Genie Energy Ltd. Q3 FY2024 earnings call

• Genie Energy's third quarter results were strong with $12 million in income from operations and $14 million in adjusted EBITDA. Through the first nine months of 2024, $37 million in adjusted EBITDA was generated and on track for the upper end of annual adjusted EBITDA guidance of $40 million to $50 million.
• At GRE: A large residential electricity aggregation deal added ~36,000 net new meters. Served 399,000 meters at September 30, a 3.5% increase from the year ago quarter; RCEs increased 1.3% to 380,000. Began signing up first residential natural gas customers in California, expected to serve in the fourth quarter.
• At GREW: Diversegy revenue doubled year-over-year and generated positive adjusted EBITDA for the first time. Solar business focused on utility-scale project development; Genie Solar's development pipeline expanded, gained site control for six projects, moved one to permitting. Operational arrays in Ohio and Michigan contributed ~$320,000 in adjusted EBITDA this quarter, and a project finance loan for these arrays expected to close later in the month.
• Returned value to shareholders with a quarterly dividend and ~$2 million share repurchase in the third quarter.

For GRE (retail energy business): In the third quarter, revenue decreased 12.1% to $105.8 million. Gross profit was $35.8 million with a gross margin of 33.8%. Income from operations decreased 31.6% to $15 million and adjusted EBITDA decreased 30.7% to $15.5 million. For GREW (renewable business): Revenue increased 29.2% to $6.1 million. Gross profit increased to $2.1 million from less than $300,000 a year earlier. Loss from operations was narrowed to $243,000 and negative adjusted EBITDA declined to $24,000 from $2 million the prior year. Diversegy revenue doubled year-over-year.

• Through the first nine months of 2024, Genie Energy is on track to deliver on the high-end of its annual adjusted EBITDA guidance of $40 million to $50 million.
• Expect to finish 2024 with another strong quarter.

• Forward-looking statements made during the call are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated, including specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC.

Q: Are there any questions?

A: Okay, we appear to have no questions. So this concludes the end of the call – concludes the end of our conference call. Thank you for attending today’s presentation. You may now disconnect.