HA Sustainable Infrastructure Capital Inc (0J2Z.L) reported QQ3 2024 results showing meaningful top-line decline alongside a heavy financing cost burden. Revenue for the quarter was 58.56 million USD, down approximately 34.8% year over year (YoY) and 51.8% quarter over quarter (QoQ), with a negative gross profit of -0.841 million and an operating loss of -26.288 million. Net income stood at -19.616 million, driving an EPS of -0.17. EBITDA was -26.113 million, with an EBITDAR of -0.446 indicating limited cushion from operating leverage. The results reflect a business still in a capital deployment phase, characterized by substantial interest expense (59.401 million) and a debt burden (long-term debt ~4.131 billion) that weighs on profitability and cash flow dynamics. On the flip side, operating cash flow was positive at 21.94 million USD, contributing to a modest free cash flow profile of 21.94 million USD for the period, and cash at period-end stood at ~58.6 million USD.
The quarter exhibits a challenging mix: structurally high debt servicing costs compress margins, while investment activity and portfolio maturities contributed to volatile investing cash flows. The balance sheet shows total assets around 6.67 billion USD with liabilities of ~4.35 billion and stockholders’ equity near 2.26 billion, implying a leveraged but asset-backed capital structure. There is no published earnings-call transcript in the provided data to pull direct management quotes; therefore, the analysis relies on reported numbers and sector context. Investors should monitor debt refinancing options, potential asset monetization, and the trajectory of revenue mix as key catalysts or risks in the near term.