Pinnacle West reported a net loss of $4.6 million for Q1 2025, a decrease from a net income of $16.9 million in the same period last year. The loss was primarily driven by higher operating and maintenance expenses, increased depreciation and amortization, lower pension and benefit credits, reduced other income, and higher interest charges. These negative impacts were partially offset by favorable new customer rates, a gain from a non-utility equity investment, lower income taxes, higher transmission revenue, and increased revenue from the LFCR adjustor mechanism.