Revenue Breakdown - For the three months ended March 31, 2024, approximately 68% of retail revenues were derived from electricity sales, while 32% came from natural gas sales, compared to 61% and 39% respectively in the same period of 2023[149]. - For the three months ended March 31, 2024, total revenues were approximately $114.1 million, a decrease of approximately $17.8 million, or 13%, from $131.9 million in the same period of 2023[187]. - Retail Natural Gas Segment total revenues for Q1 2024 were approximately $37.1 million, a decrease of 29% from $52.3 million in Q1 2023, primarily due to lower natural gas prices and a smaller customer base[199]. Customer Metrics - The company added approximately 41,000 residential customer equivalents (RCEs) during the three months ended March 31, 2024, resulting in a total of 338,000 RCEs, reflecting a 1% increase[160]. - The average monthly customer attrition rate for the three months ended March 31, 2024, was 3.9%, consistent with the prior year[165]. - The average monthly RCE attrition rate remained stable at 3.9% for both the three months ended March 31, 2024 and 2023[185]. Financial Performance - The company reported Adjusted EBITDA of $15.068 million for the three months ended March 31, 2024, down from $18.811 million in the same period of 2023[172]. - Adjusted EBITDA for the three months ended March 31, 2024 was $15.1 million, a decrease of approximately $3.7 million, or 20%, from $18.8 million in the same period of 2023[185]. - Net income for the three months ended March 31, 2024 was $19.1 million, compared to a net loss of $6.8 million in the same period of 2023[185]. Margins and Costs - The retail gross margin for the three months ended March 31, 2024, was $35.745 million, compared to $40.330 million for the same period in 2023[172]. - Retail gross margin for the three months ended March 31, 2024 was approximately $35.7 million, a decrease of approximately $4.6 million, or 11%, from $40.3 million in the same period of 2023[182]. - Customer acquisition costs increased to approximately $2.4 million for the three months ended March 31, 2024, an increase of approximately $0.6 million, or 33%, from $1.8 million in the same period of 2023[192]. - Retail cost of revenues for the three months ended March 31, 2024 was approximately $69.0 million, a decrease of approximately $48.4 million, or 41%, from $117.4 million in the same period of 2023[189]. Credit and Risk Management - The company experienced a credit loss expense of 0.8% for the three months ended March 31, 2024, down from 1.9% in the same period of 2023[166]. - Approximately 60% of retail revenues for the three months ended March 31, 2024, were derived from territories where credit risk was with local regulated utility companies, compared to 55% for the same period in 2023[235]. - The weighted average discount paid to local regulated utilities for customer credit risk protection was 1.2% for the three months ended March 31, 2024, up from 1.0% in 2023[235]. - Bad debt expense for the three months ended March 31, 2024, was 0.8% of non-POR market retail revenues, down from 1.9% in the same period of 2023[238]. Liquidity and Financing - Total cash used in financing activities for the three months ended March 31, 2024 was approximately $8.8 million, compared to $2.9 million in the same period of 2023[180]. - Total liquidity as of March 31, 2024, was $128.0 million, consisting of $50.4 million in cash and cash equivalents and $77.6 million available under credit facilities[206]. - The Senior Credit Facility allows borrowing up to $195.0 million, with $113.8 million outstanding as of March 31, 2024, including $22.8 million in letters of credit[212]. Derivative Instruments and Market Positions - The net gain on non-trading derivative instruments was $10.9 million in Q1 2024, compared to a loss of $22.6 million in Q1 2023, indicating improved risk management and market conditions[233]. - As of March 31, 2024, the Gas Non-Trading Fixed Price Open Position was a short position of 462,951 MMBtu, with a 10% increase in market prices resulting in less than $0.1 million increase in fair market value[234]. - The Electricity Non-Trading Fixed Price Open Position was a short position of 338,777 MWhs, with a 10% increase in forward market prices leading to a decrease in fair market value by $1.7 million[234]. Dividends - The company paid $2.7 million in dividends to Series A Preferred Stockholders in Q1 2024, with future dividends dependent on financial performance and compliance with credit facility covenants[219][223]. - The Series A Preferred Stock dividends were declared at an annual rate based on Three-Month CME Term SOFR plus a tenor spread, with a quarterly cash dividend of $0.76051 per share for Q1 2024 totaling $2.7 million[242]. - A 1.0% increase in interest rates would have resulted in additional dividends of less than $0.2 million for the Series A Preferred Stock for the quarter[242].

