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Enlight Renewable Energy Ltd Stock Price: Quote, Forecast, Splits & News (ENLT)

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Company Profile

New

Enlight Renewable Energy Ltd Price & Performance (ENLT)

Stock Performance

Updated Mar 21, 8:00 PM UTC

ENLT:NASDAQ

$16.17USD

0.71% · $0.12

Open

$15.95

High

$16.69

Low

$15.83

Market Cap

$1.93B

P/E Ratio

44.9

Volume

9.51K

Year High

$18.48

Year Low

$14.09

News & Market Insights

Institutional Investors Show Renewed Interest in Enlight Renewable Energy
Mar 17, 2025
Institutional investors have increased their stakes in Enlight Renewable Energy, signaling confidence in the company’s future. Notable firms, including Clal Insurance Enterprises and Vanguard Group, boosted their holdings in recent quarters. This comes amid a Moderate Buy consensus from analysts and a target price of $20.25 for the stock.123
Enlight Renewable Energy Sees Positive Momentum Despite Recent Volatility
Mar 21, 2025
Enlight Renewable Energy's stock rose 3.9% on Friday, recovering from a 4.4% decline the day prior. Analysts maintain a Moderate Buy rating, with Deutsche Bank setting a $22 price target. The stock's performance reflects market optimism despite trading volume dropping below average levels.245
Analysts Adjust Ratings for Enlight Renewable Energy Amid Mixed Trading
Mar 21, 2025
Recent analyst activity on Enlight Renewable Energy includes Deutsche Bank initiating coverage with a Buy rating and a $22 target price. Meanwhile, Wolfe Research downgraded the stock to Peer Perform. The stock has shown resilience, closing at $16.93 on Friday, up 3.9% from the previous day.243

What's Happening

Earnings

Report Date

Feb 19, 2025

Reported Revenue

31.8M

Avg 1d Change

3.62%

Report Period

Q4 2024

Reported EPS

0.04

Implied Move 1d

8.31%

Transcript

12m 56s

We reference certain project metrics in this earnings call and additional information about such metrics can be found in our earnings release. These statements involve risks and uncertainties actual results to differ from expectations. Please refer to our 2023 annual report filed with the SEC on March 28, 2024, and other filings for more information on the specific factors that could cause actual results from our forward looking statements. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Additionally, non IFRS financial measures may be discussed on the call. These non IFRS [indiscernible] should be considered in addition to and not as a substitute for or in isolation from prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS financial measures are available the earnings release and the earnings presentation for today's call. Which are posted on our Investor Relations webpage. With me this morning are Gilad Yavitz, CEO and Co Founder of nNIGHT Nir Yudha, CFO of Enlight. And Alan Pichol, CEO and Co Founder of Clinera. Gilad will provide some opening remarks. And will then turn the call over to Adam for a review of our U. S. Activity and then Tanir for a review of our fourth quarter results.

14m 38s

Our executive team will then be available to answer your questions. Thank you for joining us today for Enlite's fourth quarter and full year 2024 earnings call.

14m 49s

In 2024, we performed well above our initial guidelines and above analyst expectations. Let's begin with a review of our accomplishments in 2024 and then I'll go into our outlook for 2025 and beyond.

15m 4s

Full year 2024 financial results were strong. Revenues and income for the whole 2024 grew by 53% year over year to $399,000,000 Adjusted EBITDA grew by 49% to $289,000,000 Our operating cash flow also increased reaching $193,000,000 for the entire year up 29% over 2023. Net income dropped 32% to $67,000,000 due mainly to one time item last year. In the fourth quarter, revenues and income grew by 35% over last year $104,000,000 Adjusted EBITDA grew by 31% to 65,000,000 Operating cash flow increased by 49% to $36,000,000 Net income fell 48% to $8,000,000 due mainly to one time This robust financial performance keeps Enlight on its continuous growth path almost tripling the company's size every three years. New projects were the main driver of this growth. And in 2024, we reached CODs in Israel, Europe and The U. S. Highlighting the diversification of the Knight asset base. We connected six fifty megawatts of generation capacity and 1.6 gigawatt hour of energy storage capacity. Across all three geographies, an increase of 33% on a Today, we have 2.5 gigawatts of generation and 1.9 gigawatt hour of energy storage capacity in operation. The business environment in 2024 was rich in opportunities.

