EE earnings analysis
What we found in EE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Excelerate Energy reported Q1 2026 results highlighting revenue growth of 37.5% year-over-year, reaching $433.4 million, although EPS of $0.37 fell short of expectations by 19.6%. Adjusted EBITDA increased by 21.7%, driven by strong long-term sales agreements despite challenges from geopolitical risks affecting the LNG market.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue grew by 37.5% to $433.4 million from $315.1 million in Q1 2025.
- Adjusted EBITDA Up 21.7%
- Adjusted EBITDA increased to $122.2 million, up from $100.4 million year-over-year.
- Improved Gross Margin
- Gross margin rose to $106.3 million, an increase of $15.5 million compared to Q1 2025.
- Successful Charter Party Agreement
- Executed a nine-month charter agreement enhancing earnings while awaiting Iraq terminal.
- Cash Position Sturdy
- Maintained $540.1 million in unrestricted cash and equivalents as of Q1 2026.
- Terminal Services Revenue Growth
- Terminal services revenue increased to $158.3 million, from $148.4 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expenses
- Interest expense surged to $24.5 million, an increase of $13.4 million compared to Q1 2025.
- Geopolitical Supply Risks
- Ongoing conflicts in the Middle East disrupted LNG supply, impacting operational stability.
- Net Income Decline
- Net income decreased to $50.0 million from $52.1 million in Q1 2025, primarily due to increased costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.37
- Gross margin
- 24.7%
- Operating margin
- 18.9%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · February 27, 2026
- Excelerate Energy reports material top-line growth in 2025 with full-year revenue of $1,229.0 million (sum of quarterly revenues) and materially higher free cash flow of $299.0 million versus $131.0 million in 2024. The…
- 10-Q · May 8, 2025
- Excelerate reported Q1 2025 revenue of $315,090 (in thousands) and diluted EPS of $0.46, driven by a large YoY increase in gas sales. Operating margin compressed slightly to 20.9% while operating cash flow strengthened…
- 10-Q · August 9, 2024
- Excelerate reported Q2 revenue of $183,333,000 (three months ended June 30, 2024), down materially from $432,372,000 a year earlier, driven by a sharp reduction in gas sales. Operating income remained resilient at…
- 10-Q · November 9, 2023
- Excelerate reported Q3 total revenue of $275,471,000 (three months ended Sept 30, 2023) — a large decline from $803,261,000 in Q3 2022 — driven by a steep drop in gas sales. Operating income improved to $67,498,000 and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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