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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue

The following table presents the Company’s revenue for the 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 terminal 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

of 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