Financial Data and Key Metrics Changes - For the full-year 2024, Excelerate Energy delivered record adjusted EBITDA of $348 million, exceeding the high end of guidance [10][28] - Net income for 2024 was $153 million, reflecting a 21% increase year-over-year [10][29] - Total debt, including finance leases, was $696 million, with cash and cash equivalents of $538 million, resulting in net debt of $158 million [30][31] Business Line Data and Key Metrics Changes - The earnings growth was attributed to successful recontracting of FSRUs at elevated market rates and optimization of the core regasification business [11][12] - The company recorded a reliability of 99.9% across its fleet, the highest in its history [13] Market Data and Key Metrics Changes - The supply/demand balance for FSRUs is expected to remain tight due to ongoing geoeconomic uncertainties, particularly in Europe [19][62] - The company delivered 272 cargoes of LNG in 2024, averaging about 2.5 billion cubic feet of natural gas daily [16] Company Strategy and Development Direction - Excelerate Energy aims to expand its fleet and invest in core regasification while pursuing strategic initiatives for value creation [18][24] - The construction of a new build FSRU, Hull 3407, is on track for delivery in 2026, capable of delivering 1 billion cubic feet per day [19][20] - The company is also exploring LNG carrier acquisitions for conversion to FSRUs, which would provide flexibility and meet diverse market needs [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the core business and the ability to capture LNG supply optimization opportunities for 2025 [35] - The anticipated tightness in the supply/demand balance for FSRUs is expected to drive demand for long-term contracts [62][92] Other Important Information - The company announced a quarterly cash dividend of $0.06 per share, consistent with previous dividends [33] - A $50 million share repurchase program was fully utilized, with plans to consider new authorizations in the future [32][81] Q&A Session Summary Question: Insights on 2025 adjusted EBITDA guidance - Management indicated that the guidance does not include potential growth opportunities outside of the FSRU fleet at this time [44] Question: Details on the LNG carrier acquisition - Management is assessing multiple vessels for acquisition, focusing on near-term needs and optimization opportunities [47][102] Question: Financial outlook for maintenance CapEx - All maintenance CapEx for 2025 is expected to be capitalized, with specific amounts guided [52] Question: Updates on Vietnam and Alaska projects - Management remains optimistic about opportunities in both regions, with ongoing discussions [73][70] Question: Stock repurchase plans - Management is pleased with the previous repurchase program and is considering future authorizations based on market conditions [80][81]

Business Operations and Contracts - Excelerate operates a fleet of 10 purpose-built FSRUs and has completed over 3,000 ship-to-ship transfers, delivering more than 7,300 billion cubic feet of natural gas through 16 regasification terminals[22]. - As of December 31, 2024, the minimum contracted cash flows under time charter and terminal use contracts amount to approximately $3.7 billion, with a weighted average remaining term of 6.5 years[35]. - In October 2023, Excelerate executed a 10-year time charter agreement with Petrobras for the Sequoia, commencing on January 1, 2024[34]. - Excelerate signed a 20-year SPA with Venture Global LNG in February 2023 to purchase 0.7 MTPA of LNG on a FOB basis, with the commitment starting once the facility becomes operational[40]. - A 15-year SPA was signed with Bangladesh Oil, Gas & Mineral Corporation in November 2023, with deliveries of 0.85 MTPA in 2026 and 2027, increasing to 1.0 MTPA from 2028 to 2040[41]. - Excelerate has a 15-year SPA with QatarEnergy starting in 2026, purchasing 0.85 MTPA in the first two years and 1.0 MTPA from 2028 to 2040[42]. - The company has a diversified LNG supply portfolio strategy to offer cost-effective LNG and natural gas products to customers[44]. - Excelerate is the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, and the UAE, and one of the largest in Brazil and Pakistan[21]. - The company focuses on providing LNG solutions to assist markets in their decarbonization efforts while promoting economic growth[20]. - Excelerate's FSRUs can deliver natural gas at pipeline pressure with maximum send-out capacities ranging from 600 MMscf/d to 1,200 MMscf/d[27]. Market Demand and Growth - Global LNG demand is projected to increase from approximately 400 MTPA in 2023 to about 730 MTPA by 2050, highlighting the growing need for cleaner energy sources[45]. - The company operates one of the largest FSRU fleets for regasification, securing long-term, take-or-pay contracts that generate consistent revenue and cash flow with minimal exposure to commodity price volatility[45]. - The company plans to bring online a new-build FSRU in 2026 to support forecasted demand and aims to launch additional vessels as necessary for new natural gas infrastructure projects[52]. - The company is focused on developing a diversified LNG and natural gas portfolio to better manage local demand uncertainties and capture arbitrage opportunities[52]. Regulatory and