AleAnna, Inc. Segments Disclosure
NOTE 14 – SEGMENT REPORTING
During the first half of 2025, in connection with the commencement of production at the Longanesi field, the Company’s evaluation of operating results between conventional and renewable operations became more relevant to the chief operating decision maker, resulting in further disaggregation of the Company’s reportable segment, As a result, the Company determined it has two operating segments, the Conventional segment and the Renewable segment, each of which also qualifies as a reportable segment, based on the manner in which the chief operating decision makers (“CODM”), the Company’s Executive Director and , collectively reviews financial information to assess performance and allocate resources.
| ● | The Conventional segment consists of the natural gas exploration and production activities conducted by AleAnna Italia. The primary product of this segment is conventional natural gas produced from onshore exploration and development in Italy. |
| ● | The Renewable segment consists of the RNG and electricity production activities conducted by AleAnna Renewable and the RNG Subsidiaries. The segment’s primary output is electricity generated from RNG derived from animal and agricultural waste. |
Reconciling items include items not directly attributable to either reportable segment. These include corporate financing and investing activities, as well as administrative functions that support the Company’s overall operations. These items are presented in the segment reconciliation but do not constitute a reportable segment.
The CODM evaluates segment performance primarily using segment operating income (loss), which is consistent with the presentation in the Company’s consolidated statements of operations. The CODM monitors revenues and operating expenses by segment for purposes of strategic decision-making and resource allocation, including the evaluation of the timing and amount of future investment in, or development of, the conventional and renewable reportable segments. The expense categories reviewed by the CODM are consistent with those presented in the consolidated statements of operations and in the segment operating results presented below.
All of the Company’s revenue is generated with external customers and located in Italy. All of the Company’s assets, other than corporate assets primarily comprised of cash located in the U.S., are located in Italy.
Selected financial information by segment is presented in the tables below:
| Year Ended December 31, 2025 | ||||||||||||
| Conventional | Renewable | Total | ||||||||||
| Revenues | $ | 22,369,981 | $ | 2,665,756 | $ | 25,035,737 | ||||||
| Less: | ||||||||||||
| Cost of revenues | $ | 2,948,757 | $ | 3,246,718 | ||||||||
| Lease operating expense | 3,207,562 | |||||||||||
| Segment general and administrative | 2,653,853 | 1,889,476 | ||||||||||
| Depreciation and depletion | 2,586,564 | 346,916 | ||||||||||
| Accretion of asset retirement obligation | 132,002 | |||||||||||
| Segment operating income (loss) | $ | 10,841,243 | $ | (2,817,354 | ) | $ | 8,023,889 | |||||
| Reconciling items: | ||||||||||||
| Less: Corporate general and administrative | 5,121,324 | |||||||||||
| Interest and other income | 1,242,899 | |||||||||||
| Income (loss) before income taxes | $ | 4,145,464 | ||||||||||
| Segment assets | $ | 67,310,047 | $ | 16,133,887 | $ | 83,443,934 | ||||||
| Corporate and other assets | 17,852,387 | |||||||||||
| Total assets | $ | 101,296,320 | ||||||||||
| Year Ended December 31, 2024 | ||||||||||||
| Conventional | Renewable | Total | ||||||||||
| Revenues | $ | $ | 1,420,030 | $ | 1,420,030 | |||||||
| Less: | ||||||||||||
| Cost of revenues | $ | $ | 1,043,174 | |||||||||
| Segment general and administrative | 2,639,824 | 1,502,054 | ||||||||||
| Depreciation and depletion | 133,516 | |||||||||||
| Accretion of asset retirement obligation | 133,239 | |||||||||||
| Segment operating income (loss) | $ | (2,773,063 | ) | $ | (1,258,714 | ) | $ | (4,031,777 | ) | |||
| Reconciling items: | ||||||||||||
| Less: Corporate general and administrative | $ | 2,122,209 | ||||||||||
| Business combination transaction expenses | (8,398,653 | ) | ||||||||||
| Interest and other income | 1,948,281 | |||||||||||
| Change in fair value of derivative liability | 173,177 | |||||||||||
| Income (loss) before income taxes | $ | (12,431,181 | ) | |||||||||
| Segment assets | $ | 44,962,865 | $ | 14,150,411 | $ | 59,113,276 | ||||||
| Corporate and other assets | 23,973,315 | |||||||||||
| Total Assets | $ | 83,086,591 | ||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.