# Enlight Renewable Energy Ltd. Reports Second Quarter 2024 Financial Results

# Enlight Renewable Energy Ltd. Reports Second Quarter 2024 Financial Results Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) reported financial results for the second quarter ending June 30, 2024. Below is a summary of the key financial metrics, segmental revenue performance, operational data, and comments from company officers. ## Key Financial Metrics | Metric | 2Q 2024 | 2Q 2023 | Year-over-Year | Consensus Estimate | Quarter-over-Quarter | |-------------------------|---------|---------|----------------|--------------------|---------------------| | Total Revenue | $85M | $53M | +61% | $78.67M | +57.4% | | Adjusted EBITDA | $58M | $42M | +39% | Not provided | +20.8% | | Net Income | $9M | $22M | -58% | Not provided | -68.2% | | EPS | Not provided | Not provided | Not provided | $0.07 | Not provided | ### Financial Performance Interpretation Enlight's second quarter revenue grew by 61% year over year to $85 million, which outperformed the consensus estimate of $78.67 million. Adjusted EBITDA increased by 39% to $58 million, showing strong operational performance. However, net income fell by 58% to $9 million due to non-cash financial expenses and lower “other income” compared to the previous year. The company performed well quarter-over-quarter, driven by new project contributions and cost savings. ## Segment Revenue Performance | Segment | 2Q 2024 Revenue | Previous Guidance | Year-over-Year | |------------------------|-----------------|-------------------|-------------------| | Europe and MENA | $43.35M | Not provided | +32% | | Israel Solar + Storage | $39.1M | Not provided | +291% | | United States | $2.55M | Not provided | Not applicable | ### Segment Performance Interpretation The majority of revenues came from Europe and MENA, accounting for 51% of the total. Israel showed a remarkable growth of 291%, driven by the ramp-up of several solar and storage projects. The U.S. segment contributed modestly but is expected to grow significantly in the coming periods due to major projects reaching COD. ## Key Operational Data | Operational Metrics | 2Q 2024 | |------------------------|------------------| | Operational Portfolio | +75 MW, +94 MWh | | Mature Project Portfolio | +234 MWh | | Atrisco Solar & Energy Storage Project | 364 MW, 1.2 GWh completed | ## Comments from Company Officers Gilad Yavetz, CEO, expressed satisfaction with the financial performance, highlighting the beneficial impacts from investments in the U.S., particularly the Atrisco project. Enlight's financial closing of major projects has underscored the company's advantage in accessing finance and operational execution across markets. ## Dividends or Share Repo Program No announcements regarding dividends or share repurchase programs were made. ## Forward Guidance Enlight raised its full-year 2024 guidance: - **Revenue:** Now expected between $345 million and $360 million (previously $335 million to $360 million). - **Adjusted EBITDA:** Now expected between $245 million and $260 million (previously $235 million to $255 million). ## Stock Price Movement Following the earnings release, Enlight's stock price experienced a positive change, increasing by 2.10%. In summary, Enlight delivered robust financial and operational performance in the second quarter of 2024, driven by successful project executions and strategic investments. The raised guidance reaffirms the company's upward growth trajectory and confidence in future performance.