Environmental Compliance - The IMO Greenhouse Gas Strategy aims to reduce GHG emissions from international shipping by at least 50% by 2050 compared to 2008 levels, with interim targets of at least 20% reduction by 2030 and 70% by 2040[65]. - The EU ETS requires shipping companies to reduce emissions by 65% by 2030 compared to 2005 levels, with a phased-in compliance starting from 2024[66]. - FuelEU Maritime regulation mandates a gradual decrease in GHG emission intensity, requiring a 2% reduction in 2025 from the 2020 average, increasing annually to an 80% reduction by 2050[69]. - The company is subject to various environmental regulations, including limits on sulphur content in fuel oil and protocols for mitigating incidents at LNG terminals[64]. - The company operates under the regulations of the port state and is responsible for obtaining necessary permits for LNG terminal operations[63]. - The company utilizes Bureau Veritas and Lloyd's Register for vessel classification and compliance with flag state laws[62]. - The company manages its vessel operations and employs seafarers under collective bargaining agreements, ensuring compliance with the Maritime Labour Convention 2006[70]. Financial Risks and Debt Management - As of December 31, 2024, the company had outstanding principal on long-term debt to third parties of $333.6 million and to related parties of $170.9 million[174]. - The company had finance lease liabilities to third parties amounting to $191.4 million as of December 31, 2024[174]. - The company's ability to service or refinance its debt will depend on future financial performance and overall creditworthiness of its customer base[175]. - The company may face limitations in obtaining additional financing due to its current debt levels and financial covenants[178]. - The financing agreements are secured by certain vessels and impose significant operating and financial restrictions[177]. Operational and Market Risks - The company faces risks related to construction and commissioning of projects, which may lead to time delays and unforeseen expenses[78]. - The company is exposed to competitive market risks for LNG regasification services and fluctuations in LNG supply and demand[77]. - The timely completion of energy-related infrastructure is highly dependent on the performance of the primary EPC contractor, which may lead to fluctuations in construction costs[81]. - The market for LNG regasification services is competitive, with potential new entrants that could offer lower rates and modern fleets[82]. - Increased competition for LNG import projects may arise from experienced companies, potentially leading to greater price competition for regasification contracts[84]. - The company recorded lower of cost or net realizable value write-downs on LNG inventory during 2023 and 2022, indicating price volatility in the LNG market[86]. - The company relies on a small number of customers, with two customers accounting for over 10% of revenues in both 2024 and 2023, making it vulnerable to their performance[95]. - The company faces commodity price risk due to the composition of its LNG purchase and supply portfolio, which may lead to increased volatility in operating income[97]. - The company may be exposed to differences in market-area indices when selling LNG, which can significantly affect margins[99]. - The company must make substantial long-term expenditures to maintain and replace the operating capacity of its fleet and associated assets[90]. - The company faces risks related to fluctuations in LNG prices, which could impact customer payment capabilities and overall financial condition[100]. - Operational challenges with FSRUs and LNG import terminals may lead to revenue loss and increased costs due to mechanical risks and performance standards[104]. - The company is exposed to risks from third-party facilities, which could adversely affect business operations and financial results if disruptions occur[110]. Human Capital and Management - The company has a global headcount of 919 employees, consisting of 241 full-time onshore employees and 678 seafarers, emphasizing the importance of human capital[54]. - The company’s management team has extensive experience across the LNG value chain, enhancing its competitive positioning in the market[49]. - A shortage of qualified personnel in the LNG industry could impair operational capabilities and increase crewing costs, negatively impacting financial performance[113]. - The company relies heavily on key management personnel, and their loss could adversely affect business operations and market perception[122]. Cybersecurity and Compliance Risks - Cybersecurity incidents pose a significant risk, potentially leading to operational disruptions and reputational damage[117]. - The company is subject to complex regulatory processes for obtaining and maintaining necessary permits and approvals for LNG operations, which can impede project development[129]. - The company must comply with various international trade and economic sanctions laws, which could result in significant penalties if violated[139]. - The company is exposed to potential liabilities under environmental laws, such as the U.S. Oil Pollution Act, which imposes strict liability for oil pollution damages[138]. - The company