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 ...

Company Structure and Segments - Genie Energy Ltd. operates through two segments: Genie Retail Energy (GRE) and Genie Renewables[12] - The company owns 99.5% of Genie Energy International Corporation, which includes Genie Retail Energy and Genie Renewables[13] - Genie Renewables includes a 100% interest in Genie Solar and a 92.8% interest in CityCom Solar, among other entities[15] Genie Retail Energy (GRE) Operations - Genie Retail Energy serves residential and small business customers in deregulated markets across 18 states in the U.S.[36] - GRE's revenue in 2022 was $304.0 million, a decrease from $311.8 million in 2021, with electricity sales contributing $241.8 million and natural gas sales $62.1 million[41] - As of December 31, 2022, GRE serviced 275,000 meters, a decrease from 285,000 meters in 2021, with 196,000 electric and 79,000 natural gas meters[45] - Approximately 39.7% of GRE's natural gas revenues in 2022 were generated in the first quarter, while 30.5% of electricity revenues were generated in the third quarter[42] - Customers on variable rate products constituted approximately 66.2% of GRE's revenue as of December 31, 2022[51] - 80.5% of GRE's net accounts receivable were under a purchase of receivables (POR) program as of December 31, 2022, with associated costs being approximately 1.1% of GRE's revenue[53] - GRE's REPs operate in 18 states, including Washington D.C., New York, and Texas, and are constantly evaluating market opportunities for expansion[69] - Town Square's gross revenues from sales in Connecticut were $16.6 million in 2022, down from $29.0 million in 2021, representing 4.8% of GRE's total meters served[72] Financial Performance and Dividends - The total dividends paid in 2022 on Class A and Class B common stock amounted to $7.8 million[30] - The company reinstated quarterly dividends in February 2022 after suspending them in March 2021 due to financial losses from Winter Storm Uri[30] Customer Dynamics and Market Challenges - Customer churn rates for GRE's REP businesses average between 4% and 7% per month[40] - The company experienced increased customer churn due to higher prices from its variable pricing plan, although churn levels have peaked[150] - The impact of unprecedented price volatility in real-time electricity prices in Texas resulted in a consolidated profitability decrease of approximately $10.6 million for the year ended December 31, 2022[154] - Demand for REP services is significantly influenced by weather conditions, with colder winters and hotter summers leading to higher consumption of natural gas and electricity[170] Regulatory and Compliance Issues - Regulatory changes and compliance with new mandates could significantly impact GRE's financial condition and operational results, especially regarding renewable energy requirements[174] - Maintaining licenses from public utility commissions is essential for the REP business, and any loss of these licenses could negatively impact operations and financial conditions[180] Genie Renewables and Solar Projects - In 2022, Genie Solar focused on developing utility-scale solar projects, with its first company-owned project being a 4 MW community solar farm in New York[29] - Genie Solar accounted for 1.1% of the company's consolidated revenue and 30.8% of Genie Renewables segment's revenue in 2022[106] - CityCom accounted for 1.3% of the company's consolidated revenue and 35.9% of Genie Renewables segment's revenue in 2022[112] - Genie Solar has over 65 MWs of solar projects in its development pipeline as of December 31, 2022, with expectations to expand significantly in 2023[105] - The Federal Investment Tax Credit (ITC) for solar generation facilities is currently at 26%, with a potential increase to 30% for projects meeting certain criteria under the Inflation Reduction Act[90] - Genie Solar is pursuing a buyer for its expected 30 MW of electric output through a long-term Power Purchase Agreement (PPA) by the end of 2023[100] - The company differentiates itself by offering vertically integrated solutions, including in-house panel manufacturing and project financing[103] - Genie Solar operates primarily in the Northeast U.S., with a focus on states with robust community solar and utility-scale solar regulatory frameworks[104] Competition and Market Risks - The company faces increased competition in the solar energy market, leading to price reductions and reduced margins[126] - Intense competition in the solar market could lower prices and profits, impacting the company's ability to attract customers and secure land rights[188] - Changes in government regulations affecting tax incentives and subsidies could materially impact the financial viability of solar projects, leading to revenue declines[189] - An increase in interest rates could raise borrowing costs, negatively impacting the company's ability to fund solar projects[191] Internal Controls and Governance - The company reported a material weakness in internal control over financial reporting, which could lead to errors in financial statements and affect investor confidence[196][200] - Holders of Series 2012-A Preferred Stock are entitled to an annual dividend, which may negatively impact cash flow and cash balances[203] - Eight trusts controlled by Howard S. Jonas hold shares representing approximately 70.0% of the combined voting power of the outstanding capital stock as of March 13, 2023[205] Workforce and Employment - Genie Renewables employed 22 full-time employees as of March 3, 2023[129] - Genie Renewables had a total of 172 employees located in the United States as of March 3, 2023[138] - Diversegy is expanding its in-house sales team to increase market share and attract new clients through proprietary pricing software[122] - The company is committed to diversity and inclusion in the workforce, ensuring non-discriminatory treatment and respect for human rights[141] Operational and Security Measures - The company has implemented strong physical and cyber-security measures to ensure operational continuity, with minimal impacts from COVID-19 on its financial results for the year ended December 31, 2022[165] - The company faces risks from network disruptions and security breaches, which could lead to unauthorized access to proprietary information and significant operational disruptions[182][184] Real Estate and Lease Agreements - The company’s headquarters lease at 520 Broad St., Newark, New Jersey, has an annual base rent of $198,513 and expires in April 2025[210] - The company has the right to renew the headquarters lease for another 5 years with a 2% increase in rental payments[210] - The company leases approximately 12,000 square feet in Jamestown, New York, 3,300 square feet in Chandler, Arizona, and 4,200 square feet in Houston, Texas for its offices[211]

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 ...

Genie Energy Ltd. (NYSE:GNE) Q4 2021 Earnings Conference Call March 10, 2022 8:30 AM ET Company Participants 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 day and welcome to Genie Energy's Fourth Quarter and Full Year 2021 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] On this morning's call Michael Stein, Genie Energy' ...

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, 2021 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. ...