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Fourth quarter Adjusted EBITDA1 of $11.1 million
Full-year 2024 Adjusted EBITDA of $48.5 million achieves high end of guidance
GRE adds over 60,000 net meters in 2024, expanding customer base 17%
Newark, NJ, March 10, 2025 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the fourth quarter and full year ended December 31, 2024.
Michael Stein, CEO Commentary
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"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%.
"At GREW, Diversegy, our energy procurement business, achieved Adjusted EBITDA profitability in 2024 and, at Genie Solar, we have essentially completed our strategic migration to the utility scale project vertical. Building, owning and operating utility-scale projects will enable us to capture their long-term residual value. In the fourth quarter, we continued to advance Genie Solar's project development pipeline and closed on a financing deal for our portfolio of currently operating arrays.
"We are excited about the growth prospects in 2025 across our businesses. For the full year, we maintain our annual consolidated Adjusted EBITDA guidance at $40 to $50 million. We also expect to continue to build our cash reserves and opportunistically buy back our stock while paying our current dividend."
Fourth Quarter 2024 Consolidated Highlights
(Compared to 4Q23. Unless otherwise noted, results of Genie Retail Energy International (GREI) are included in discontinued operations for all periods.)
| ● | Revenue decreased 1.9% to $102.9 million from $104.9 million; | |
| ● | Gross profit decreased 0.5% to $33.5 million and gross margin increased to 32.5% from 32.1%; | |
| ● | Loss from operations narrowed to $20.8 million compared to a loss from operations of $34.2 million; | |
| ○ | The loss from operations includes a $30.9 million non-cash charge for a loss reserve at Genie's captive insurance operations compared to a $45.1 million non-cash charge in 4Q23; | |
| ● | Adjusted EBITDA1 decreased 2.8% to $11.1 million from $11.4 million; | |
| ● | Net loss attributable to Genie common stockholders 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; | |
| ○ | The net loss attributable to Genie common stockholders from continuing operations was $12.9 million, or $0.47 per diluted share, compared to a net loss of $25.0 million, or $0.91 per diluted share; | |
| ● | Non-GAAP1 net income and non-GAAP EPS1 attributable to Genie common stockholders, which excludes the impact of the insurance loss reserve, of $6.5 million and $0.24 compared to $10.0 million and $0.37, respectively; | |
| ● | Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased to $201.0 million at December 31, 2024, from $163.4 million at December 31, 2023; | |
| ● | Genie Energy paid a $0.075 per share quarterly dividend to Class A and Class B common stockholders on February 26, 2025 with a record date of February 18, 2025; | |
| ● | Genie Energy repurchased approximately 168,000 shares of its Class B Common stock for $2.5 million during | |
Full Year 2024 Consolidated Highlights
(Compared to 2023. Unless otherwise noted, results of Genie Retail Energy International (GREI) are included in discontinued operations for all periods.)
| ● | Revenue decreased 0.8% to $425.2 million from $428.7 million; | |
| ● | Gross profit decreased 5.3% to $138.5 million from $146.2 million; gross margin decreased to 32.6% from 34.1%; | |
| ● | Income from operations increased to $11.3 million from $10.0 million; | |
| ○ | Income from operations includes a $33.6 million non-cash charge for a loss reserve at Genie's captive insurance operations compared to a $45.1 million non-cash charge in 2023; | |
| ● | Adjusted EBITDA decreased to $48.5 million from $58.2 million; | |
| ● | Net income and diluted EPS attributable to Genie common stockholders of $12.3 million and $0.46, respectively, compared to net income of $20.3 million and $0.74 respectively; | |
| ○ | Net income and diluted EPS attributable to Genie common stockholders from continuing operations increased to $15.5 million and $0.58 from $12.8 million and $0.50, respectively; | |
| ● | Non-GAAP net income and non-GAAP EPS attributable to Genie common stockholders, which excluded the impact of the insurance loss reserve, of $38.1 million and $1.40, respectively, compared to $52.1 million and $2.00, respectively; | |
| ● | Genie Energy repurchased approximately 661,000 shares for $10.4 million in 2024. | |
