Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1326

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 3
Chunk 1326
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Alternus Clean Energy, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance
sheet of Alternus Clean Energy, Inc. and its subsidiaries (collectively, the “Company”) as of December 31, 2024, and the related
statements of operations and comprehensive income/(loss), changes in shareholders’ deficit, and cash flows for the year then ended,
and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and
its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

We also have audited the adjustments to the
2023 consolidated financial statements to retrospectively apply discontinued operations, reverse stock split and segment reporting,
as discussed in Notes 19, 22 and 23, respectively, and the effects of the reclassification described in Note 3. Such adjustments are
appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2023 consolidated
financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any
other form of assurance on the 2023 consolidated financial statements taken as a whole.

Explanatory Paragraph – Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,
the Company has suffered continued negative cash flows and losses from continued operations that raise substantial doubt about its ability
to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion 

These financial statements are the responsibility
of the entity’s management. Our responsibility is to express an opinion on the entity’s financial statements based on our
audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that