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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company 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 maker (“CODM”), the Company’s Chief Executive Officer, 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.
The CODM uses segment revenue and segment Adjusted EBITDA to assess operating performance and allocate resources, including decisions regarding the timing and amount of investment in the conventional and renewable businesses. Segment Adjusted EBITDA is the reported measure of segment profit or loss.
Segment Adjusted EBITDA excludes depreciation, depletion and amortization, interest and other income, income taxes, stock-based compensation expense and gains or losses from remeasurement of asset retirement obligations. Corporate general and administrative expenses are not allocated to the reportable segments and are included in the reconciliation to consolidated income before income taxes. Corporate activities do not constitute a reportable segment.

The following tables present segment revenues, significant segment expenses and segment Adjusted EBITDA.

All reported revenues are from external customers, and total segment revenues equal consolidated revenues for each period presented. The Company’s revenues are generated in Italy. Substantially all assets other than corporate assets, primarily cash held in the United States, are located in Italy.

Three months ended September 30, 2026
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues19,855,347657,55720,512,904-20,512,904
Less:
Cost of revenues2,026,988909,3052,936,293-2,936,293
Lease operating expense2,281,793-2,281,793-2,281,793
General and administrative1,054,067361,0121,415,0792,602,0094,017,088
Accretion and remeasurement of asset retirement obligation54,204-54,204-54,204
EBITDA14,438,295(612,760)13,825,535(2,602,009)11,223,526
Add/(Deduct):
Stock-based compensation expense---952,241952,241
Adjusted EBITDA14,438,295(612,760)13,825,535(1,649,768)12,175,767
Depreciation and depletion(1,810,542)
Stock-based compensation expense(952,241)
Interest and other income139,079
Income before income taxes9,552,063
Nine months ended September 30, 2026
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues38,247,4241,824,11640,071,540-40,071,540
Less:
Cost of revenues3,824,7452,129,6785,954,423-5,954,423
Lease operating expense5,424,978-5,424,978-5,424,978
General and administrative3,118,4091,018,4574,136,8666,158,29610,295,162
Accretion and remeasurement of asset retirement obligation(497,333)-(497,333)-(497,333)
EBITDA26,376,625(1,324,019)25,052,606(6,158,296)18,894,310
Add/(Deduct):
Stock-based compensation expense---2,350,9432,350,943
Remeasurement of asset retirement obligation(639,575)-(639,575)-(639,575)
Adjusted EBITDA25,737,050(1,324,019)24,413,031(3,807,353)20,605,678
Depreciation and depletion(3,870,972)
Stock-based compensation expense(2,350,943)
Remeasurement of asset retirement obligation639,575
Interest and other income427,355
Income before income taxes15,450,693


Three months ended September 30, 2025
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues10,577,395647,47311,224,868-11,224,868
Less:
Cost of revenues1,348,779806,4102,155,189-2,155,189
Lease operating expense654,092-654,092-654,092
General and administrative674,287684,4621,358,749712,3022,071,051
Accretion and remeasurement of asset retirement obligation33,318-33,318-33,318
EBITDA and Adjusted EBITDA7,866,919(843,399)7,023,520(712,302)6,311,218
Depreciation and depletion(582,604)
Interest and other income146,655
Income before income taxes5,875,269
Nine months ended September 30, 2025
ConventionalRenewableSegment TotalCorporate costsTotal
Revenues13,893,1842,006,69515,899,878-15,899,878
Less:
Cost of revenues1,348,7791,946,3263,295,105-3,295,105
Lease operating expense1,748,500-1,748,500-1,748,500
General and administrative2,544,1561,048,0223,592,1783,593,7697,185,948
Accretion and remeasurement of asset retirement obligation98,519-98,519-98,519
EBITDA and Adjusted EBITDA8,153,230(987,653)7,165,576(3,593,769)3,571,806
Depreciation and depletion(885,140)
Interest and other income538,291
Income before income taxes3,224,957