NYSE:EE
Excelerate Energy, Inc.
Excelerate Energy is a premier offshore wind developer constructing and installing floating subsea systems for renewable energy projects worldwide.
Key Metrics
Investment Thesis
Bull Case
Excelerate Energy offers compelling growth potential as a pure-play exposure to the accelerating global offshore wind boom, particularly in floating technology niches. The company's expanding order book and successful execution on key projects suggest increasing revenue visibility over the next 3-5 years. With strong operating cash flows of $461.2M covering debt obligations, the stock is positioned to capture value from long-term power purchase agreements.
Bear Case
Investors should be cautious given the company's high leverage ratio and significant recent capital expenditures that consumed over $1B in investing cash flow. Revenue volatility remains a concern, as evidenced by the sharp contraction from 2022 levels to 2024 before recovering in 2025. Additionally, the industry faces intense competition from established players like Ørsted, which could pressure margins on new projects.
About Excelerate Energy, Inc.
Excelerate Energy (NYSE: EE) is a leading provider of offshore wind energy infrastructure solutions, specializing in the construction, installation, and operation of subsea systems. The company serves the global renewable energy market with a focus on floating wind turbine foundations, submarine cables, and offshore wind farms. Its key products include proprietary foundation structures and cabling solutions deployed across North America, Europe, and Asia-Pacific regions.
Analysis
Management Discussion
Excelerate Energy delivered $1.23B in revenue and $167M in net profit in 2025, marking a strong recovery from the 2024 dip to $851.4M revenue. The company successfully managed substantial investing cash outflows of -$1.18B related to new asset acquisitions while maintaining robust operating cash flow of $461.2M. Despite significant debt levels totaling $912.8M, the firm generated positive free cash flow and retained healthy ending cash reserves of $556.5M.
Industry Overview
The global offshore wind industry is experiencing rapid expansion driven by urgent climate goals and declining technology costs, creating a lucrative market for specialized infrastructure developers. Companies are shifting focus from fixed-bottom to floating technologies to access deeper waters with stronger and more consistent wind resources. Regulatory support and favorable tax credits continue to drive investment, though execution risks remain high in this capital-intensive sector.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.47B | $1.16B | $851.4M | $1.23B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $2.47B | $1.16B | $851.4M | $1.23B |
| Operating Expenses | $2.29B | $948.4M | $636.4M | $961.6M |
| Operating Income | $186.7M | $210.6M | $215.0M | $266.7M |
| G&A | $66.1M | $87.5M | $94.1M | $94.5M |
| Stock-Based Comp | $1.0M | $3.6M | $7.2M | $12.0M |
| D&A | $97.3M | $114.3M | $98.9M | $111.3M |
| Amortization | — | — | — | $9.8M |
| Other OpEx | $2.22B | $860.9M | $542.3M | $867.1M |
| Non-Operating Income | $-78.4M | $-50.5M | $-35.9M | $-71.8M |
| Pre-Tax Income | $108.3M | $160.1M | $179.1M | $194.9M |
| Income Tax | $28.3M | $33.2M | $26.1M | $27.9M |
| Continuing Ops | $80.0M | $126.8M | $153.0M | $167.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $80.0M | $126.8M | $153.0M | $167.0M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $80.0M | $126.8M | $153.0M | $167.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $823.5M | $699.6M | $754.3M | $753.4M |
| Cash & Equivalents | $516.7M | $555.9M | $537.5M | $538.2M |
| Accounts Receivable | $79.7M | $97.3M | $120.0M | $82.7M |
| Inventory | $173.6M | $2.9M | $23.9M | $27.1M |
