Research Reports

Prepared Highlights

Q1 2026 revenues and income reached $200 million, up 54% year-over-year (YoY); growth driven by new U.S. projects, strong wind conditions in Israel/Europe, increased electricity trade in Israel, and FX effects (CEO, CFO)
Adjusted EBITDA was $154 million, up 70% YoY (or 58% excluding Sunlight cluster sell-down impact) (CEO, CFO)
Net income was $38 million (vs. $102 million in Q1 2025; $21 million excluding Sunlight cluster sale) (CFO)
U.S. became the largest geographic segment, contributing 37% of total revenues following Roadrunner and Quail Ranch ramp-up (CEO)
U.S. portfolio expanded by 2.6 factored GW sequentially (total >41 factored GW); ~60% of advanced development/development portfolio completed system impact study (CEO, Jared)
Construction started at CO Bar 3 (475 MW PV); total CO Bar phases ~1.5 factored GW; initial CODs on track for H2 2027, with subsequent phases in H1 2028 (Jared)
Crimson Orchard project (120 MW PV + 400 MWh storage) closed $304 million construction financing in March; COD expected 2027 (Jared)
Country Acres (403 MW PV + 688 MWh storage) remains on schedule for COD by end of 2026 (Jared)
Snowflake A (594 MW PV + 1,900 MWh storage) nearing halfway on PV/battery installation; COD H2 2027 (Jared)
Cash and equivalents at topco level: $709 million; subsidiaries: $270 million; $525 million credit facility ($360 million available); ~$1.6 billion LC/surety bond facility ($1 billion available) (CFO)
Official guidance (full-year 2026): Revenues and income of $755M – $785M; Adjusted EBITDA of $545M – $565M (CEO)
Long-term target: ~$2.1 billion annual revenue run rate by end of 2028, anchored by ~7 factored GW under construction in 2026 (CEO)

Mgmt quotes

“We are off to a very strong start to the year, delivering excellent financial performance and continued execution momentum across our global platform.” (CEO)
“The U.S. became our largest geographic segment this quarter… This marks a meaningful milestone in the scaling of our U.S. platform.” (CEO)
“Energy storage remains a core growth pillar for Enlight in Europe with a vast portfolio of 14 gigawatt hour, of which 4.9 gigawatt hour in the mature portfolio.” (CEO)
“Our construction portfolio reflects deliberate investments in our internal processes… and our ability to consistently deliver approximately 2 factored gigawatts annually.” (Jared)
“We are reaffirming our full year 2026 guidance… More importantly, we continue to stand firmly behind our long-term growth trajectory.” (CEO)

Prepared Metrics

Metric	Value	Speaker/Context
Revenues & Income	$200M	Q1 2026, +54% YoY (CFO)
Adjusted EBITDA	$154M	Q1 2026, +70% YoY (CFO)
Net Income	$38M	Q1 2026 (CFO)
U.S. share of revenues	37%	Q1 2026 (CEO)
Total portfolio (factored GW)	>41	Sequential +8% (CEO)
Under construction in 2026 (expected)	~7 factored GW	(CEO)
Cash & equivalents (topco)	$709M	End of Q1 2026 (CFO)
Project finance raised (Q1)	$304M	Crimson Orchard (Jared, CFO)
Private placement proceeds	$422M	6M shares to Israeli institutional investors (CFO)
2026 Guidance: Revenue	$755M – $785M	Full year (CEO)
2026 Guidance: Adj. EBITDA	$545M – $565M	Full year (CEO)

Q&A Batch (1-4 of 4)

Q1 — Justin Clare

Topic: Unlevered returns improvement and 2027 operational capacity outlook
Key points:
- Under-construction and preconstruction project unlevered returns increased to 13%, up from 12%–13% last quarter and 11%–12% two quarters ago.
- Improvement driven by CapEx optimization on CO Bar storage components, changing battery suppliers, and qualifying for domestic content.
- 2027 factored gigawatt outlook reduced to 7.3 GW (from 8 GW), and ARR stepped down to $1.4 billion (from $1.6 billion); 2028 outlook unchanged.
Mgmt stance: Bullish — returns improved via deliberate cost and supply-chain actions; project delays (CO Bar 4/5, Bertikow) are short-term and aimed at long-term project quality.

Q2 — Jonathan Windham

Topic: Stationary storage supply chain and new entrants (LG, GM, Ford)
Key points:
- ENLT is in constant dialogue with multiple battery and PV suppliers, including new domestic entrants.
- New domestic manufacturing adds supply-chain robustness and reduces geopolitical risk.
- ENLT expects to leverage its large portfolio as one of the largest U.S. stationary BESS customers for effective negotiations.
Mgmt stance: Bullish — welcomes new suppliers; expects favorable supply-demand dynamics and continued project profile improvement.

Q3 — Corinne Blanchard (via Itay Banayan)

Topic: Seasonality, safe harbor optionality, and 2028 ARR target
Key points:
- Q1 exceeded expectations due to strong wind; full-year guidance remains intact.
- ENLT has optionality to safe harbor an additional 2–4 factored GW by end of June, bringing total safe harbor to 15–17 factored GW (up from earlier 6–8 GW forecast).
- 2028 ARR target of $2.1–$2.3 billion; $2.1 billion already in mature portfolio; majority of 2028 plan will be operating or under construction this year.
Mgmt stance: Bullish — safe harbor significantly exceeded initial expectations; 2028 plan has high certainty due to mature portfolio and construction progress.

Q4 — Maheep Mandloi

Topic: Safe harbor capacity vs. completed system impact studies, behind-the-meter solar, and capital sources
Key points:
- ENLT has 19.9 factored GW with completed system impact studies; safe harbor is 15–17 factored GW.
- Safe harbor will not match 19.9 GW because some projects have interconnection timelines beyond 2030.
- ENLT has seen interest in behind-the-meter solar but focuses on grid-connected projects with robust interconnection.
- Current cash and access to project finance (Tier 1 lenders) and equity markets (Tel Aviv, NASDAQ) are sufficient to support 2028 plan and significant GW beyond.
Mgmt stance: Neutral on safe harbor ceiling — strategic project-by-project decisions limit safe harbor to 15–17 GW; bullish on capital position — no need for external capital for 2028 plan and beyond.