[Q1 2025 Performance Overview](index=1&type=section&id=Genie%20Energy%20Announces%20First%20Quarter%202025%20Results) [CEO Commentary & Strategic Highlights](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Highlights) The CEO highlighted strong operational and financial results for Q1 2025, driven by significant customer growth in the Genie Retail Energy (GRE) segment and continued progress in the Genie Renewables (GREW) project pipeline. The company also returned value to shareholders through share repurchases and dividends - Genie Retail Energy (GRE) expanded its customer base with a year-over-year increase of **over 48,000 net new meters**, reaching **approximately 413,000 meters served**[4](index=4&type=chunk) - Genie Renewables (GREW) is advancing its utility-scale project pipeline, with its first community solar project in Lansing, New York, on track for completion as early as Q3 2025[5](index=5&type=chunk) - The company returned value to stockholders by repurchasing **approximately 127,000 shares** and paying a quarterly dividend of **$0.075 per share**[5](index=5&type=chunk) [First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) Genie Energy reported significant year-over-year growth in Q1 2025, with revenue increasing 14.3% to $136.8 million and net income attributable to common stockholders rising 30.9% to $10.6 million. Adjusted EBITDA also saw a strong increase of 22.7% to $14.4 million. The company maintained its quarterly dividend and continued its share repurchase program Q1 2025 vs Q1 2024 Key Financial Metrics | Metric | 1Q25 | 1Q24 | Change | | :--- | :--- | :--- | :--- | | Revenue | $136.8M | $119.7M | +14.3% | | Gross Profit | $37.4M | $33.8M | +10.6% | | Income from Operations | $12.8M | $9.8M | +30.3% | | Adjusted EBITDA | $14.4M | $11.7M | +22.7% | | Net Income (to common stockholders) | $10.6M | $8.1M | +30.9% | | Diluted EPS (to common stockholders) | $0.40 | $0.30 | +$0.10 | - Cash and cash equivalents, restricted cash, and marketable securities increased to **$210.2 million** as of March 31, 2025[9](index=9&type=chunk) - The company repurchased **approximately 127,000 shares** of Class B Common stock for **$1.9 million** during the quarter[9](index=9&type=chunk) - A quarterly dividend of **$0.075 per share** was declared, payable on May 30, 2025[9](index=9&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Highlights) [Genie Retail Energy (GRE)](index=3&type=section&id=Genie%20Retail%20Energy%20%28GRE%29) The Genie Retail Energy (GRE) segment delivered strong growth in Q1 2025, with revenue increasing 17.8% to $132.5 million and income from operations up 18.2% to $16.8 million. This performance was driven by a 13.3% increase in total meters served and higher customer consumption, while maintaining a stable churn rate of 5.5% GRE Financial Performance (Q1 2025 vs Q1 2024) | Metric | 1Q25 | 1Q24 | Change | | :--- | :--- | :--- | :--- | | Revenue | $132.5M | $112.5M | +17.8% | | Income from Operations | $16.8M | $14.2M | +18.2% | | Adjusted EBITDA | $17.1M | $14.6M | +17.1% | GRE Operational Metrics (as of period end) | Metric | 1Q25 | 1Q24 | Change | | :--- | :--- | :--- | :--- | | RCEs (in thousands) | 402 | 348 | +15.6% | | Meters (in thousands) | 413 | 365 | +13.3% | | Churn | 5.5% | 5.5% | 0% | [Genie Renewables (GREW)](index=3&type=section&id=Genie%20Renewables%20%28GREW%29) The Genie Renewables (GREW) segment reported a 40.0% decrease in revenue to $4.3 million, primarily due to Genie Solar's exit from the commercial-scale projects business. However, the energy brokerage business, Diversegy, saw a 55% revenue increase and now constitutes the majority of GREW's revenue. The segment's operating loss widened slightly to $0.9 million. The solar development pipeline expanded to 123 MW across 18 projects - GREW revenue **40.0% decrease** to **$4.3 million** in Q1 2025 from **$7.2 million** in Q1 2024, mainly due to exiting the commercial-scale solar project business[13](index=13&type=chunk) - Diversegy, the energy brokerage business, increased revenue by **55% year-over-year**, contributing the **significant majority** of GREW revenues[13](index=13&type=chunk) Genie Solar Development Pipeline (as of March 31, 2025) | Stage | MW | Project Count | | :--- | :--- | :--- | | **Total** | **123** | **18** | | Operational Site | 10 | 1 | | Control | 97 | 14 | | Permitting | 6 | 1 | | Construction | 10 | 2 | [Financial Position and Cash Flow](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Highlights) [Balance Sheet and Cash Flow Summary](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Summary) As of March 31, 2025, Genie Energy maintained a strong financial position with $210.2 million in cash and marketable securities, total assets of $384.4 million, and working capital of $121.2 million. Cash flow from operating activities significantly improved, increasing 55.1% to $13.5 million in Q1 2025 compared to $8.7 million in the prior-year quarter Key Balance Sheet and Cash Flow Metrics (as of March 31, 2025) | Metric | Value (in millions) | | :--- | :--- | | Cash, restricted cash, & marketable securities | $210.2 | | Total Assets | $384.4 | | Total Liabilities | $197.0 | | Working Capital | $121.2 | | Cash provided by operating activities (Q1 2025) | $13.5 | - Cash provided by operating activities increased to **$13.5 million** in Q1 2025, a **55.1% increase** from **$8.7 million** in Q1 2024[15](index=15&type=chunk)[8](index=8&type=chunk) [Trended Financial Information](index=4&type=section&id=Trended%20Financial%20Information) [Quarterly Financial Trends](index=4&type=section&id=Quarterly%20Financial%20Trends) Q1 2025 results show a significant rebound from Q4 2024, with total revenue reaching a five-quarter high of $136.8 million. Net income returned to strong profitability at $10.6 million after a loss in the