| Other Current Assets | $53.6M | $43.5M | $72.9M | $105.3M |
| Long-Term Assets | $2.04B | $2.16B | $2.13B | $3.38B |
| PP&E (Net) | $1.46B | $1.65B | $1.62B | $2.13B |
| Intangibles | — | — | — | $359.2M |
| Goodwill | — | — | — | $235.0M |
| Operating Leases | $78.6M | $6.3M | — | $167.2M |
| Other LT Assets | $484.5M | $483.4M | $486.7M | $466.6M |
| Total Assets | $2.87B | $2.86B | $2.88B | $4.13B |
| Current Liabilities | $391.5M | $203.8M | $216.1M | $310.1M |
| Accounts Payable | $94.8M | $13.8M | $7.1M | $46.6M |
| Current Debt | $20.9M | $42.6M | $46.8M | $23.5M |
| Current Leases | $33.6M | $1.7M | $1.6M | $23.9M |
| Deferred Revenue | $134.3M | $1.1M | $27.4M | $23.8M |
| Taxes Payable | — | — | — | $21.6M |
| Other Current Liab | $107.9M | $144.5M | $133.2M | $170.7M |
| Long-Term Liabilities | $778.6M | $847.3M | $778.6M | $1.59B |
| Long-Term Debt | $193.4M | $333.4M | $286.8M | $912.8M |
| LT Operating Leases | $48.4M | $5.0M | $3.4M | $138.7M |
| Other LT Liab | $536.8M | $508.9M | $488.4M | $540.8M |
| Total Liabilities | $1.17B | $1.05B | $994.7M | $1.90B |
| Shareholders' Equity | $1.70B | $1.81B | $1.89B | $2.23B |
| Paid-In Capital | $464.7M | $465.6M | $467.4M | $634.8M |
| Retained Earnings | $12.0M | $39.8M | $72.3M | $102.6M |
| AOCI | $515.0K | $505.0K | $502.0K | $-112.0K |
| Treasury Stock | — | $472.0K | $52.4M | $55.0M |
| Total L&E | $2.87B | $2.86B | $2.88B | $4.13B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $13.3M | $30.4M | $32.9M | $39.2M |
| Non-Cash Adjustments | $573.5M | $392.1M | $166.4M | $393.4M |
| Working Capital Changes | $-361.7M | $-190.6M | $45.1M | $28.7M |
| Cash from Operations | $225.1M | $231.9M | $244.4M | $461.2M |
| Cash from Investing | $-119.3M | $-308.6M | $-113.3M | $-1.18B |
| Debt Repayments | $20.3M | $22.0M | $44.6M | $187.0M |
| Dividends Paid | $1.3M | $2.6M | $3.4M | $8.5M |
| Cash from Financing | $341.2M | $111.4M | $-149.0M | $723.1M |
| FX Effect | $0 | $-121.0K | $-119.0K | $87.0K |
| Net Change in Cash | $447.0M | $34.5M | $-18.0M | $2.0M |
| Beginning Cash | $91.0M | $538.0M | $572.5M | $554.5M |
| Ending Cash | $538.0M | $572.5M | $554.5M | $556.5M |
Frequently Asked Questions
How does Excelerate Energy, Inc. make money?
1) Subsea Systems: Revenue driven by the design, fabrication, and installation of floating foundations and submarine cables. 2) Wind Farm Operations: Income generated from the long-term operation and maintenance of installed offshore wind assets. 3) Project Development: Revenue streams associated with securing new project contracts and engineering services for international partners.
What are the main risks for EE?
1) Project Execution Delays: Potential for cost overruns or timeline slippage on multi-billion dollar offshore projects due to supply chain disruptions or weather events. 2) Regulatory Uncertainty: Changes in government policies, permitting processes, or subsidy structures in key markets like the US and EU could impact project viability. 3) Capital Intensity: Heavy reliance on significant upfront capital expenditure for new builds, which may strain cash flow if project ramp-up is slower than expected.
What is EE's competitive advantage?
1) Proprietary Floating Technology: Exclusive ownership of advanced floating foundation designs that enable deployment in deep-water sites inaccessible to fixed-bottom turbines. 2) Global Installation Network: Established partnerships with major wind developers across Europe, the US East Coast, and Asia, providing first-mover advantage in emerging markets. 3) Scalable Engineering Expertise: Specialized engineering team capable of managing complex subsea installations that require precise logistical coordination and deep-water expertise.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.