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 8-K) with the SEC. To participate in the conference call, dial 1-877-545-0523 (toll-free from the US) or 1-973-528-0016 (international) and provide the following participant access code: 312566. At 8:30 AM Eastern, Genie Energy's management will host a c ...

The company has effectively increased its customer base and demonstrated strong market penetration. Its presence in 18 of the 28 deregulated states and plans for further geographic expansion position it well to capture a larger market share. The research report highlights several key factors that could drive Genie Energy's growth. GREW is also making strides, with significant contributions from solar project milestones and an 86.9% year-over-year revenue increase in the first quarter of 2024. This expansion ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b)-2 of the Exchange Act: ☐ 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) Delaware 45-2069276 (Sta ...

Exhibit 99.1 Genie Energy Announces First Quarter 2024 Results Revenue increased to $119.7 Million and Gross Profit Climbed to $33.8 Million - Both Record First Quarter Levels Income from Operations of $9.8 million, Adjusted EBITDA of $11.7 Million and Earnings per Diluted Share of $0.30 Repurchased 250,000 Shares of Class B Common Stock Newark, NJ – May 8, 2024: Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the first quarter of ...

NEWARK, NJ, April 24, 2024 (GLOBE NEWSWIRE) -- Genie Energy Ltd., (NYSE:GNE, GNEPRA))), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the first quarter of 2024 on Wednesday, May 8, 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 (F ...

NEWARK, NJ, April 24, 2024 (GLOBE NEWSWIRE) -- Genie Energy Ltd., (NYSE: GNE, GNEPRA), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the first quarter of 2024 on Wednesday, May 8, 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 (Fo ...

Part I [Business](index=4&type=section&id=Item%201.%20Business.) Genie Energy Ltd operates as an end-to-end energy services provider through two primary segments: Genie Retail Energy (GRE) and Genie Renewables - The company operates through two reportable segments: **Genie Retail Energy (GRE)** and **Genie Renewables**[12](index=12&type=chunk)[22](index=22&type=chunk) - Operations in the United Kingdom, Finland, and Sweden have been **discontinued** and are accounted for as such The former GRE International segment's remaining assets were combined with corporate[16](index=16&type=chunk)[21](index=21&type=chunk) - In November **2023**, the company **acquired** a portfolio of ten **operating solar system facilities** in Ohio and Michigan[29](index=29&type=chunk) - All remaining **outstanding shares** of the company's **Series A 2012 Preferred Stock** were **redeemed** in June **2023**[30](index=30&type=chunk) [Genie Retail Energy (GRE)](index=7&type=section&id=Genie%20Retail%20Energy) GRE constitutes the core of Genie's business, representing 95.6% of consolidated revenue in 2023, operating as a Retail Energy Provider (REP) in 18 states and Washington D.C GRE Key Metrics (as of Dec 31, 2023 vs 2022) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Meters** | 361,000 | 275,000 | | Electric Meters | 279,000 | 196,000 | | Natural Gas Meters | 82,000 | 79,000 | | **Total RCEs** | 350,000 | 262,000 | | Electric RCEs | 272,000 | 181,000 | | Natural Gas RCEs | 78,000 | 81,000 | GRE Revenue Breakdown (2023 vs 2022) | Revenue Source | 2023 Revenue | 2022 Revenue | | :--- | :--- | :--- | | Electricity Sales | **$350.8 million** | **$241.8 million** | | Natural Gas Sales | **$56.0 million** | **$62.1 million** | | **Total GRE Revenue** | **$409.9 million** | **$304.0 million** | - **GRE's revenue** represented approximately **95.6%** of the company's **total consolidated revenue** in **2023**[43](index=43&type=chunk) - As of December **31**, **2023**, **84.4%** of **GRE's net accounts receivable** were under a **Purchase of Receivables (POR) program**, mitigating **credit risk**[55](index=55&type=chunk) [Genie Renewables](index=12&type=section&id=Genie%20Renewables) The Genie Renewables segment operates in the solar and commercial energy markets through three main businesses: Genie Solar, CityCom Solar, and Diversegy, with growth influenced by government incentives - **Genie Renewables** consists of three main businesses: **Genie Solar** (**solar project development**), **CityCom Solar** (**community solar marketing**), and **Diversegy** (**energy brokerage**)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) Genie Renewables 2023 Revenue Contribution | Business | % of Segment Revenue | % of Consolidated Revenue | | :--- | :--- | :--- | | Diversegy | **39.3%** | **1.7%** | | CityCom Solar | **36.9%** | **1.6%** | | Genie Solar | **23.8%** | **1.0%** | - **Genie Solar's current portfolio** includes a **9.4 MW operating portfolio**, **~10 MW** of **community solar projects under construction**, and an additional **72 MW** of projects **under site control**[92](index=92&type=chunk) - The **Inflation Reduction Act (IRA)** extended the **Investment Tax Credit (ITC)** and established a base level of **30%** for qualifying projects, with potential for additional credits, supporting the **solar business**[100](index=100&type=chunk) [Risk Factors](index=17&type=section&id=Item%201A.