Enlight Renewable Energy (ENLT) Q4 2023 earnings summary

Executive summary

• FY23 revenue grew 33%, Adjusted EBITDA 45%, and net income 157%; 487 MW and 277 MWh reached COD, while 871 MW and 2.7 GWh entered pre-construction.

• Q4 revenue rose 21% YoY to $73.8m, net income 48% to $16.2m, and Adjusted EBITDA 8% to $46.5m.

Financial highlights

• FY23 revenue was $255.7m versus $192.2m in FY22; net income was $98.0m versus $38.1m.

• FY23 Adjusted EBITDA was $188.8m versus $129.9m; cash flow from operations was $149.6m versus $90.4m.

• Q4 revenue was $73.8m versus $60.9m; net income was $16.2m versus $11.0m; Adjusted EBITDA was $46.5m versus $43.2m.

• Q4 cash flow from operations was $24m, down 35% YoY; FY23 operating cash flow rose 66%.

Outlook and guidance

• FY24 guidance: revenue of $335m–$360m and Adjusted EBITDA of $235m–$255m; midpoint growth versus FY23 is 36% and 30%, respectively.

• 543 MW and 1.6 GWh are expected to reach COD in 2024; over 1 GW and 2.9 GWh of projects are planned to start construction.

• 90% of expected FY24 generation is set to sell at fixed prices through hedges or PPAs; guidance assumes 3.8 shekels and €1.05 per U.S. dollar.

• Operational capacity is projected to reach 5.3 GW and 5.7 GWh by end-2026; the 2024–26 COD portfolio is estimated to generate $352m–$370m of first full-year EBITDA.