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ALCE on OTC

Aedis Energy Inc.

American electric and services combined company based in Fort Mill1

In its 2026 annual report the company says: “We are a specialized energy transition platform dedicated to powering the next generation of global infrastructure.”4 Its shares trade on OTC under the symbol ALCE.1

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Last updated Oct 21, 2026.

Overview

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  • TickerALCE on OTC1
  • IndustryElectric & Other Services Combined1
  • HeadquartersNew York City, New York1
  • Incorporated inDE2
  • Business address17 State Street, Suite 4000, New York City, Ny 100042
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
  • Legal formCorporation

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Each of the terms “ Alternus, ” the “ Company, ” “ we, ” “ our, ” “ us, ” and similar terms used herein refer collectively to Alternus Clean Energy, Inc. and where appropriate, our subsidiaries.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-100.0%Revenue growth, 20255
-189.0%Return on equity5
0.00×Debt to equity5

Financial statements

Revenue675$0 in 2025
0$5.0M$10.0M$15.0M2022: $14.2M$14.2M20222023: $11.2M$11.2M2023−21%2024: $311.0K$311.0K2024−97%2025: $0$02025
Operating income675$6.9M in 2025
-$20.0M-$10.0M0$10.0M2022: -$8.2M-$8.2M20222023: -$10.3M-$10.3M2023+26%2024: -$16.3M-$16.3M2024+58%2025: $6.9M$6.9M2025
Net income675-$6.5M in 2025−65% since 2022
-$75.0M-$50.0M-$25.0M0$25.0M2022: -$18.4M-$18.4M20222023: -$69.5M-$69.5M2023+277%2024: $21.1M$21.1M20242025: -$6.5M-$6.5M2025
Fiscal year20212022202320242025
Revenue$14.2M6$11.2M6$311.0K7$05
Cost of revenue$1.3M7$364.0K7$05
Research and development$11.4M6$360.0K7$748.0K7
Selling, general and admin$5.7M6$4.9M7$12.0M5$8.1M5
Operating expenses$25.3M6$13.8M7$16.6M7-$6.9M5
Operating income-$8.2M6-$10.3M7-$16.3M5$6.9M5
Interest$10.3M6$18.6M6
Income before tax-$18.6M6-$32.6M7-$24.2M5-$7.3M5
Income tax$647.7K10$15.0K7$590.0K5$05
Net income-$18.4M6-$69.5M7$21.1M5-$6.5M5
Earnings per share-$0.326-$24.027$1,194.005-$35.715
Earnings per share (diluted)-$0.326-$24.027$5.977
Shares (weighted, basic)57.5M shares62.9M shares717.7K shares5479.6K shares5
Shares (weighted, diluted)57.5M shares62.9M shares73.5M shares7

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Corporate structure

Aedis Energy Inc. sits at the top of its group. 5 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Aedis Energy Inc.

  • Aedis Energy Inc. New York City, New York
    • AEG MH 04 Limited Subsidiary · Ireland
    • ALT POL HC 02 sp z.o.o. Subsidiary · Poland
    • Alternus Europe Limited f/k/a AEG JD 03 Limited Subsidiary · Ireland
    • Alternus LUX 01 S.a.r.l. Subsidiary · Luxembourg

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Aedis Energy Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$32.0K5 Dec 31, 2025$161.0K5 Dec 31, 2024−80.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$19.0M5 Dec 31, 2025$241.0K5 Dec 31, 2024+7768.9%
Intangible assets, net (excluding goodwill)$37.5M5 Dec 31, 2025$1.6M5 Dec 31, 2024+2314.3%
Finite-lived intangibles, gross$1.6M7 Dec 31, 2024
Finite-lived intangibles, net$1.8M7 Dec 31, 2024

Properties, in its own words

Our principal executive offices are located at 17 State Street, Suite 4000, New York, NY 10004.

