Genie Energy Announces Fourth Quarter and Full Year 2024 Results

Core Insights - Genie Energy, Ltd. reported a solid financial performance for the fourth quarter and full year ended December 31, 2024, achieving the high end of its Adjusted EBITDA guidance for the year [2][3][6]. Financial Performance Highlights - Fourth quarter Adjusted EBITDA was $11.1 million, a decrease of 2.8% from $11.4 million in the same quarter of the previous year [7][9]. - Full-year 2024 Adjusted EBITDA reached $48.5 million, down from $58.2 million in 2023 [7][9]. - Total revenue for the fourth quarter decreased by 1.9% to $102.9 million, while full-year revenue decreased by 0.8% to $425.2 million [7][9]. - Gross profit for the fourth quarter was $33.5 million, a slight decrease of 0.5%, with a gross margin increase to 32.5% from 32.1% [7][9]. - The net loss attributable to Genie common stockholders for the fourth quarter was $15.3 million, or $0.58 per diluted share, compared to a net loss of $24.5 million, or $0.90 per diluted share in the prior year [7][9]. Customer Acquisition and Growth - Genie Retail Energy (GRE) added over 60,000 net meters in 2024, expanding its customer base by 17% [4][6]. - In the fourth quarter alone, GRE added over 23,000 net meters, capitalizing on favorable market dynamics [4][6]. - The total number of Retail Customer Energy (RCEs) increased to 399,000, a 13.9% increase year-over-year [11]. Segment Performance - Genie Renewables (GREW) reported a revenue decrease of 30.1% in the fourth quarter to $4.5 million, but full-year revenue increased by 16.1% to $21.9 million [14][15]. - Diversegy, Genie’s energy procurement business, achieved Adjusted EBITDA profitability in 2024, contributing to the overall performance of GREW [5][15]. Balance Sheet and Cash Flow - As of December 31, 2024, Genie Energy reported cash and cash equivalents of $201.0 million, up from $163.4 million at the end of 2023 [17][18]. - Cash provided by operating activities increased to $70.7 million in 2024 from $62.5 million in 2023 [19]. Future Outlook - The company maintains its annual consolidated Adjusted EBITDA guidance for 2025 at $40 to $50 million, indicating confidence in continued growth [6].