Financial Performance - Fourth quarter Adjusted EBITDA was 11.1million,adecreaseof2.811.4 million in Q4 2023[6] - Full-year 2024 Adjusted EBITDA reached 48.5million,achievingthehighendofguidance[1]−TotalrevenueforQ42024decreasedby1.9102.9 million compared to 104.9millioninQ42023[6]−Full−year2024revenuedecreasedby0.8425.2 million from 428.7millionin2023[10]−Totalrevenuesfor2024were425,202, a decrease of 0.4% from 428,708in2023[31]−AdjustedEBITDAfor2023was58.2 million, expected to decline to 48.5millionin2024[21]−Non−GAAPnetincomeforthefullyear2024was38.1 million, a decrease from 52.1millionin2023[53]−Theoverallfinancialperformanceindicatesatrendofdecliningprofitabilityyear−over−year,necessitatingstrategicreassessment[53]ProfitabilityMetrics−GrossprofitforQ42024was33.5 million, with a gross margin increase to 32.5% from 32.1%[6] - Gross margin for 2023 was 34.1%, expected to decrease slightly to 32.6% in 2024[21] - Net income attributable to Genie common stockholders for 2023 was 19.2million,withaprojectednetincomeof12.6 million for 2024[21] - Net income attributable to Genie Energy Ltd. common stockholders for 2024 was 12,588,adecreaseof34.119,205 in 2023[31] - Basic earnings per share for continuing operations increased to 0.58in2024from0.50 in 2023[31] - Non-GAAP diluted earnings per share for 2024 was 1.40,comparedto2.00 in 2023, indicating a decline of 30%[53] Customer Metrics - Genie Retail Energy (GRE) added over 60,000 net meters in 2024, expanding its customer base by 17%[3] - The number of Retail Customer Energy (RCEs) was 399, projected to remain stable at 350 in 2024[21] - Electricity customers totaled 319 in 2023, with a forecast of 272 for 2024[21] - Natural gas customers were 80 in 2023, expected to remain the same in 2024[21] - The company reported a churn rate of 5.4% for 2023, with an expected churn rate of 4.9% in 2024[21] Cash and Assets - Cash and cash equivalents increased to 201.0millionatDecember31,2024,upfrom163.4 million at December 31, 2023[17] - Total assets increased to 371,275in2024from330,555 in 2023, representing a growth of 12.3%[29] - Total liabilities rose to 191,724in2024,upfrom146,047 in 2023, indicating an increase of 31.3%[29] - Cash and cash equivalents decreased to 104,456in2024from107,609 in 2023[28] - The long-term restricted cash increased significantly to 69,580in2024from44,945 in 2023[28] Dividends and Shareholder Returns - Genie Energy repurchased approximately 168,000 shares of its Class B Common stock for 2.5millionduringQ42024[6]−Thecompanydeclareddividendsof0.30 per common share for both 2024 and 2023, maintaining a consistent payout[31] - Dividends paid decreased to 8,210,000in2023from8,873,000 in 2022, a reduction of 7.4%[33] Future Guidance - The company maintains its annual consolidated Adjusted EBITDA guidance for 2025 at 40to50 million[5] - The company plans to continue expanding its renewable energy solutions and retail energy services in the upcoming year[24]
Genie Energy(GNE)2025-03-10 11:35