ALCEElectric & Other Services CombinedIFRS · EUR

Aedis Energy Inc.

Aedis Energy Inc., based on the provided reports, operates as an integrated renewable-energy developer and independent power producer serving North America and Europe. Its activities include developing, owning, operating, and monetizing utility-scale solar assets as well as decentralized onsite systems combining wind, solar, battery storage, and energy-management technology.

Revenue0.0m EUR
−100.0 %y/y
Operating profit (EBIT)6.9m EUR
+142.2 %y/y
Net income-6.5m EUR
−130.8 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-20-1001020m EUR2022: 17 m EUR2022: EBIT -2.6 m EUR20222023: 11 m EUR2023: EBIT -10 m EUR20232024: 0.31 m EUR2024: EBIT -16 m EUR20242025: 0.00 m EUR2025: EBIT 6.9 m EUR20250.006.9
RevenueOperating profit (EBIT)

Business

Share of revenue
Utility-scale renewable generation45 %

Solar parks and other renewable assets developed, owned, operated, or monetized by the company.

Onsite microgrids25 %

Behind-the-meter wind-powered microgrids integrating compact turbines, solar, storage, and controls.

Energy-as-a-Service15 %

Long-term contracted onsite power supply for commercial and industrial customers.

Battery storage and energy systems10 %

Storage and complementary technologies supporting resilience, grid independence, and power reliability.

Environmental attributes5 %

Renewable energy certificates and other environmental attributes associated with generation.

Customers

The company targets commercial and industrial customers seeking reliable, lower-carbon power without the upfront capital requirements of conventional onsite infrastructure. EverOn Energy, its reported joint venture with Hover Energy, focuses on blue-chip customers in big-box retail, real estate, education, and manufacturing. Utility-scale generation is sold through feed-in tariffs, power purchase agreements, renewable energy certificates, and day-ahead or spot markets, with counterparties varying by project. Long-term Energy-as-a-Service contracts are intended to align customer savings with recurring energy revenues.

Big-box retail

Large retailers buy onsite microgrid capacity to reduce energy costs and improve resilience.

Commercial real estate

Property owners use distributed generation and storage to support building operations and tenant needs.

Education

Schools and campuses seek dependable, cleaner electricity with limited upfront capital spending.

Manufacturing

Industrial facilities purchase reliable onsite energy to mitigate outages and grid-capacity limits.

Wholesale and contracted energy buyers

Utilities, offtakers, and market participants purchase electricity and environmental attributes from renewable assets.

Strategy

The company is shifting its development model toward distributed, customer-sited clean-energy systems alongside utility-scale renewable projects. Its strategy emphasizes Wind Powered Microgrids™, long-term Energy-as-a-Service contracts, partnerships, and selective investments in battery storage and circular-economy energy systems. This approach is intended to reduce dependence on grid access, create recurring contracted revenue, and address rising demand from data centers, industrial onshoring, and other power-intensive users.

Scale onsite microgrid deploymentsMedium term

Customer-sited systems can bypass grid constraints and offer resilience without upfront customer capital.

Build contracted Energy-as-a-Service revenueMedium term

Long-term contracts can provide recurring cash flows and align customer savings with project economics.

Expand the renewable asset portfolioLong term

A broader portfolio can diversify technologies, markets, and project-stage exposure.

Use partnerships and targeted venturesShort term

Partners can add technical capabilities, financing access, and local market knowledge.

Geography

The reports describe operations and development activity across the United States, the United Kingdom, and broader North American and European markets. Historical revenue disclosures identify the United States as the continuing-operations market, while previously operated assets in the Netherlands, Poland, and Romania were classified as discontinued operations after asset sales. Geographic diversification is intended to broaden the project pipeline, but it also creates exposure to differing permitting regimes, energy policies, currencies, and grid conditions.

Risks

The business depends on securing financing, converting its sales pipeline into executed customer contracts, and completing projects on schedule; failure in any of these steps could limit deployment and recurring revenue. Renewable generation is exposed to equipment downtime, weather, grid disruption, curtailment, power-price movements, and changes in government support. The company also carries material goodwill and identifiable intangible assets whose valuation depends on uncertain forecasts of customer demand, operating performance, and future cash flows.

Sorted by severity
Financing and going-concern dependenceCritical

The reports describe working-capital deficiency, negative equity, and dependence on planned financing or equity raises.

Exposure: Corporate financing and project-level financing

Goodwill and intangible impairmentHigh

Reported goodwill of approximately $19.0 million and identifiable intangible assets of approximately $36.6 million require judgmental recoverability assessments.

Exposure: EverOn-related acquired assets

Customer pipeline conversionHigh

The microgrid model requires successful contract execution, customer adoption, deployment timing, and financing availability.

Exposure: Commercial and industrial EaaS pipeline

Generation and equipment performanceHigh

Downtime, equipment failures, maintenance, weather, and grid interruptions reduce electricity volumes and revenue.

Exposure: Solar parks and distributed energy systems

Regulatory and policy dependenceHigh

Project economics depend on renewable-energy incentives, permitting, FIT programs, PPAs, and related government policies.

ExposureUnited StatesUnited KingdomEuropean projects
Wholesale price and offtake exposureMedium

Electricity sold in day-ahead or spot markets is exposed to power-price volatility, while contracted projects depend on counterparty performance.

ExposureSpot salesPPAsFITsRECs

Accounting

Judgemental items
Renewable electricity revenue recognition

Revenue varies with electricity generated and sold through FITs, PPAs, RECs, and spot markets.

Impact: Affects timing and volatility of reported revenue.

Goodwill impairment

EverOn-related goodwill is tested annually and when adverse events indicate potential loss of recoverability.

Impact: Potentially material non-cash charges to earnings and equity.

Identifiable intangible asset impairment

Finite-lived intangible assets are tested when operating or market conditions indicate carrying amounts may not be recoverable.

Impact: Can reduce reported assets and operating results.

Fair value of convertible notes

Convertible financing instruments can be remeasured, producing gains or losses unrelated to core energy operations.

Impact: May materially increase earnings volatility.

Warrant valuation

Changes in the fair value of warrants can affect reported earnings and may not reflect operating cash generation.

Impact: Creates non-operating income-statement fluctuations.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026