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Excelerate Energy, Inc.

CIK:0001888447|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenue	$ 329,265	$ 204,556	$ 762,704	$ 519,646
Operating expenses
Cost of LNG, gas and power (exclusive of items below)	135,333	40,427	378,378	201,186
Operating expenses	56,075	46,023	109,159	87,961
Depreciation and amortization	32,670	25,518	63,677	47,161
Selling, general and administrative expenses	24,291	21,543	48,627	42,895
Transition and transaction expenses	0	27,659	0	31,341
Total operating expenses	248,369	161,170	599,841	410,544
Operating Income	80,896	43,386	162,863	109,102
Other income (expense)
Interest expense	(24,161)	(20,683)	(48,699)	(31,741)
Interest expense - related party	(3,056)	(3,249)	(6,127)	(6,507)
Earnings from equity method investment	642	600	1,246	1,196
Other income, net	1,692	6,285	6,168	12,439
Income before income taxes	56,013	26,339	115,451	84,489
Benefit from (provision for) income taxes	5,939	(5,574)	(15,399)	(11,601)
Net income	50,074	20,765	100,052	72,888
Less net income attributable to non-controlling interest	37,997	16,036	75,655	56,772
Net income attributable to shareholders	$ 12,077	$ 4,729	$ 24,397	$ 16,116
Net income per common share - basic	$ 0.38	$ 0.15	$ 0.76	$ 0.58
Net income per common share - diluted	$ 0.37	$ 0.15	$ 0.75	$ 0.57
Weighted average shares outstanding - basic	31,733,765	31,489,508	31,904,953	27,715,777
Weighted average shares outstanding - diluted	32,362,952	32,162,826	32,668,483	28,470,434
Terminal services
Revenues
Total revenue	$ 160,454	$ 148,833	$ 318,717	$ 297,198
LNG Gas and Power
Revenues
Total revenue	$ 168,811	$ 55,723	$ 443,987	$ 222,448

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 100,052	$ 72,888
Adjustments to reconcile net income to net cash from operating activities
Depreciation and amortization	63,677	47,161
Amortization of operating lease right-of-use assets	12,707	3,343
ARO accretion expense	1,680	960
Amortization of debt issuance costs	2,910	4,444
Deferred income taxes	3,248	845
Share of net earnings in equity method investee	(1,246)	(1,196)
Distributions from equity method investee	900	1,530
Long-term incentive compensation expense	6,628	5,358
(Gain) loss on non-cash items	4	0
Changes in operating assets and liabilities:
Accounts receivable	(15,600)	85,578
Other current assets and other assets	(27,400)	1,864
Accounts payable and accrued liabilities	43,686	16,182
Current portion of deferred revenue	(26,709)	(28,218)
Net investments in sales-type leases	22,996	21,101
Operating lease assets and liabilities	(11,513)	(3,196)
Other long-term liabilities	(1,776)	13,305
Net cash provided by operating activities	174,244	241,949
Cash flows from investing activities
Net cash paid for Acquisition	0	(1,048,091)
Purchases of property and equipment	(283,833)	(77,408)
Net cash used in investing activities	(283,833)	(1,125,499)
Cash flows from financing activities
Proceeds from issuance of Class A Common stock, net	0	201,904
Repurchase of Class A Common Stock	(28,426)	0
Proceeds from issuance of long-term debt	0	800,000
Repayments of long-term debt	(12,019)	(175,172)
Repayments of long-term debt - related party	(6,012)	(4,768)
Payment of debt issuance costs	0	(19,376)
Principal payments under finance lease liabilities	(11,392)	(10,714)
Taxes withheld for long-term incentive compensation	(3,073)	(1,027)
Dividends paid	(5,215)	(3,382)
Distributions	(20,723)	(13,984)
Other financing activities	902	(433)
Net cash provided by (used in) financing activities	(85,958)	773,048
Effect of exchange rate on cash, cash equivalents, and restricted cash	219	88
Net decrease in cash, cash equivalents and restricted cash	(195,328)	(110,414)
Cash, cash equivalents and restricted cash
Beginning of period	556,518	554,495
End of period	$ 361,190	$ 444,081

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 342,449	$ 538,234
Current portion of restricted cash	3,232	3,239
Accounts receivable, net	97,414	82,714
Current portion of net investments in sales-type leases	29,733	38,870
Other current assets	122,436	90,308
Total current assets	595,264	753,365
Restricted cash	15,509	15,045
Property and equipment, net	2,357,295	2,132,045
Intangible assets, net	351,398	359,221
Goodwill	235,188	234,994
Operating lease right-of-use assets	155,504	167,188
Net investments in sales-type leases	324,085	337,944
Investments in equity method investee	19,604	18,095
Deferred tax assets, net	24,469	25,224
Other assets	84,725	88,340
Total assets	4,163,041	4,131,461
Current liabilities
Accounts payable	71,010	46,570
Accrued liabilities and other liabilities	144,518	123,027
Current portion of deferred revenues	30,426	57,135
Current portion of long-term debt	23,994	23,521
Current portion of long-term debt - related party	10,035	10,521
Current portion of operating lease liabilities	25,032	23,904
Current portion of finance lease liabilities	25,759	25,382
Total current liabilities	330,774	310,060
Long-term debt, net	902,151	912,788
Long-term debt, net - related party	145,905	151,431
Operating lease liabilities	127,125	138,744
Finance lease liabilities	132,423	144,608
TRA liability	49,966	51,122
Asset retirement obligations	64,483	62,799
Long-term deferred revenues	28,237	29,196
Deferred tax liability	66,828	64,654
Other long-term liabilities	43,100	36,981
Total liabilities	1,890,992	1,902,383
Commitments and contingencies (Note 21)
Additional paid-in capital	658,998	634,811
Retained earnings	121,750	102,640
Accumulated other comprehensive income (loss)	(510)	(112)
Treasury stock (3,774,732 shares as of June 30, 2026 and 2,685,679 shares as of December 31, 2025)	(93,543)	(54,981)
Non-controlling interests	1,585,237	1,546,603
Total equity	2,272,049	2,229,078
Total liabilities and equity	4,163,041	4,131,461
Common Class A Member
Current liabilities
Common stock Value	35	35
Common Class B Member
Current liabilities
Common stock Value	$ 82	$ 82