New Risk • Jul 25
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (49% average weekly change). Shareholders have been substantially diluted in the past year (over 42x increase in shares outstanding). Market cap is less than US$10m (kr1.00m market cap, or US$99.1k). Board Change • Jul 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Nick Parker was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 01
First quarter 2025 earnings released: US$0.021 loss per share (vs US$2.94 loss in 1Q 2024) First quarter 2025 results: US$0.021 loss per share (improved from US$2.94 loss in 1Q 2024). Net loss: US$180.0k (loss narrowed 98% from 1Q 2024). Announcement • Apr 01
Alternus Energy Group Plc announced delayed annual 10-K filing On 03/31/2025, Alternus Energy Group Plc announced that they will be unable to file their next 10-K by the deadline required by the SEC. Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Nick Parker was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 09
Alternus Energy Group Plc Announces Resignation of Gita Shah as Chief Sustainability Officer Alternus Energy Group Plc announced that on December 31, 2024, Ms. Gita Shah resigned as Chief Sustainability Officer of the Company, effective immediately. The resignation of Ms. Shah was not the result of any disagreements with the Company on any matter, including relating to the Company’s operations, policies or practices. Announcement • Nov 15
Alternus Energy Group Plc announced delayed 10-Q filing On 11/14/2024, Alternus Energy Group Plc announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Nov 10
Alternus Energy Receives Letter from the Staff of the Listing Qualification Department of the Nasdaq Regarding Non Compliance with the Minimum Market Value of Listed Securities On November 6, 2024, Alternus Energy Group Plc received a letter from the staff of the Listing Qualification Department (the “Staff”) of the NASDAQ Stock Market LLC (“NASDAQ”), which notified the Company that it failed to achieve compliance with the Minimum Market Value of Listed Securities (the “MVLS”) of $35,000,000 requirement for continued listing on the NASDAQ Capital Market under NASDAQ’s Listing Rule 5550(b)(2) (the “MVLS Requirement”). In accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until November 4 2024, to regain compliance with the Rule. The NASDAQ Staff further noted that unless an appeal is made the Company’s securities will be scheduled for delisting from The NASDAQ Capital Market and will be suspended at the opening of business on November 15, 2024, and a form 25-NSE will be filed with the Securities and Exchange Commission. The NASDAQ Staff further noted that the Company has until 4:00 pm. Eastern Time on November 13, 2024 to file a Hearing Request. Such a Hearing Request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE bending the Hearing Panel’s decision. The Company intends to file a Hearing Request and provide to the Hearing Panel its plan to regain compliance with Listing Rule 5550(b)(2). As part of the Hearing Request, the Company will present plan to address the remaining matters and to recapitalize the Company, as provided under NASDAQ rules. There can be no assurance that the Company will successfully regain compliance with the MVLS Requirement rule. The Company disclaims any intention to update this Current Report on Form 8-K to disclose any action or response that the Company may decide to take after the filing of this report, unless required by law, rule, or regulation. Announcement • Oct 03
Alternus Energy Group Plc announced that it expects to receive $2.25 million in funding Alternus Energy Group Plc announced that it has entered into securities purchase agreement with institutional investor to issue senior convertible notes at an principal amount of $2,500,000 at discount of 10% and warrants to purchase up to 5,319,602 shares, $0.0001 par value per share, at an exercise price of $0.08 per share for gross proceeds of $2,250,000 on October 1, 2024. Notes shall be convertible into shares of Common Stock at an initial conversion price of $0.08. The Convertible Note matures on October 1, 2025, bears interest at a rate of seven percent (7%) per annum,. Announcement • Aug 16
Alternus Energy Group Plc announced delayed 10-Q filing On 08/15/2024, Alternus Energy Group Plc announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 18
Alternus Energy Group Plc announced delayed 10-Q filing On 05/16/2024, Alternus Energy Group Plc announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Apr 03
Alternus Energy Group Plc announced delayed annual 10-K filing On 04/02/2024, Alternus Energy Group Plc announced that they will be unable to file their next 10-K by the deadline required by the SEC. Board Change • Feb 29
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. 1 highly experienced director. CEO & Chairman Vincent Browne is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jan 24
Third quarter 2023 earnings released: US$0.60 loss per share (vs US$0.016 loss in 3Q 2022) Third quarter 2023 results: US$0.60 loss per share (further deteriorated from US$0.016 loss in 3Q 2022). Revenue: US$10.5m (down 15% from 3Q 2022). Net loss: US$15.9m (loss widened US$15.5m from 3Q 2022). New Risk • Jan 23
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$47m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$32m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-US$47m). Earnings have declined by 68% per year over the past 5 years. Shareholders have been substantially diluted in the past year (173% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr625.8m market cap, or US$59.5m). New Risk • Dec 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 173% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$22m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-US$47m). Earnings have declined by 61% per year over the past 5 years. Shareholders have been substantially diluted in the past year (173% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr640.2m market cap, or US$63.1m). Announcement • Dec 23
