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)

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 March 31, 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 orga ...

Genie Energy Ltd. (NYSE:GNE) Q1 2023 Earnings Conference Call May 8, 2023 8:30 AM ET Company Participants Michael Stein - Chief Executive Officer Avi Goldin - Chief Financial Officer Brian Siegel - Senior Managing Director, Hayden IR Operator Good morning and welcome to Genie Energy’s First Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation by Genie Energy’s management, there will be an opportunity to ask questions. Please note this ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Exact name of registrant as specified in its charter) | Delaware | | 45-2069276 | | --- | --- | --- | | (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) | | 520 Broad Street,Newark, New Jersey07102 | | | | (Address of principal executive offices, zip code) | | | | (973)438-3500 | | | | (Registrant's telephone number, including area code) | | | | Securities registered purs ...

Genie Energy Ltd. (NYSE:GNE) Q4 2022 Earnings Conference Call March 13, 2023 8:30 AM ET Company Participants Brian Siegel - Hayden Investor Relations Michael Stein - Chief Executive Officer Avi Goldin - Chief Financial Officer Conference Call Participants Aaron Shafter - Great Mountain Capital Management Operator Good morning and welcome to Genie Energy's Fourth Quarter and Full Year 2022 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I will now turn the call over to Brian ...

Genie Energy Ltd. (NYSE:GNE) Q3 2022 Earnings Conference Call November 7, 2022 8:30 AM ET Company Participants Brian Siegel - Hayden IR Michael Stein - Chief Executive Officer Avi Goldin - Chief Financial Officer Conference Call Participants Aaron Shafter - Great Mountain Capital Management Brett Rush - Centennial Management Operator Good morning, and welcome to Genie Energy’s Third Quarter 2022 Earnings Call. All participants’ will be in listen-only mode. [Operator Instructions] After today's presentation ...

Genie Energy Ltd. (NYSE:GNE) Q2 2022 Earnings Conference Call August 8, 2022 8:30 AM ET Company Participants Brian Siegel - Investor Relations Michael Stein - Chief Executive Officer Avi Goldin - Chief Financial Officer Conference Call Participants Aaron Shafter - Great Mountain Capital Management Jason Lustig - J. Goldman Operator Good morning and welcome to Genie Energy’s Second Quarter 2022 Earnings Call. [Operator Instructions] Please note this event is being recorded. I will now turn the call over to B ...

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 March 31, 2022 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 orga ...

Start Time: 08:30 January 1, 0000 8:47 AM ET Genie Energy, Ltd. (NYSE:GNE) Q1 2022 Earnings Conference Call May 09, 2022, 08:30 AM ET Company Participants Michael Stein - CEO Avi Goldin - CFO Brian Siegel - Senior Managing Director, Hayden IR Conference Call Participants Operator Good morning, and welcome to Genie Energy's First Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation by Genie Energy's management, there will be an opport ...