%20Risk%20Factors.) The company faces significant risks primarily related to its Genie Retail Energy (GRE) segment, including intense competition, potential adverse regulatory changes, and financial impacts from weather and commodity price volatility - The company faces **risks** from potential **regulatory changes** in key states As of Dec **31**, **2023**, New York, Maryland, and Massachusetts represented **16.1%**, **3.2%**, and **10.9%** of **GRE's total meters**, respectively[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Unusual weather conditions, such as the **2021** Texas winter storm, can significantly impact financial results The **2021** storm had an approximate **$10.6 million** negative impact on **consolidated profitability**[133](index=133&type=chunk)[137](index=137&type=chunk) - The company faces uncertainty from its exit from the Finnish market, including a claim filed by the bankruptcy administrator for **€35.2 million** (approx **$38.9 million**) related to the sale of swap instruments[175](index=175&type=chunk) - The company is controlled by its **Chairman**, Howard S Jonas, who as of March **13**, **2024**, controlled approximately **61.0%** of the combined **voting power** of the company's capital stock[183](index=183&type=chunk)[184](index=184&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments.) There are no unresolved staff comments - None[186](index=186&type=chunk) [Cybersecurity](index=25&type=section&id=Item%201C.%20Cybersecurity.) The company's cybersecurity risk management program is based on industry frameworks such as NIST and ISO, with Board oversight and management handling day-to-day assessment - The **cybersecurity risk management strategy** is based on recognized **industry frameworks**, including those from the **National Institute of Standards and Technology (NIST)** and the **International Organization for Standardization (ISO)**[187](index=187&type=chunk) - The **Audit Committee** assists the **Board of Directors** with **oversight** by reviewing and discussing **cybersecurity risks** with management[191](index=191&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties.) The company's headquarters are in leased office space in Newark, New Jersey, with additional leased offices for GRE and owned/operated solar arrays for Genie Renewables - The company's **headquarters are leased** at **520 Broad St**, Newark, New Jersey[194](index=194&type=chunk) - **Genie Solar owns and operates a portfolio** of **12 solar arrays** totaling **9.4 megawatts** in Ohio and Michigan[196](index=196&type=chunk) [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings.) Information regarding certain legal proceedings is incorporated by reference from Note 15 of the Notes to Consolidated Financial Statements - Details on **legal proceedings** are provided in Note **15** to the **Consolidated Financial Statements**[197](index=197&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - Not applicable[198](index=198&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) The company's Class B common stock trades on the NYSE under "GNE", and in June 2023, all outstanding preferred stock was redeemed, with limited share repurchases in Q4 2023 - The company's **Class B common stock** is **traded on the New York Stock Exchange** under the symbol "**GNE**"[200](index=200&type=chunk) - On June **16**, **2023**, the company completed the **redemption of all outstanding shares** of its **Series 2012-A Preferred Stock**[203](index=203&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total Shares Purchased | Average Price per Share | Shares Remaining in Program | | :--- | :--- | :--- | :--- | | Oct 1 – 31, 2023 | — | **$ —** | **4,665,195** | | Nov 1 - 30, 2023 | **26,683** | **$ 20.62** | **4,661,417** | | Dec 1 – 31, 2023 | — | **$ —** | **4,661,417** | | **Total** | **26,683** | **$ 20.62** | **4,661,417** | [Selected Financial Data](index=28&type=section&id=Item%206.%20Selected%20Financial%20Data.) As a smaller reporting company, Genie Energy Ltd is not required to provide the information for this item - The company is a **smaller reporting company** and is **not required to provide this information**[210](index=210&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) In 2023, consolidated revenue increased to $428.7 million, but gross profit and income from operations decreased significantly due to a captive insurance liability and lower GRE margins, while maintaining a strong liquidity position [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For fiscal year 2023, consolidated revenue grew 35.9% to $428.7 million, but gross profit fell to $146.2 million and income from operations plummeted 87.1% to $10.0 million, primarily due to a $45.1 million captive insurance liability Consolidated Results of Operations (2023 vs 2022) | (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Total Revenues | **$428,708** | **$315,539** | | Gross Profit | **$146,206** | **$154,782** | | Income from Operations | **$10,009** | **$77,754** | | Net Income from Continuing Operations | **$13,869** | **$56,486** | | Net Income Attributable to Genie Energy Ltd. | **$19,538** | **$87,805** | Genie Retail Energy (GRE) Performance (2023 vs 2022) | (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Total Revenues | **$409,879** | **$303,972** | | Gross Profit | **$143,360** | **$152,982** | | Income from Operations | **$71,911** | **$92,557** | Genie Renewables Performance (2023 vs 2022) | (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | **$18,829** | **$11,567** | | Gross Profit | **$2,846** | **$1,800** | | (Loss) from Operations | **$(5,789)** | **$(3,528)** | - **Corporate loss from operations** increased significantly to **$(56.1) million** in **2023** from **$(11.3) million** in **2022**, primarily due to a **$45.1 million provision for a newly established captive insurance liability**[280](index=280&type=chunk)[281](index=281&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2023, the company maintained a strong liquidity position with $107.6 million in unrestricted cash and cash equivalents, $131.6 million in working capital, and $50.9 million in cash flow from continuing operations - The company held **$107.6 million** in **unrestricted cash and cash equivalents** and had **working capital** of **$131.6 million** at December **31**, **2023**[291](index=291&type=chunk) Summary of Cash Flows (2023 vs 2022) | (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Cash from Operating Activities | **$50,938** | **$66,004** | | Cash used in Investing Activities | **$(10,005)** | **$(5,234)** | | Cash used in Financing Activities | **$(15,157)** | **$(25,523)** | - Key **financing