16m 55s

The core subject is the rising demand for power.

16m 58s

Driven mainly by data centers and EVs. Forecast for electricity consumption in The U. S. Rose for the second consecutive year after a two decades decline trend. Equipment prices have declined throughout the year and cost of capital [indiscernible] And Light's extensive construction plans in The U. S. Includes nine projects with 3.3 gigawatts of generation, and 5.1 gigawatt hour of storage between now and the end of twenty twenty seven, and are uniquely positioned to take advantage of these trends We can offer utilities large scale projects with committed COD dates. This value is being recognized in our PPA agreements. Under this environment, we currently see an average equity return of above 15% on our large scale mature portfolio segment. The current US administration executive orders have generally no impact on our project, except for a minor to negligible impact from the 10% tariff increase on equipment originating from China. These may offset by equipment cost trends in supply chain diversification. Enlite Enlight a resilient supply chain allowing for procurement of an equipment from several regions to mitigate the impact of policy changes and the use of safe harbor on project Most importantly, energy market fundamental favor the continued involvement of solar generation in America's energy supply.

18m 32s

With competitive offtake pricing, near term availability of projects in a central position in the interconnected you. We believe that renewable energy is well placed to provide meaningful portion of the massive new power generation required to meet America's intensifying demand for electricity. In The U. S, completed the construction and commercial operation of Project Atrisco, with three sixty four megawatts of generation and 1.2 gigawatt hour of storage capacity.

19m 5s

We began construction on Roadrunner Quellarins, and Country Acres with a combined capacity of eight ten megawatts and two gigawatt hours and COD expected between the end of 2025 and 2026. Adam Pischel, CEO of our U. S. Subsidiary, Clinera, will have more details on this later in the call. We also continued to convert new additions from our extensive development portfolio to our mature portfolio. Two notable projects include Snowflake A, and Crimson Orchard with a combined seven seventy megawatts plus 2.3 gigawatt hour of storage capacity. There was excellent delivery on project construction in Europe Israel, with project Pupin in Serbia and the Israel Solar and Storage Cluster entering into operations significantly earlier than initially planned. And light access to diverse source of capital was fully displayed in 2024. Completed the financial closing of both at Frisco Beth and Roadrunner raising $1,000,000,000 in term loans and tax equity while financial closing for Pupin, Tapolsa and ACDC added an additional $137,000,000 in financing. We also concluded a major asset sale loan in Israel with local institutional investors buying 44% of the Sunlight cluster for $50,000,000 that is expected to generate a $94,000,000 profit in Q1 twenty twenty five results.

20m 46s

In the past year, Enlite once again demonstrated its proven ability to expand and grow though in 2025, we expect even greater steps on this path. With a year of concentrated project construction and completion. To begin, we expect that a total of four forty megawatts and 1,100 megawatt hour of projects will reach CLD led by Quell Ranch and Roadrunner in The U. S. Adding an additional $130,000,000 in revenues and $105,000,000 in adjusted EBITDA on an annual basis to our financial results. This represents 25% growth in operating capacity compared to last year. More importantly, we expect to begin construction on an additional 1.8 gigawatts and 3.9 gigawatt hour of new projects in 2025 in The U. S. Israel and Europe, including Seobar and Snomflake A, two mega projects located in Arizona, as well as Nordeaux stand alone storage in Italy. Implications of this intense activity are quite significant. These projects are set to bring in Enlight to annual recurring revenues of more than 1,000,000,000 when all reach completion by the end of twenty twenty seven. In Israel, we will be breaking new ground as we begin with our first agro voltaic project development continuing to expand the reach of our electricity supply unit in the country deregulated electricity market.

22m 26s

Turning to our 2025 guidance.

22m 28s

We expect revenues between $490,000,000 and $510,000,000 25% higher than the 2024 results and adjusted EBITDA between $360,000,000 and $380,000,000 28% above 2024 results.