| 1 | Adjusted EBITDA, Non-GAAP net income (loss) attributable to Genie Energy Ltd. common stockholders, and Non-GAAP EPS for all periods presented are non-GAAP measures intended to provide useful information that supplements the core operating results in accordance with GAAP for Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these non-GAAP metrics, as well as reconciliations to its most directly comparable GAAP measures. |
Select Financial Metrics*
| (in $M except for EPS)** | 4Q24 | 4Q23 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||
| Total Revenue | $ | 102.9 | $ | 104.9 | (1.9 | ) | % | $ | 425.2 | $ | 428.7 | (0.8 | ) | % | ||||||||||||||
| Genie Retail Energy | $ | 98.4 | $ | 98.4 | (0.1 | ) | % | $ | 403.3 | $ | 409.9 | (1.6 | ) | % | ||||||||||||||
| Electricity | $ | 82.1 | $ | 82.1 | 0.0 | % | $ | 350.5 | $ | 350.8 | (0.1 | ) | % | |||||||||||||||
| Natural Gas | $ | 16.2 | $ | 15.1 | 7.5 | % | $ | 52.1 | $ | 56.0 | (6.9 | ) | % | |||||||||||||||
| Genie Renewables | $ | 4.5 | $ | 6.5 | (30.1 | ) | % | $ | 21.9 | $ | 18.8 | 16.1 | % | |||||||||||||||
| Gross Margin | 32.5 | % | 32.1 | % | 46 | bps | 32.6 | % | 34.1 | % | (153 | ) | % | |||||||||||||||
| Genie Retail Energy | 32.4 | % | 33.0 | % | (55 | ) | bps | 32.8 | % | 50.8 | % | (221 | ) | bps | ||||||||||||||
| Genie Renewables | 33.9 | % | 17.2 | % | 1,667 | bps | 29.0 | % | 15.1 | % | 1,385 | bps | ||||||||||||||||
| (Loss) Income from Operations | $ | (20.8 | ) | $ | (34.2 | ) | (39.2 | ) | % | $ | 11.3 | $ | 10.0 | 12.8 | % | |||||||||||||
| Operating Margin | (20.2 | ) | % | (32.6 | ) | % | 1,237 | bps | 2.7 | % | 2.3 | % | 32 | bps | ||||||||||||||
| Net (Loss) Income from Continuing Operations | $ | (13.0 | ) | $ | (24.1 | ) | na | $ | 15.2 | $ | 13.9 | 9.6 | % | |||||||||||||||
| Net (Loss) Income Attributable to Genie Common Stockholders | $ | (15.3 | ) | $ | (24.5 | ) | na | $ | 12.6 | $ | 19.2 | (34.5 | ) | % | ||||||||||||||
| Diluted (Loss) Earnings Per Share | $ | (0.58 | ) | $ | (0.90 | ) | na | $ | 0.46 | $ | 0.74 | (37.1 | ) | % | ||||||||||||||
| Non-GAAP Net Income Attributable to Genie Common Stockholders | $ | 6.5 | $ | 10.0 | (35.3 | ) | % | $ | 38.1 | $ | 52.1 | (26.9 | ) | % | ||||||||||||||
| Non-GAAP Diluted Earnings Per Share | $ | 0.24 | $ | 0.37 | (33.9 | ) | % | $ | 1.40 | $ | 2.00 | (29.9 | ) | % | ||||||||||||||
| Adjusted EBITDA | $ | 11.1 | $ | 11.4 | (2.8 | ) | % | $ | 48.5 | $ | 58.2 | (16.8 | ) | % | ||||||||||||||
| Cash Flow from Continuing Operating Activities | $ | 11.1 | $ | 18.4 | (39.7 | ) | % | $ | 60.3 | $ | 50.9 | 18.3 | % | |||||||||||||||
* Genie Retail International (GREI) has been classified as a discontinued operation and its results excluded from current and historical results
** Numbers may not add due to rounding
Segment Highlights
Genie Retail Energy (GRE)
Select GRE Operational Performance Metrics
| RCEs and Meters in 1000s* | 4Q24 | 4Q23 | Change | ||||||||||
| Total RCEs | 399 | 350 | 13.9 | % | |||||||||
| Electricity | 319 | 272 | 17.2 | % | |||||||||
| Natural Gas | 80 | 78 | 2.3 | % | |||||||||
| Total Meters | 422 | 361 | 17.0 | % | |||||||||
| Electricity | 333 | 279 | 19.2 | % | |||||||||
| Natural Gas | 90 | 82 | 9.3 | % | |||||||||
| Gross Adds | 92 | 52 | 76.3 | % | |||||||||
| Churn** | 5.3 | % | 5.4 | % | (10 | ) | bps | ||||||
* Numbers may not add due to rounding
** Excludes expirations of aggregation deals
GRE's fourth quarter revenue decreased 0.1% to $98.4 million as a result of a decrease in revenue per kilowatt-hour sold which was substantially offset by a higher level of electricity consumption from GRE's larger retail customer base. Fourth quarter income from operations decreased 15.9% to $12.6 million from $15.0 million, and Adjusted EBITDA decreased 13.0% to $13.4 million from $15.4 million, primarily as the result of the reduced electricity margins compared to the year ago quarter and an increase in customer acquisition expense. During 4Q24, Genie Energy added 23,500 electric and gas meters net of churn.
GRE's full-year 2024 revenue decreased 1.6% to $403.3 million from $409.9 million. Income from operations decreased 21.4% to $56.5 million from $71.9 million, and Adjusted EBITDA decreased 20.4% to $58.4 million from $73.3 million, reflecting GRE's reduced gross margins on electricity sales compared to the prior year and the increased pace of customer acquisitions in 2024 compared to 2023. During 2024, GRE added approximately 60,900 electric and gas meters net of churn.
Genie Renewables (GREW)
GREW's fourth quarter revenue decreased 30.1% year-over-year to $4.5 million from $6.5 million as growth at Diversegy, Genie's energy procurement