anticipates increased costs due to compliance with new environmental regulations, including those related to low-sulfur fuel requirements[143]. Financial Reporting and Taxation - Future changes in tax laws could materially affect the company's worldwide tax liabilities and reduce net returns to stockholders[191]. - The company is exposed to currency fluctuations, particularly between the U.S. dollar and other currencies, which could affect reported revenue and net income[194]. - Financial derivatives are used to hedge currency exposure and manage interest rate risks, but they carry inherent risks[196]. - The company is required to pay 85% of the net cash tax savings realized from the acquisition of EELP interests to the TRA Beneficiaries, with the remaining 15% retained by the company[207]. - The TRA payments will vary based on multiple factors, including the price of Class A Common Stock and the timing of exchanges, which could lead to substantial payments[209]. - Payments under the TRA may be accelerated in certain circumstances, potentially exceeding the actual tax benefits realized[210]. - The company may incur debt to finance TRA payments if distributions from EELP are insufficient[208]. - The TRA obligations could negatively impact the company's financial condition and liquidity, potentially delaying or preventing mergers or asset sales[212]. Shareholder and Governance Issues - The concentration of stock ownership by Kaiser, who controls 77.5% of the voting power, may deter hostile takeovers and affect the trading price of Class A Common Stock[159]. - The company does not maintain insurance against all operational risks, which could lead to significant liabilities and losses[154]. - Future insurance coverage may be difficult to procure at reasonable rates due to environmental regulations, potentially harming financial condition[155]. - Political volatility in operating jurisdictions could lead to project delays and increased costs, impacting development timelines[156]. - The company is classified as a "controlled company" under NYSE rules, allowing it to rely on exemptions from certain corporate governance requirements[167].

Financial Data and Key Metrics Changes - For the full-year 2024, Excelerate Energy delivered record adjusted EBITDA of $348 million, exceeding the high end of guidance [10] - Net income for 2024 was $153 million, reflecting a 21% increase year-over-year [10][29] - Total debt, including finance leases, was $696 million, with cash and cash equivalents of $538 million, resulting in net debt of $158 million [30][31] Business Line Data and Key Metrics Changes - The earnings growth was attributed to successful recontracting of FSRUs at elevated market rates and optimization of the core regasification business [11] - The company recorded a reliability of 99.9% across its fleet for the full year, marking the highest reliability in its history [13] Market Data and Key Metrics Changes - The supply/demand balance for FSRUs is expected to remain tight due to ongoing geoeconomic uncertainties, particularly in Europe [19][62] - The company delivered 272 cargoes of LNG in 2024, averaging about 2.5 billion cubic feet of natural gas per day [16] Company Strategy and Development Direction - Excelerate Energy aims to expand its fleet and invest in core regasification while pursuing strategic initiatives for value creation [18][24] - The company is focused on broadening its market presence through investments in LNG import terminals and complementary downstream infrastructure [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the core business and the ability to capture LNG supply optimization opportunities for 2025 [35] - The anticipated tightness in the supply/demand balance for FSRUs is expected to drive demand for LNG imports, particularly in Europe [62] Other Important Information - The company announced a quarterly cash dividend of $0.06 per share, consistent with previous dividends [33] - A $50 million share repurchase program was fully utilized, with plans to consider new authorizations in the future [32][80] Q&A Session Summary Question: Insights on 2025 adjusted EBITDA guidance - Management indicated that the guidance does not include other growth opportunities outside of the FSRU fleet [44] Question: Details on the LNG carrier acquisition - Management is assessing multiple vessels for acquisition, focusing on near-term needs for cargo optimization [47] Question: Financial outlook for 2025 maintenance CapEx - All maintenance CapEx for 2025 is expected to be capitalized, with specific amounts guided [52] Question: Updates on Vietnam and Alaska projects - Management remains optimistic about opportunities in both regions, with ongoing discussions [73][70] Question: Stock repurchase plans - Management is pleased with the previous repurchase program and is considering future options for returning value to shareholders [80] Question: LNG optimization during Q4 - Two LNG optimization deals contributed positively to the fourth-quarter results, with expectations for continued optimization in 2025 [84]

