Group 1 - The individual investor focuses on undercovered companies, particularly in technology, software, electronics, and energy transition sectors [1] - The investor has over 50 companies on their watchlist and has been investing personal capital for over 7 years globally [1] - The investor holds a Master's degree in Electrical Engineering and works as an automotive battery R&D engineer in Sweden [1] Group 2 - The investor aims to identify asymmetric investment opportunities to achieve market-beating returns through diligent research of small to mid-cap companies [1]

Financial Performance - Genie Retail Energy (GRE) generated revenue of $403.3 million in 2024, down from $409.9 million in 2023, with electricity sales contributing $350.5 million and natural gas sales $52.1 million[41]. - GRE's revenue represented approximately 94.9% of total consolidated revenue in 2024, compared to 95.6% in 2023 and 96.3% in 2022[41]. - Genie Solar accounted for 1.6% of consolidated revenue and 31.1% of GREW segment's revenue in 2024[99]. - CityCom Solar contributed 0.5% to consolidated revenue and 10.5% to GREW segment's revenue in 2024[99]. - Diversegy represented 3.0% of consolidated revenue and 58.1% of GREW segment's revenue in 2024[99]. Customer Metrics - As of December 31, 2024, GRE serviced 423,000 meters, an increase from 361,000 meters as of December 31, 2023, with 333,000 electric and 90,000 natural gas meters[46]. - As of December 31, 2024, GRE had 399,000 Residential Customer Equivalents (RCEs), an increase from 360,000 RCEs as of December 31, 2023[46]. - The average monthly churn rate for GRE's REPs ranges between 4% and 7%, influenced by commodity prices and competition[40]. - GRE's REP revenue is seasonal, with approximately 43.0% of natural gas revenues generated in the first quarter of 2024, when heating demand is highest[42]. Market and Regulatory Environment - GRE's REPs operate in 15 states and Washington D.C., with regulations impacting operations established by federal and state agencies[70]. - The company is dependent on maintaining licenses from public utility commissions, and any loss of these licenses could negatively impact operations and financial condition[169]. - Regulatory changes mandating renewable fuel sources could lead to increased costs and adversely affect financial results[161]. - A total of 25 states and the District of Columbia have set 100% clean energy targets, impacting 53% of U.S. residential electricity customers[125]. Operational Developments - Genie Solar broke ground on its first company-owned solar generation project in Upstate New York in April 2023, followed by a second project in July 2023 with a capacity of 6.25 MW[27]. - Genie Solar closed a $7.4 million term loan in November 2024 to finance a portfolio of operating solar generation assets[32]. - Genie Solar's current portfolio includes a 9.4 MW operating portfolio in Ohio and Michigan, ~10 MW of community solar projects in New York, 6 MW in permitting, and an additional 72 MW under development[88]. - The company intends to pursue acquisitions of solar generation assets and portfolios, but faces risks in identifying and successfully acquiring attractive opportunities[180]. Competition and Market Strategy - The company is focused on expanding its market share by persuading customers to switch from other providers, requiring significant marketing investments[66]. - GRE's REPs face competition from local utility companies and other licensed REPs, impacting gross margins and customer acquisition rates[65]. - The company faces substantial competition in the REP business, which may force price reductions or increased costs, impacting market share[134]. - The company faces competition in acquiring attractive development projects and in the community solar market[114]. Environmental and Compliance Risks - The Inflation Reduction Act (IRA) established a Federal ITC level of 30.0% for projects meeting certain standards, extending the ITC through December 31, 2025[105]. - The Inflation Reduction Act of 2022 imposes a fee on GHG emissions from certain oil and gas sources, potentially increasing operating costs in the industry[124]. - Increased operating costs may arise from compliance with environmental regulations and potential penalties related to GHG emissions[150]. - Compliance with proposed climate-related disclosures may lead to increased legal, accounting, and financial compliance costs[123]. Employee Metrics - As of February 28, 2025, GRE employed 152 employees across various locations, including 59 in New York and 59 in New Jersey[84]. - As of February 28, 2025, GREW employed 22 employees, all located in New Jersey[116]. - As of February 28, 2025, the company had 186 full-time employees, emphasizing the importance of attracting and retaining qualified personnel[127]. Risk Management - GRE's REPs utilize forward physical delivery contracts and options for risk management against market price fluctuations[62]. - The company faces various market and operational risks in its energy procurement business, including changes in competitive pricing and regulatory environments[182]. - The company is exposed to increased costs related to GHG emissions and climate change, which could adversely affect financial conditions[146]. - The company is exposed to litigation risks that could limit operations and negatively impact financial results[160]. Internal Controls and Cybersecurity - The company reported a material weakness in internal control over financial reporting in previous years, but concluded that controls were effective as of December 31, 2022[196]. - Cybersecurity risk management is based on recognized industry frameworks, with regular employee training and third-party assessments conducted[205]. - The board of directors has oversight responsibility for strategic and operational risks, including cybersecurity risks[209]. - Management is responsible for the day-to-day assessment and management of cybersecurity risks[210].

