Excelerate Energy Reports 57.4% Revenue Growth to $315.1 Million in Latest Quarter

Excelerate Energy, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $315.1 million for the three months ended March 31, 2025, compared to $200.1 million in the same period last year. This represents a 57.4% increase, driven primarily by a substantial rise in gas sales, which surged to $166.7 million from $43.1 million year-over-year. The company's net income also saw a notable increase, rising to $52.1 million from $28.1 million, reflecting a 85.5% growth. The earnings per share for the quarter were $0.48, up from $0.24 in the prior year.

The financial performance was bolstered by a decrease in operating expenses, which totaled $249.4 million, up from $155.0 million in the previous year. Notably, the cost of revenue and vessel operating expenses decreased significantly to $41.9 million from $70.6 million, while direct costs associated with gas sales increased due to higher sales volumes. The company also incurred $3.7 million in transition and transaction expenses related to its pending acquisition of a business in Jamaica, which is expected to close in the second quarter of 2025.

Excelerate is actively pursuing strategic growth through the acquisition of Atlantic Energy Holdings LLC's business in Jamaica for an initial purchase price of $1.055 billion. This acquisition is anticipated to enhance Excelerate's LNG regasification capacity and diversify its market presence. The company aims to leverage this acquisition to increase its market share and establish itself as a key player in the Caribbean's LNG infrastructure.

Operationally, Excelerate has maintained a fleet of 10 floating storage and regasification units (FSRUs) and has expanded its geographic footprint across 11 countries. The company reported a significant increase in customer engagement, with gas sales contributing to over 53% of total revenues in the latest quarter. The company’s cash position improved, with cash and cash equivalents rising to $619.5 million as of March 31, 2025, compared to $537.5 million at the end of 2024.

Looking ahead, Excelerate anticipates continued demand for LNG driven by global energy security concerns and a shift towards cleaner energy sources. The company expects to benefit from the growing LNG market, with an estimated 46 million tonnes per annum of new capacity coming online in 2025. Excelerate's management remains optimistic about the future, emphasizing the strategic importance of the pending acquisition and its potential to enhance the company's financial profile and operational capabilities.