22m 48s

Nir will describe in detail the assumptions that underline this guidance later in the call. Now, I'd like to turn the call over to Adam.

22m 59s

Thank you, Gilad. We have many great achievements to share from The U. S. Since last quarter.

23m 5s

Our power plants are operating well We have started construction on several new facilities and we continue to develop a robust pipeline for future projects. In November, we celebrated the full commissioning of our Trisco solar and storage project in New Mexico. This project with a nameplate capacity of three sixty four megawatts [indiscernible] and 1.2 gigawatt hours of energy storage capacity is now delivering energy in line with our twenty year busbar PPA. It is the largest project built to date by InLight and Clean Air in The U. S. And we are proud to see it up and running. We also started construction on three major projects totaling eight ten megawatts of energy generation and over two gigawatt hours of battery storage. First, well ranch solar and storage, which is an expansion of the Atrisco facility, adds 128 megawatts of PV generation, and 400 megawatt hours of energy storage. This maximizes our existing interconnection agreement with the utility offtaker Mobilization is well underway with nearly 200 workers on-site including civil earthwork and driving piles for the PV racking.

24m 22s

We anticipate COD by the end of this year. Next is Roadrunner, a two ninety megawatt PV and nine forty megawatt hour battery project located East of Tucson, Arizona. More than 100 contractors are on-site clearing land and in We anticipate achieving full COD towards the end of this year. Finally, our Country Acres project with three ninety two megawatt solar and six eighty eight megawatt hour energy As crews on-site completing civil engineering work prior to the start of major site construction this spring, We anticipate achieving full COD by the end of twenty twenty six. Before the end of last year, we announced a major accomplishment closing on $550,000,000 to fund construction at Road Runner.

25m 14s

Within the first half of twenty twenty five, we anticipate closing construction financing on Quail Ranch and Country Acres as well. I look forward to announcing those closing soon. While the solar and battery supply chain landscape continues to evolve, we are confident we will deliver. Our procurement and executive teams have spent years developing with manufacturers around the world We've also expanded our relationships with U. S. Suppliers sourcing American assembled PV modules for Country Acres and Quail Ranch.

25m 49s

We are finalizing similar domestic supply contracts for the COBAR complex and the Snowflake A project. Twenty twenty four was an incredible year for Clean Air Enlight. I'm very proud of our team's dedication to deliver quality renewable energy projects to meet the insatiable energy demand in The U. S. We have demonstrated we can scale the business and execute the development construction and operation of very large solar and storage projects in markets across The U. S. The fundamentals of our business remain strong and we expect to continue to operate construct and develop exceptional above market returning projects to power [indiscernible] Thank you. I'll now turn the call over to Nir. Thank you, Adam.

26m 38s

In the fourth quarter of twenty twenty four, the company's total revenues and income increased to $104,000,000 up from $77,000,000 last year. A growth rate of 35% year over year. This was composed of revenues from the sale of electricity which was 26% to $93,000,000 compared to €74,000,000 in the same period of 2023. As well as a recognition of $11,000,000 in income from tax benefit up 230% compared to €3,000,000 in Q4 twenty twenty three. Revenues from the sale of electricity grew due to the contribution of newly operational projects. Since the fourth quarter of twenty twenty three, seven of the solar and storage cluster units in Israel Israel at risko in The U. S, pooping in Serbia and Tappolsa in Hungary began selling electricity. The most important increases originated at the Israel Solar and Storage cluster, which added 9,000,000 followed by Atrisco, which added 6,000,000. Dollars In total, new projects contributed $18,000,000 to revenues from the sale of electricity Revenues from the sale of electricity were distributed between Mana Europe and The U. S. With 34% of revenues in the fourth quarter of twenty four denominated in Israeli shekel, 47 in euros and 18% in denominated U. S. Dollars.