Genie Energy (GNE) Q4 2024 Earnings Call March 10, 2025 02:50 PM ET Company Participants Michael Stein - CEOAvi Goldin - CFO Operator Good day, and welcome to the Genie Energy Limited's Fourth Quarter and Full Year twenty twenty four Earnings Call. In today's presentation, Genie Energy management will discuss Genie's financial and operational results for the three and twelve month periods ended 12/31/2024. During prepared remarks by Genie Energy's Chief Executive Officer, Michael Stein and Chief Financial O ...

Financial Performance - Fourth quarter Adjusted EBITDA was $11.1 million, a decrease of 2.8% from $11.4 million in Q4 2023[6] - Full-year 2024 Adjusted EBITDA reached $48.5 million, achieving the high end of guidance[1] - Total revenue for Q4 2024 decreased by 1.9% to $102.9 million compared to $104.9 million in Q4 2023[6] - Full-year 2024 revenue decreased by 0.8% to $425.2 million from $428.7 million in 2023[10] - Total revenues for 2024 were $425,202, a decrease of 0.4% from $428,708 in 2023[31] - Adjusted EBITDA for 2023 was $58.2 million, expected to decline to $48.5 million in 2024[21] - Non-GAAP net income for the full year 2024 was $38.1 million, a decrease from $52.1 million in 2023[53] - The overall financial performance indicates a trend of declining profitability year-over-year, necessitating strategic reassessment[53] Profitability Metrics - Gross profit for Q4 2024 was $33.5 million, with a gross margin increase to 32.5% from 32.1%[6] - Gross margin for 2023 was 34.1%, expected to decrease slightly to 32.6% in 2024[21] - Net income attributable to Genie common stockholders for 2023 was $19.2 million, with a projected net income of $12.6 million for 2024[21] - Net income attributable to Genie Energy Ltd. common stockholders for 2024 was $12,588, a decrease of 34.1% compared to $19,205 in 2023[31] - Basic earnings per share for continuing operations increased to $0.58 in 2024 from $0.50 in 2023[31] - Non-GAAP diluted earnings per share for 2024 was $1.40, compared to $2.00 in 2023, indicating a decline of 30%[53] Customer Metrics - Genie Retail Energy (GRE) added over 60,000 net meters in 2024, expanding its customer base by 17%[3] - The number of Retail Customer Energy (RCEs) was 399, projected to remain stable at 350 in 2024[21] - Electricity customers totaled 319 in 2023, with a forecast of 272 for 2024[21] - Natural gas customers were 80 in 2023, expected to remain the same in 2024[21] - The company reported a churn rate of 5.4% for 2023, with an expected churn rate of 4.9% in 2024[21] Cash and Assets - Cash and cash equivalents increased to $201.0 million at December 31, 2024, up from $163.4 million at December 31, 2023[17] - Total assets increased to $371,275 in 2024 from $330,555 in 2023, representing a growth of 12.3%[29] - Total liabilities rose to $191,724 in 2024, up from $146,047 in 2023, indicating an increase of 31.3%[29] - Cash and cash equivalents decreased to $104,456 in 2024 from $107,609 in 2023[28] - The long-term restricted cash increased significantly to $69,580 in 2024 from $44,945 in 2023[28] Dividends and Shareholder Returns - Genie Energy repurchased approximately 168,000 shares of its Class B Common stock for $2.5 million during Q4 2024[6] - The company declared dividends of $0.30 per common share for both 2024 and 2023, maintaining a consistent payout[31] - Dividends paid decreased to $8,210,000 in 2023 from $8,873,000 in 2022, a reduction of 7.4%[33] Future Guidance - The company maintains its annual consolidated Adjusted EBITDA guidance for 2025 at $40 to $50 million[5] - The company plans to continue expanding its renewable energy solutions and retail energy services in the upcoming year[24]