Financial Performance - Net Income for Q1 2024 was $19.1 million, a significant increase from a Net Loss of $(6.8) million in Q1 2023[5] - Adjusted EBITDA for Q1 2024 was $15.1 million, down from $18.8 million in Q1 2023, primarily due to lower Electric and Natural Gas Retail Gross Margin[6] - Gross Profit for Q1 2024 reached $45.1 million, compared to $14.4 million in Q1 2023, driven by gains in mark-to-market hedges[7] - Retail revenues for Q1 2024 were $114.4 million, down from $135.1 million in Q1 2023[19] - Total revenue for Q1 2024 was $114,056,000, down from $131,852,000 in Q1 2023[41] - Adjusted EBITDA for Q1 2024 was $15,068,000, a decrease from $18,811,000 in Q1 2023[38] - Net income for Q1 2024 was $19,064,000, compared to a net loss of $6,771,000 in Q1 2023[38] Retail Margin and Costs - Retail Gross Margin for Q1 2024 was $35.7 million, a decrease from $40.3 million in Q1 2023, attributed to lower volumes and unit margins[8] - Retail gross margin for Q1 2024 was $35,745,000, compared to $40,330,000 in Q1 2023[42] - Customer acquisition costs for Q1 2024 were $2,444,000, up from $1,773,000 in Q1 2023[38] - Retail gross margin for the Retail Electricity Segment was $18,911,000 in Q1 2024, down from $20,469,000 in Q1 2023[42] - Retail gross margin for the Retail Natural Gas Segment was $16,197,000 in Q1 2024, compared to $19,861,000 in Q1 2023[42] Cash and Liquidity - Cash and cash equivalents as of March 31, 2024, were $50.4 million, an increase from $42.6 million at the end of 2023[22] - Total liquidity as of March 31, 2024, was $128.0 million, including senior credit facility and subordinated debt facility availability[9] - Net cash provided by operating activities for Q1 2024 was $17,099,000, an increase from $13,060,000 in Q1 2023[39] - The company incurred $8,821,000 in net cash used in financing activities in Q1 2024, compared to $2,875,000 in Q1 2023[39] Customer Metrics - Total RCE count as of March 31, 2024, was 338,000, up from 335,000 at the end of 2023, with an average monthly attrition rate of 3.9%[4] - The company has entered into an agreement to acquire approximately 12,500 RCEs in existing markets, expected to be accretive to the bottom line starting Q2 2024[11] Other Financial Information - The company declared a dividend of $0.76051 per share for Series A Preferred Stock for Q1 2024, payable on July 15, 2024[9] - The company reported a net loss on derivative instruments of $4,205,000 in Q1 2024, compared to a loss of $42,770,000 in Q1 2023[38]

Financial Performance - Total revenues for the year ended December 31, 2023, were $435.192 million, down from $460.493 million in 2022, indicating a decrease of about 5.5%[382]. - Retail revenues decreased to $439.360 million in 2023 from $462.815 million in 2022, a decline of approximately 5.1%[382]. - The net income attributable to Via Renewables, Inc. stockholders for 2023 was $4.356 million, compared to a net loss of $0.476 million in 2022, marking a significant turnaround[382]. - Operating income for 2023 was reported at $46.472 million, an increase from $24.761 million in 2022, reflecting a growth of approximately 87.5%[382]. - Net income for the year ended December 31, 2023, was $26,105 million, a significant increase from $11,203 million in 2022[389]. - Net cash provided by operating activities increased to $49,315 million in 2023, compared to $16,207 million in 2022[389]. - The company reported a gain on derivatives of $71,493 million in 2023, a turnaround from a loss of $17,821 million in 2022[389]. - The company’s depreciation and amortization expense decreased to $9,102 million in 2023 from $16,703 million in 2022[389]. - The total current liabilities decreased to $79.996 million in 2023 from $92.168 million in 2022, a reduction of about 13.2%[379]. - Via Renewables' cash and cash equivalents increased to $42.595 million in 2023 from $33.658 million in 2022, representing a growth of approximately 26.5%[379]. Debt and Financing - The company has $97.0 million of outstanding indebtedness and $24.3 million in issued letters of credit under its Senior Credit Facility as of December 31, 2023[146]. - The Senior Credit Facility will mature on June 