Financial Performance - Third quarter 2024 revenue decreased 10.5% to 111.9millionfrom125.0 million in Q3 2023[4] - Adjusted EBITDA decreased 26.7% to 13.6millionfrom18.5 million year-over-year[4] - Genie Retail Energy's revenue decreased 12.1% to 105.8million,withincomefromoperationsdown31.615.0 million[9] - Gross profit decreased 7.7% to 37.9million,whilegrossmarginincreasedto33.910.2 million, with diluted earnings per share at 0.38comparedto0.53[4] - Total revenues for the three months ended September 30, 2024, were 111,917,adecreaseof10.5125,049 in the same period of 2023[24] - Net income from continuing operations for the nine months ended September 30, 2024, was 28,189,down2638,005 in 2023[25] - Gross profit for the three months ended September 30, 2024, was 37,907,adeclineof7.141,082 in the same period of 2023[24] - Operating expenses increased to 25,160forthethreemonthsendedSeptember30,2024,comparedto23,196 in 2023, reflecting a rise of 8.5%[24] - The company reported a net income attributable to Genie Energy Ltd. common stockholders of 10,199forthethreemonthsendedSeptember30,2024,downfrom14,459 in 2023, a decrease of 29.1%[24] - Non-GAAP net income attributable to common stockholders for Q3 2024 was 10.9million,downfrom14.5 million in Q3 2023, indicating a decrease of about 24.8%[43] - Diluted earnings per share for Q3 2024 were 0.38,comparedto0.53 in Q3 2023, representing a decline of approximately 28.3%[43] Cash and Assets - Cash and cash equivalents increased to 191.7millionatSeptember30,2024,from178.3 million at June 30, 2024[5] - Total assets increased to 341.681millionasofSeptember30,2024,comparedto330.555 million at December 31, 2023, reflecting a growth of approximately 3.4%[21] - Current assets decreased slightly to 227.663millionfrom229.833 million, a decline of about 0.5%[21] - Cash and cash equivalents rose to 136.295millionfrom107.609 million, representing an increase of approximately 26.7%[21] - Total liabilities decreased to 141.395millionfrom146.047 million, a reduction of about 3.6%[22] - Retained earnings increased significantly to 81.959millionfrom60.196 million, marking a growth of approximately 36.2%[23] - Trade accounts receivable decreased to 50.335millionfrom61.909 million, a decline of about 18.7%[21] - Accrued expenses decreased to 44.211millionfrom49.389 million, a reduction of approximately 10.4%[22] - The company reported a decrease in inventory from 14.598millionto8.513 million, a decline of about 41.8%[21] - The company has no current notes payable as of September 30, 2024, compared to previous liabilities[22] Strategic Developments - The company is entering the California gas market to diversify its geographic footprint[2] - Genie Solar expanded its development pipeline, gaining site control for six additional projects[3] Shareholder Actions - Genie repurchased approximately 123,000 shares of its Class B Common stock for 2.0millionduringQ32024[5]−Dividendsdeclaredpercommonshareremainedsteadyat0.075 for both the three months ended September 30, 2024, and 2023[24] Operational Insights - Adjusted EBITDA is disclosed as a non-GAAP financial measure, providing insights into the company's core operational strengths[26] - The company continues to exclude non-cash charges from Adjusted EBITDA to provide clearer insights into operational performance[39] - Management emphasizes the importance of non-GAAP measures for better comparability with competitors and historical performance[33] Miscellaneous - Captive insurance liability was 1.0millioninQ32024,comparedto0.0 million in Q3 2023, indicating a new expense category[43] - Stock-based compensation for Q3 2024 was 0.6million,downfrom0.8 million in Q2 2023, showing a reduction of 25%[40] - Impairment charges for Q3 2024 were 0.1million,consistentwiththepreviousquarter,indicatingstableassetperformance[40]−IncomefromoperationsforQ32024wasreportedat17.9 million, an increase from 15.0millioninQ22023[40]−Theweightedaveragenumberofsharesusedinthecalculationofdilutedearningspersharedecreasedfrom27.4millioninQ32023to26.9millioninQ32024[43]−Theweighted−averagenumberofdilutedsharesusedinthecalculationofearningspersharewas26,868forthethreemonthsendedSeptember30,2024,comparedto27,362in2023[24]−Thecompanyexperiencedanetincreaseincash,cashequivalents,andrestrictedcashof27,618 for the nine months ended September 30, 2024, compared to 41,397in2023[25]−AdjustedEBITDAforQ32024was18.5 million, compared to $15.8 million in Q2 2023, reflecting a growth of approximately 17.1%[40]
Genie Energy(GNE)2024-11-06 12:30