GNE News & Events

Reports Q3 revenue $138.3M vs $111.9M last year. Michael Stein, Chief Executive Officer of Genie Energy, commented: "Genie Energy achieved another quarter of double-digit topline growth to attain record third quarter revenue. The revenue increase was fueled by an increase in per meter electricity consumption, rising commodity prices, and RCE base growth at Genie Retail Energy. However, the challenging market conditions that impacted GRE's second quarter results persisted and again weighed on our bottom-line."

Reports Q2 revenue $105.3M vs. $90.7M last year. Michael Stein, Chief Executive Officer of Genie Energy, commented: "Our second quarter yielded mixed results with solid operational progress and double-digit topline growth, while significant margin compression at GRE weighed on our bottom-line. "At GRE, we expanded our customer base in the second quarter to approximately 419,000 meters served comprising 414,000 RCEs, representing year-over-year growth of 15% and 20% in meters and RCE's, respectively. GRE's financial results were impacted by wholesale power price increases in some of its supply markets, amplified by high consumption levels from the unseasonably hot weather early this summer. "At GREW, we are making good progress on the more advanced projects within our solar generation development pipeline, highlighted by our Lansing community solar project which, I'm excited to report, we expect to commission in the third quarter. Following the enactment of the "One Big Beautiful Bill", we are evaluating the financial viability of our early-stage projects that may no longer qualify for federal solar investment tax credits, and have paused new development projects. GREW delivered a very strong quarter with revenue increasing 44%, and the segment approached break even. "During the second quarter, we continued to return value to our stockholders, repurchasing approximately 159,000 shares and paying our regular quarterly dividend of $0.075 per share. "Looking ahead to the balance of the year, assuming a normalized retail margin environment, and further improvement and growth at GREW led by Diversegy and Genie Solar, we continue to expect that Genie will generate $40 to $50 million of consolidated Adjusted EBITDA in 2025."

Reports Q1 revenue $136.8M vs $119.7M last year. Michael Stein, Chief Executive Officer of Genie Energy, commented: "Our first quarter featured strong operational and financial results, highlighted by robust increases in revenue, profitability and cash generation compared to the year ago quarter. At GRE, the significant investments we made in 2024 to expand our customer base drove a year-over-year increase of over 48,000 net new meters. We ended the quarter with approximately 413,000 meters served comprising 402,000 RCEs. Customer base growth in combination with a stable pricing environment enabled GRE to generate an 18% increase in both revenue and income from operations compared to the year ago quarter. At GREW, we continue to advance our utility-scale project pipeline including the construction of our first community solar project in Lansing, New York. The Lansing array is on track for completion as early as the third quarter of this year. We expect it will become EBITDA accretive immediately once online."

Reports Q4 revenue $102.9M vs $104.9M last year. Michael Stein, CEO commented, "Genie finished 2024 with a solid fourth quarter across both our retail and renewables businesses, even as we continued to invest significantly in growth initiatives. For the full year, we achieved the high end of our Adjusted EBITDA guidance. At GRE, we delivered a strong financial performance throughout the year. In the fourth quarter we capitalized on favorable market dynamics to ramp up our investment in customer acquisition, adding over 23,000 net meters. For the full year, we increased meters by over 60,000, or nearly 17%."