30, 2025, and there is no assurance that the company will be able to negotiate a new credit arrangement on commercially reasonable terms[147]. - As of December 31, 2023, $97.0 million of variable rate indebtedness was outstanding under the Senior Credit Facility, with a 1% increase in interest rates resulting in additional annual interest expense of approximately $1.0 million[352]. - The company incurred $8,636 million in interest expenses during the year, compared to $5,561 million in 2022[389]. - The ability to pay dividends on Series A Preferred Stock depends on cash generated from operations, which fluctuates based on various factors[150]. - The company is dependent on distributions from Spark HoldCo to meet debt service and pay dividends, as it has no independent means of generating revenue[155]. Mergers and Acquisitions - A merger agreement was entered into on December 29, 2023, with Retailco for $11.00 per share for all Class A common stock[65]. - The merger is expected to close in the second quarter of 2024, subject to shareholder approval[70]. - The company has grown through strategic acquisitions and may continue to pursue such opportunities, but faces risks in realizing anticipated benefits from these acquisitions[116]. Regulatory and Market Risks - The company faces risks from increased regulations and monetary fines in the retail energy industry, which could adversely impact its business and financial condition[106][107]. - The company is subject to commodity price risk, with financial results largely dependent on the prices of natural gas and electricity, which are unpredictable and can fluctuate substantially[95]. - Weather conditions directly influence the demand for natural gas and electricity, affecting consumption and potentially leading to reduced margins or losses[97][98]. - The company partially relies on lead generators for telemarketing, facing increased regulatory restrictions that may impact sales lead costs[80]. - The company must retain licenses in the markets it operates in, with risks associated with potential revocation or non-renewal of these licenses[115]. Employee Relations and Compensation - As of December 31, 2023, the company employed 160 full-time employees, with a gender distribution of approximately 48% male and 52% female[86][87]. - The company has not experienced any strikes or work stoppages, indicating satisfactory employee relations[86]. - The company offers competitive compensation and benefits programs, including a 401(k) Plan and long-term incentive awards in the form of restricted stock units[88]. Shareholder and Stock Information - The company has issued a total of 3,567,543 shares of Series A Preferred Stock as of December 31, 2023[179]. - Holders of Series A Preferred Stock have extremely limited voting rights, with only Class A and Class B common stock carrying full voting rights[167]. - Mr. Maxwell holds approximately 65.0% of the combined voting power of Class A and Class B common stock, significantly influencing shareholder decisions[164]. - The trading price of Class A common stock and Series A Preferred Stock may be highly volatile and influenced by various external factors[158]. - Future sales of Class A common stock could dilute existing ownership and negatively impact market prices[176]. Cash Flow and Assets - The company recognized $2.2 million in gross derivative assets and $30.6 million in gross derivative liabilities as of December 31, 2023[367]. - The fair value of derivative liabilities increased to $19.141 million in 2023 from $16.132 million in 2022, reflecting an increase of about 18.6%[379]. - The company’s total cash used in investing activities was $1,435 million in 2023, down from $6,871 million in 2022[389]. - The balance of retained earnings as of December 31, 2023, was $40,002,000, compared to $42,871,000 in 2022, indicating a decrease of approximately 6.6%[386]. Internal Controls and Reporting - The company has remediated a previously disclosed material weakness in internal control over financial reporting as of December 31, 2023[359]. - Management concluded that internal control over financial reporting was effective as of December 31, 2023[358].

