Excelerate Energy Reports 11.6% Revenue Growth in Q2 2025 Amid Acquisition Costs

Excelerate Energy, Inc. reported significant financial results for the second quarter of 2025, with total revenues reaching $204.6 million, a 11.6% increase from $183.3 million in the same period last year. The company's net income for the quarter was $20.8 million, down from $33.3 million in the prior year, primarily due to transition and transaction costs associated with its recent acquisition of New Fortress Energy Inc.'s business in Jamaica. For the first half of 2025, Excelerate's revenues totaled $519.6 million, compared to $383.4 million in the first half of 2024, reflecting a 35.5% increase. The company attributed this growth to higher LNG, gas, and power revenues, which surged to $222.4 million from $75.5 million year-over-year.

The acquisition, finalized in May 2025 for approximately $1.055 billion, included three facilities in Jamaica and is expected to enhance Excelerate's long-term revenue and market presence. The acquisition was funded through a combination of debt and equity offerings, including an $800 million debt offering and a $201.8 million equity offering. As a result of the acquisition, Excelerate anticipates that over 90% of its cash flows will derive from long-term take-or-pay contracts, significantly bolstering its revenue stability.

Operationally, Excelerate's total assets increased to $4.01 billion as of June 30, 2025, up from $2.88 billion at the end of 2024, driven by the acquisition and capital expenditures. The company reported a total of 11 floating regasification terminals and one onshore terminal, with plans for further expansion. The employee headcount also rose, reflecting the integration of the acquired business. The company’s market share in global floating regasification capacity is now estimated at approximately 25%.

Despite the positive revenue growth, Excelerate's operating expenses increased significantly, totaling $161.2 million for the second quarter, compared to $133.5 million in the prior year. This rise was largely due to transition and transaction expenses related to the acquisition, which amounted to $27.7 million in the quarter. Additionally, interest expenses rose to $20.7 million, reflecting the costs associated with the new debt incurred for the acquisition.

Looking ahead, Excelerate Energy remains optimistic about its growth trajectory, driven by the increasing demand for LNG and the strategic positioning of its assets. The company expects to benefit from the global shift towards cleaner energy sources and heightened energy security concerns, which are anticipated to support ongoing demand for LNG. The company is also focused on expanding its operational capabilities and market reach, particularly in the Caribbean and other high-demand regions.