previous quarter. Gross margin decreased to 27.3% from higher levels in the preceding three quarters, reflecting changing market conditions or business mix Quarterly Financial Data (in millions, except EPS) | Metric | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $119.7 | $90.7 | $111.9 | $102.9 | $136.8 | | Gross Profit | $33.8 | $33.3 | $37.9 | $33.5 | $37.4 | | Gross Margin | 28.2% | 36.8% | 33.9% | 32.5% | 27.3% | | Income from operations | $9.8 | $10.6 | $11.7 | $(20.8) | $12.8 | | Net income (to common stockholders) | $8.1 | $9.6 | $10.2 | $(15.3) | $10.6 | | Diluted EPS | $0.30 | $0.36 | $0.38 | $(0.58) | $0.40 | | Adjusted EBITDA | $11.7 | $12.0 | $13.6 | $11.1 | $14.4 | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, Genie Energy's total assets grew to $384.4 million from $371.3 million at year-end 2024. The increase was primarily driven by a rise in cash and cash equivalents. Total liabilities also increased to $197.0 million from $191.7 million, while total equity improved to $187.4 million Balance Sheet Summary (in thousands) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | **$238,508** | **$227,447** | | Cash and cash equivalents | $112,544 | $104,456 | | **Total Assets** | **$384,378** | **$371,275** | | **Total Current Liabilities** | **$117,317** | **$109,812** | | **Total Liabilities** | **$196,988** | **$191,724** | | **Total Equity** | **$187,390** | **$179,551** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, Genie Energy's total revenues increased to $136.8 million from $119.7 million in the prior-year period. Gross profit rose to $37.4 million. Despite higher operating expenses, income from operations grew to $12.8 million, and net income attributable to common stockholders increased to $10.6 million, or $0.40 per diluted share Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total Revenues | $136,807 | $119,688 | | Gross Profit | $37,363 | $33,786 | | Income from Operations | $12,831 | $9,849 | | Net Income from Continuing Operations | $10,405 | $8,434 | | Net Income Attributable to Genie Common Stockholders | $10,630 | $8,123 | | Diluted EPS | $0.40 | $0.30 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash provided by operating activities was $15.3 million, an increase from $12.9 million in Q1 2024. Net cash used in investing activities decreased to $2.1 million. Financing activities used $4.4 million, primarily for dividends and share repurchases. The company ended the period with a net increase in cash, cash equivalents, and restricted cash of $8.8 million Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15,349 | $12,926 | | Net cash used in investing activities | $(2,093) | $(5,844) | | Net cash used in financing activities | $(4,375) | $(7,730) | | **Net increase (decrease) in cash** | **$8,801** | **$(574)** | [Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) [Explanation of Non-GAAP Measures](index=10&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures such as Adjusted EBITDA, Non-GAAP Net Income, and Non-GAAP EPS to supplement its GAAP results. Management believes these metrics provide useful information by excluding certain non-cash or non-routine items (like depreciation, stock-based compensation, and captive insurance liability), offering a clearer view of core operating performance and facilitating comparisons with competitors - Adjusted EBITDA is calculated starting with income from operations, adding back depreciation, amortization, stock-based compensation, and deducting asset impairments[31](index=31&type=chunk) - Non-GAAP Net Income starts with GAAP net income and adds back non-cash and/or non-routine items like captive insurance liability and its tax effect[32](index=32&type=chunk) [Non-GAAP Reconciliations](index=11&type=section&id=Non-GAAP%20Reconciliations) The company provided detailed reconciliations for its non-GAAP metrics. For Q1 2025, Consolidated Adjusted EBITDA was $14.4 million, GRE segment Adjusted EBITDA was $17.1 million, and Consolidated Non-GAAP Net Income was $11.1 million, resulting in a Non-GAAP Diluted EPS of $0.42 Consolidated Adjusted EBITDA Reconciliation (in millions) | Metric | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Income from operations | $12.8 | $9.8 | | Add back: Captive insurance liability | $0.6 | $1.0 | | Add back: Depreciation and amortization | $0.2 | $0.2 | | Add back: Non-cash compensation | $0.7 | $0.7 | | **Adjusted EBITDA** | **$14.4** | **$11.7** | GRE Adjusted EBITDA Reconciliation (in millions) | Metric | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Income from operations | $16.8 | $14.2 | | Add back: Depreciation and amortization | $0.1 | $0.1 | | Add back: Stock-based compensation | $0.3 | $0.2 | | **Adjusted EBITDA** | **$17.1** | **$14.6** | Consolidated Non-GAAP Net Income Reconciliation (in millions, except EPS) | Metric | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net income attributable to common stockholders (GAAP) | $10.6 | $8.1 | | Add back: Captive insurance liability | $0.6 | $1.0 | | Income tax effect of adjustment | $(0.2) | $(0.3) | | **Non-GAAP net income** | **$11.1** | **$8.9** | | **Non-GAAP diluted EPS** | **$0.42** | **$0.33** | [Supplemental Information](index=5&type=section&id=Supplemental%20Information) [Conference Call Information](index=5&type=section&id=Conference%20Call%20Information) Genie Energy management will host a conference call at 8:30 AM Eastern on the day of the announcement to discuss the Q1 2025 results and business outlook. A replay of the call will be available via phone and on the company's investor relations website - A conference call is scheduled for 8:30 AM Eastern to discuss financial results[17](index=17&type=chunk) - A replay will be available through May 20, 2025, and a recording will be posted on the company's website[18](index=18&type=chunk)