Alternus Energy Announces Directors Resignation Alternus Energy Group plc announces the resignation of two of its Board members, Mr. Javade Chaudhri and Ms. Tone Bjornov, with immediate effect due to the business combination with Clean Earth Acquisitions Corp. (now named Alternus Clean Energy Inc.). Mr. Chaudhri and Ms. Bjornov have become, with immediate effect, independent directors of Alternus Clean Energy Inc., and as such, in order to maintain their independence and not have any potential conflicts of interest with Alternus Energy Group, have chosen to resign from the Company. New Risk • Dec 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$22m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-US$47m). Earnings have declined by 61% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr338.3m market cap, or US$30.8m). Reported Earnings • Nov 29
Third quarter 2023 earnings released: US$0.60 loss per share (vs US$0.039 loss in 3Q 2022) Third quarter 2023 results: US$0.60 loss per share (further deteriorated from US$0.039 loss in 3Q 2022). Revenue: US$10.5m (down 4.3% from 3Q 2022). Net loss: US$15.9m (loss widened US$14.9m from 3Q 2022). Reported Earnings • Oct 02
Second quarter 2023 earnings released Second quarter 2023 results: US$0.10 loss per share. Revenue: US$12.5m (down 1.9% from 2Q 2022). Net loss: US$2.69m (loss widened US$2.46m from 2Q 2022). Announcement • Jul 29
Alternus Energy Group plc to Report Fiscal Year 2022 Final Results on Aug 31, 2023 Alternus Energy Group plc announced that they will report fiscal year 2022 final results on Aug 31, 2023 Announcement • Jul 18
Alternus Energy Group plc to Report Fiscal Year 2022 Results on Jul 31, 2023 Alternus Energy Group plc announced that they will report fiscal year 2022 results on Jul 31, 2023 Reported Earnings • Jun 30
First quarter 2023 earnings released: US$0.28 loss per share (vs US$0.19 loss in 1Q 2022) First quarter 2023 results: US$0.28 loss per share (further deteriorated from US$0.19 loss in 1Q 2022). Revenue: US$4.80m (down 32% from 1Q 2022). Net loss: US$7.37m (loss widened 46% from 1Q 2022). Reported Earnings • Apr 21
Full year 2022 earnings released: US$1.36 loss per share (vs US$0.37 profit in FY 2021) Full year 2022 results: US$1.36 loss per share (down from US$0.37 profit in FY 2021). Revenue: US$32.5m (up 39% from FY 2021). Net loss: US$35.8m (down 463% from profit in FY 2021). Reported Earnings • Nov 24
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €11.2m (up 57% from 3Q 2021). Net loss: €1.06m (down 418% from profit in 3Q 2021). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Jon Masdal was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
Alternus Energy Group plc Appoints Bill Sadlier as Chief Executive Officer of its Development Business, Altnua Alternus Energy Group plc announced the establishment of its development business, Altnua, which aims to become one of the leading specialist renewable asset developers in Europe and the US. Altnua will focus on developing utility scale projects from the ground up working with landowners and local developers as well as corporate off-takers to achieve their net zero goals. Bill Sadlier will lead the new business as Chief Executive Officer. Prior to establishing Altnua, Mr. Sadlier served as the Chief Financial Officer and Executive Director at BNRG where he led the business through transformative private equity deals on both sides of the Atlantic. Mr. Sadlier has an extensive track record in the renewable energy industry having developed, financed, and delivered over 1 GW of renewable capacity in Europe and North America since 2004 with businesses including NTR plc. Reported Earnings • Aug 18
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €10.6m (up 103% from 2Q 2021). Net loss: €37.0k (down 100% from profit in 2Q 2021). Announcement • Jul 30
Alternus Energy Group Plc Appoints Jon Masdal as Independent Non-Executive Director Alternus Energy Group Plc announced the appointment of Jon Masdal as an Independent non-Executive Director, with immediate effect. Masdal’s appointment brings the board to a total of six members. Masdal is an Oslo-based portfolio manager with the Ludvig Lorentzen family office. He has extensive capital markets experience in the energy sector having covered renewables and the broader energy sector as a sell side analyst at Norway's Investment bank, DNB Markets, for 10 years. During his time at DNB Masdal was a top-ranked analyst in the Nordic energy sector. Prior to joining DNB he worked as an auditor at EY in Oslo. He graduated from the University of New Mexico in 2010 with a BBA in Finance and Accounting and resides in Oslo. Announcement • Jul 23
Alternus Energy Group plc (OB:ALT) agreed to acquire Edibel Capital Energy S.l. Alternus Energy Group plc (OB:ALT) agreed to acquire Edibel Capital Energy S.l. on July 21, 2022. Chief Executive Officer of Edibel Capital Energy Juan Carlos Martínez-Amago will join Alternus team and be the new president and Chief Executive Officer of Alternus Energy Iberia. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Javade Chaudhri was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 13
