Analyte reports a 49% increase in revenue in the first quarter to NIS 131 million. The FFO increased by 59% to NIS 73 million. The company confirms the forecasts for 2022 and expects non-Gaap revenues of NIS 610-640 million.
The company’s management emphasizes the high growth, with the expected output of 2 gigawatts by 2023, which is expected to generate revenues at an annual rate of approximately NIS 1.2 billion. There is also potential for excess revenue from the company’s exposure to electricity prices in Europe: the Gecama project in Spain is expected to connect in the third quarter of this year. The project is exposed to the high electricity prices in Spain and may yield an upside in the revenue line of NIS 140 million in 2023.
Gilad Yavetz, CEO of Analite: “We are proud to open the year with strong growth in all key financial parameters. The operation of new facilities in Sweden and Kosovo has helped us increase revenues by about 50% over the same period last year and we expect this trend to continue in light of the Weeping Valley wind project at the end of the first quarter and the expected connection of Gecama, Spain’s largest wind project, in the third quarter.
“We have high certainty about growth in the short term, when by the end of 2023 we will reach a yield of 2 gigawatts that is expected to generate revenues at an annual rate of NIS 1.2 billion.
“The high inflation environment benefits with our mature projects, which benefit from being linked to the consumer price index or alternatively enjoy the high prices in the electricity markets in Europe, and on the other hand our projects have very low exposure to the interest rate environment.”
“The crisis in Europe is affecting electricity prices throughout the developed world and we are seeing significant steps being taken by the EU to accelerate the development of renewable energies, which are the only long-term solution to the energy crisis in Europe.”
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