activities** in **2023** included paying **$8.0 million** in **common stock dividends** and redeeming **$8.4 million** in **preferred stock**[310](index=310&type=chunk)[312](index=312&type=chunk) - The company has **outstanding purchase commitments** of **$144.1 million** as of December **31**, **2023**, with **$128.3 million** for **electricity purchases**[296](index=296&type=chunk) [Quantitative and Qualitative Disclosures about Market Risks](index=43&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks.) As a smaller reporting company, this section is not required, but the company notes its primary market risk is the price of natural gas and electricity, which it mitigates using hedging instruments - The company's **primary market risk exposure** is the price of its **natural gas and electricity purchases and sales**[319](index=319&type=chunk) - To reduce the effects of **commodity price volatility**, the company uses **hedging instruments**, including **put and call options and swaps** These are **not designated for hedge accounting**[320](index=320&type=chunk) [Financial Statements and Supplementary Data](index=43&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.) This section incorporates by reference the company's Consolidated Financial Statements and the report of the independent registered public accounting firm, included from page F-1 onwards - The **Consolidated Financial Statements** are **incorporated by reference** and begin on page **F-1** of the report[321](index=321&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=43&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure.) There were no changes in or disagreements with accountants on accounting and financial disclosure - None[322](index=322&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%209A.%20Controls%20and%20Procedures.) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2023, a conclusion affirmed by the independent auditor's unqualified opinion - The **principal executive officer** and **principal financial officer** concluded that the Company's **disclosure controls and procedures** were **effective** as of December **31**, **2023**[323](index=323&type=chunk) - Management assessed **internal control over financial reporting** using the **COSO framework** and concluded it was **effective** as of December **31**, **2023**[327](index=327&type=chunk)[328](index=328&type=chunk) - The company's **independent auditor**, Zwick CPA, PLLC, audited the **effectiveness of internal control over financial reporting** and issued an **unqualified opinion**[329](index=329&type=chunk) [Other Information](index=44&type=section&id=Item%209B.%20Other%20Information.) There is no other information to report - None[331](index=331&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](index=44&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspection.) This item is not applicable - Not applicable[332](index=332&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=45&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance.) The company lists its executive officers and Board of Directors, with further information incorporated by reference from its definitive proxy statement - The company's **executive officers** are Michael Stein (**CEO**) and Avi Goldin (**CFO**)[334](index=334&type=chunk) - Howard S Jonas serves as the **Chairman** of the **Board of Directors**[334](index=334&type=chunk) - Additional required information is **incorporated by reference** from the company's **Proxy Statement**[335](index=335&type=chunk) [Executive Compensation](index=45&type=section&id=Item%2011.%20Executive%20Compensation.) The information required for this item will be contained in the company's Proxy Statement for its Annual Stockholders Meeting and is incorporated by reference - Information is **incorporated by reference** from the **Proxy Statement**[339](index=339&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=45&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters.) The information required for this item will be contained in the company's Proxy Statement for its Annual Stockholders Meeting and is incorporated by reference - Information is **incorporated by reference** from the **Proxy Statement**[340](index=340&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=45&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence.) The information required for this item will be contained in the company's Proxy Statement for its Annual Stockholders Meeting and is incorporated by reference - Information is **incorporated by reference** from the **Proxy Statement**[341](index=341&type=chunk) [Principal Accounting Fees and Services](index=45&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services.) The information required for this item will be contained in the company's Proxy Statement for its Annual Stockholders Meeting and is incorporated by reference - Information is **incorporated by reference** from the **Proxy Statement**[342](index=342&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=47&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules.) This section lists the documents filed as part of the Form 10-K report, including independent auditor reports and various corporate and legal exhibits - This section contains a **list of all exhibits filed** with the **Form 10-K**, including **corporate governance documents**, **material contracts**, and **required certifications**[345](index=345&type=chunk)[346](index=346&type=chunk) [Form 10-K Summary](index=48&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary was provided - None[347](index=347&type=chunk)

Exhibit 99.1 Genie Energy Announces Fourth Quarter and Full Year 2023 Results Record Fourth Quarter and Full Year Revenue Full-year 2023 Adjusted EBITDA exceeded upper range of prior guidance Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased 55% year-over-year to $163.4 million with no debt outstanding Newark, NJ – March 11, 2024: Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results f ...