Item 2 of the 10-K filed Jun 15, 2026.4

Leadership

Who has led Aedis Energy Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Aaron T. Ratner2022
  2. Vincent Browne2024–now

Chair

  1. Vincent Browne2024–now

Chief financial officer

  1. Martha F. Ross2022
  2. Joseph Emil Duey2024–now

Chief operating officer

  1. Martha F. Ross2022
2025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AEG MH 04 Limited Ireland3
  • ALT POL HC 02 sp z.o.o. Poland3
  • Alternus Europe Limited f/k/a AEG JD 03 Limited Ireland3
  • Alternus LUX 01 S.a.r.l. Luxembourg3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Alternus Clean Energy, Inc.May 8, 2023 to Sep 1, 20262
  • Clean Earth Acquisitions Corp.Oct 27, 2021 to Dec 21, 20232

Timeline

  1. Sep 4, 20268-K Unregistered sale of shares; Executive or director change30
  2. Sep 1, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events31
  3. Aug 20, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events32
  4. Aug 11, 20268-K Financial statements and exhibits33
  5. Aug 5, 20268-K Entered a material agreement; Unregistered sale of shares; Bylaws or fiscal year changed34
  6. Apr 2, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares35
  7. Mar 9, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares36
  8. Feb 20, 20268-K Executive or director change37
  9. Oct 6, 20258-K Entered a material agreement; Completed an acquisition or sale; Change to shareholders' rights38
  10. Sep 24, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares39
  11. Sep 9, 20258-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events40
  12. Jul 16, 20258-K Debt or obligation accelerated41
  13. Jan 12, 2024New chief executive Vincent Browne becomes CEO11
  14. Feb 23, 2022New chief executive Aaron T. Ratner becomes CEO12

Calendar

When it reported results

  1. Aug 29, 2024Reported quarterly or annual results42
  2. Aug 23, 2024Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

280 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 83 major events, 31 insider forms, 13 large holders, 1 private raises, 131 other. The latest 20:

  1. Oct 1, 202610-K/A EDGAR
  2. Sep 4, 20268-K EDGAR
  3. Sep 1, 20268-K EDGAR
  4. Aug 20, 20268-K EDGAR
  5. Aug 14, 202610-Q EDGAR
  6. Aug 11, 20268-K/A EDGAR
  7. Aug 6, 2026S-1 EDGAR
  8. Aug 5, 20268-K EDGAR
  9. Aug 3, 2026DEF 14C EDGAR
  10. Jul 20, 202610-Q EDGAR
  11. Jul 15, 2026RW EDGAR
  12. Jul 9, 2026PRER14C EDGAR
  13. Jun 18, 2026PRE 14C EDGAR
  14. Jun 16, 202610-K/A EDGAR
  15. Jun 15, 202610-K EDGAR
  16. Apr 27, 202610-Q EDGAR
  17. Apr 2, 20268-K EDGAR
  18. Apr 1, 2026NT 10-K EDGAR
  19. Mar 9, 20268-K EDGAR
  20. Feb 20, 20268-K EDGAR

The 280 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 28, 2022Clean Earth Acquisitions Sponsor LLC10% ownerBuy90,000$10.00$900.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$777 2024–2024
Money received by yearMoney received by year, 2024–2024: $777 in all. Private raises (Form D) $777.$0$200$400$600$8002024 · Private raises (Form D): $7772024
Figures by year
YearPrivate raises (Form D)Total
2024$777$777

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jan 11, 2024Raised $777 in a private offering of equity51 Form D: 1 investor so far Form D

SEC filer profile

How Aedis Energy Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAedis Energy Inc.1
  • CIK0001883984
  • Employer ID (EIN)87-14313774
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)4931 Electric & Other Services Combined1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address17 State Street, Suite 4000, New York City, NY 100041
  • Phone(212) 739-07271
  • Shares outstanding4,290 as of Sep 30, 202652
  • Public float$1.6M as of Jun 30, 20254
  • AuditorKreit & Chiu CPA LLP, Los Angeles, California PCAOB ID 6651; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 27, 20211
  • Filings280 in all: 8-K (80), CORRESP (22), 3 (20), UPLOAD (19), DEFA14A (17), 10-Q (14), S-1/A (13), 4 (11)1
    All 37 form types

    PRER14A (9), DEF 14C (6), PRE 14C (6), S-1 (6), NT 10-Q (5), SC 13G (5), SC 13G/A (5), 10-K (4), EFFECT (4), 424B4 (3), 8-K/A (3), DEF 14A (3), NT 10-K (3), PRE 14A (3), 10-K/A (2), 25-NSE (2), PRER14C (2), SC 13D (2), 10-Q/A (1), 425 (1), 8-A12B (1), CERT (1), D (1), DEFM14A (1), DRS (1), DRSLTR (1), PREM14A (1), RW (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Jun 15, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Sep 6, 2024
    Latest 8-K (8-K) Sep 4, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareALCE
Warrants, each whole warrant exercisable for one share of Common StockACLEW

From the cover page of the 10-K filed Jun 15, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Aedis Energy Inc. names in Item 1A of its 10-K filed Jun 15, 2026: 59 risks under these headings, as written.4