Core Viewpoint - Excelerate Energy reported quarterly earnings of $0.40 per share, exceeding the Zacks Consensus Estimate of $0.32 per share, and showing significant growth from $0.14 per share a year ago, indicating a 25% earnings surprise [1] Financial Performance - The company achieved revenues of $274.57 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 35.39%, compared to $240.06 million in the same quarter last year [2] - Over the last four quarters, Excelerate Energy has exceeded consensus EPS estimates three times [2] Stock Performance and Outlook - Excelerate Energy shares have declined approximately 7.7% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's earnings outlook is mixed, with current consensus EPS estimates at $0.34 for the upcoming quarter and $1.31 for the current fiscal year, with revenues expected to be $245.89 million and $987.34 million respectively [7] Industry Context - The Alternative Energy - Other industry, to which Excelerate Energy belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable environment for performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Excelerate Energy's stock performance [5]

Financial Performance - Excelerate Energy reported a net income of $46.1 million for Q4 2024 and $153.0 million for the full year 2024, representing an increase from $126.8 million in 2023[7][3]. - Adjusted EBITDA for Q4 2024 was $91.6 million, with a full year total of $348.2 million, slightly up from $346.8 million in 2023[7][3]. - Revenues for Q4 2024 were $274.6 million, compared to $193.4 million in Q3 2024, while full year revenues decreased to $851.4 million from $1,159.0 million in 2023[3][7]. - The increase in net income and Adjusted EBITDA for 2024 was primarily due to charter rate increases and a full year of earnings from the FSRU Excelsior[5][6]. - For the three months ended December 31, 2024, total revenues were $274,572,000, a significant increase from $193,419,000 for the previous quarter[26]. - Net income for the year ended December 31, 2024, was $153,034,000, compared to $126,844,000 for the previous year, representing a year-over-year growth of approximately 20.5%[30]. - Operating income for the year ended December 31, 2024, was $214,995,000, compared to $210,605,000 for the previous year, indicating a stable performance[26]. - Cash flows from operating activities for the year ended December 31, 2024, were $244,437,000, an increase from $231,885,000 in the previous year[30]. - The company’s net income attributable to shareholders for the year ended December 31, 2024, was $32,878,000, up from $30,412,000 in the previous year[26]. - For the three months ended December 31, 2024, net income was $46,071,000, an increase from $45,546,000 in the previous quarter[34]. - Adjusted EBITDA for the full year ended December 31, 2024, was $348,195,000, slightly up from $346,822,000 in the previous year[34]. Future Projections - The company expects full year 2025 Adjusted EBITDA to range between $340 million and $360 million, with maintenance Capex projected between $60 million and $70 million[8][11]. - The company projects Adjusted EBITDA for 2025E to be between $340,000,000 and $360,000,000[34]. - The company expects interest expense for 2025E to be between $50,000,000 and $60,000,000[34]. Operational Insights - Excelerate's operational performance was impacted by higher operating costs related to scheduled maintenance in Q4 2024[6][5]. - The transition of the FSRU Sequoia to a time charter party agreement in Q1 2024 partially offset earnings growth in 2024[5][6]. - The company plans to focus on expanding its fleet and optimizing its LNG supply portfolio in 2025[2][11]. Shareholder Returns - The company declared a quarterly cash dividend of $0.06 per share, payable on March 27, 2025[10][7]. - The company repurchased $50,000,000 of Class A Common Stock during the year, reflecting a commitment to returning value to shareholders[30]. Financial Position - Excelerate's cash and cash equivalents stood at $537.5 million as of December 31, 2024, with $327.2 million of undrawn capacity available under its revolver[9][11]. - The company’s total assets as of December 31, 2024, were $2,883,215,000, a slight increase from $2,860,379,000 as of December 31, 2023[28]. - Current liabilities increased to $216,104,000 as of December 31, 2024, compared to $203,756,000 as of December 31, 2023[28]. - The weighted average shares outstanding for basic shares was 24,187,118 for the three months ended December 31, 2024[26]. Expenses - The company reported an adjusted gross margin of $408,082,000 for the full year ended December 31, 2024, slightly down from $412,404,000 in the previous year[33]. - Interest expense for the three months ended December 31, 2024, was $14,818,000, down from $15,122,000 in the previous quarter[34]. - Provision for income taxes for the full year ended December 31, 2024, was $26,099,000, compared to $33,247,000 in the previous year[34]. - Long-term incentive compensation expense for the full year ended December 31, 2024, was $7,245,000, significantly higher than $3,639,000 in the previous year[34]. - Depreciation and amortization expense for the full year ended December 31, 2024, was $98,939,000, down from $114,323,000 in the previous year[34]. - Accretion expense for the full year ended December 31, 2024, was $1,856,000, compared to $1,774,000 in the previous year[34]. - The company has not reconciled the Adjusted EBITDA outlook to net income due to the difficulty in estimating income taxes with precision[34].