28m 1s

Fourth quarter net income amounted to $8,000,000 compared to $16,000,000 last year, a decrease of 48% year over year. In Q4 twenty twenty three, the company recorded a $12,000,000 net profit stemming from the recalculation of earn out payment linked to the acquisition of Cleanera. Adjusting for this figure, the net income of Q4 twenty twenty three was $4,000,000 implying year on year growth of 90% of from ongoing operation. In the fourth quarter of twenty twenty four, the company's adjusted EBITDA grew by 31% to $65,000,000 compared to $50,000,000 for the same period in 2023. The increase in adjusted EBITDA was driven by the same factors that drove the revenues and income in increase, namely new project and the recognition of higher amounts tax benefit. This was offset by an additional $6,000,000 in higher operating expenses linked to new projects, while company overheads rose by $5,000,000 year over year.

28m 59s

Looking to our balance sheet, Enlight completed a broad range of financing transaction during the quarter. We reached financial close on Project Roadrunner for combined $550,000,000 in term debt and tax equity bridge loan at competitive terms. In addition, we raised $46,000,000 through an extension of one of our existing bond series. And finally, we sold 44% of the Sunlight Cluster for $50,000,000 with expected profit reaching up to $94,000,000 As of the date of today's report, we have $350,000,000 of revolving credit facility at several Israeli banks, of which $70,000,000 has been drawn. These diverse sources of funds highlights the company's ability to access the capital needed to drive its expansion in the coming years. Moving to 2025 guidance, we expect revenues and income between $490,000,000 and $510,000,000 and adjusted EBITDA of between $360,000,000 and $380,000,000 reflecting annual growth 2528% at the midpoint respectively compared to '24 results. Our revenues and income guidance for 2025 includes recognition of an estimated €6,000,000 to million euros in income for U. S. Tax benefit. 90% of 25 generation ARPUs is expected to be sold at fixed price either through hedges or PPAs. Of our total forecast revenues and income, 38% are expected to be and 27% in U. S. Dollar including tax benefit.

30m 34s

We also assume average annual exchange rate based on forward keves for the year, implying an average of ILS3.55 dollars to dollar and €1.05 to dollar.

30m 46s

I will now turn it over to the operator for questions.

31m 8s

Our first question of Roth Capital Partners. Your line is open Justin. Hey, hi. Thank you.

31m 20s

So I wanted to start out here first on the 2025 guidance. You're anticipating the completion of some major projects here, Quail Ranch, Roadrunner in the second half of the year. So I was wondering just how much contribution from these projects are factored into the 2025 guide And then also, I was wondering if the guide includes the $94,000,000 profits from the sale of projects in Israel that you're Hi, Justin. How are you?

32m

Good morning.

32m 2s

So first question, none of the new projects is included in the guidance. As we anticipate COV of the first project by the end of twenty twenty five. So the guidance is based on the projects that are either connected by the end of twenty twenty four and thus contributing to the growth in 'twenty four or will be connected during early twenty twenty five.

32m 28s

So no dependence on the on the new project in construction. Regarding profit from the sell down so about $41,000,000 are attributed to the guidance of the EBITDA. From these sell downs. We anticipate profit in our EBITDA in the first quarter. Twenty five.

32m 59s

Okay, got it. That's helpful. And then I was just looking at Slide 13 that shows the ramp to the more than $1,000,000,000 run rate in revenues for 2027 and it shows nLIGHT share at 88% So I was wondering how the how that slide contemplates future sell downs Do you anticipate any minority sell downs in in these projections? And then just how large a role do you think asset sales are going to play going forward And maybe you could speak to the capital needs in order to get to the projections here.

33m 42s

Yes, again, a great question. Thanks. So this relates exactly to the strategy we announced in the past that Enlight will remain primary in IPP.

33m 58s

And of course Greenfield developer, it means that we of the stake in our portfolio long term. So the fact that currently we are growing to 88% means that we have some mix in order to perform some sell downs to accelerate some of our growth, the equity resources for that and [indiscernible] maintain our strategy. To hold the majority of at least 70% of our portfolio. I'd like to remind that that the sell down that we did right now was in a very high valuation with a premium of about $380,000 per factor megawatts and it attributed only 1% of our portfolio.

34m 55s

Got it. Got it. Okay.