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, 2023 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) Delaware 45-2069276 (State or other jurisdiction of incorporation or organization) (I.R.S. ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited statements show increased assets and revenue but decreased net income due to lower income from discontinued operations for the six months ended June 30, 2023 [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Total assets and equity increased as of June 30, 2023, compared to year-end 2022, while total liabilities decreased Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 (Unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $110,827 | $98,571 | | Total current assets | $243,243 | $227,633 | | Total assets | $285,957 | $277,615 | | **Liabilities & Equity** | | | | Total current liabilities | $87,195 | $99,198 | | Total liabilities | $89,972 | $103,971 | | Total Genie Energy Ltd. stockholders' equity | $209,310 | $187,118 | | Total equity | $195,985 | $173,644 | [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Revenues grew in Q2 and the first half of 2023, but net income declined year-over-year primarily due to a significant drop in income from discontinued operations Q2 2023 vs Q2 2022 Performance (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Total Revenues | $93,463 | $66,940 | | Gross Profit | $38,208 | $29,820 | | Income from Operations | $15,035 | $11,772 | | Net Income from Continuing Operations | $12,166 | $8,055 | | Income from Discontinued Operations | $3,173 | $29,318 | | Net Income Attributable to Genie | $15,156 | $34,479 | | Diluted EPS | $0.57 | $1.30 | Six Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | | Total Revenues | $198,739 | $152,865 | | Gross Profit | $71,494 | $76,926 | | Income from Operations | $26,310 | $38,734 | | Net Income from Continuing Operations | $23,503 | $26,721 | | Income from Discontinued Operations | $6,227 | $27,388 | | Net Income Attributable to Genie | $29,586 | $52,368 | | Diluted EPS | $1.12 | $1.97 | [Consolidated Statements of Cash Flows](index=10&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash from operations decreased in the first half of 2023, while significantly lower cash was used in investing activities compared to the prior year Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $20,240 | $27,551 | | Net cash used in investing activities | ($1,563) | ($51,675) | | Net cash used in financing activities | ($9,597) | ($11,154) | | Net increase (decrease) in cash | $9,043 | ($35,398) | [Notes to Consolidated Financial Statements](index=11&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail accounting policies, the discontinuation of European operations, segment information, and significant equity transactions including a preferred stock redemption - The company operates through two reportable segments: Genie Retail Energy (GRE) and Genie Renewables, with the **GRE International segment discontinued in Q3 2022**[22](index=22&type=chunk)[115](index=115&type=chunk) - In Q1 2023, the company received a **one-time tax credit of $3.1 million** related to payroll taxes from prior years, recognized as a gain in other income[25](index=25&type=chunk) - Operations in Finland and Sweden were **discontinued in Q3 2022** due to market volatility, with the Finnish subsidiary declaring bankruptcy and being deconsolidated[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - In June 2023, the company completed the **redemption of all outstanding shares of its Series 2012-A Preferred Stock** for an aggregate amount of $6.5 million plus accrued dividends[89](index=89&type=chunk)[217](index=217&type=chunk) - In June 2023, warrants to purchase 1,048,218 shares of Class B common stock were **exercised for $5.0 million**[90](index=90&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased GRE revenue offset by compressed margins, Genie Renewables' expansion-related losses, and the company's strong liquidity position [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Higher gross profit from the GRE segment drove an increase in consolidated income from operations in Q2 2023, though six-month results were down year-over-year Genie Retail Energy (GRE) Performance - Q2 2023 vs Q2 2022 (in thousands) | Metric | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $89,733 | $63,161 | 42.1% | | Gross Profit | $37,476 | $29,002 | 29.2% | | Income from Operations | $18,417 | $14,413 | 27.8% | - GRE's electricity revenue **increased 51.1% in Q2 2023 YoY**, driven by a 44.9% increase in the average number of meters served and a 2.7% increase in the average rate per kWh[168](index=168&type=chunk) - GRE's gross meter acquisitions were **75,000 in Q2 2023**, compared to 34,000 in Q2 2022, following the resumption of customer acquisition