Core Insights - Three stocks with strong momentum and buy rankings are highlighted for investors: Gulfport Energy, SM Energy, and Excelerate Energy [1][2][3]. Company Summaries - **Gulfport Energy (GPOR)**: - Focuses on exploration and development of natural gas and oil properties in North America - Holds a Zacks Rank 1 (Strong Buy) - Current year earnings estimate increased by 0.4% over the last 60 days - Shares gained 29.6% over the last three months, outperforming the S&P 500 which declined by 0.6% - Possesses a Momentum Score of A [1][2]. - **SM Energy (SM)**: - Engaged in exploration, exploitation, development, acquisition, and production of natural gas and crude oil in North America - Holds a Zacks Rank 1 - Current year earnings estimate increased by 0.2% over the last 60 days - Shares gained 4.3% over the last three months, also outperforming the S&P 500's decline of 0.6% - Possesses a Momentum Score of A [2][3]. - **Excelerate Energy (EE)**: - Provides floating liquefied natural gas terminals primarily in the United States and several other countries - Holds a Zacks Rank 1 - Current year earnings estimate increased by 4.2% over the last 60 days - Shares gained 17.9% over the last three months, again outperforming the S&P 500's decline of 0.6% - Possesses a Momentum Score of B [3][4].

Core Viewpoint - JP Morgan analyst Jeremy Tonet downgraded Excelerate Energy, Inc from Neutral to Underweight while raising the price target from $22 to $31, citing flat EBITDA expectations from 2023 to 2025 despite growth opportunities mentioned at the IPO [1][2]. Group 1: Financial Performance - Excelerate Energy's EBITDA is expected to remain flat from 2023 to 2025, indicating a lack of growth despite previous expectations [1]. - The company experienced a significant outperformance in 2024, achieving a 97% total shareholder return compared to the AMNA index's 44% [2]. Group 2: Growth Opportunities and Risks - The anticipated delivery of FSRU in 2026 is expected to boost EBITDA, but growth from the IPO has been slow to materialize, leading to a lagging track record compared to peers [2]. - The analyst highlights risks associated with operating in developing countries, including challenges related to contract law and legal enforceability [3]. Group 3: Market Conditions - With ongoing reforms in Bangladesh and a caretaker government in place, the risks of investing in a global company like Excelerate Energy are considered higher compared to a U.S.-focused midstream company [4]. - As of the latest check, EE shares are trading lower by 6.78% to $29.55 [4].

