Genie Energy(US:GNE)2025-08-07 11:30Financial Performance - Total revenue for Q2 2025 increased by 16.0% to $105.3 million from $90.7 million in Q2 2024[6] - Genie Retail Energy (GRE) revenue rose 14.2% to $99.0 million, driven by a 20.5% increase in RCEs to 414,000[9] - Gross profit decreased by 29.6% to $23.5 million, with gross margin dropping to 22.3% from 36.8%[6] - Adjusted EBITDA fell by 74.9% to $3.0 million compared to $12.0 million in Q2 2024[6] - Net income attributable to Genie common stockholders decreased by 70.6% to $2.8 million, with diluted EPS dropping to $0.11 from $0.36[6] - Genie Renewables (GREW) revenue surged 57.3% to $6.3 million, primarily due to growth at Diversegy and Genie Solar[12] - Total revenues for the three months ended June 30, 2025, increased to $105,251,000, up 16% from $90,696,000 in the same period of 2024[24] - Net income attributable to Genie Energy Ltd. common stockholders for the three months ended June 30, 2025, was $2,822,000, down 71% from $9,612,000 in the same period of 2024[24] - Basic earnings per share for continuing operations was $0.11 for the three months ended June 30, 2025, compared to $0.37 for the same period in 2024[24] Cash and Assets - Cash and cash equivalents totaled $201.6 million as of June 30, 2025[13] - Genie Energy Ltd. reported total assets of $383,092,000 as of June 30, 2025, an increase from $371,275,000 on December 31, 2024, representing a growth of approximately 3.3%[21] - The company's total current assets rose to $230,746,000 in June 2025, compared to $227,447,000 in December 2024, indicating a growth of about 1.0%[21] - Genie Energy's retained earnings increased to $73,990,000 as of June 30, 2025, up from $64,574,000 at the end of 2024, reflecting a growth of approximately 14.0%[21] - Genie Energy's cash and cash equivalents were $105,423,000 as of June 30, 2025, slightly up from $104,456,000 at the end of 2024, showing a marginal increase of 0.9%[21] Liabilities and Expenditures - The total liabilities of Genie Energy stood at $195,926,000 as of June 30, 2025, compared to $191,724,000 on December 31, 2024, marking an increase of about 2.3%[21] - Net cash provided by operating activities of continuing operations for the six months ended June 30, 2025, was $14,191,000, down from $26,324,000 in 2024[26] - Capital expenditures for the six months ended June 30, 2025, totaled $3,682,000, compared to $1,562,000 in the same period of 2024[26] Strategic Initiatives - The company has plans to expand its renewable energy solutions, particularly through its Genie Renewables division, which includes community and utility-scale solar energy solutions[17] - Genie Energy is actively pursuing new product development and technological advancements in the energy sector to enhance its market position[17] - The company is focused on strategic market expansion and potential acquisitions to drive future growth and enhance shareholder value[17] Stock and Compensation - Genie repurchased approximately 159,000 shares for $2.7 million during Q2 2025[8] - Dividends declared per common share remained at $0.075 for both the three months ended June 30, 2025, and 2024[24] - Stock-based compensation included in selling, general and administrative expenses was $606,000 for the three months ended June 30, 2025, compared to $458,000 in 2024[24] - Stock-based compensation for Q2 2025 remained stable at $0.3 million, consistent with Q2 2024[43] Future Projections - The company expects to generate $40 to $50 million of consolidated Adjusted EBITDA in 2025, assuming a normalized retail margin environment[6] - Non-GAAP net income attributable to Genie Energy Ltd. common stockholders for Q2 2025 is projected at $3.0 million, compared to $10.1 million in Q2 2024[44] - Diluted earnings per share for Q2 2025 is expected to be $0.11, down from $0.36 in Q2 2024[44] - Income from operations for Q2 2025 is projected at $4.0 million, a decrease from $14.6 million in Q2 2024[43]