Earnings Feed

FLNG

Energy & Utilities

Management remains cautious on short-term LNG market but bullish on long-term prospects, supported by a strong backlog.
The company’s contract backlog covers 56 years, potentially growing to 85 years with options, providing revenue visibility.
The company expects increasing LNG volumes from new projects like Cheniere's Train 8 and 9, Venture Global, and Woodside.
The focus on long-term contracts and a fortress balance sheet positions the company well for future growth despite short-term market softness.

Energy & Utilities

1mo

The Jamaica acquisition closed in May 2025, adding Montego Bay, Old Harbour LNG terminals, and other assets, with integration progressing as planned.
Assets are exceeding operational expectations, contributing meaningfully to earnings, and are in excellent condition due to deep expertise of new team members.
The acquisition strengthens Excelerate’s U.S. LNG supply portfolio, aligning 21-year Jamaica contracts with Venture Global’s 20-year offtake, securing long-term downstream destinations.
Management emphasizes optimizing existing assets, expanding commercial activity, and targeted investments to unlock EBITDA growth of $80M-$110M by 2030.
Initial efforts include increasing throughput, selling incremental LNG volumes, and exploring infrastructure projects like new power generation and pipelines.
The strategic goal is to scale the platform regionally, leveraging Jamaica as a hub for LNG distribution across the Caribbean, with geographic advantages and cost efficiencies.

GLNG

Energy & Utilities

Declared a dividend of $0.25 per share for the quarter, with payment scheduled for early September.
Historical shareholder returns include $787 million in dividends, share, and asset buybacks over 4.5 years.
Last 12 months EBITDA totaled $208 million, with expectations to grow EBITDA more than 4x upon full delivery of vessels.
Net debt stood at just under $1.2 billion with a net debt-to-EBITDA ratio of approximately 3.4x.
Net income reported was $31 million, including a $30 million gain from the Gimi sales-type lease recognition.
Raised $575 million through convertible bonds issuance, strengthening cash position to just under $900 million.
Total EBITDA for the quarter was $49 million, with FLNG operations alone contributing $57 million after project development expenses.
Total operating revenues reached $75 million in Q2 2025, driven by FLNG tariffs of $82 million following Gimi's commercial operations date.

FCEL

Energy & Utilities

Adjusted EBITDA loss narrowed to $16.4 million from $20.1 million year-over-year.
Adjusted net loss per share improved to $0.95 from $1.74, excluding noncash impairments and restructuring costs.
Backlog grew 4% to $1.24 billion, including $24 million product backlog and $7.7 million service backlog from CGN agreement.
Loss from operations widened to $95.4 million in Q3 2025 from $33.6 million in Q3 2024, driven by $64.5 million noncash impairment and $4.1 million restructuring expenses.
Net loss attributable to common stockholders was $92.5 million, or $3.78 per share, compared to $33.5 million, or $1.99 per share, in the prior year quarter.
Product revenues surged to $26 million from $0.3 million, driven by module deliveries to GGE and Ameresco contracts.
Service agreement revenues increased to $3.1 million from $1.4 million, mainly from GGE long-term service agreement.
Total revenues increased 97% year-over-year to $46.7 million in Q3 2025 from $23.7 million in Q3 2024.