34m 58s

And then I guess just wanted to check-in on the financing environment. With the new administration in The U. S, there's some uncertainty as to whether or not there'll changes to the IRA. Is that affecting the availability or the cost of either debt or tax equity? Maybe just speak to how the environment is evolving here.

35m 20s

Yes. So I can start and of course Nir can complement me or Adam, of course, regarding The U. S. Policies. In general, the current executive orders do not have impact on our projects except for the tariffs on goods coming from China, the 10% tariffs that may have a very minor impact that can reach between 0% to 2% or 3% on the total cost of our new projects and most likely this will be offset against other trends of equipment cost. So currently, we see a very minor no impact And of course, we continue to follow the policies and doing the steps that are required in order to hedge and to substantiate the strength in the projects such as the safe harboring and so forth.

36m 30s

Thank you. Our next question comes from Maheep Mandeloy of Mizuho.

36m 38s

Hey, good morning here from Georgina. Thanks for taking the questions.

36m 44s

Firstly, just on the guidance of clarity on the adjusted EBITDA for the full year. [indiscernible] talked about the $41,000,000 coming from the asset sale. Could you just clarify how much of it is coming from the tax benefit then just to clarify, the tax benefit is mostly the upfront saturated sales in The U. S, Enlight? Or does that include something else as well? Thanks, Yes. So within the guidance to $25,000,000 the adjusted EBITDA guidance between $60,000,000 to $80,000,000 are attributed incentive revenues So the one that we intend to basically to sell Got you.

37m 34s

Thanks. And then maybe just on on the tax derivative aspect there. [indiscernible] tax credits includes the adders as a layout in the project slides. As you kind of look at construction financing, are you able to get construction financing for the whole for all of the tax rate added or just the tax rate itself? That's just a background we heard from some in developers that construction financing is mostly limited to the 30% ITC and does not include the others. So I just want to clarify if you're getting favorable terms or similar for that?

38m 17s

Again, I will start with answering and then of course Anir can complement me.

38m 24s

But in general, we don't see a change in the policy.

38m 27s

Of our lenders. So if you look at the the last financial close we performed, Roadrunner About 52% of the total CapEx was included in the tax tax incentive that we got for tax benefits So at 52% was attributed to that. So net net cost of the project basically 48%. So currently, we don't see change in the policy. And we are of course waiting to upsides that are still not included in our guidance hopefully, we will get them on domestic content on Got you. And maybe just one last one on any insights as to when you expect any changes to the IRA in The U. S?

39m 33s

We are following like everybody. The policy of the new administration. And what we see currently is at least we cannot interpret but We believe that there is a growing demand for electricity, in The U. S. The fact that we have projects that are ready to connect to the grid and to provide very much needed electricity by our customers, the utilities We believe is what is driving currently the need for our project in the market. And of course, we follow and we understand that this administration would like to promote also other form of electricity from fossil fuels, we do not [indiscernible] this underlines the demand for our projects as we see soaring growth for electricity and specifically for our projects in The U. K. States.

40m 38s

Thank you. Appreciate the color.

40m 42s

Thank you. Our next question comes from Mark Stross of JPMorgan.

40m 56s

Your question please Mark. Hi.

41m

This is Michael Fairbanks on for Mark. Congrats to everyone on the strong results. Maybe first, can you guys just help us think about 4Q results versus the guidance from the 3Q call?

41m 13s

I think you had a $15,000,000 asset sales gain assumed in the guide, which didn't come during the quarter. And you still beat by a large amount. So just trying to understand what the big beat was driven by there?

41m 26s

We performed the deal. We signed it by the end of '24, but there was a CP for approval of the deal by the Israeli regulator that by the way approved the deal this quarter. So it will be recognized in terms of the accounting this year. It will be three times the goal So I think we are very happy with the result and Primarily, we are on track regarding the Zelda [indiscernible] Yes, maybe just on the core operations. So what drove the strong results versus the original expectations on the guidance?