Financial Performance - For the fourth quarter of 2023, Via Renewables reported a Net Loss of $(0.9) million, a significant improvement from a Net Loss of $(27.5) million in Q4 2022, primarily due to a $31.7 million reduction in mark-to-market losses on hedges[3][4] - Adjusted EBITDA for Q4 2023 was $13.3 million, up from $12.6 million in Q4 2022, driven by increased Retail Gross Margin despite higher customer acquisition and G&A expenses[4][10] - Full year 2023 Net Income reached $26.1 million, compared to $11.2 million in 2022, attributed to a $21.8 million increase in Retail Gross Margin and a $13.1 million reduction in mark-to-market losses[7][10] - For the full year 2023, Via Renewables reported Adjusted EBITDA of $56.9 million, an increase from $51.8 million in 2022, reflecting strong performance in Retail Gross Margin[8][10] - Gross Profit for the full year 2023 was $124.4 million, compared to $103.4 million in 2022, primarily due to gains in mark-to-market value of hedges[9][10] - Operating income increased significantly to $46.472 million in 2023, compared to $24.761 million in 2022, marking an increase of 87.5%[27] - Net income attributable to Via Renewables, Inc. stockholders rose to $14.975 million in 2023, up from $7.578 million in 2022, representing an increase of 97.5%[27] - Adjusted EBITDA for the year ended December 31, 2023, was $56,855 million, an increase from $51,793 million in 2022[48] - Net income for the quarter was $26,105 million, compared to $11,203 million in the same quarter of 2022[48] Revenue and Margins - Total revenues for the year ended December 31, 2023, were $435.192 million, a decrease of 5.7% from $460.493 million in 2022[27] - Retail revenues decreased to $439.360 million in 2023 from $462.815 million in 2022, reflecting a decline of 5.1%[27] - Retail Gross Margin for the full year 2023 was $136.7 million, up from $114.8 million in 2022, driven by higher unit margins despite lower volumes due to mild weather[11][10] - Retail gross margin for the electricity segment was $87,566 million, representing a gross margin per MWh of $43.59, up from $34.00 in the previous year[1] - Retail natural gas segment revenues increased to $110,894 million, with a gross margin of $47,489 million, reflecting a gross margin per MMBtu of $4.22, compared to $2.77 in the prior year[1] - Retail gross margin from the Retail Electricity Segment for 2023 was $87.566 million, up from $82.749 million in 2022, a rise of about 5.5%[52] - Retail gross margin from the Retail Natural Gas Segment increased to $47.489 million in 2023, compared to $32.066 million in 2022, marking a significant increase of approximately 48.2%[52] Cash and Liquidity - Total liquidity as of December 31, 2023, was $116.0 million, consisting of cash and cash equivalents of $42.6 million and available credit facilities[12][10] - Cash and cash equivalents at the end of 2023 were $42.595 million, an increase from $35.351 million at the end of 2022[29] - The company reported a net cash provided by operating activities of $49.315 million in 2023, compared to $16.207 million in 2022, an increase of 204.5%[29] - Cash flows provided by operating activities for the year were $49,315 million, significantly higher than $16,207 million in 2022[48] Dividends and Shareholder Returns - A dividend of $0.75960 per share was declared for the fourth quarter of 2023, payable on April 15, 2024[13] - The company paid dividends of $10.268 million on preferred stock in 2023, compared to $7.628 million in 2022, an increase of 34.1%[29] Assets and Liabilities - Total assets decreased to $303.834 million as of December 31, 2023, down from $330.950 million in 2022, a decline of 8.2%[26] - Total liabilities decreased to $177.050 million in 2023, down from $214.901 million in 2022, a reduction of 17.6%[26] Strategic Focus and Future Plans - The company plans to focus on organic growth and is open to potential tuck-in acquisitions in 2024[14] Non-Recurring Events - The impact of winter storm Uri resulted in a net pre-tax financial loss of $64.9 million, which was considered non-recurring[36] - The company noted a non-recurring event related to winter storm Uri, which had a financial impact in 2022 but was not applicable in 2023[52]

