Total Revenue

13% increase (from $263M to $298M)

Renewables revenue growth from multiple solar and BESS acquisitions, along with higher generation output, more than offset the decline in Conventional Generation revenue, driving total revenue higher in Q1 2025 compared to Q1 2024. " " "

Renewables Revenue

37% increase (from $168M to $230M)

The surge was driven by the commercial operations of key acquisitions (e.g., Victory Pass, Arica, Texas Solar Nova 2, and Cedar Creek wind projects) and higher solar and wind generation. These projects, which were either completed or initiated in earlier periods, now contributed substantially to revenue in Q1 2025. " " "

Conventional Generation Revenue

28% decrease (from $95M to $68M)

The decline reflects ongoing challenges such as lower capacity revenue due to maturing PPAs and a shift in the segment mix. This mirrors trends from previous periods where traditional generation faced reductions as business emphasis shifted to renewables. " " "

Operating Income

Breakeven ($0M)

Operating expenses increased in line with revenue growth—particularly due to new renewable investments—which offset gains and resulted in breakeven performance at the operating level. This mirrors a period of transition where cost structures were adjusting while integrating new assets. " "

Net Cash Provided by Operating Activities

17% increase (from $81M to $95M)

Improved working capital management, including more favorable timing of receivables and payables, combined with higher operating income adjustments from non-cash items, drove a 17% increase. These improvements built on changes seen in previous periods, even as distributions were slightly lower. " "