  • We cannot assure you that we will achieve or maintain profitability and our auditor has expressed substantial doubt about our ability to continue as a going concern.
  • Our substantial indebtedness could adversely affect our renewable energy business, financial condition and results of operations.
  • Our business as a renewable energy company requires significant financial resources, and our growth prospects and future profitability depends to a significant extent on the availability of additional funding options with acceptable terms.
  • We are a holding company that relies on distributions and other payments, advances and transfers of funds from our subsidiaries to meet our obligations.
  • Decreases in the spot market price of electricity could harm our revenue and reduce the competitiveness of renewable energy parks in grid-parity markets.
  • Our power purchase agreements (PPAs) may not be successfully completed.
  • The seasonality of our Subsidiaries’ operations may materially affect our business, results of operations, cash flows, and financial condition.
  • The acquisition of renewable energy facilities or of companies that own and operate renewable energy facilities is subject to substantial risk.
  • The delay between making significant upfront investments in renewable energy parks and receiving revenue could materially and adversely affect our liquidity, business and results of operations.
  • We may experience delays related to developing and maintaining renewable energy projects.
  • Renewable energy project development is challenging and may ultimately not be successful and miscalculations in planning a project may negatively affect engineering procurement and construction (“EPC”) prices, all of which could increase the costs, delay or cancel a project, and have a material adverse effect on its business, financial condition, results of operations and profit margins.
  • Development activities may be subject to cost overruns or delays, which may materially and adversely affect our financial results and results of operations.
The other 47 risks
  • Renewable power plants quality or performance.
  • Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned outages, reduced output, interconnection or termination issues, or other adverse consequences.
  • We and any third parties with which we do business may be subject to cyber-attacks, network disruptions, and other information systems breaches, as well as acts of terrorism or war that could have a material adverse effect on our business, NAV, financial condition, and results of operations, as well as result in significant physical damage to our renewable energy projects.
  • We are in a highly competitive marketplace.
  • We depend on certain key personnel and loss of these key personnel could have a material adverse effect on our business, financial condition and results of operations.
  • If sufficient demand for renewable energy does not develop or takes longer to develop than anticipated, our business, financial condition, results of operations and prospects could be materially and adversely affected.
  • We are subject to risks associated with fluctuations in the prices of renewable energy modules and balance-of-system components or in the costs of design, construction and labor.
  • Refurbishment of renewable energy facilities involve significant risks that could result in unplanned power outages or reduced output.
  • Our project operations may be adversely affected by weather and climate conditions, natural disasters and adverse work environments.
  • Business interruptions, whether due to catastrophic disasters or other events, could adversely affect Alternus’ operations, financial condition and cash flows.
  • Global economic conditions and any related ongoing impact of supply chain constraints and the market of our product and service could adversely affect our results of operations.
  • Fluctuations in foreign currency exchange rates may negatively affect our revenue, cost of sales and gross margins and could result in exchange losses.
  • If we fail to comply with financial and other covenants under debt arrangements, our financial condition, results of operations and business prospects may be materially and adversely affected.
  • Our international operations require significant management resources and present legal, compliance and execution risks in multiple jurisdictions.
  • The development and installation of renewable energy systems is highly regulated; we may fail to comply with laws and regulations in the countries where it develops, constructs and operates renewable power projects and the government approval process may change from time to time, which could severely disrupt our business operations.
  • Existing rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation may not continue, and changes to these regulations and policies might deter the purchase and use of renewable energy systems and negatively impact development of the renewable energy industry.
  • Risk related to legal rights to real property in foreign countries.
  • Enforcing a United States judgment against our executive officers and directors in Ireland may be difficult.
  • The Company conducts its business operations globally and is subject to global and local risks related to economic, regulatory, tax, social and political uncertainties.
  • Recent increases in inflation in the United States and internationally could adversely affect our business.
  • The renewable energy industry is a new and evolving market, which may not grow to the size or at the rate we expect.
  • Our business prospects could be harmed if solar energy is not widely adopted or sufficient demand for renewable energy systems does not develop or takes longer to develop than we anticipate.
  • The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw materials or equipment, could negatively impact demand and/or price levels for our solar modules and limit our growth or lead to a reduction in our net sales or increase our costs, thereby adversely impacting our operating results.
  • Changes in the global trade environment, including the imposition of import tariffs, could adversely affect the amount or timing of our revenues, results of operations or cash flows.
  • We are subject to various governmental export controls, trade and economic sanctions, and import laws and regulations that could impair our ability to compete in international markets and subject us to liability if we are not in full compliance with applicable laws.
  • Changes in trade policy, including the imposition or escalation of tariffs and other trade restrictions, could increase our costs, disrupt our supply chain, delay project development and reduce the economic viability of renewable energy projects, which could have a material adverse effect on our business, financial condition and results of operations.
  • Rapid technological changes in the energy industry could render our products, technologies, or business model uncompetitive or obsolete, and the emergence of new or lower-cost energy sources could reduce demand for our offerings and materially adversely affect our business, financial condition and results of operations.
  • Shortages in the supply of silicon and the increase in the cost of certain other key commodities could adversely affect the availability and cost of the solar photovoltaic modules used in our renewable energy systems.
  • A material reduction in the retail price of electricity charged by electric utilities or other retail electricity providers would harm our business, financial condition and results of operations.
  • Electric utility statutes and regulations and changes to such statutes or regulations might present technical, regulatory and economic barriers to the purchase and use of our renewable energy service offerings that may significantly reduce demand for such offerings.
  • Technological changes in the solar power industry could render our products uncompetitive or obsolete, which could reduce our market share and cause our revenue and net income to decline.
  • Already covered supply and demand in the energy market is volatile, and such volatility could have an adverse impact on electricity prices and a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flows.
  • The ability to deliver electricity to our various counterparties requires the availability of and access to interconnection facilities and transmission systems.
  • We may pursue acquisitions that involve inherent risks related to potential internal control weaknesses and significant deficiencies which may be costly for us to remedy and could impact management assessment of internal control effectiveness.
  • Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition.
  • We are an “emerging growth company” and “smaller reporting company” within the meaning of the Securities Act and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, it could make our securities less attractive to investors and may make it more difficult to compare our performance to the performance of other public companies.
  • Our common stock is quoted on the OTC Market and we may be unable to list our securities on a national securities exchange, which limits liquidity and may adversely affect the trading price of our common stock and our ability to raise capital.
  • Our stock price may be volatile and may decline regardless of our operating performance.
  • Our stock price is subject to volatility, which could have a material adverse impact on investors and employee retention.
  • An active trading market for our common stock may not be sustained.
  • The conversion of our outstanding Series B, Series C, Series D and Series E Convertible Preferred Stock into shares of common stock, and the down-round anti-dilution protections contained in the certificates of designation governing such preferred stock, could result in significant dilution to holders of our common stock and may adversely affect the market price of our common stock.
  • We may issue additional shares of common stock or other equity securities without your approval, which would dilute your ownership interests and may depress the market price of our common stock.
  • We identified material weaknesses in our internal control over financial reporting which, if not remediated appropriately or timely, could result in the loss of investor confidence and adversely impact our business operations and our stock price.
  • Our internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.
  • Adverse publicity and potential concerns from our customers relating to or arising from the Restatement could have an adverse effect on our business and financial condition.
  • Delaware law and provisions in our certificate of incorporation and bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock.
  • Our certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

