Clearway Energy(CWEN) - 2025 Q3 - Quarterly Results

Financial Performance - Clearway Energy, Inc. reported a Net Income of $60 million for Q3 2025, an increase from $27 million in Q3 2024[1][4] - Adjusted EBITDA for Q3 2025 was $385 million, up from $354 million in Q3 2024, driven by growth investments and higher wind resources[1][5][8] - Total operating revenues for Q3 2025 were $429 million, compared to $486 million in Q3 2024, reflecting a decrease of 11.7%[31] - Operating income decreased to $112 million in Q3 2025 from $178 million in Q3 2024, a decline of 37.0%[31] - Net income attributable to Clearway Energy, Inc. was $236 million in Q3 2025, significantly up from $36 million in Q3 2024[31] - Earnings per share for Class A and Class C common stockholders increased to $2.00 in Q3 2025 from $0.31 in Q3 2024[31] - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $233 million for Q3 2025, compared to $32 million in Q3 2024[33] - The company reported a net income of $236 million for the nine months ended September 30, 2025, compared to a net loss of $108 million in the same period of 2024[39] Cash Flow and Liquidity - Cash from Operating Activities was $225 million in Q3 2025, compared to $301 million in Q3 2024, while Cash Available for Distribution (CAFD) increased to $166 million from $146 million[1][7][8] - Total liquidity as of September 30, 2025, was $834 million, down from $1,330 million as of December 31, 2024, primarily due to growth investments[1][10] - Cash from Operating Activities for the nine months ended September 30, 2025, was $511 million, compared to $578 million for the same period in 2024, a decrease of 11.6%[48] - Cash Available for Distribution for the three months ended September 30, 2025, was $166 million, an increase from $146 million in the same period of 2024, reflecting a growth of 13.7%[48] - Total sources of liquidity for the nine months ended September 30, 2025, included $734 million from contributions from noncontrolling interests and $511 million from net cash provided by operating activities[49] Guidance and Future Projections - The company narrowed its 2025 full-year CAFD guidance to a range of $420 million to $440 million, reflecting median renewable energy production estimates[1][21] - Clearway Energy established a 2026 full-year CAFD guidance range of $470 million to $510 million, based on median renewable energy production estimates[1][22] - The guidance for Adjusted EBITDA for the full year 2025 is projected to be between $1,235 million and $1,255 million, with a forecasted increase to $1,441 million to $1,481 million for 2026[50] - Cash Available for Distribution guidance for 2025 is estimated to be between $420 million and $440 million, with an increase expected to $470 million to $510 million in 2026[50] - The company reported a net loss guidance for 2025 in the range of $(110) million to $(90) million, improving to $(44) million to $(4) million in 2026[50] Investments and Acquisitions - The company has identified over 2 GW of investment opportunities for 2026 and 2027, including growth investments and repowering projects[1][2][6] - Clearway Energy signed a binding agreement to acquire a 613 MW operational solar portfolio, with a net capital commitment expected between $210 million and $230 million[1][17] - The company plans to continue focusing on acquisitions, with net cash outflows for acquisitions amounting to $324 million in the nine months ended September 30, 2025[49] Debt and Equity - Long-term debt rose to $8,084 million as of September 30, 2025, up from $6,750 million at the end of 2024, an increase of 19.7%[35] - The company’s total liabilities increased to $10,277 million as of September 30, 2025, compared to $8,765 million at the end of 2024, an increase of 17.2%[35] - The total stockholders' equity as of September 30, 2025, was $5,700 million, compared to $5,500 million as of September 30, 2024, reflecting an increase of approximately 3.6%[39] - Principal amortization of indebtedness for the full year 2025 is expected to be $320 million, increasing to $384 million in 2026[50] Expenses and Costs - The company incurred transaction and integration costs of $8 million for the nine months ended September 30, 2025, impacting overall profitability[45] - The company reported a depreciation, amortization, and accretion expense of $502 million in 2025, up from $471 million in 2024, an increase of about 6.6%[37] - The company experienced a loss on debt extinguishment of $7 million in 2025, compared to $3 million in 2024, representing an increase of 133.3%[37]