,223,526 6,311,218 2,795,251 18,894,310 3,571,806 21,158,550 5,289,638
Add (deduct):
Remeasurement of
asset retirement
obligation -- -- -- (639,575) -- (639,575) (159,894)
Stock compensation
expense 952,241 -- 1,347,671 2,350,943 -- 3,125,163 781,291
---------- --------- ---------- ---------- --------- ---------- ---------
Adjusted EBITDA 12,175,767 6,311,218 4,142,922 20,605,678 3,571,806 23,644,138 5,911,035
========== ========= ========== ========== ========= ========== =========
Net income margin 30% 47% 37% 33% 17% 28% 28%
Adjusted EBITDA
margin 59% 56% 41% 51% 22% 48% 48%
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