Enlight Renewable Energy .(US:ENLT)2025-05-06 10:01Financial Performance - Total revenues and income for Q1 2025 reached $130 million, a 39% increase from $94 million in Q1 2024[25] - Net income surged to $102 million, reflecting a 316% year-over-year growth from $24 million[31] - Adjusted EBITDA for Q1 2025 was $132 million, an 84% increase compared to $72 million in the same period last year[32] - Revenues for Q1 2025 reached $109,758,000, a 21.4% increase from $90,397,000 in Q1 2024[46] - Total revenues and income for Q1 2025 were $129,869,000, compared to $93,661,000 in Q1 2024, reflecting a 38.6% growth[46] - Operating profit surged to $151,189,000 in Q1 2025, up from $42,888,000 in Q1 2024, marking a significant increase of 252.5%[46] - Profit for the period attributed to owners of the Company was $94,458,000 in Q1 2025, compared to $16,763,000 in Q1 2024, representing a 464.5% increase[46] - Basic earnings per share rose to $0.80 in Q1 2025, compared to $0.14 in Q1 2024, indicating a substantial growth[46] - Gains from project disposals amounted to $97,262,000 in Q1 2025, significantly higher than $27,000 in Q1 2024[46] - The adjusted EBITDA for Q1 2025 was $131,715,000, compared to $71,609,000 in Q1 2024, indicating an increase of 83.9%[54] Cash Flow and Financing - Cash flow from operating activities improved to $44 million, up 24% from $35 million in Q1 2024[4] - Cash flows from financing activities rose significantly to $220,279,000 in Q1 2025 compared to $52,375,000 in Q1 2024, indicating a substantial increase in financing activities[50] - The company reported a net cash used in investing activities of $(198,565,000) in Q1 2025, a decrease from $(236,653,000) in Q1 2024, reflecting improved cash management[49] - Cash and cash equivalents at the end of the period increased to $449,530,000 in Q1 2025 from $249,851,000 in Q1 2024, showing a significant improvement in liquidity[50] - The company issued $125,838,000 in debentures and $114,685,000 in convertible debentures during Q1 2025, enhancing its capital structure[50] - Receipt of loans from banks and other financial institutions amounted to $143,578,000 in Q1 2025, up from $71,371,000 in Q1 2024, indicating increased borrowing activity[50] - The repayment of loans from banks and other financial institutions increased to $(108,922,000) in Q1 2025 from $(10,448,000) in Q1 2024, reflecting a strategic approach to debt management[50] Assets and Liabilities - Total assets increased to $5,884,371,000 from $5,546,885,000, representing a growth of approximately 6.1% year-over-year[47] - Current assets amounted to $677,270,000, up from $670,945,000, indicating a slight increase of about 0.5%[47] - Non-current assets rose to $5,207,144,000 from $4,838,940,000, reflecting an increase of approximately 7.6%[47] - Total current liabilities amounted to $5,516.3 million, a decrease of 4.1% compared to the previous period[48] - Total non-current liabilities reached $3,776.7 million, reflecting a 3.5% increase from the prior period[48] - Total liabilities and equity combined were $5,884.4 million, indicating a 5.5% rise compared to the last reporting period[48] - Total equity stood at $1,591.2 million, showing a 4.9% increase from the previous quarter[48] Operational Capacity and Projects - The operational portfolio is expected to generate annualized revenues and income of approximately $500 million[13] - Projects under construction are anticipated to contribute $305 million to annual revenues and income in their first full year of operation[15] - Total portfolio capacity includes 19.2 GW of generation and 49.8 GWh of storage, equating to 33.4 FGW[12] - The company is currently developing several projects with an estimated total capital cost of $1,979-2,103 million, indicating ongoing market expansion efforts[66] - The total installed capacity across operational projects reached 2,491 MW as of March 31, 2025, with a total installed storage of 1,866 MWh[64] Strategic Initiatives - The company plans to continue expanding its renewable energy projects across the U.S., Israel, and Europe, leveraging its operational capabilities[44] - Enlight's strategy includes selling parts of renewable project assets to accelerate growth and reduce equity financing needs[39] - The company has implemented a new presentation for its income statement, removing the gross profit line item to better reflect financial performance[74] Market and Economic Factors - The average exchange rate for Euro to USD for the three months ended March 2025 is 1.05[73] - The company expects a decrease in required equity during construction from 10% to 0% at the commercial operation date (COD)[69]