Company Operations - As of September 30, 2023, the company operated in 103 utility service territories across 20 states and the District of Columbia[154]. - For the three months ended September 30, 2023, approximately 89% of retail revenues were derived from electricity sales, while 11% came from natural gas sales[157]. Customer Metrics - The total number of Residential Customer Equivalents (RCEs) decreased by 3% from 346,000 in June 2023 to 337,000 in September 2023[158]. - Customer attrition for the three months ended September 30, 2023, was 3.1%, down from 4.0% in the same period of 2022[169]. - The company added approximately 24,000 RCEs through organic sales channels during the three months ended September 30, 2023[164]. - Average monthly RCE attrition for Q3 2023 was 3.1%, down from 4.0% in Q3 2022, showing improved customer retention[195]. Financial Performance - Adjusted EBITDA for the three months ended September 30, 2023, was $12.756 million, compared to $15.063 million for the same period in 2022[177]. - Total revenues for Q3 2023 were approximately $110.2 million, a decrease of approximately $8.7 million, or 7%, from $118.9 million in Q3 2022[197]. - Net income for Q3 2023 was $14,659, compared to a net loss of $4,868 in Q3 2022, representing a significant turnaround[187]. - Adjusted EBITDA for Q3 2023 was $12,756, down from $15,063 in Q3 2022, reflecting a decrease of approximately 8.7%[187]. - Total revenues for the nine months ended September 30, 2023 were approximately $333.5 million, a decrease of approximately $9.6 million, or 3%, from $343.1 million for the same period in 2022[203]. Revenue and Margin Analysis - Retail Gross Margin for the three months ended September 30, 2023, was $31.888 million, slightly up from $30.456 million in 2022[177]. - Retail Gross Margin for Q3 2023 was $31,888, an increase from $30,456 in Q3 2022, indicating improved operational performance[192]. - Retail Electricity Segment total revenues for the three months ended September 30, 2023 were approximately $97.8 million, a decrease of approximately $7.2 million, or 7%, from $105.0 million for the same period in 2022[210]. - Retail cost of revenues for the Retail Electricity Segment for the three months ended September 30, 2023 was approximately $64.6 million, a decrease of approximately $28.2 million, or 30%, from $92.8 million for the same period in 2022[211]. - Retail gross margin for the Retail Electricity Segment for the three months ended September 30, 2023 was approximately $26.0 million, a decrease of approximately $2.5 million, or 9%, from $28.5 million for the same period in 2022[212]. - Retail Natural Gas Segment total revenues for the nine months ended September 30, 2023 were approximately $82.1 million, an increase of approximately $13.8 million, or 20%, from $68.3 million for the same period in 2022[223]. - Retail gross margin for the Retail Natural Gas Segment for the nine months ended September 30, 2023 was approximately $32.7 million, an increase of approximately $12.2 million, or 60%, from $20.5 million for the same period in 2022[225]. Expenses and Cash Flow - Total operating expenses for Q3 2023 were $90,001, a decrease from $121,784 in Q3 2022, reflecting cost management efforts[195]. - The company reported a retail cost of revenues of $71,050 for Q3 2023, down from $102,212 in Q3 2022, contributing to improved margins[195]. - Net cash provided by operating activities for the nine months ended September 30, 2023, was $40,857, compared to $21,211 for the same period in 2022, indicating improved cash flow[188]. - General and administrative expense for the nine months ended September 30, 