Core Insights - Genie Energy, Ltd. reported a solid financial performance for the fourth quarter and full year ended December 31, 2024, achieving the high end of its Adjusted EBITDA guidance for the year [2][3][6]. Financial Performance Highlights - Fourth quarter Adjusted EBITDA was $11.1 million, a decrease of 2.8% from $11.4 million in the same quarter of the previous year [7][9]. - Full-year 2024 Adjusted EBITDA reached $48.5 million, down from $58.2 million in 2023 [7][9]. - Total revenue for the fourth quarter decreased by 1.9% to $102.9 million, while full-year revenue decreased by 0.8% to $425.2 million [7][9]. - Gross profit for the fourth quarter was $33.5 million, a slight decrease of 0.5%, with a gross margin increase to 32.5% from 32.1% [7][9]. - The net loss attributable to Genie common stockholders for the fourth quarter was $15.3 million, or $0.58 per diluted share, compared to a net loss of $24.5 million, or $0.90 per diluted share in the prior year [7][9]. Customer Acquisition and Growth - Genie Retail Energy (GRE) added over 60,000 net meters in 2024, expanding its customer base by 17% [4][6]. - In the fourth quarter alone, GRE added over 23,000 net meters, capitalizing on favorable market dynamics [4][6]. - The total number of Retail Customer Energy (RCEs) increased to 399,000, a 13.9% increase year-over-year [11]. Segment Performance - Genie Renewables (GREW) reported a revenue decrease of 30.1% in the fourth quarter to $4.5 million, but full-year revenue increased by 16.1% to $21.9 million [14][15]. - Diversegy, Genie’s energy procurement business, achieved Adjusted EBITDA profitability in 2024, contributing to the overall performance of GREW [5][15]. Balance Sheet and Cash Flow - As of December 31, 2024, Genie Energy reported cash and cash equivalents of $201.0 million, up from $163.4 million at the end of 2023 [17][18]. - Cash provided by operating activities increased to $70.7 million in 2024 from $62.5 million in 2023 [19]. Future Outlook - The company maintains its annual consolidated Adjusted EBITDA guidance for 2025 at $40 to $50 million, indicating confidence in continued growth [6].

NEWARK, NJ, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Genie Energy Ltd., (NYSE: GNE), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the fourth quarter and full year 2024 on Monday, March 10, 2025. Genie Energy will issue an earnings release over a wire service and post it in the “Investors” section of the Genie Energy website (https://genie.com/investors/quarterly-earnings/) at 7:30 AM Eastern. The release also will be filed in a current report ...

Core Viewpoint - Genie Energy, Ltd. is expanding its consumer products portfolio by introducing insurance offerings through a newly formed captive self-insurance subsidiary, enhancing its risk management strategy [1][2]. Group 1: Insurance Initiative - The company has secured insurance broker licenses in seven key states and is offering third-party insurance solutions to its customer base [2]. - Genie expects the economics of its insurance offerings to improve as it develops internally-generated consumer products in the upcoming months [2]. Group 2: Financial Implications - In the fourth quarter of 2024, Genie plans to pay approximately $40 million in premiums to its captive insurance subsidiary for expanded coverage addressing additional risks [2]. - A non-recurring, non-cash charge of about $31 million will be recorded as an insurance loss reserve in the fourth quarter, but this is not expected to affect the reported Adjusted EBITDA [3]. - The $40 million premium payments will be reflected on Genie's consolidated balance sheet as restricted cash and other assets, available for investment by the Captive [4]. Group 3: Financial Position - As of September 30, 2024, Genie reported cash and cash equivalents, along with restricted cash and marketable equity securities, totaling $191.7 million [5]. Group 4: Company Overview - Genie Energy Ltd. is a provider of retail energy and renewable energy solutions, supplying electricity and natural gas to residential and small business customers in the U.S. [6].

Core Viewpoint - Genie Energy Ltd. has successfully closed a $7.4 million fixed-rate term loan to finance a portfolio of solar generation assets, enhancing its solar generation strategy and financial performance [1][2][3]. Group 1: Financing Details - The loan, secured through National Cooperative Bank (NCB), is designated for a solar array portfolio with a total capacity of 10MW [2]. - The solar arrays were acquired through Genie’s Sunlight Energy subsidiary and are supplying power to educational facilities in three Midwestern states via fixed-price solar power purchase agreements (PPAs) [2]. Group 2: Company Strategy and Performance - CEO Michael Stein expressed satisfaction with the financing, noting that the solar assets have met revenue and profitability expectations since acquisition [3]. - The financing is expected to improve the return on equity for the solar arrays and is a crucial part of Genie Energy's solar generation strategy within its Genie Renewables division [3]. - As of September 30, 2024, Genie Renewables has a development pipeline of 96 MW, which includes two utility-scale projects under construction and 17 projects in various pre-construction stages [3]. Group 3: Company Overview - Genie Energy Ltd. is a prominent provider of retail energy and renewable energy solutions, supplying electricity and natural gas to residential and small business customers in the U.S. [5]. - The Genie Renewables division includes Genie Solar, which offers community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor [5].

Group 1 - Genie Energy (NYSE: GNE) shares have experienced a modest gain since the previous article where a Buy rating was assigned [1] - Q3 results appear weak compared to the prior year, but management has effectively executed on their guidance [1] - The focus is on identifying asymmetric investment opportunities in undercovered companies, particularly in technology, software, electronics, and energy transition sectors [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-35327 GENIE ENERGY LTD. (Exact Name of Registrant as Specified in its Charter) | --- | --- | |---------------------------------------------------------|------------------ ...