AleAnna's second quarter arrived with the company in the middle of the simplest bet on a small US-listed energy book: turn one Italian natural-gas field into cash, then compound from a second one. There are two ways to read this quarter. The first reads as a clean print. Revenue of $10.2 million was up 154% year over year, net income of $3.8 million marked the fifth consecutive profitable quarter, and Adjusted EBITDA of $4.1 million was up roughly fivefold. The second reads as one segment doing all the work. The Conventional segment - the Longanesi field in the Po Valley, where AleAnna holds a 33.5% working interest alongside operator Padana - generated $9.5 million of revenue and roughly $4.9 million of segment operating income, while the Renewable segment's RNG assets contributed $0.7 million of revenue against a $0.3 million operating loss. The first look is the print; the second look is the company.
The Q1-to-Q2 bridge tells the more honest story. Sequential revenue grew 9% as the Longanesi field stayed on the same temporary production facility that has run since March 2025. Operating income fell roughly in half - from $3.7 million to $1.9 million - because a Q1 one-time gain on the remeasurement of an asset retirement obligation did not repeat. Adjusted EBITDA, the cleaner read, was essentially flat at $4.1 million versus $4.3 million, with both quarters already absorbing roughly $1.4 million of stock-compensation expense. The sequential operating-income step-down is an accounting artifact, not an operating deterioration. Operating cash flow of $7.1 million for the first six months of 2026 funded $5.9 million of capex and still left roughly $1.2 million of free cash flow, and cash on the balance sheet closed at $32.6 million against no debt - a small balance sheet with no leverage and a single asset doing the lifting.
What changed inside the quarter was the second piece of the asset story: the start of construction at the wholly owned and operated Gradizza field, expected to become AleAnna's first operated production asset after Longanesi. The Longanesi permanent processing facility is on the same clock - built over the remainder of 2026 and into early 2027 - and the H1 2026 capex line of $5.9 million is essentially that build. The 12/31/2025 DeGolyer reserves report put total proved reserves at 25.8 Bcf, up 47% from year-end 2024 on a production-adjusted basis, with the Longanesi 23.5 Bcf now proved-developed and the remaining 2.4 Bcf in undeveloped Gradizza and Trava. The risk of the report is what the rest of the company looks like once the second engine arrives.