Core Viewpoint - Genie Energy Ltd. (GNE) is facing a mixed landscape in its third-quarter 2024 earnings, with challenges in the energy sector but advancements in its renewables segment, positioning the company for growth in retail and utility-scale markets [1] Q3 Results - Earnings per share for Q3 2024 were 38 cents, a decrease of 28.3% from 53 cents in the prior-year quarter [2] - Total quarterly revenues were $111.9 million, down 10.5% from $125 million in the year-ago quarter, impacted by reduced electricity consumption and increased customer acquisition costs [2] Segmental Performances - Genie Retail Energy (GRE) saw a 12.1% year-over-year revenue decrease to $105.8 million from $120.3 million, attributed to lower electricity consumption and higher customer acquisition costs [3] - Operating income in GRE dropped 31.6% to $15 million from $22 million in the prior-year quarter, with adjusted EBITDA falling 30.7% to $15.5 million from $22.3 million [4] Genie Renewables (GREW) - The renewables segment experienced revenue growth of 29.2% to $6.1 million from $4.7 million, driven by Diversegy's nearly doubled revenues and a shift towards utility-scale solar projects [5] - Operating loss in GREW narrowed from $2.1 million to $0.2 million, reflecting improved cost management [6] Profitability Metrics - Gross profit for the quarter was $37.9 million, down 7.7% from $41.1 million, but gross margin improved to 33.9% from 32.9% due to better margins in the renewables segment [7] - Operating income fell 34.7% to $11.7 million from $17.9 million, with adjusted EBITDA decreasing 26.7% to $13.6 million from $18.5 million [8] Cost Analysis - Cost of revenues decreased to $74 million from $84 million, aligning with reduced electricity consumption [9] - Selling, general and administrative (SG&A) costs rose to $25.2 million from $23.2 million, reflecting increased customer acquisition costs [9] Cash & Debt - Cash and cash equivalents totaled $191.7 million as of September 30, 2024, up from $178.3 million as of June 30, 2024 [11] - Total liabilities were $141.4 million, with cash provided by operating activities reaching $22.9 million, an 18.4% decline from $28 million in Q3 2023 [12] Management Guidance - The company reaffirmed its 2024 adjusted EBITDA guidance of $40-$50 million, expecting to align with the higher end of this range due to robust operational results [13] Other Developments - Genie repurchased approximately 123,000 shares of Class B Common stock for $2 million and maintained a quarterly dividend of 7.5 cents per share [14] - GRE's customer acquisition increased the meter count by 36,000, although higher acquisition costs and decreased electricity use impacted revenues and profitability [15]

Financial Data and Key Metrics Changes - The company generated $12 million in income from operations and $14 million in adjusted EBITDA for Q3 2024, with a total of $37 million in adjusted EBITDA for the first nine months of 2024, on track to meet the high end of annual guidance of $40 million to $50 million [5][15] - Consolidated revenue decreased by 10.5% to $111.9 million, driven by a 12.1% decline in GRE revenue to $105.8 million due to lower kilowatt hours sold [17] - Consolidated gross profit was $37.9 million, with a gross margin of 33.9%, reflecting a 100 basis point improvement year-over-year [20] Business Line Data and Key Metrics Changes - GRE added approximately 36,000 net new meters during the quarter, growing to 399,000 meters served, a 3.5% increase year-over-year [6][7] - GREW's revenue increased by 29.2% to $6.1 million, driven by Diversegy's growth and contributions from operational solar projects [19] - GRE's income from operations decreased by 31.6% to $15 million, while GREW narrowed its loss from operations to $243,000 [22] Market Data and Key Metrics Changes - The company serves electricity and/or natural gas to customers in 19 states plus Washington, D.C., with new market entry in California expected to enhance growth [8] - The competitive environment in Texas has improved post-Winter Storm Uri, providing opportunities for growth in the retail market [8] Company Strategy and Development Direction - The company is strategically repositioning GREW for stronger growth by focusing on utility-scale solar projects and building Diversegy, its energy procurement advisory business [10] - The company aims to achieve consistent top and bottom line growth through its strategic focus on utility-scale projects and operational efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing 2024 with good momentum and accelerating performance in 2025, driven by the team's dedication [14] - The company anticipates that positive trends in the competitive environment will support organic meter growth in the coming months [8] Other Important Information - The company repurchased approximately 123,000 shares for $2 million in Q3 2024, returning $18.5 million in total value to shareholders year-to-date [13][25] - A non-cash expense of $991,000 was recorded due to a loss reserved by the captive insurance subsidiary, impacting GAAP income but not adjusted EBITDA [24] Q&A Session Summary - There were no questions during the Q&A session, concluding the conference call [26]

