Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 152

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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 the exit of these two markets represented
a strategic shift for the Company, the assets were classified as discontinued operations in accordance with ASC 205-20. As of December
31, 2023, the Polish and Netherlands assets were classified as disposal groups held for sale. The balances and results of the Polish and
Netherlands disposal groups are presented below.

The sale of the Polish assets
was finalized January 19, 2024 with a cash consideration of $59.4 million for all operating assets. In accordance with ASC 360, the company
removed the disposal group and recognized a gain of $3.4 million upon the sale, of which $0.8 million were costs associated with the sale.

20

The sale of the Netherlands
assets was finalized February 21, 2024 with a cash consideration of $7.1 million for all operating assets. In accordance with ASC 360,
the company removed the disposal group and recognized a loss of $1.3 million upon the sale, of which $0.5 million were costs associated
with the sale.

    Three Months Ended
 March 31, 
  
    Poland 
    2024 

    (in thousands) 

    Revenues 
    $106 

    Operating Expenses 

    Cost of revenues 
     (101)
  
    Depreciation, amortization, and accretion 
     (123)
  
    Gain/(loss on disposal of asset) 
     3,484 
  
    Total operating expenses 
     3,260 

    Income from discontinued operations 
     3,366 

    Other income/(expense): 

    Impairment loss recognized on the remeasurement to fair value less costs to sell 
     - 
  
    Interest expense 
     (688)
  
    Other expense 
     - 
  
    Total other expenses 
    $(688)
  
    Income/(Loss) before provision for income taxes 
    $2,678 
  
    Income taxes 
     - 
  
    Net income/(loss) from discontinued operations 
    $2,678 

    Three Months Ended
 March 31, 
  
    Netherlands 
    2024 

    (in thousands) 

    Revenues 
    $16 

    Operating Expenses 

    Cost of revenues 
     (115)
  
    Depreciation, amortization, and accretion 
     (57)