Enlight Renewable Energy (ENLT) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue surged 88% year-over-year to $109 million, with adjusted EBITDA up 86% to $88 million, driven by new projects and strong operational performance.

• Revenue for the first nine months of 2024 grew 56% to $285 million; adjusted EBITDA rose 50% to $214 million.

• Net income for the first nine months was $58 million; Q3 net income was $24 million, with FX losses and fewer one-off gains impacting results.

• FY24 guidance was raised for the second consecutive quarter, with revenue now expected at $355–$370 million and adjusted EBITDA at $255–$270 million.

• Major expansion and construction commenced on projects totaling 810 MW and 2.0 GWh, with significant new capacity additions in the US, Europe, and MENA.

Financial highlights

• Q3 2024 revenue reached $109 million (+88% YoY); adjusted EBITDA was $88 million (+86% YoY); net income was $24 million.

• 9M 2024 revenue totaled $285 million (+56% YoY); adjusted EBITDA was $214 million (+50% YoY); net income was $58 million.

• Cash flow from operations in Q3 was $66 million, up 115% year-over-year; 9M cash flow was $158 million, up 25%.

• Gross profit for Q3 was $61 million (vs $29 million in Q3 2023); operating profit was $66 million (vs $43 million).

• Other income in Q3 included $10 million in compensation from Siemens for turbine performance issues.

Outlook and guidance

• 2024 revenue guidance raised to $355–$370 million; adjusted EBITDA guidance to $255–$270 million.

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

• Operational portfolio expected to triple by 2027, reaching 6 GW and 7.6 GWh, with major CODs planned through 2027.

• U.S. expected to contribute 15% of total revenues in 2025.

• New projects expected to contribute significant revenue and EBITDA in 2025 and beyond.