Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1535

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 4
Chunk 1535
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,263) 
    $(11,766) 
    $8,503  
     (72)%

Impairment loss recognized for continuing operations
increased by $3.3 million for the year ended December 31, 2024 compared to the same period in 2023. The decrease represents the expected
loss at December 31, 2024 on the disposal of the Spanish assets.

Impairment loss recognized for discontinued operations
decreased by $11.8 million for the year ended December 31, 2024 compared to the same period in 2023. The decrease represents the expected
loss at December 31, 2023 on the sale of the Polish assets. There was no indication of impairment for the Netherlands as of December 31,
2023.

Net Loss

Net loss for continuing operations decreased by
$7.9 million for the year ended December 31, 2024 compared to the same period in 2023. This is primarily due to a decrease in cost of
revenues of $0.9 million, depreciation of $1.5 million, loss on disposal of asset of $5.5 million, and other expense of $14.3 million.
This was partially offset by a decrease in revenues of $3.2 million, an increase in SG&A expenses of $7.0 million, development costs
of $0.4 million, interest expense of $3.1 million, and income tax of $0.6 million.

Net loss for discontinued operations decreased
by $82.7 million for the year ended December 31, 2024 compared to the same period in 2023. This is primarily due to a decrease in cost
of revenues of $3.2 million, SG&A expenses of $4.7 million, depreciation of $3.3 million, development costs of $0.4 million, interest
expense of $10.0 million, other expense of $25.0 million, tax expense of $0.2 million, and a gain of $53.0 million for the net sale of
the Poland, Netherlands, and Romanian operating parks in January, February, and October 2024, respectively. This was offset by a decrease
in revenues of $17.2 million.

Liquidity and Capital Resources

Capital Resources

A key element to the Company’s financing
strategy is to raise much of its debt in the form of project specific non-recourse borrowings at its subsidiaries