Net income increased from $45.5 million in the same quarter last year and $20.8 million in the previous quarter.
Excelerate reported revenues of $391 million and adjusted EBITDA of $129.3 million, both up year-over-year and from the previous quarter.
The firm said net income and adjusted Ebitda increased sequentially from the last quarter primarily due to a full quarter of Jamaica margin and higher LNG, gas, and power sales opportunities in the third quarter, which included a seasonal delivery under its Atlantic Basin supply deal.
In May, Excelerate completed its previously announced acquisition of New Fortress Energy’s business in Jamaica for $1.055 billion.
Under the deal, Excelerate has acquired the assets and operations of the Montego Bay LNG terminal, the Old Harbour LNG terminal, including a chartered FSRU, the 150 MW Clarendon combined heat and power plant, and small-scale regasification facilities throughout the island.
Excelerate has raised and narrowed its full-year 2025 guidance range for adjusted Ebidta.
For the full year, Excelerate now expects adjusted Ebitda to range between $435 million and $450 million, which includes estimated fourth-quarter financial impacts to Jamaica from Hurricane Melissa.
“Due to the company’s comprehensive insurance coverage along with the timely restoration of operations, the financial impacts from Hurricane Melissa for the fourth quarter are expected to be limited,” Exclerate said.
On October 30, Excelerate’s board of directors approved a quarterly cash dividend equal to $0.08 per share, or $0.32 per share on an annualized basis, of Class A common stock.