42m 10s

So I think we had very good operational performance. Across our sites in the multiple geographies. And also we've been able to advance some of the CODs which is very important to us. In terms of the execution being able to construct a complicated and large project ahead of schedule. So this together with good performance on operational side broader results.

42m 43s

Okay, great. And then maybe just one more. On The U. S. Advanced development portfolio, you guys mentioned in the release a few large projects Cedar Island, Snowflake B Atrisco II. Could you maybe help us think about where each of those projects are in the development process and maybe a timeline of when you would expect those to move into the mature portfolio?

43m 7s

Sure. Adam, would you like to take this question?

43m 14s

I think Just in terms thank you for the question. In terms of these projects, All these individual projects are moving forward as planned I don't have anything specific to add in terms of dates on those.

43m 35s

Okay.

43m 39s

Thank you. Our next question comes from Adeel Hasidam [indiscernible] Your line is open. I do.

43m 51s

Hi. Thank you very much.

43m 54s

I wonder if you can shed some light about your collaboration with Nunez Energy in Mapoco We don't see it in the portfolio if you can shed some light about Thank you, Adiel. So we believe there is a big opportunity [indiscernible] because of the very strong wind and solar resource that is that we have in Morocco The big [indiscernible] availability and also the proximity of Morocco to Europe. So the ability of export not only using the electricity in Morocco, but also exporting the energy to Europe either through interconnection that are being built and planned between Morocco and the continent but also through what we call Power2X So exporting the energy in other ways such as green hydrogen or ammonia and then marine transportation to Europe to different uses So we are now originating activities in this regard in Morocco together with NUMED as you highlighted and this is an activity that is of course in the beginning, early stage It will take several years but this is part of our being greenfield developer and in the future.

45m 30s

Okay. Thank you very much.

45m 35s

Thank you. Our next question comes from David Paz of Wolfe Research. Please go ahead, David.

45m 46s

Thank you for the time. Just to clarify, said earlier about The U. S. Tax credits.

45m 52s

How much is in your 25 EBITDA guidance. Is it the $60,000,000 to 80 you referenced?

45m 59s

Yes, $62.80.

46m 3s

Okay.

46m 3s

If we do you have that number or do you have what U. S. Tax credits were for the year 2024?

46m 13s

How much of an EBITDA $21,000,000 Okay.

46m 18s

So when you came out with your 24 guidance of $235,000,000 to $255,000,000 Last year, Was that embedded in in there, The U. S. Tax credits number?

46m 30s

No, it was not embedded.

46m 33s

So you need to add to that the '21 Got it. Okay. And going forward, we should expect you now to include tax credits, U. S. Tax credits in your adjusted EBITDA guidance. The way to think about it?

46m 48s

That is right.

46m 51s

Okay.

46m 52s

Thank you.

46m 53s

Appreciate Thank you. I would now like to turn the conference back to Yonah Weiss for closing remarks. [indiscernible] Thank you, everyone, for joining us, and we'll speak with you next quarter.

47m 11s

This concludes today's conference call.

Key Insights

Enlight reported strong financial results for 2024, with revenues growing 53% year-over-year to $399 million and adjusted EBITDA increasing 49% to $289 million. Operating cash flow rose 29% to $193 million, while net income declined 32% to $67 million due to a one-time item in 2023.
The company achieved significant project milestones in 2024, including the completion of 650 MW of generation capacity and 1.6 GWh of energy storage across Israel, Europe, and the U.S. Enlight now operates 2.5 GW of generation and 1.9 GWh of storage capacity.
For 2025, Enlight provided guidance of $490-$510 million in revenues (25% growth) and $360-$380 million in adjusted EBITDA (28% growth). The guidance includes $41 million from asset sales and $60-$80 million from U.S. tax credits.
Enlight plans to begin construction on 1.8 GW of generation and 3.9 GWh of storage projects in 2025, with major projects like Quail Ranch and Roadrunner expected to contribute significantly to future growth. The company aims to achieve annual recurring revenues exceeding $1 billion by the end of 2027.
The company highlighted its robust financing capabilities, raising $550 million for the Roadrunner project and $50 million from a partial asset sale in Israel. Enlight remains focused on maintaining majority ownership (at least 70%) of its portfolio while leveraging sell-downs to fund growth.

