As of September 30, 2024, Alternus Clean Energy, Inc. reported significant financial changes compared to the previous fiscal period. Total current assets decreased to $58.7 million from $158.9 million as of December 31, 2023, primarily due to a drop in cash and cash equivalents, which fell to $290,000 from $4.0 million. Total assets also declined to $92.3 million from $185.3 million, while total current liabilities decreased to $173.9 million from $247.4 million. However, total shareholders’ deficit increased to $(82.7 million) from $(63.3 million).
Revenue for the three months ended September 30, 2024, was $93,000, a 93% decrease from $1.3 million in the same period in 2023. For the nine months, revenue fell to $280,000 from $3.0 million, marking a 91% decline. The company attributed these declines to the sale of its operating parks in Poland and the Netherlands, which were completed in early 2024, and a decrease in Romanian revenues due to lower energy rates and green certificate volumes.
Operating expenses for the three months ended September 30, 2024, rose to $(2.4 million) from $(1.6 million) in 2023, while for the nine months, they increased to $(8.2 million) from $(5.4 million). The loss from operations for the three months was $(2.3 million), compared to $(346,000) in the prior year, and for the nine months, the loss increased to $(7.9 million) from $(2.4 million). The net loss for the three months was $(5.1 million), an improvement from $(14.6 million) in 2023, while the nine-month net loss decreased to $(18.5 million) from $(21.5 million).
Strategically, the company executed a reverse stock split on October 11, 2024, to comply with NASDAQ listing requirements, and it sold its subsidiary Solis and its assets for €1 on October 3, 2024, which eliminated approximately $115 million in debt and improved shareholders' equity by about $59 million. The company is actively seeking project financing to address its ongoing financial challenges and has been notified of non-compliance with NASDAQ's minimum market value requirements.
In terms of operational changes, the company has undergone management shifts, including the resignation of its Chief Financial Officer in April 2024, with the CEO currently serving in an interim capacity. The company continues to focus on expanding its portfolio of solar energy projects while navigating significant financial hurdles and market conditions.
About Alternus Clean Energy, Inc.
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