activities[173](index=173&type=chunk) Genie Renewables Performance - Q2 2023 vs Q2 2022 (in thousands) | Metric | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $3,730 | $3,779 | (1.3)% | | Gross Profit | $732 | $818 | (10.5)% | | Loss from Operations | ($1,276) | ($517) | 146.8% | - Genie Renewables' SG&A expenses **increased 50.4% in Q2 2023 YoY**, primarily due to increased headcount, consulting fees, and warehousing costs[187](index=187&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with significant cash and working capital, while continuing to return capital to shareholders and fund solar projects - As of June 30, 2023, the company had **$110.8 million in unrestricted cash** and cash equivalents and **working capital of $156.0 million**[198](index=198&type=chunk)[199](index=199&type=chunk) - In the first six months of 2023, the company paid **$3.9 million in common stock dividends** and **$0.9 million in preferred stock dividends**[213](index=213&type=chunk)[214](index=214&type=chunk) - The company **completed the full redemption of its Preferred Stock** in June 2023, paying a total of $8.5 million to retire all outstanding shares[216](index=216&type=chunk)[217](index=217&type=chunk) - The company has **purchase commitments of $122.9 million** at June 30, 2023, with $108.1 million for future electricity purchases[205](index=205&type=chunk)[129](index=129&type=chunk) - The company has a **$3.0 million credit line facility** with JPMorgan Chase, maturing on December 31, 2023, with no outstanding letters of credit[220](index=220&type=chunk)[133](index=133&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company's primary market risk is energy price volatility, which it manages with derivatives, resulting in a significant loss in H1 2023 versus a large gain in H1 2022 - The primary market risk exposure is the **price of natural gas and electricity** purchases and sales[223](index=223&type=chunk) - The company uses derivative instruments (options, swaps) to hedge against price volatility but **does not apply hedge accounting**[224](index=224&type=chunk) Recognized (Loss) Gain on Derivatives (in millions) | Period | Amount | | :--- | :--- | | Three Months Ended June 30, 2023 | ($6.0) | | Six Months Ended June 30, 2023 | ($17.1) | | Three Months Ended June 30, 2022 | $22.6 | | Six Months Ended June 30, 2022 | $60.2 | [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of June 30, 2023[225](index=225&type=chunk) - **No material changes** to internal control over financial reporting occurred during the quarter ended June 30, 2023[226](index=226&type=chunk) [PART II. OTHER INFORMATION](index=50&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company resolved a complaint with the Illinois Attorney General and settled other regulatory reviews without significant financial impact - In April 2023, the Office of the Attorney General of the State of Illinois **dismissed its complaint against Residents Energy**, concluding an investigation that began in 2019[126](index=126&type=chunk) - The company has **settled disputes with regulators in Connecticut and Maine**, involving temporary market withdrawals and marketing pauses[124](index=124&type=chunk)[128](index=128&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been reported from the risk factors disclosed in the company's most recent Annual Report on Form 10-K - **No material changes** from the risk factors included in the Annual Report on Form 10-K for the year ended December 31, 2022[229](index=229&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common stock under its public program but completed the full redemption of its outstanding Preferred Stock in Q2 2023 - **No shares of Class B common stock were purchased** under the publicly announced repurchase program in Q2 2023, with 4,668,973 shares remaining available[230](index=230&type=chunk) - **158,109 shares of Class B common stock were repurchased** from an officer at an average price of $15.34 per share to cover costs related to stock option exercises[230](index=230&type=chunk)[231](index=231&type=chunk) - In Q2 2023, the company **redeemed a total of 865,711 shares of its Preferred Stock** at a price of $8.50 per share, completing the full redemption of the series[232](index=232&type=chunk) [Defaults upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reports no defaults upon its senior securities - None[233](index=233&type=chunk) [Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[233](index=233&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this period - None[233](index=233&type=chunk) [Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists the required CEO and CFO certifications and XBRL data files filed with the report - Exhibits filed include **CEO and CFO certifications** and XBRL interactive data files[234](index=234&type=chunk)