Recent Transcripts

Revenues grew 53%, driven by new projects and geographic diversification.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	₪242M	₪331M	$192M	$256M	₪1.5B
Cost of Revenue	₪105M	₪133M	$81M	$117M	₪294M
Gross Profit	₪136M	₪198M	$111M	$139M	₪1.2B
Gross Profit %	56%	60%	58%	54%	80%
R&D Expenses	₪9.6M	₪3.5M	$5.6M	$1.8M	₪42M

2020

2021

2022

2023

2024

Revenue

₪242M

₪331M

$192M

$256M

₪1.5B

Cost of Revenue

₪105M

₪133M

$81M

$117M

₪294M

Gross Profit

₪136M

₪198M

$111M

$139M

₪1.2B

Gross Profit %

56%

60%

58%

54%

80%

R&D Expenses

₪9.6M

₪3.5M

$5.6M

$1.8M

₪42M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-₪141M	₪70M	$38M	$98M	₪161M
Dep. & Amort.	₪55M	₪66M	$42M	$66M	₪396M
Def. Tax	-₪78M	₪28M	$4.9M	$28M	₪0
Stock Comp.	₪2.3M	₪4M	$2.5M	$5M	₪30M
Chg. in WC	₪16M	-₪32M	-$14M	$16M	₪9.7M

2020

2021

2022

2023

2024

Net Income

-₪141M

₪70M

$38M

$98M

₪161M

Dep. & Amort.

₪55M

₪66M

$42M

$66M

₪396M

Def. Tax

-₪78M

₪28M

$4.9M

$28M

₪0

Stock Comp.

₪2.3M

₪4M

$2.5M

$5M

₪30M

Chg. in WC

₪16M

-₪32M

-$14M

$16M

₪9.7M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	₪319M	₪827M	$194M	$404M	₪1.4B
ST Investments	₪105M	₪154M	$38M	$5.3M	₪0
Cash & ST Inv.	₪424M	₪981M	$232M	$409M	₪1.4B
Receivables	₪85M	₪0	$26M	$79M	₪184M
Inventory	-₪104M	-₪122M	-$35M	$0	₪0

2020

2021

2022

2023

2024

Cash

₪319M

₪827M

$194M

$404M

₪1.4B

ST Investments

₪105M

₪154M

$38M

$5.3M

₪0

Cash & ST Inv.

₪424M

₪981M

$232M

$409M

₪1.4B

Receivables

₪85M

₪0

$26M

$79M

₪184M

Inventory

-₪104M

-₪122M

-$35M

₪0

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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Earnings

Report Date

Feb 19, 2025

Reported Revenue

31.8M

Avg 1d Change

3.62%

Report Period

Q4 2024

Reported EPS

0.04

Implied Move 1d

8.31%

Transcript

12m 56s

14m 38s

Our executive team will then be available to answer your questions. Thank you for joining us today for Enlite's fourth quarter and full year 2024 earnings call.

14m 49s

In 2024, we performed well above our initial guidelines and above analyst expectations. Let's begin with a review of our accomplishments in 2024 and then I'll go into our outlook for 2025 and beyond.

15m 4s

16m 55s

The core subject is the rising demand for power.

16m 58s

18m 32s

19m 5s

20m 46s

22m 26s

Turning to our 2025 guidance.

22m 28s

We expect revenues between $490,000,000 and $510,000,000 25% higher than the 2024 results and adjusted EBITDA between $360,000,000 and $380,000,000 28% above 2024 results.

22m 48s

Nir will describe in detail the assumptions that underline this guidance later in the call. Now, I'd like to turn the call over to Adam.

22m 59s

Thank you, Gilad. We have many great achievements to share from The U. S. Since last quarter.

23m 5s

24m 22s

25m 14s

25m 49s

26m 38s

28m 1s

28m 59s

30m 34s

We also assume average annual exchange rate based on forward keves for the year, implying an average of ILS3.55 dollars to dollar and €1.05 to dollar.

