Via Renewables(US:VIA)2025-11-06 15:47Company Operations - As of September 30, 2025, the company operated in 106 utility service territories across 21 states and the District of Columbia[188]. - The total number of RCEs increased by 4% from June 30, 2025, to September 30, 2025, reaching 419,000 RCEs[192]. Financial Performance - Total revenues for Q3 2025 were approximately $103.3 million, an increase of 10% from $93.8 million in Q3 2024, primarily due to higher gas volumes sold and increased electricity rates[225]. - Adjusted EBITDA for Q3 2025 was $9.5 million, compared to $10.3 million in Q3 2024, reflecting a decrease of approximately 8%[227]. - Net income for Q3 2025 was $400, down from $1,655 in Q3 2024, reflecting a significant decline in profitability[227]. - Total revenues for the nine months ended September 30, 2025, were approximately $335.6 million, a 14% increase from $294.5 million in the same period of 2024[233]. Segment Performance - For the three months ended September 30, 2025, the Retail Electricity Segment generated approximately 83% of retail revenues, while the Retail Natural Gas Segment contributed about 17%[191]. - Retail Electricity Segment total revenues for Q3 2025 were approximately $86.1 million, an increase of 4% from $82.6 million in Q3 2024, driven by higher electricity rates and volumes[240]. - Retail Natural Gas Segment total revenues for Q3 2025 were approximately $17.3 million, a 49% increase from $11.6 million in Q3 2024, attributed to higher gas volumes[244]. Costs and Expenses - Retail cost of revenues for Q3 2025 was approximately $79.5 million, an increase of 16% from $68.6 million in Q3 2024, driven by higher electricity costs and gas volumes sold[228]. - General and administrative expenses for Q3 2025 decreased by 15% to approximately $15.0 million from $17.7 million in Q3 2024, mainly due to lower bad debt and legal expenses[229]. - Customer acquisition costs for Q3 2025 rose to approximately $3.4 million, a 62% increase from $2.1 million in Q3 2024, attributed to increased sales activity[231]. Cash Flow and Liquidity - As of September 30, 2025, total liquidity was approximately $129.7 million, consisting of cash and cash equivalents, Senior Credit Facility availability, and Subordinated Debt Facility availability[259]. - Cash flows provided by operating activities for the nine months ended September 30, 2025 decreased by $2.1 million compared to the same period in 2024, primarily due to changes in working capital[261]. Shareholder Returns - The company redeemed 287,294 shares of Series A Preferred Stock for a total cost of $7.2 million on October 15, 2025[189]. - Dividends paid for the three months ended September 30, 2025, amounted to $2.2 million, with an aggregate of $7.0 million for the nine months ended September 30, 2025, related to Series A Preferred Stock[271]. - The estimated total dividends required for the full year ended December 31, 2025, is projected to be $9.0 million based on Series A Preferred Stock outstanding as of September 30, 2025[272]. Risk and Derivatives - Approximately 59% of retail revenues for the three months ended September 30, 2025, were derived from territories where credit risk was primarily with local regulated utility companies[284]. - The company reported a net loss on non-trading derivative instruments of $(3.8) million for the three months ended September 30, 2025, compared to $(4.4) million for the same period in 2024[281]. - The company had $105.0 million of variable rate indebtedness outstanding under its Senior Credit Facility as of September 30, 2025, with a potential additional annual interest expense of approximately $1.1 million for a 1.0% increase in interest rates[290].