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Genie Energy Announces Fourth Quarter and Full Year 2024 Results
GNEGenie Energy(GNE) Newsfilter·2025-03-10 11:30

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 11.1million,adecreaseof2.811.1 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 48.5million,downfrom48.5 million, down from 58.2 million in 2023 [7][9]. - Total revenue for the fourth quarter decreased by 1.9% to 102.9million,whilefull−yearrevenuedecreasedby0.8102.9 million, while full-year revenue decreased by 0.8% to 425.2 million [7][9]. - Gross profit for the fourth quarter was 33.5million,aslightdecreaseof0.533.5 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 0.58perdilutedshare,comparedtoanetlossof0.58 per diluted share, compared to a net loss of 24.5 million, or 0.90perdilutedshareintheprioryear[7][9].CustomerAcquisitionandGrowth−GenieRetailEnergy(GRE)addedover60,000netmetersin2024,expandingitscustomerbaseby170.90 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 21.9million[14][15].−Diversegy,Genie’senergyprocurementbusiness,achievedAdjustedEBITDAprofitabilityin2024,contributingtotheoverallperformanceofGREW[5][15].BalanceSheetandCashFlow−AsofDecember31,2024,GenieEnergyreportedcashandcashequivalentsof21.9 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 163.4millionattheendof2023[17][18].−Cashprovidedbyoperatingactivitiesincreasedto163.4 million at the end of 2023 [17][18]. - Cash provided by operating activities increased to 70.7 million in 2024 from 62.5millionin2023[19].FutureOutlook−ThecompanymaintainsitsannualconsolidatedAdjustedEBITDAguidancefor2025at62.5 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].