Enlight's Revenue Surges 54% on U.S. Growth and Storage Focus

TEL AVIV, Israel – May 05, 2026 – Enlight Renewable Energy (NASDAQ: ENLT) today announced a robust start to 2026, reporting a 54% year-over-year surge in first-quarter revenues and income to $200 million. The company demonstrated significant operational strength and reaffirmed its ambitious full-year guidance, signaling strong confidence in its growth trajectory despite a complex global economic landscape.

While the headline net income figure of $38 million appeared as a 63% decrease from the prior year's $102 million, a closer look reveals a story of powerful underlying growth. The 2025 figure was heavily inflated by a one-time gain of approximately $81 million from an asset sale. When excluding this and other non-recurring items, Enlight's adjusted net income actually soared by 76%, painting a far more accurate picture of the company's accelerating profitability. This strong performance was further bolstered by a 58% increase in cash flow from operating activities, which reached $100 million.

“2026 is off to a strong start, reflected in consistent and impressive over 50% growth across Enlight’s financial metrics,” said Adi Leviatan, CEO of Enlight Renewable Energy. “The Company improved output and achieved key milestones, despite geopolitical instability and challenges in global markets. These strong results are a direct testament to the structural resilience of the renewable energy sector, and to Enlight’s proven execution capabilities in particular.”

Unpacking the Profitability Picture

Beneath the surface of standard accounting figures, Enlight’s Q1 results showcase a business in high-growth mode. The key to understanding the company's true performance lies in adjusting for significant, non-operational events. The first quarter of 2025 benefited immensely from the sale of a 44% stake in the Sunlight cluster, which skewed year-over-year comparisons.

By normalizing for these types of transactions, the company’s core financial health becomes clear. Adjusted EBITDA, a key measure of operational profitability, grew to $154 million. Excluding gains from asset sales in both the current and prior-year periods, Adjusted EBITDA climbed an impressive 58% to $142 million from $89 million, driven by core business operations. This growth was fueled by newly connected projects in the U.S., stronger-than-average wind conditions in Europe and Israel, and increased electricity trading activity.

The U.S. segment was a standout performer, with revenues and income rocketing 111% to $74 million. This was largely driven by the Roadrunner and Quail Ranch projects coming online and a significant increase in income from U.S. tax benefits, which more than doubled to $43 million. This performance underscores the success of the company’s strategic focus on the American market and its ability to leverage favorable policies like the Inflation Reduction Act (IRA).

A Strategic Power Play in Energy Storage

Beyond its strong quarterly earnings, Enlight revealed a significant expansion of its development pipeline, reinforcing its strategy to become a leader in the rapidly growing energy storage sector. The company's total portfolio grew by 8% in a single quarter to 41.2 Factored Gigawatts (FGW), a consolidated metric combining generation and storage capacity. The storage component alone jumped by 13% to 69 Gigawatt-hours (GWh), reflecting a deliberate strategy to meet the critical global shortage in grid-balancing assets.

This strategic pivot is most evident in the United States, which now accounts for 56% of Enlight's mature portfolio and a commanding 71% of its advanced and early-stage development pipeline. The company is advancing several massive projects, including the multi-phase CO Bar complex in Arizona, which is set to become one of the largest renewable energy facilities in the country. During the quarter, construction began on the third phase of the complex, bringing 1.4 FGW of the project's total 2.4 FGW into the construction phase.

Confidence in this U.S.-centric strategy was further demonstrated by the successful financing of another key project. The company secured $304 million in project financing for the Crimson Orchard project in Idaho, a 120 MW solar facility paired with a substantial 400 MWh battery storage system. This ability to secure capital for large, complex projects highlights strong investor confidence in Enlight's execution capabilities.

Building a Resilient Global Footprint

While the U.S. represents the company’s largest growth engine, Enlight’s results underscore the strength of its diversified global platform. The European segment saw revenues climb 19% to $61 million, while the MENA (Middle East and North Africa) segment grew 50% to $65 million, both contributing significantly to the overall revenue surge.

This geographic and technological diversity provides a foundation of resilience, as noted by CEO Adi Leviatan, allowing the company to thrive even amid regional market challenges. The mature portfolio, which includes operating projects and those nearing construction, now stands at 11.6 FGW with a potential annual revenue run-rate of over $2 billion upon completion. This pipeline provides clear visibility into the company's long-term growth.

Looking ahead, Enlight reaffirmed its full-year 2026 guidance, projecting total revenues and income between $755 million and $785 million, representing 32% growth over 2025. The company also expects Adjusted EBITDA to be in the range of $545 million to $565 million. With a robust pipeline, a strategic focus on the high-demand energy storage market, and proven access to capital, Enlight is positioning itself not just as a developer, but as a major independent power producer shaping the future of the global energy grid.