2023 was approximately $51.1 million, an increase of approximately $6.3 million, or 14%, from $44.8 million for the same period in 2022[205]. - Depreciation and amortization expense for the nine months ended September 30, 2023 was approximately $7.1 million, a decrease of approximately $6.3 million, or 47%, from $13.4 million for the same period in 2022[206]. Dividend and Financing - The company temporarily suspended the quarterly cash dividend on Class A common stock to enhance financial flexibility and manage market volatility[155]. - The company declared a dividend of $0.76459 per share for the Series A Preferred Stock for Q3 2023, with total estimated dividends for the full year 2023 amounting to $10.4 million[249][248]. - The company suspended the quarterly cash dividend on Class A common stock in April 2023, with future dividends dependent on operational performance and financial conditions[250]. - The Senior Credit Facility allows the company to borrow up to $195 million, with $134 million outstanding as of September 30, 2023[238]. - The company had zero outstanding borrowings under the Subordinated Debt Facility as of September 30, 2023, with availability to borrow up to $25 million[242]. Risk and Market Conditions - The company is actively managing the impact of gross profit compression due to market volatility on financial covenant compliance, which may affect its ability to pay dividends[240]. - Approximately 54% of retail revenues for the three months ended September 30, 2023, were derived from territories where credit risk was with local regulated utility companies[261]. - The bad debt expense for the three months ended September 30, 2023, was 1.3% of non-POR market retail revenues, compared to 1.8% for the same period in 2022[264]. - The company had $105.0 million of variable rate indebtedness outstanding under the Senior Credit Facility as of September 30, 2023, with a 1.0% increase in interest rates potentially resulting in an additional annual interest expense of approximately $1.1 million[267]. Derivative Instruments - The company experienced a net gain of $8.2 million on non-trading derivative instruments for the three months ended September 30, 2023, compared to a loss of $15.5 million for the same period in 2022[258]. - As of September 30, 2023, the Gas Non-Trading Fixed Price Open Position was a short position of 105,135 MMBtu, with a 10% increase in market prices potentially increasing the fair market value by $0.1 million[260]. - The Electricity Non-Trading Fixed Price Open Position was a short position of 305,058 MWhs, with a 10% increase in forward market prices potentially decreasing the fair market value by $1.8 million[260].

Company Operations - As of June 30, 2023, the company operated in 103 utility service territories across 20 states and the District of Columbia[149]. - The total number of residential customer equivalents (RCEs) increased by 2% from 339,000 on March 31, 2023, to 346,000 on June 30, 2023[153]. - The company added approximately 40,000 RCEs during the three months ended June 30, 2023, primarily through organic sales channels[159]. Revenue and Sales - For the three months ended June 30, 2023, approximately 81% of retail revenues were derived from electricity sales, while 19% came from natural gas sales[152]. - Total revenues for Q2 2023 were approximately $91.4 million, a decrease of about $5.7 million, or 6%, from $97.1 million in Q2 2022[193]. - Total revenues for the six months ended June 30, 2023 were approximately $223.3 million, a decrease of approximately $1.0 million, or less than 1%, compared to $224.3 million for the same period in 2022[200]. - Total revenues for the Retail Natural Gas Segment for the six months ended June 30, 2023 were approximately $70.2 million, an increase of approximately $14.1 million, or 25%, from approximately $56.1 million for the same period in 2022[220]. Financial Performance - Adjusted EBITDA for the three