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Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following table presents the Company’s revenue for t he three and nine months ended September 30, 2025 and 2024 (in thousands):
| For the three months ended September 30, |  |  | For the nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue from leases | $ | 133,611 |  |  | $ | 138,532 |  |  | $ | 402,869 |  |  | $ | 408,797 |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |  |  |
Regasification and other services |  | 12,270 |  |  |  | 11,607 |  |  |  | 40,210 |  |  |  | 49,323 |
LNG, gas and power |  | 245,163 |  |  |  | 43,280 |  |  |  | 467,611 |  |  |  | 118,745 |
Total revenue | $ | 391,044 |  |  | $ | 193,419 |  |  | $ | 910,690 |  |  | $ | 576,865 |
Lease revenue The Company has certain regasification and services contracts that are accounted for as operating or sales-type leases. The Company’s revenue from leases is presented within revenues in the consolidated statements of income and for the three and nine months ended September 30, 2025 and 2024 consists of the following (in thousands):
| For the three months ended September 30, |  |  | For the nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease income | $ | 116,679 |  |  | $ | 120,900 |  |  | $ | 352,411 |  |  | $ | 364,241 |
Sales-type lease income |  | 16,932 |  |  |  | 17,632 |  |  |  | 50,458 |  |  |  | 44,556 |
Total revenue from leases | $ | 133,611 |  |  | $ | 138,532 |  |  | $ | 402,869 |  |  | $ | 408,797 |
Sales-type leases Sales-type lease income is interest income that is presented within lease revenues on the consolidated statements of income. The Company earns sales-type lease income from two floating regasification terminals and one fixed te rminal as Excelerate is reasonably certain that the ownership of these assets will transfer to the customer at the end of the term. For the three and nine months ended September 30, 2025, the Company recorded lease income from the net investment in the leases within revenue from lease contracts of $16.9 million and $50.5 million, respectively, as compared to $17.6 million and $44.6 million for the three and nine months ended September 30, 2024, respectively. Operating leases Revenue from regasification contracts accounted for as operating leases is recognized by the Company on a straight-line basis over the term of the contract. As of September 30, 2025, the Company is the lessor to regasification agreements with customers on eight o f its floating regasification terminals. The following represents the amount of property and equipment that is leased to customers as of September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025 |  |  | December 31, 2024 |
Property and equipment | $ | 2,501,841 |  |  | $ | 2,472,895 |
Accumulated depreciation |  | (1,040,771 | ) |  |  | (1,005,269 | )
Property and equipment, net | $ | 1,461,070 |  |  | $ | 1,467,626 |
The future minimum revenues presented in the table below should not be construed to reflect total charter hire revenues for any of the years presented. Minimum future revenues included below are based on the fixed components and do not include variable or contingent revenue. Additionally, revenue generated from short-term charters is not included as the duration of each contract is less than a year. As of September 30, 2025, the minimum contractual future revenues to be received under the regasification and services contracts during the next five years and thereafter are as follows (in thousands):
Year | Sales-type |  |  | Operating |
Remainder of 2025 | $ | 22,208 |  |  | $ | 111,366 |
2026 |  | 88,529 |  |  |  | 436,476 |
2027 |  | 88,529 |  |  |  | 360,237 |
2028 |  | 81,766 |  |  |  | 310,853 |
2029 |  | 84,861 |  |  |  | 308,235 |
Thereafter |  | 331,282 |  |  |  | 787,938 |
Total undiscounted | $ | 697,175 |  |  | $ | 2,315,105 |
Less: imputed interest |  | (309,055 | ) |  |  |
Net investment in sales-type leases |  | 388,120 |  |  |  |
Less: current portion |  | (43,588 | ) |  |  |
Non-current net investment in sales-type leases | $ | 344,532 |  |  |  |
Revenue from contracts with customers The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands):
| For the three months ended September 30, 2025 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | Regas |  |  | LNG, gas |  |  | Total |
| leases |  |  | and other |  |  | and power |  |  | revenue |
Asia Pacific | $ | 16,932 |  |  | $ | 11,165 |  |  | $ | 88,226 |  |  | $ | 116,323 |
Latin America |  | 52,463 |  |  |  | — |  |  |  | — |  |  |  | 52,463 |
Middle East (1) |  | 39,322 |  |  |  | — |  |  |  | — |  |  |  | 39,322 |
Europe (2) |  | 24,894 |  |  |  | — |  |  |  | 1,774 |  |  |  | 26,668 |
North America (3) |  | — |  |  |  | 1,077 |  |  |  | 155,163 |  |  |  | 156,240 |
Other |  | — |  |  |  | 28 |  |  |  | — |  |  |  | 28 |
Total revenue | $ | 133,611 |  |  | $ | 12,270 |  |  | $ | 245,163 |  |  | $ | 391,044 |
| For the three months ended September 30, 2024 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | Regas |  |  | LNG, gas |  |  | Total |
| leases |  |  | and other |  |  | and power |  |  | revenue |
Asia Pacific | $ | 17,672 |  |  | $ | 10,290 |  |  | $ | 43,280 |  |  | $ | 71,242 |
Latin America |  | 53,183 |  |  |  | — |  |  |  | — |  |  |  | 53,183 |
Middle East (1) |  | 38,615 |  |  |  | — |  |  |  | — |  |  |  | 38,615 |
Europe |  | 29,062 |  |  |  | — |  |  |  | — |  |  |  | 29,062 |
North America |  | — |  |  |  | 1,217 |  |  |  | — |  |  |  | 1,217 |
Other |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 100 |
Total revenue | $ | 138,532 |  |  | $ | 11,607 |  |  | $ | 43,280 |  |  | $ | 193,419 |
