Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 151

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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 the accompanying consolidated financial statements during the period ended June
30, 2025, the Company had net income from continuing operations of approximately $5.1 million and net loss from continuing operations
of approximately $(9.9) million for the six months ended June 30, 2025 and 2024, respectively. The Company had total shareholders’
equity/(deficit) of $(21.1) million as of June 30, 2025 and $(33.9) million as of December 31, 2024. The Company had $0 million of unrestricted
cash on hand as of June 30, 2025.

Our operating revenues are
insufficient to fund our operations and our assets already are pledged to secure our indebtedness to various third party secured creditors,
respectively. The unavailability of additional financing could require us to delay, scale back, or terminate our acquisition efforts and
other core business activities, which would have a material adverse effect on the Company and its viability and prospects.

The terms of our indebtedness,
including the covenants and the dates on which principal and interest payments on our indebtedness are due, increases the risk that we
will be unable to continue as a going concern. To continue as a going concern over the next twelve months, we must make payments on our
debt as they come due and comply with the covenants in the agreements governing our indebtedness or, if we fail to do so, to (i) negotiate
and obtain waivers of or forbearances with respect to any defaults that occur with respect to our indebtedness, (ii) amend, replace, refinance,
or restructure any or all of the agreements governing our indebtedness, and/or (iii) otherwise secure additional capital. However, we
cannot provide any assurances that we will be successful in accomplishing any of these plans.

On February 10, 2025, the
Company received a determination letter (the “Delisting Notification”) from the Nasdaq Hearings Advisor stating that the Panel
determined to delist the Company’s common stock, par value $0.0001 per share (the “Common Stock”) from the Nasdaq Capital
Market, and Nasdaq accordingly suspended trading in the Company’s Common Stock effective at the opening of trading on February 12,
2025, because the Company has not demonstrated compliance with the MVLS Rule, nor does it meet any of the alternative requirements under
Nasdaq Listing Rule 5550(b