Legal proceedings

From time to time, we may become involved in various lawsuit and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company's business. Other than the following matters, we are not aware of any such legal proceedings that will have, individually or in the aggregate, a m material adverse effect on the Company's business, financial condition or operating results.

On October 15, 2024 Sunrise Development LLC (“Sunrise”) requested a hearing be scheduled in binding arbitration against the Company, two of its former indirect wholly owned subsidiaries, ALT US 03 and ALT US 04, and a related party, Alternus Energy Group PLC (“AEG”), to be conducted in Minneapolis, MN in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”), claiming that approximately $5 million is due and owed to Sunrise pursuant to a settlement agreement by and among the parties, plus costs, expenses, legal fees and interest. On or about February 6, 2025, the Company entered into a second set of settlement terms with Sunrise, pursuant to which the Company agreed to make certain monthly payments to Sunrise, related to amounts allegedly owed by one of the Company’s former subsidiaries pursuant to a share purchase agreement, and in exchange Sunrise dismissed its arbitration case against the Company. As of March 10, 2025, the Company breached its payment obligations under the settlement terms, and on June 18, 2025 an arbitration award of $5.7 million was granted to Sunrise. The Company has accrued a liability for this loss contingency in the amount of approximately $5.7 million in other payables in the financial statements. The parties are currently in further settlement discussions and have agreed commercial terms in principle.

The opening of Item 3, Legal Proceedings.4

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