XPLR Infrastructure LP

investor.xplrinfrastructure.com

What Do They Do?

Operates wind, solar and battery-storage projects that sell electricity and related renewable energy attributes to utilities and other wholesale power buyers.

How Do They Make Money?

Utilities and other power buyers pay for electricity and related renewable energy attributes under long-term power agreements. XPLR bills customers monthly, with payment due within 30 days.

FY2025 revenue

Who Are Their Customers?

Utilities and other wholesale power buyers purchase energy and related renewable energy attributes under long-term power purchase agreements.

Customers above 10% of revenue, FY2025

of revenue from two customers (14%, 15%)

Do Revenues Turn Into Profits?

No. It lost $28M in FY2025.

Operating income, FY2025

−16% of revenue

▼ −59% (Loss) vs FY2024 (−$459M, −37%)

Net income, FY2025

−2% of revenue

▲ +22% (Loss) vs FY2024 (−$23M, −2%)

Free cash flow, FY2025

−18% of revenue

▼ Now a loss vs FY2024 ($559M, 45%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $342M in Q2 FY2025
Net income: ▼ −52%; vs $79M in Q2 FY2025

Growing. Revenue grew 65% in 4 years, from $722M in FY2021 to $1.2B in FY2025, about 13% a year.

Exited natural gas pipelines The older report includes contracted natural gas pipeline assets alongside clean energy projects; the latest business description focuses on clean energy after sales of the Texas pipelines and Meade pipeline investment.

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