Genie Energy Ltd. Q1 FY2025 earnings call

Management Statement and Operational Highlights

• First quarter featured strong operational and financial results with robust revenue, profitability, and cash generation growth compared to the year-ago quarter.
• GRE's retail energy business had normalized year-over-year comparative results; 48,000+ net new meters added in 2024, ending the quarter with ~413,000 meters served.
• Lansing community solar project in New York on track for completion by third quarter 2025, expected to be EBITDA accretive.
• Diversegy (part of GREW) transitioned from EBITDA negative to generating positive cash flow, with a record quarter contributing 3.8 million REPs, up 55% year-over-year.
• Genie returned $3.9 million to stockholders via quarterly dividend and share repurchases; had $210 million in cash, restricted cash, and marketable securities at March 31, 2025.

Segment Performance

• Genie Retail Energy (GRE): Revenue jumped 17.8% to $132.5 million. Electricity revenue climbed 16.4% to $104.1 million, contributing 78.6% of GRE's revenues. Revenue from natural gas sales increased 26.8% to $28.4 million. GRE ended the quarter with approximately 413,000 meters served, including 402,000 RCEs, and saw a 48,000+ net new meters added year-over-year.
• Genie Renewable Energy & Water (GREW): First quarter revenue decreased 40% to $4.3 million. However, Diversegy, part of GREW, achieved another record quarter, contributing 3.8 million REPs, a 55% year-over-year increase.

Guidance

• Confirmed full-year adjusted EBITDA guidance of $40 million to $50 million.

Risks

• Forward-looking statements subject to risks and uncertainties discussed in reports filed periodically with the SEC, including factors that may cause actual results to differ materially from forecasts.

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