months ended June 30, 2023, was $12.0 million, compared to $13.3 million for the same period in 2022[172]. - Net income for Q2 2023 was $19.1 million, an increase of 52% from $12.5 million in Q2 2022[194]. - Retail Gross Margin for the three months ended June 30, 2023, was $30.7 million, up from $23.7 million in the same period in 2022[172]. - Retail gross margin for the Retail Electricity Segment for the six months ended June 30, 2023 was approximately $43.5 million, an increase of approximately $9.6 million, or 28%, from approximately $33.9 million for the same period in 2022[218]. Costs and Expenses - Retail cost of revenues decreased by approximately $15.8 million, or 26%, to $45.9 million in Q2 2023 from $61.7 million in Q2 2022[195]. - General and administrative expenses for the six months ended June 30, 2023 were approximately $33.9 million, an increase of approximately $5.4 million, or 19%, compared to $28.5 million for the same period in 2022[202]. - Customer acquisition costs for Q2 2023 were $1.5 million, slightly higher than $1.4 million in Q2 2022[194]. - Customer acquisition cost for the six months ended June 30, 2023 was approximately $3.3 million, an increase of approximately $0.7 million, or 27%, from approximately $2.6 million for the same period in 2022[204]. Cash Flow and Liquidity - As of June 30, 2023, the company had total liquidity of $86.3 million, consisting of $47.1 million in cash and cash equivalents, $19.3 million available under the Senior Credit Facility, and $20.0 million under the Subordinated Debt Facility[228][240]. - Net cash provided by operating activities for the six months ended June 30, 2023, was $34.7 million, an increase of $21.8 million compared to $12.9 million for the same period in 2022[231][232]. - Cash flows used in investing activities decreased by $4.4 million for the six months ended June 30, 2023, primarily due to a lack of customer acquisitions compared to the previous year[233]. - Cash flows used in financing activities decreased by $15.4 million for the six months ended June 30, 2023, mainly due to an increase in net borrowings of $45.0 million under the Senior Credit Facility[234]. Dividends and Shareholder Returns - The company temporarily suspended the quarterly cash dividend on Class A common stock to enhance financial flexibility and strengthen its balance sheet[151]. - The company paid $4.9 million in dividends to holders of the Series A Preferred Stock during the six months ended June 30, 2023, with an accrued amount of $2.6 million as of June 30, 2023[245][247]. - The company declared a dividend of $0.75922 per share for the Series A Preferred Stock for the second quarter of 2023, to be paid on October 16, 2023[248]. Credit and Risk Management - Credit loss expense for the three months ended June 30, 2023, was 2.4%, up from 1.8% in the same period in 2022[165]. - Approximately 53% of retail revenues for Q2 2023 were derived from territories where credit risk was with local regulated utility companies, compared to 57% in Q2 2022[261]. - Bad debt expense for non-POR market retail revenues was 2.4% for Q2 2023, up from 1.8% in Q2 2022, indicating an increase in customer delinquencies[264]. - Total exposure to wholesale counterparty credit risk was $0.8 million as of June 30, 2023, with $0.7 million being with non-investment grade counterparties or unsecured[265]. Market and Operational Challenges - The company experienced a 20% decrease in electricity volumes sold in Q2 2023 compared to Q2 2022[195]. - The increase in electricity unit revenue per MWh was 12.5% in Q2 2023 compared to Q2 2022[195]. - The company plans to continue its historical approach to include the financial impact of weather variability in the calculation of Retail Gross Margin[185]. - A 1.0% increase in interest rates would result in an additional annual interest expense of approximately $1.1 million based on variable rate indebtedness of $105.0 million[267].

