Total Operating Revenues

-20% (from $489M in Q2 2024 to $390M in Q1 2025)

The 20% decline in total operating revenues reflects a broad-based contraction, driven by underperformance in both core (PJM) and non-core (Other regions) segments, indicating that the issues affecting key geographical areas have materially reduced total top-line performance. " "

PJM Revenue

-16% (from $438M in Q2 2024 to $367M in Q1 2025)

The 16% drop in PJM revenue suggests weakening market demand and disruptions in capacity pricing dynamics, which have eroded revenue from the region that historically represented a significant portion of operating income. " "

Revenue from Other Regions

-28% (from $58M in Q2 2024 to $42M in Q1 2025)

A sharper 28% decline in revenue from Other regions indicates intensified competitive pressures or reduced sales volumes in these markets, hinting at broader challenges beyond the core PJM market. " "

Derivative Gains/Losses

Shift from +$100M (Q2 2024) & +$95M (Q3 2024) to -$241M

The swing from positive derivative gains in prior periods to a -$241M loss signals significant adverse market movements and unfavorable hedging outcomes, likely stemming from rapid changes in forward power prices and reversals of previously beneficial positions. " "

Net Income

From +$82M in Q4 2024 to -$135M in Q1 2025

A dramatic reversal in net income—from a $82M profit to a $135M loss—reflects the compounded impact of lower operating revenues and substantial losses in derivative transactions, underscoring how multiple adverse factors have converged to drive overall profitability into negative territory. " "

Earnings Per Share (EPS)

From $1.96 (Q4 2024) to -$2.94 (Q1 2025)

EPS fell sharply as a direct consequence of the net income reversal and potential share count adjustments (e.g., share repurchases), reflecting the lower earnings per share for stockholders and signaling deteriorating profitability on a per-share basis. " "