30m 46s

I will now turn it over to the operator for questions.

31m 8s

Our first question of Roth Capital Partners. Your line is open Justin. Hey, hi. Thank you.

31m 20s

32m

Good morning.

32m 2s

32m 28s

32m 59s

33m 42s

Yes, again, a great question. Thanks. So this relates exactly to the strategy we announced in the past that Enlight will remain primary in IPP.

33m 58s

34m 55s

Got it. Got it. Okay.

34m 58s

35m 20s

36m 30s

Thank you. Our next question comes from Maheep Mandeloy of Mizuho.

36m 38s

Hey, good morning here from Georgina. Thanks for taking the questions.

36m 44s

37m 34s

38m 17s

Again, I will start with answering and then of course Anir can complement me.

38m 24s

But in general, we don't see a change in the policy.

38m 27s

39m 33s

40m 38s

Thank you. Appreciate the color.

40m 42s

Thank you. Our next question comes from Mark Stross of JPMorgan.

40m 56s

Your question please Mark. Hi.

41m

This is Michael Fairbanks on for Mark. Congrats to everyone on the strong results. Maybe first, can you guys just help us think about 4Q results versus the guidance from the 3Q call?

41m 13s

41m 26s

42m 10s

42m 43s

43m 7s

Sure. Adam, would you like to take this question?

43m 14s

43m 35s

Okay.

43m 39s

Thank you. Our next question comes from Adeel Hasidam [indiscernible] Your line is open. I do.

43m 51s

Hi. Thank you very much.

43m 54s

45m 30s

Okay. Thank you very much.

45m 35s

Thank you. Our next question comes from David Paz of Wolfe Research. Please go ahead, David.

45m 46s

Thank you for the time. Just to clarify, said earlier about The U. S. Tax credits.

45m 52s

How much is in your 25 EBITDA guidance. Is it the $60,000,000 to 80 you referenced?

45m 59s

Yes, $62.80.

46m 3s

Okay.

46m 3s

If we do you have that number or do you have what U. S. Tax credits were for the year 2024?

46m 13s

How much of an EBITDA $21,000,000 Okay.

46m 18s

So when you came out with your 24 guidance of $235,000,000 to $255,000,000 Last year, Was that embedded in in there, The U. S. Tax credits number?

46m 30s

No, it was not embedded.

46m 33s

So you need to add to that the '21 Got it. Okay. And going forward, we should expect you now to include tax credits, U. S. Tax credits in your adjusted EBITDA guidance. The way to think about it?

46m 48s

That is right.

46m 51s

Okay.

46m 52s

Thank you.

46m 53s

Appreciate Thank you. I would now like to turn the conference back to Yonah Weiss for closing remarks. [indiscernible] Thank you, everyone, for joining us, and we'll speak with you next quarter.

47m 11s

This concludes today's conference call.

Key Insights

Enlight reported strong financial results for 2024, with revenues growing 53% year-over-year to $399 million and adjusted EBITDA increasing 49% to $289 million. Operating cash flow rose 29% to $193 million, while net income declined 32% to $67 million due to a one-time item in 2023.
The company achieved significant project milestones in 2024, including the completion of 650 MW of generation capacity and 1.6 GWh of energy storage across Israel, Europe, and the U.S. Enlight now operates 2.5 GW of generation and 1.9 GWh of storage capacity.
For 2025, Enlight provided guidance of $490-$510 million in revenues (25% growth) and $360-$380 million in adjusted EBITDA (28% growth). The guidance includes $41 million from asset sales and $60-$80 million from U.S. tax credits.
Enlight plans to begin construction on 1.8 GW of generation and 3.9 GWh of storage projects in 2025, with major projects like Quail Ranch and Roadrunner expected to contribute significantly to future growth. The company aims to achieve annual recurring revenues exceeding $1 billion by the end of 2027.
The company highlighted its robust financing capabilities, raising $550 million for the Roadrunner project and $50 million from a partial asset sale in Israel. Enlight remains focused on maintaining majority ownership (at least 70%) of its portfolio while leveraging sell-downs to fund growth.

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