Company Operations - As of March 31, 2023, the company operated in 103 utility service territories across 20 states and the District of Columbia[136]. - The total number of residential customer equivalents (RCEs) increased by 2% from 331,000 on December 31, 2022, to 339,000 on March 31, 2023[141]. - The company added approximately 47,000 RCEs during the three months ended March 31, 2023, primarily through organic sales channels[146]. Revenue and Sales - For the three months ended March 31, 2023, approximately 61% of retail revenues were derived from electricity sales, while 39% came from natural gas sales[139]. - Total revenues for Q1 2023 were approximately $131.9 million, an increase of approximately $4.7 million, or 4%, from $127.2 million in Q1 2022[174]. - Approximately 55% of retail revenues for Q1 2023 were derived from territories where credit risk was with local regulated utility companies, compared to 64% in Q1 2022[225]. Financial Performance - Adjusted EBITDA for the three months ended March 31, 2023, was $18.811 million, compared to $10.788 million for the same period in 2022[159]. - Adjusted EBITDA for Q1 2023 was $18.8 million, compared to $10.8 million in Q1 2022, representing a 74% increase[175]. - The company reported a net loss of $6.8 million for Q1 2023, compared to a net income of $31.0 million in Q1 2022[175]. - The company experienced a net asset optimization loss of $3.3 million for the three months ended March 31, 2023[158]. Margins and Costs - Retail gross margin increased to $40.330 million for the three months ended March 31, 2023, from $28.755 million in the prior year[159]. - Retail gross margin for Q1 2023 was approximately $40.3 million, an increase of approximately $11.6 million, or 40%, from $28.8 million in Q1 2022[175]. - Retail cost of revenues for Q1 2023 was approximately $117.4 million, an increase of approximately $48.7 million, or 71%, from $68.7 million in Q1 2022[175]. - Retail gross margin for the Retail Electricity Segment was approximately $20.5 million, an increase of approximately $3.3 million, or 19%, from $17.2 million in Q1 2022[184]. - Retail gross margin for the Retail Natural Gas Segment was approximately $19.9 million, an increase of approximately $8.3 million, or 72%, from $11.6 million in Q1 2022[188]. Expenses - General and administrative expenses for Q1 2023 were approximately $17.2 million, an increase of approximately $2.3 million, or 15%, from $14.9 million in Q1 2022[176]. - Customer acquisition costs for Q1 2023 were approximately $1.8 million, an increase of $0.6 million, or 50%, from $1.2 million in Q1 2022[178]. Cash Flow and Liquidity - As of March 31, 2023, the company had total liquidity of $75.352 million, consisting of $45.162 million in cash and cash equivalents, $20.190 million available under the Senior Credit Facility, and $10.000 million under the Subordinated Debt Facility[195]. - Net cash provided by operating activities for the three months ended March 31, 2023, was $13.060 million, an increase of $8.5 million compared to $4.583 million for the same period in 2022[198]. - Cash flows used in investing activities increased by $3.2 million for the three months ended March 31, 2023, primarily due to customer acquisitions that did not re-occur in 2023[199]. - Cash flows used in financing activities decreased by $19.7 million for the three months ended March 31, 2023, mainly due to an increase in net borrowings of $40.0 million under the Senior Credit Facility[200]. Debt and Interest Rates - The company had $111.0 million of variable rate indebtedness outstanding under the Senior Credit Facility as of March 31, 2023[231]. - A 1.0% increase in interest rates would result in an additional annual interest expense of approximately $1.1 million based on average variable rate indebtedness for Q1 2023[231]. - The Senior Credit Facility allows the company to borrow up to $195.0 million, with a current variable interest rate of 8.30%[201][207]. Dividends - The company temporarily suspended the quarterly cash dividend on Class A common stock to enhance financial flexibility and manage market volatility[137]. - The company announced a temporary suspension of the quarterly cash dividend on Class A common stock as of April 19, 2023[192]. - The quarterly cash dividend declared for Series A Preferred Stock was $0.73989 per share, totaling $2.6 million for Q1 2023[232]. Derivative Instruments and Credit Risk - The company experienced a net loss of $(22.6) million on non-trading derivative instruments for the three months ended March 31, 2023, compared to a gain of $30.6 million for the same period in 2022[223]. - The Gas Non-Trading Fixed Price Open Position was a short position of 542,378 MMBtu as of March 31, 2023, with a potential fair market value change of $0.2 million for a 10% price increase or decrease[224]. - Bad debt expense for non-POR market retail revenues was 1.9% in Q1 2023, slightly down from 2.0% in Q1 2022[228]. - As of March 31, 2023, $1.6 million of total exposure of $2.3 million was with non-investment grade counterparties or unsecured[229]. - The company paid a weighted average discount of 1.0% for customer credit risk protection for both Q1 2023 and Q1 2022[225].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36559 Via Renewables, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization ...

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, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36559 Via Renewables, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizatio ...

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36559 Via Renewables, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...