"Enlight Powers Ahead: Exceeds Q3 Earnings Expectations, Plans 2.9 GW Expansion"

Posted on Nov 20, 2023 by Ifi Reporter

Enlight, the renewable energy company that completed its IPO on the Nasdaq nine months ago, continues to shine in the market, surpassing earnings per share forecasts for the third consecutive quarter. The company's robust performance is attributed to a combination of strategic project connections, favorable electricity prices, and adept financial management.

Despite facing challenges such as a significant drop in the Gecama wind turbine project's revenue in Spain, Enlight concluded the first quarter of 2023 as one of its best in history. The project's 38% decline, amounting to $8 million, was mitigated by increased revenue overall, reaching $58 million in Q3—a 3% year-on-year increase.

One key factor contributing to Enlight's success is the surge in electricity prices linked to the consumer price index. This, coupled with connecting new projects to the grid, propelled the company's profits. Notably, Enlight confirmed its optimistic forecast for the rest of the year, projecting revenues between $265-275 million and an adjusted EBITDA ranging from $188-198 million.

The company's adaptability to market dynamics is evident in its response to fluctuating commodity prices. The drop in demand for electric vehicles in China resulted in a 20-30% decrease in battery prices for storage facilities, complemented by a substantial 72% drop in lithium prices. Additionally, Enlight capitalized on the opportunity to secure a low-cost purchase of 2 gigawatts of solar panels in the US, set for delivery in 2024-2025.

Enlight's forward-thinking approach positions it to capitalize on low solar panel prices in Europe and Israel, estimated at around 20 cents per watt. With this advantage, the company plans to construct 2.9 new gigawatts, augmenting its existing 1.8 gigawatts from renewable energy projects and 135 megawatts of storage.

Looking ahead, Enlight has outlined its ambitious connections plan for 2024, including the Artisco project in the USA—comprising 364 megawatts of solar power and an additional 1.2 gigawatt hours of storage.

Under the leadership of Gilad Yavetz, Enlight's adjusted EBITDA for Q3 reached $47 million, marking a remarkable 32% increase compared to the same period last year. The company's net profit surged by 35%, reaching $26 million, translating to an impressive earnings per share of $0.13—exceeding analysts' forecasts of $0.10 per share.

A noteworthy aspect of Enlight's financial landscape is the composition of its revenues, with approximately 60% in euros, 30% in shekels, 6% in dollars, and the remaining 4% in other European currencies. Israel contributed significantly, accounting for $48 million in income during Q3, making up about 26% of the company's total revenues.

In a standout quarter, Enlight has not only weathered challenges but has emerged stronger, positioning itself as a key player in the evolving landscape of renewable energy.


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