Alternus Energy Group plc (OB:ALT) agreed to acquire 228 MW of solar projects from an established Spanish developer. Alternus Energy Group plc (OB:ALT) agreed to acquire 228 MW of solar projects from an established Spanish developer on April 12, 2022. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 17% share price gain to kr28.00, the stock trades at a trailing P/E ratio of 8x. Average forward P/E is 23x in the Renewable Energy industry in Europe. Total loss to shareholders of 3.4% over the past year. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 21% share price decline to kr21.00, the stock trades at a trailing P/E ratio of 5.9x. Average forward P/E is 21x in the Renewable Energy industry in Europe. Total loss to shareholders of 28% over the past year. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.36. Revenue: €20.6m (up €20.3m from FY 2020). Net income: €9.53m (up €12.4m from FY 2020). Profit margin: 46% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 60%, compared to a 42% growth forecast for the industry in Norway. Announcement • Feb 16
Alternus Energy Group Plc Appoints Javade Chaudhri as Non-Executive Independent Director and Announces Changes to the Board of Directors Alternus Energy appointed Javade Chaudhri as non-executive independent Director and announced changes to the Board of Directors. The company appointed Javade Chaudhri as an Independent non-Executive Director, with effect from February 14, 2022. Mr. Chaudhri will replace Rolf Wikborg, who resigned on February 14, 2022, to take up a new role as head of the Company’s newly formed Advisoy Board. Mr. Chaudhri is a Washington-based international transactional lawyer. He has extensive experience in both the private and public sectors across multiple industries and international markets. This work has involved domestic and international mergers and acquisitions and strategic alliances. He has structured and negotiated energy, infrastructure, manufacturing, technology, education, and healthcare transactions. He also advises on corporate governance, ethics, and compliance. From 2003 to 2013, he served as the general counsel, chief compliance officer, and chief environmental officer for utility and infrastructure company, Sempra Energy. Sempra Energy operates a global commodities and energy trading business in addition to owning and operating renewable and conventional power plants across the US, Mexico, and South America. Prior to joining Sempra Energy, Mr. Chaudhri was the general counsel and corporate secretary of Gateway, a leading global technology company. Announcement • Feb 02
Alternus Energy Group plc Appoints David Farrell as Chief Commercial Officer Alternus Energy Group Plc announced the appointment of David Farrell to the newly created role of Chief Commercial Officer. Mr. Farrell will be integral to the preparations for delivery of the Company’s contracted solar PV installations this year. Mr. Farrell joins the executive management team and will oversee all commercial and M&A activity for the Company in addition to leading the funding and investment activities in conjunction with CFO and CEO. Announcement • Dec 25
Alternus Energy Group plc (OB:ALT) acquired 12.9 megawatts of operational solar PV assets in Poland for approximately €13 million. Alternus Energy Group plc (OB:ALT) acquired 12.9 megawatts of operational solar PV assets in Poland for approximately €13 million on December 23, 2021. Purchase consideration was fully funded by the €20 million bond issuance completed by Alternus in November. The commercial operation date (COD) for the acquired portfolio was reached during December. This forms part of the agreement between Alternus and the developer for a total contracted pipeline of 24 megawatt peak (MWp). The additional 11 MWp is currently expected to reach COD in Q1 2022.
Alternus Energy Group plc (OB:ALT) completed the acquisition of 12.9 megawatts of operational solar PV assets in Poland for approximately €13 million on December 23, 2021. Announcement • Sep 01
Alternus Energy Group plc (OB:ALT) acquired 64.6 MWp Polish Witnica solar park of BayWa r.e. AG. Alternus Energy Group plc (OB:ALT) acquired 64.6 MWp Polish Witnica solar park of BayWa r.e. AG on August 31, 2021.
Alternus Energy Group plc (OB:ALT) completed the acquisition of 64.6 MWp Polish Witnica solar park of BayWa r.e. AG on August 31, 2021. The sales contract was signed between the parties in August 2021. Baywa will continue to supply operations and maintenance services at the Witnica site for Alternus Energy. Announcement • Apr 10
Alternus Energy Group Public Limited Company announced that it has received €9 million in funding from AVG Group Sarl and other investors Alternus Energy Group Public Limited Company (OTCNO:ALT) announced it has received €9 million in a round of funding led by new investor AVG Group Sarl on April 9, 2021. The transaction also included participation from other private individuals. AVG Group Sarl invested €8 million in the transaction. The company issued convertible notes in the transaction. Announcement • Feb 20
Alternus Energy Group Public Limited Company (OTCNO:ALT) acquired Kksol S.R.L. for approximately €1.36 million. Alternus Energy Group Public Limited Company (OTCNO:ALT) acquired Kksol S.R.L. for approximately €1.36 million on February 18, 2021. The transaction also included acquisition of Kksol's 557 kWp operational rooftop solar photovoltaic (PV) power plant located in the province of Acona in Italy. The total compensation for this acquisition is approximately €1.36 million after working capital adjustments, and the project will be financed from the proceeds raised in the successful placement of €110 million green bond fundraise in conjunction with the €27 million equity raise which was completed in December 2020.
Alternus Energy Group Public Limited Company (OTCNO:ALT) completed the acquisition of Kksol S.R.L. on February 18, 2021.