Core Insights - Genie Energy, Ltd. reported strong operational and financial results for Q1 2025, with significant increases in revenue, profitability, and cash generation compared to the same quarter last year [1][6]. Financial Performance - Total revenue increased by 14.3% to $136.8 million from $119.7 million in Q1 2024 [5][6]. - Gross profit rose by 10.6% to $37.4 million, while gross margin decreased to 27.3% from 28.2% [6]. - Income from operations increased by 30.3% to $12.8 million from $9.8 million [6]. - Adjusted EBITDA grew by 22.7% to $14.4 million from $11.7 million [6][30]. - Net income attributable to common stockholders was $10.6 million, up 30.9% from $8.1 million, with diluted EPS increasing to $0.40 from $0.30 [7][6]. Segment Performance Genie Retail Energy (GRE) - GRE's revenue increased by 17.8% to $132.5 million from $112.5 million, with income from operations rising by 18.2% to $16.8 million [8][6]. - The customer base expanded significantly, adding over 48,000 net new meters, totaling approximately 413,000 meters served [2][8]. Genie Renewables (GREW) - GREW's revenue decreased by 40.0% to $4.3 million from $7.2 million, primarily due to the exit from commercial-scale projects [11][6]. - Diversegy, Genie’s energy brokerage business, saw a revenue increase of 55% year-over-year, contributing significantly to GREW's revenues [11]. Shareholder Returns - The company repurchased approximately 127,000 shares for $1.9 million during Q1 2025 [6][3]. - A quarterly dividend of $0.075 per share will be paid on May 30, 2025, with a record date of May 19, 2025 [6][3]. Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents, along with marketable equity securities, totaled $210.2 million [13][14]. - Cash flow from continuing operating activities increased to $13.5 million from $8.7 million in Q1 2024 [7][14].