Financial Performance - Third quarter 2024 revenue decreased 10.5% to $111.9 million from $125.0 million in Q3 2023[4] - Adjusted EBITDA decreased 26.7% to $13.6 million from $18.5 million year-over-year[4] - Genie Retail Energy's revenue decreased 12.1% to $105.8 million, with income from operations down 31.6% to $15.0 million[9] - Gross profit decreased 7.7% to $37.9 million, while gross margin increased to 33.9% from 32.9%[4] - Net income attributable to Genie common stockholders decreased 29.5% to $10.2 million, with diluted earnings per share at $0.38 compared to $0.53[4] - Total revenues for the three months ended September 30, 2024, were $111,917, a decrease of 10.5% compared to $125,049 in the same period of 2023[24] - Net income from continuing operations for the nine months ended September 30, 2024, was $28,189, down 26% from $38,005 in 2023[25] - Gross profit for the three months ended September 30, 2024, was $37,907, a decline of 7.1% from $41,082 in the same period of 2023[24] - Operating expenses increased to $25,160 for the three months ended September 30, 2024, compared to $23,196 in 2023, reflecting a rise of 8.5%[24] - The company reported a net income attributable to Genie Energy Ltd. common stockholders of $10,199 for the three months ended September 30, 2024, down from $14,459 in 2023, a decrease of 29.1%[24] - Non-GAAP net income attributable to common stockholders for Q3 2024 was $10.9 million, down from $14.5 million in Q3 2023, indicating a decrease of about 24.8%[43] - Diluted earnings per share for Q3 2024 were $0.38, compared to $0.53 in Q3 2023, representing a decline of approximately 28.3%[43] Cash and Assets - Cash and cash equivalents increased to $191.7 million at September 30, 2024, from $178.3 million at June 30, 2024[5] - Total assets increased to $341.681 million as of September 30, 2024, compared to $330.555 million at December 31, 2023, reflecting a growth of approximately 3.4%[21] - Current assets decreased slightly to $227.663 million from $229.833 million, a decline of about 0.5%[21] - Cash and cash equivalents rose to $136.295 million from $107.609 million, representing an increase of approximately 26.7%[21] - Total liabilities decreased to $141.395 million from $146.047 million, a reduction of about 3.6%[22] - Retained earnings increased significantly to $81.959 million from $60.196 million, marking a growth of approximately 36.2%[23] - Trade accounts receivable decreased to $50.335 million from $61.909 million, a decline of about 18.7%[21] - Accrued expenses decreased to $44.211 million from $49.389 million, a reduction of approximately 10.4%[22] - The company reported a decrease in inventory from $14.598 million to $8.513 million, a decline of about 41.8%[21] - The company has no current notes payable as of September 30, 2024, compared to previous liabilities[22] Strategic Developments - The company is entering the California gas market to diversify its geographic footprint[2] - Genie Solar expanded its development pipeline, gaining site control for six additional projects[3] Shareholder Actions - Genie repurchased approximately 123,000 shares of its Class B Common stock for $2.0 million during Q3 2024[5] - Dividends declared per common share remained steady at $0.075 for both the three months ended September 30, 2024, and 2023[24] Operational Insights - Adjusted EBITDA is disclosed as a non-GAAP financial measure, providing insights into the company's core operational strengths[26] - The company continues to exclude non-cash charges from Adjusted EBITDA to provide clearer insights into operational performance[39] - Management emphasizes the importance of non-GAAP measures for better comparability with competitors and historical performance[33] Miscellaneous - Captive insurance liability was $1.0 million in Q3 2024, compared to $0.0 million in Q3 2023, indicating a new expense category[43] - Stock-based compensation for Q3 2024 was $0.6 million, down from $0.8 million in Q2 2023, showing a reduction of 25%[40] - Impairment charges for Q3 2024 were $0.1 million, consistent with the previous quarter, indicating stable asset performance[40] - Income from operations for Q3 2024 was reported at $17.9 million, an increase from $15.0 million in Q2 2023[40] - The weighted average number of shares used in the calculation of diluted earnings per share decreased from 27.4 million in Q3 2023 to 26.9 million in Q3 2024[43] - The weighted-average number of diluted shares used in the calculation of earnings per share was 26,868 for the three months ended September 30, 2024, compared to 27,362 in 2023[24] - The company experienced a net increase in cash, cash equivalents, and restricted cash of $27,618 for the nine months ended September 30, 2024, compared to $41,397 in 2023[25] - Adjusted EBITDA for Q3 2024 was $18.5 million, compared to $15.8 million in Q2 2023, reflecting a growth of approximately 17.1%[40]

Newark, NJ, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the third quarter of 2024.  Michael Stein, chief executive officer of Genie Energy, commented:  "Our third quarter featured strong operational and financial results consistent with our performance in recent quarters. We are on track to deliver the high end of our full year Adjusted EBITDA guidance of $40 to $50 million.  "At GRE, our retai ...

NEWARK, NJ, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Genie Energy Ltd., (NYSE: GNE), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the third quarter of 2024 on Wednesday, November 6th, 2024. 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 (Form ...

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 June 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) | --- | --- | |---------------------------------------------------------|----------------------- ...

Genie Energy Ltd. (GNE) reported a mixed performance for the second quarter of 2024, reflecting both challenges and strengths within its core operations. While the retail energy segment struggled with declining revenues and margins, the renewables segment showed promising growth and improved profitability. The company reported year-over-year declines in earnings per share and total revenues, reflecting the impacts of reduced electricity meter counts and the normalization of electricity sales margins. Howeve ...

Genie Energy Ltd. (NYSE:GNE) Q2 2024 Earnings Call August 6, 2024 8:30 AM ET Company Participants Brian Siegel - Investor Relations Michael Stein - Chief Executive Officer Avi Goldin - Chief Financial Officer Operator Good morning and welcome to Genie Energy’s Second Quarter 2024 Earnings Call. [Operator Instructions] After today’s presentation by Genie Energy’s management, there will be an opportunity to ask questions. Please note, this event is being recorded. I will now turn the call over to Brian Siegel ...

Exhibit 99.1 Genie Energy Announces Second Quarter 2024 Results Newark, NJ – August 6, 2024: Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the second quarter of 2024. Michael Stein, chief executive officer of Genie Energy, commented: "Our solid second quarter results reflect the investments in meter and RCE growth we made in the first half of last year, combined with a stable, normalized retail energy environment. We also deliver ...

Newark, NJ, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the second quarter of 2024. Michael Stein, chief executive officer of Genie Energy, commented: "Our solid second quarter results reflect the investments in meter and RCE growth we made in the first half of last year, combined with a stable, normalized retail energy environment. We also delivered a solid performance at Genie Renewables, whe ...