Cox Energy América (COXA) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached $2,471.0 million MXN, up 213.4% year-over-year, driven by acquisitions and integration of new assets.

• EBITDA rose to $246.4 million MXN, a 245.4% increase compared to Q1 2024, reflecting operational leverage and asset contributions.

• Net income turned positive at $10.0 million MXN, reversing a net loss of $37.3 million MXN in Q1 2024, due to higher revenues and cost optimization.

• Strategic acquisitions included the remaining 60% of Ibox Energy and 100% of Son Rivieren (Khi Solar One), expanding the company’s global footprint.

• The company’s project portfolio reached 3.6 GW, with a balanced mix of development, advanced development, backlog, and operational assets across key regions.

Financial highlights

• Total assets at March 31, 2025, were $14,685.0 million MXN, up 10.1% from December 31, 2024.

• Cash and equivalents (including restricted) increased 26.6% to $1,210.9 million MXN quarter-over-quarter.

• Total liabilities rose 25.8% to $10,750.1 million MXN, mainly due to project finance debt from new acquisitions.

• Equity increased slightly to $3,934.9 million MXN, reflecting changes in non-controlling interests and capital increases.

• Operating income for Q1 2025 was $131.9 million MXN, compared to a loss of $28.3 million MXN in Q1 2024.

Outlook and guidance

• Management expects continued growth through global expansion, project development, and further acquisitions, focusing on renewable energy and sustainability.

• The company is committed to aligning with the Paris Agreement and UN Agenda 2030, prioritizing green energy and innovation.