Enlight Renewable Energy (ENLT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 61% year-over-year to $85 million, with adjusted EBITDA up 39% to $58 million, driven by new operational projects and robust production levels.

• First half 2024 revenue grew 42% to $175 million, adjusted EBITDA rose 33% to $126 million, and net income was $34 million.

• Net income for Q2 was $9 million, down from $22 million last year, mainly due to non-cash financial expenses and absence of prior year one-off benefits.

• Full-year 2024 revenue guidance raised to $345–$360 million and adjusted EBITDA to $245–$260 million, reflecting strong operational performance and cost savings.

• Major projects advanced in the U.S., Europe, and MENA, with several large-scale solar, wind, and storage projects nearing or reaching commercial operation.

Financial highlights

• Six-month revenue reached $175 million, up 42% year-over-year; adjusted EBITDA $126 million, up 33%; net income $34 million.

• Q2 2024 revenue increased 61% year-over-year to $85 million; adjusted EBITDA up 39% to $58 million; net income at $9 million.

• Q2 cash flow from operations was $56 million, up 42% year-over-year.

• Gecama project revenue increased 37% year-over-year to $13 million, with production up 14%.

• Q2 gross profit was $42.9 million, up from $29.2 million last year; Q2 EPS was $0.07 basic, $0.06 diluted.

Outlook and guidance

• 2024 revenue guidance raised to $345–$360 million (midpoint up $5 million); adjusted EBITDA guidance raised to $245–$260 million (midpoint up $7.5 million).

• Global generation and storage capacity expected to triple by 2027, reaching 5.4 GW and 5.9 GWh.

• 90% of 2024 expected generation output to be sold at fixed prices via hedges or PPAs.

• U.S. market expected to see continued high PPA prices and strong demand, especially from data centers, AI, and EVs.