Core Insights - Current volatility in the energy sector may present strategic entry points for long-term investment opportunities as the landscape evolves [1][4] - The energy sector has faced struggles, but periods of underperformance can create appealing opportunities for growth-focused investors, especially with economic momentum and easing inflation [3][4] Company Summaries - **Gulfport Energy**: A natural gas-focused exploration and production company that has emerged from bankruptcy with a stronger balance sheet. The company prioritizes Utica development to drive free cash flow, reduce debt, and align with ESG-focused investor expectations. The Zacks Consensus Estimate for Gulfport Energy's 2024 earnings per share indicates a significant year-over-year growth of 108.1% [5][10] - **Excelerate Energy**: Specializes in LNG infrastructure and services, representing 20% of the global FSRU fleet and 5% of global regasification capacity. The company aims to expand into LNG-to-power generation and gas distribution, with a Zacks Consensus Estimate for 2024 earnings per share indicating a year-over-year growth of 10.8% [11][18] - **Flotek Industries**: A leading chemistry and data technology company that enhances operational efficiency and environmental performance for hydrocarbon producers and renewable energy sectors. The Zacks Consensus Estimate for Flotek Industries' 2024 earnings per share indicates a remarkable year-over-year growth of 125% [12][19] Market Trends - Despite challenges such as oversupply and demand fluctuations in oil, economic recovery in Asia offers optimism for gradual improvement in the energy sector. Natural gas prices are also rising due to forecasts of colder weather, which may boost demand [8][14] - The S&P 500 has surged by 28% this year, while the Oil/Energy sector has only delivered 4% total returns, reflecting global economic uncertainties [14]

Core Viewpoint - Excelerate Energy is showing strong performance in the Oils-Energy sector, with a Zacks Rank of 2 (Buy), indicating a positive earnings outlook and potential for continued outperformance [1]. Group 1: Company Performance - Excelerate Energy has returned 97.6% year-to-date, significantly outperforming the average return of 1.2% for Oils-Energy companies [5]. - YPF Sociedad Anonima has achieved a year-to-date return of 148.9%, indicating strong performance within the sector [2]. - Both companies are positioned favorably within their respective industries, with Excelerate Energy in the Alternative Energy - Other industry ranked 76 and YPF in the Oil and Gas - Integrated - International industry ranked 134 [3][6]. Group 2: Earnings Estimates - The Zacks Consensus Estimate for Excelerate Energy's full-year earnings has increased by 7.7% over the past 90 days, reflecting improving analyst sentiment [8]. - YPF Sociedad Anonima's consensus EPS estimate has risen by 46.4% in the last three months, contributing to its Zacks Rank of 1 (Strong Buy) [9]. Group 3: Sector and Industry Rankings - The Oils-Energy sector, which includes Excelerate Energy, is ranked 12 in the Zacks Sector Rank, based on the average Zacks Rank of individual stocks [4]. - The Alternative Energy - Other industry, which includes Excelerate Energy, has an average gain of 59.1% this year, indicating a strong performance relative to other industries [6].

Industry Overview - The U.S. electric vehicle market is expected to experience solid growth, driven by the electrification of the transportation sector, which will positively impact alternative energy stocks [1] - The Zacks Alternative Energy industry is divided into two segments: one focuses on the generation and distribution of alternative energy, while the other is involved in the development and installation of renewable projects [2] - Global spending on clean energy technologies is projected to reach $2 trillion in 2024, indicating significant growth opportunities in the clean energy sector [2] Key Trends - Wind energy is a major growth catalyst, contributing approximately 10.2% of total U.S. utility-scale electricity generation in 2023, with a projected 6.6% year-over-year increase in 2024 [3] - The U.S. electric vehicle market saw new registrations of 1.4 million in 2023, reflecting over 40% growth from 2022, with an expected CAGR of 6.6% from 2024 to 2029 [4] Challenges - Rising costs of renewable installations, particularly due to increased steel prices, are posing challenges for clean energy installers [5] - The average price of key minerals in the wind industry has risen by 93% from January 2020 to March 2023, leading to a nearly 50% increase in the levelized cost of electricity for U.S. offshore wind projects from 2021 to 2023 [6] - The strained U.S.-China relationship could impact the green energy supply chain, as China accounts for up to 90% of the refining capacity for rare earth elements essential for green energy products [6] Market Performance - The Zacks Alternative Energy industry has outperformed both its sector and the S&P 500, with a collective stock surge of 55.6% over the past year compared to a 6.3% decline in the Oils-Energy Sector and a 30.2% gain in the S&P 500 [9] Valuation - The industry is currently trading at an EV/EBITDA ratio of 11.05, significantly lower than the S&P 500's 19.01, indicating potential undervaluation [11] Notable Companies - **Excelerate Energy (EE)**: Projected 2025 sales of $2.29 billion, reflecting a 16.3% improvement from the previous year, with a long-term earnings growth rate of 11.2% [15] - **FuelCell Energy (FCEL)**: Expected fiscal 2025 sales improvement of 83.7%, with a four-quarter average earnings surprise of 18.75% [18] - **TXNM Energy**: Anticipated 2024 sales improvement of 11.5%, with a long-term earnings growth rate of 3% [21] - **GEVO Inc.**: Projected 2025 sales improvement of 101.5%, with a recent earnings surprise of 10% [24]