| For the nine months ended September 30, 2025 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | Regas |  |  | LNG, gas |  |  | Total |
| leases |  |  | and other |  |  | and power |  |  | revenue |
Asia Pacific | $ | 50,458 |  |  | $ | 32,620 |  |  | $ | 183,967 |  |  | $ | 267,045 |
Latin America |  | 154,135 |  |  |  | — |  |  |  | — |  |  |  | 154,135 |
Middle East (1) |  | 115,907 |  |  |  | — |  |  |  | — |  |  |  | 115,907 |
Europe (2) |  | 82,369 |  |  |  | 259 |  |  |  | 45,764 |  |  |  | 128,392 |
North America (3) |  | — |  |  |  | 7,104 |  |  |  | 237,880 |  |  |  | 244,984 |
Other |  | — |  |  |  | 227 |  |  |  | — |  |  |  | 227 |
Total revenue | $ | 402,869 |  |  | $ | 40,210 |  |  | $ | 467,611 |  |  | $ | 910,690 |
| For the nine months ended September 30, 2024 |
|  |  |  | Revenue from contracts with customers |  |  |  |
| Revenue from |  |  | Regas |  |  | LNG, gas |  |  | Total |
| leases |  |  | and other |  |  | and power |  |  | revenue |
Asia Pacific | $ | 44,596 |  |  | $ | 42,448 |  |  | $ | 117,081 |  |  | $ | 204,125 |
Latin America |  | 161,849 |  |  |  | — |  |  |  | — |  |  |  | 161,849 |
Middle East (1) |  | 117,514 |  |  |  | — |  |  |  | — |  |  |  | 117,514 |
Europe |  | 84,838 |  |  |  | — |  |  |  | — |  |  |  | 84,838 |
North America |  | — |  |  |  | 6,681 |  |  |  | — |  |  |  | 6,681 |
Other |  | — |  |  |  | 194 |  |  |  | 1,664 |  |  |  | 1,858 |
Total revenue | $ | 408,797 |  |  | $ | 49,323 |  |  | $ | 118,745 |  |  | $ | 576,865 |
(1) Includes Pakistan and the United Arab Emirates. (2) Includes locations on the Mediterranean Sea. (3) Includes the Caribbean. Assets and liabilities related to contracts with customers Under most LNG, gas and power revenue contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. Invoicing timing for regasification and other services varies and occurs according to the contract. As of September 30, 2025 and December 31, 2024, receivables from contracts with customers were $99.1 million and $88.1 million, respectively. These amounts are presented within accounts receivable, net on the consolidated balance sheets. In addition, revenue for services recognized in excess of the invoiced amounts, or accrued revenue, outstanding at September 30, 2025 and December 31, 2024, was $0.4 million and $0.6 million, respectively. Accrued revenue represents current contract assets that will turn into accounts receivable within the next 12 months and be collected during the Company’s normal business operating cycle. Accrued revenue is presented in accounts receivable, net on the consolidated balance sheets. Other items included in accounts receivable, net represent receivables associated with leases, which are accounted for in accordance with the leasing standard. There were no write downs of trade receivables for lease and services or contract assets for the nine months ended September 30, 2025 and 2024. Contract liabilities from advance payments in excess of revenue recognized for services as of September 30, 2025 and December 31, 2024 were $1.6 million and $27.4 million, respectively. If the performance obligations are expected to be satisfied during the next 12 months, the contract liabilities are classified within current portion of deferred revenue on the consolidated balance sheets. Amounts to be recognized in revenue after 12 months are recorded in long-term deferred revenue. The remaining portion of current deferred revenue relates to the lease component of the Company’s regasification and services contracts that are accounted for in accordance with the leasing standard. Noncurrent deferred revenue presented in long-term deferred revenue on the consolidated balance sheets represents payments allocated to the Company’s performance obligation for drydocking services within lease and operations contracts in which the lease component is accounted for as a sales-type lease, customer requested upgrades made to certain floating regasification terminals, and repositioning. Revenue will be recognized as the performance obligations are completed. The following table reflects the changes in the Company’s liabilities related to long-term contracts with customers as of September 30, 2025 (in thousands):
| September 30, 2025 |
Deferred revenues, beginning of period | $ | 85,907 |
Cash received but not yet recognized |  | 37,576 |
Revenue recognized from prior period deferral |  | (62,962 | )
Deferred revenues, end of period | $ | 60,521 |
Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts. The Company has long-term arrangements with customers in which it provides regasification and other services. The price under these agreements is typically stated in the contracts. In 2025, Excelerate finalized the Acquisition of the assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal and the Clarendon combined heat and power plant. Beginning in 2026, Excelerate will provide take-or-pay LNG volumes to Bangladesh through the Company’s 15-year LNG sale and purchase agreement with Bangladesh Oil, Gas & Mineral Corporation. In the third quarter of 2024, Excelerate signed a medium-term LNG, gas and power revenue agreement to sell approximately 0.65 million tonnes of LNG per annum. The estimated fixed transaction price allocated to the performance obligations under these arrangements is $12,821.3 million using commodity futures prices as of September 30, 2025. The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands):
Remainder of 2025 | $ | 139,399 |
2026 |  | 907,152 |
2027 |  | 903,305 |
2028 |  | 975,161 |
2029 |  | 972,278 |
Thereafter |  | 8,924,040 |
Total expected revenue | $ | 12,821,335 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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