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].

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2024 decreased by 1.9% to $102.9 million, while full-year revenue for 2024 decreased by 0.8% to $425.2 million [22][30] - Consolidated gross profit for Q4 2024 was $33.5 million, slightly down from $33.6 million in the previous year, with a gross margin increase of 40 basis points to 32.5% [24] - Consolidated adjusted EBITDA for Q4 2024 decreased by 2.8% to $11.1 million, while full-year adjusted EBITDA was at the upper end of guidance at $48.5 million, down from $58.2 million in 2023 [27][32] - Consolidated net loss attributable to common shareholders decreased to $0.58 per share from $0.90 per share a year earlier [29] Business Line Data and Key Metrics Changes - GRE (Retail Energy) revenue remained unchanged at $98.4 million, with electricity revenue also flat at $82.1 million, while natural gas revenue increased by 7.5% to $16.2 million [22][23] - GREW (Renewables) revenue for Q4 2024 decreased by 30.1% to $4.5 million, but full-year revenue increased by 16.1% to $21.9 million [23][31] - GRE's income from operations decreased by 15.9% to $12.6 million, while GREW's loss from operations improved to $700,000 from $1.3 million [27][28] Market Data and Key Metrics Changes - The company added 23,000 net new meters in Q4 2024, totaling over 60,000 for the full year, representing an increase of nearly 17% [6] - The company is expanding its operations in Texas and California, highlighting growth opportunities across 19 states plus the District of Columbia [8] Company Strategy and Development Direction - The company plans to continue building its meter book in 2025 and has shifted its focus to utility-scale solar projects [8][15] - GREW is investing in early-stage growth initiatives, including Roded, an environmental tech recycling business, which is expected to scale operations in Israel [10][11] - The company aims to maximize cash on its balance sheet while driving growth through structured asset-backed finance deals [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong adjusted EBITDA and profitability in 2025, despite the challenges faced in 2024 [17][18] - The company anticipates continued growth in both its retail and renewables segments, with a focus on improving operational efficiencies [16][18] Other Important Information - The company repurchased approximately 168,000 shares in Q4 2024 for $2.5 million and paid out $8.2 million in dividends for the full year [37] - Cash and cash equivalents totaled $201 million at the end of 2024, an increase of $37.6 million over the year [36] Q&A Session Summary - There were no questions during the Q&A session, and the conference call concluded without any inquiries from participants [39]

Financial Data and Key Metrics Changes - Consolidated revenue for Q4 2024 decreased by 1.9% to $102.9 million, while full-year revenue for 2024 decreased by 0.8% to $425.2 million [22][30] - Consolidated gross profit for Q4 2024 was $33.5 million, slightly down from $33.6 million in the previous year, with a gross margin increase of 40 basis points to 32.5% [24] - Consolidated adjusted EBITDA for Q4 2024 decreased by 2.8% to $11.1 million, while full-year adjusted EBITDA was at the upper end of guidance at $48.5 million, down from $58.2 million in 2023 [27][32] - Consolidated net loss attributable to common shareholders decreased to $15.3 million or $0.58 per share from $24.5 million or $0.90 per share a year earlier [29] Business Line Data and Key Metrics Changes - GRE (Retail Energy) revenue remained unchanged at $98.4 million, with electricity revenue also flat at $82.1 million, contributing 83.5% of GRE's revenues [22][30] - GREW (Renewables) revenue for Q4 2024 decreased by 30.1% to $4.5 million, while full-year revenue increased by 16.1% to $21.9 million [23][31] - Diversegy, part of GREW, recorded a 70% revenue increase and a gross profit increase of 130%, generating over $750,000 in income from operations [13] Market Data and Key Metrics Changes - The company added 23,000 net new meters in Q4 2024 and over 60,000 for the full year, marking a nearly 17% increase [6] - Revenue from natural gas sales increased by 7.5% in Q4 2024 to $16.2 million, reflecting growth in both gas meter base and revenue per Therm sold [22] Company Strategy and Development Direction - The company plans to continue building its meter book in 2025, with a focus on the Texas dynamic electricity market and natural gas in California [8] - Genie Solar has completed its strategic migration to utility-scale project verticals, aiming to capture long-term residual value from power generated [14] - The company intends to use asset-backed finance deals to monetize operational raises and boost returns on equity [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong adjusted EBITDA and profitability in 2025, with expectations to continue cash reserve growth and stock buybacks [18] - The management highlighted the operational and financial performance in 2024 as consistent with expectations, setting the stage for better performance in 2025 [21][38] Other Important Information - The company repurchased approximately 168,000 shares in Q4 2024 for $2.5 million and a total of 661,000 shares for $10.4 million throughout the year [37] - Cash and cash equivalents totaled $201 million at the end of 2024, an increase of $37.6 million over the year [36] Q&A Session Summary Question: No questions were raised during the Q&A session - The conference call concluded without any questions from participants [39]

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].

Core Viewpoint - Genie Energy Ltd. is set to announce its financial and operational results for Q4 and the full year of 2024 on March 10, 2025, indicating a focus on transparency and communication with investors [1][2]. Financial Results Announcement - The earnings release will be available at 7:30 AM Eastern on the company's website and will also be filed with the SEC [2]. - A conference call hosted by Genie Energy's management will take place at 8:30 AM Eastern to discuss the results, business outlook, and strategy, followed by a Q&A session with investors [2]. Participation Details - Investors can participate in the conference call by dialing specific numbers provided for both US and international callers, along with a participant access code [3]. - A replay of the call will be available approximately three hours after the event, with specific numbers for US and international access, and will remain available until March 24, 2025 [4]. Company Overview - Genie Energy Ltd. is recognized as a leading provider of retail energy and renewable energy solutions, supplying electricity and natural gas to residential and small business customers in the US [6]. - The company operates through two divisions: Genie Retail Energy, which focuses on electricity and natural gas supply, and Genie Renewables, which provides community and utility-scale solar energy solutions [6].

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].