Genie Energy(GNE) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter Adjusted EBITDA was $11.1 million, a decrease of 2.8% from $11.4 million in Q4 2023[6] - Full-year 2024 Adjusted EBITDA reached $48.5 million, achieving the high end of guidance[1] - Total revenue for Q4 2024 decreased by 1.9% to $102.9 million compared to $104.9 million in Q4 2023[6] - Full-year 2024 revenue decreased by 0.8% to $425.2 million from $428.7 million in 2023[10] - Total revenues for 2024 were $425,202, a decrease of 0.4% from $428,708 in 2023[31] - Adjusted EBITDA for 2023 was $58.2 million, expected to decline to $48.5 million in 2024[21] - Non-GAAP net income for the full year 2024 was $38.1 million, a decrease from $52.1 million in 2023[53] - The overall financial performance indicates a trend of declining profitability year-over-year, necessitating strategic reassessment[53] Profitability Metrics - Gross profit for Q4 2024 was $33.5 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 $19.2 million, with a projected net income of $12.6 million for 2024[21] - Net income attributable to Genie Energy Ltd. common stockholders for 2024 was $12,588, a decrease of 34.1% compared to $19,205 in 2023[31] - Basic earnings per share for continuing operations increased to $0.58 in 2024 from $0.50 in 2023[31] - Non-GAAP diluted earnings per share for 2024 was $1.40, compared to $2.00 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 $201.0 million at December 31, 2024, up from $163.4 million at December 31, 2023[17] - Total assets increased to $371,275 in 2024 from $330,555 in 2023, representing a growth of 12.3%[29] - Total liabilities rose to $191,724 in 2024, up from $146,047 in 2023, indicating an increase of 31.3%[29] - Cash and cash equivalents decreased to $104,456 in 2024 from $107,609 in 2023[28] - The long-term restricted cash increased significantly to $69,580 in 2024 from $44,945 in 2023[28] Dividends and Shareholder Returns - Genie Energy repurchased approximately 168,000 shares of its Class B Common stock for $2.5 million during Q4 2024[6] - The company declared dividends of $0.30 per common share for both 2024 and 2023, maintaining a consistent payout[31] - Dividends paid decreased to $8,210,000 in 2023 from $8,873,000 in 2022, a reduction of 7.4%[33] Future Guidance - The company maintains its annual consolidated Adjusted EBITDA guidance for 2025 at $40 to $50 million[5] - The company plans to continue expanding its renewable energy solutions and retail energy services in the upcoming year[24]