Excelerate Energy(EE) - 2025 Q3 - Quarterly Results

Financial Performance - Reported revenues of $391.0 million for Q3 2025, a 91% increase from $204.6 million in Q2 2025 and a 102% increase from $193.4 million in Q3 2024[4] - Net income for Q3 2025 was $55.0 million, up from $20.8 million in Q2 2025 and $45.5 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 reached $129.3 million, compared to $107.1 million in Q2 2025 and $92.3 million in Q3 2024, reflecting strong operational performance[4] - Operating income for the same period was $87,221,000, compared to $43,386,000 in the previous quarter and $59,739,000 in the same quarter last year, reflecting a strong operational performance[31] - For the three months ended September 30, 2025, the net income was $55,044,000, a significant increase from $20,765,000 in the previous quarter and $45,546,000 in the same quarter last year[39] - Adjusted EBITDA for the same period was $129,325,000, up from $107,137,000 in the previous quarter and $92,289,000 year-over-year[40] - The diluted earnings per share (EPS) for the quarter was $0.43, compared to $0.15 in the previous quarter and $0.35 in the same quarter last year[41] - Adjusted EPS increased to $0.45 from $0.34 in the previous quarter and remained stable at $0.35 year-over-year[41] Cash Flow and Assets - The company reported cash flows from operating activities of $356,821,000 for the nine months ended September 30, 2025, compared to $194,818,000 for the same period in 2024, indicating improved cash generation[35] - Total assets increased to $4,096,979,000 as of September 30, 2025, from $2,883,215,000 at the end of 2024, demonstrating significant growth in the company's asset base[33] - Cash and cash equivalents decreased to $462,618,000 as of September 30, 2025, from $537,522,000 at the end of 2024, reflecting cash utilization for investments[33] - As of September 30, 2025, the company had $462.6 million in unrestricted cash and cash equivalents, with $500 million available under its revolving credit facility[11] Investments and Expenditures - Executed a definitive commercial agreement for Iraq's first LNG import terminal, with a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d)[8] - Total project investment for the Iraq LNG terminal is expected to be approximately $450 million, including the cost of the floating storage and regasification unit (FSRU)[9] - Maintenance capital expenditures for 2025 are expected to range between $65 million and $75 million, with committed growth capital expected to be between $95 million and $105 million[13] - The company incurred net cash paid for acquisition amounting to $1,048,091,000 during the nine months ended September 30, 2025, indicating active investment in growth opportunities[35] Debt and Financial Obligations - The company’s long-term debt increased to $918,819,000 as of September 30, 2025, from $286,760,000 at the end of 2024, indicating a strategic leverage for growth[33] - Interest expense increased to $28,135,000 from $23,932,000 in the previous quarter and $15,122,000 year-over-year[40] - Depreciation and amortization expense rose to $31,758,000 from $25,518,000 in the previous quarter and $23,031,000 year-over-year[40] Dividends and Shareholder Returns - Declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, payable on December 4, 2025[12] - The weighted average shares outstanding increased to 32,001,766 for basic shares as of September 30, 2025, compared to 31,489,508 in the previous quarter, indicating potential dilution from equity financing[31] Guidance and Future Outlook - Full Year 2025 Adjusted EBITDA guidance raised to a range of $435 million to $450 million, accounting for impacts from Hurricane Melissa[7][13] - The company expects adjusted EBITDA for 2025 to range between $435 million and $450 million, with a low case of $179 million and a high case of $204 million for income before income taxes[42] Operational Efficiency - Adjusted Gross Margin for the three months ended September 30, 2025, was $144,635,000, compared to $118,106,000 in the previous quarter and $106,589,000 in the same quarter last year, reflecting improved profitability[38] - Transition and transaction expenses for the quarter were $2,217,000, a decrease from $27,659,000 in the previous quarter[40] - Long-term incentive compensation expense was $3,265,000, slightly up from $3,206,000 in the previous quarter and significantly higher than $1,966,000 year-over-year[40]