Liquidity remains robust with $32.4 million in cash, though capital expenditure intensity remains high at 31.8% of revenue in 2026Q1.
| Cash from Operations | 14.84M | 10.16M | -16.9M | -5.75M | -4.17M |
| Operating CF Margin % | - | 40.57% | -1189.94% | - | - |
| Operating CF Growth % | 966.67% | 160.1% | -193.91% | -38.03% | - |
| Net Income | 5.88M | 5.41B | -12.43M | -5.16M | -3.28M |
| Depreciation & Amortization | 2.93B | 2.93B | 213.51K | 0 | 2.13K |
| Stock-Based Compensation | 774.27M | 774.22M | 0 | 0 | 0 |
| Deferred Taxes | 897.81M | 897.81M | 0 | 0 | 0 |
| Other Non-Cash Items | -7.48B | -10.01B | -39.94K | -544.84K | 1.21M |
| Working Capital Changes | 47.25K | 2.54M | -4.64M | -43.9K | -2.1M |
| Change in Receivables | -6.16M | -2.34M | -4.06M | -1.42M | -2.12M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.94M | 4.12M | 1.28M | 878.67K | 22.73K |
| Cash from Investing | -8.7M | -7.01M | -23.07M | -8.92M | -9.07M |
| Capital Expenditures | -9.1M | -7.01M | -23.07M | -8.92M | -9.07M |
| CapEx % of Revenue | 26.96% | 27.98% | 1624.35% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 391K | 0 | 0 | 0 | 0 |
| Cash from Financing | 505.02K | 1.14M | 62.11M | 21M | 10.65M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -15.16K | 1.14M | 62.1M | 21M | 10.65M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 520.18K | 0 | 6.47K | 0 | 0 |
| Net Change in Cash | 4.59M | 4.8M | 21.57M | 6.47M | -3.25M |
| Free Cash Flow | 5.79M | 3.15M | -39.96M | -14.67M | -13.24M |
| FCF Margin % | 17.17% | 12.59% | -2814.3% | - | - |
| FCF Growth % | 116.1% | 107.88% | -172.34% | -10.85% | - |
| FCF per Share | 0.14 | 0.08 | -1.04 | -0.36 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.99x | 5.64x | 1.37x | 1.11x | 1.27x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Italian Regulatory Policy Volatility
According to recent financial disclosures, AleAnna's OCF/NI ratio has exhibited extreme volatility, ranging from -2.01 to 25.75, which suggests that reported net income is currently a poor proxy for the company's underlying cash-generating capability during this intensive production ramp-up phase.
The wide divergence between net income and operating cash flow indicates that non-cash charges and accounting adjustments are heavily influencing the bottom line. Investors should monitor whether this ratio stabilizes as the company moves past its initial production startup phase and into a more predictable operational cadence.
As reported in quarterly filings, AleAnna's free cash flow trajectory has shown a marked improvement from the deep deficits seen in 2024, with the company achieving a positive FCF of $7.8 million in 2025Q3, signaling a potential turning point in its capital-intensive business model.
The transition to positive free cash flow suggests that the company's Italian onshore assets are beginning to generate sufficient returns to cover maintenance and development costs. However, the subsequent return to negative FCF in 2026Q1 warrants investigation into whether this is a result of cyclical reinvestment or persistent operational inefficiencies.
Based on the provided data, AleAnna's capital expenditure intensity remains elevated, with CapEx/Revenue ratios frequently exceeding 30%, which indicates that the company is still in a heavy investment cycle to bring its Italian concessions to full production capacity.
The high level of capital spending relative to revenue suggests that the company is prioritizing reserve development over immediate cash return. Analysts should evaluate whether these expenditures are primarily for growth or if they represent necessary maintenance to offset the natural decline rates of conventional gas wells.
Analysis of recent statements reveals that working capital changes have been inconsistent, with a notable $3.0 million inflow in 2025Q3 followed by a $1.1 million outflow in 2026Q1, suggesting that the company's cash cycle is highly sensitive to the timing of production sales and regulatory payments.
The fluctuation in working capital may reflect the complexities of navigating the Italian energy market, where payment cycles and regulatory compliance can create temporary liquidity bottlenecks. This volatility suggests that management's ability to optimize its cash conversion cycle remains a key operational risk factor.
As indicated by the 2025Q4 financial data, the cash flow statement is significantly obscured by a $774.2 million stock-based compensation charge, which complicates the assessment of true operational cash performance and masks the underlying economic reality of the company's compensation structure.
This massive non-cash adjustment makes it difficult to discern the actual cash cost of operations and management incentives. Investors should be cautious when interpreting cash flow metrics that include such significant, non-recurring accounting entries, as they may distort the perceived health of the company's core business.
Quick answers to the most common questions about buying ANNA stock.
AleAnna, Inc. (ANNA) generated $10.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AleAnna, Inc. (ANNA) generated $3.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
AleAnna, Inc. (ANNA) spent $7.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.