Enlight Renewable Energy Ltd Reports Third Quarter 2024 Financial Results
Intellectia.AI
Enlight Renewable Energy Ltd. Reports Third Quarter 2024 Financial Results
Enlight Renewable Energy Ltd. (NASDAQ:ENLT, TASE:ENLT) has announced its financial results for the third quarter, ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $109M | $58M | +88% | $84.57M |
| Adjusted EBITDA | $88M | $47M | +86% | N/A |
| Net Income | $24M | $26M | -7% | N/A |
Enlight's significant revenue growth, up 88% year-over-year, reflects substantial contributions from newly operational projects and improved revenues from existing projects. Although net income decreased by 7% due to revaluation losses on foreign currency assets, the robust increase in adjusted EBITDA indicates a solid operational performance.
Segment Revenue Breakdown
| Segment | Revenue (Q3 2024) | YoY Change |
|---|---|---|
| MENA | $56M | +223% |
| Europe | $46M | +24% |
| US | $5M | N/A |
The MENA region showed impressive revenue growth, contributing 51% of the quarter's revenues. Europe's revenues rose by 24%, demonstrating strong performance and stabilizing regional contributions, while the US segment reported revenues of $5M from increased installed capacity.
Key Developments and Operational Highlights
- Operational capacity increased by 418 MW and 191 MWh.
- Successful commencement of the Atrisco Solar (U.S.) and several projects in Israel, expected to generate substantial revenues and EBITDA.
- Initiation of significant new projects in the US, projected for completion between 2025-26.
- A new power purchase agreement (PPA) for Snowflake A in Arizona with a 20-year fixed price agreement.
Comments from Company Officers
CEO Gilad Yavetz highlighted the continued growth driven by diversification across multiple geographies and technologies. He emphasized expected growth in US revenues and supportive industry fundamentals.
Forward Guidance
Enlight raised its full-year guidance, now expecting 2024 revenue between $355m and $370m, and adjusted EBITDA between $255m and $270m, reflecting increased confidence in growth trajectories across all business areas.
Stock Price Movement
Following the earnings release, Enlight's stock experienced a positive post-event change of 1.47%, indicating favorable market reception to the company's performance and outlook.
Overall, Enlight Renewable Energy Ltd. has demonstrated a robust third quarter, driven by strong revenue growth and strategic expansions in the US and MENA regions. The outlook remains positive with increased guidance and strong sector fundamentals.
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