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Genie Energy Ltd - GNE STOCK NEWS

Welcome to our dedicated page for Genie Energy news (Ticker: GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy stock.

Genie Energy Ltd. (NYSE: GNE) is a leading retail and renewable energy solutions provider. The company operates through its two primary segments: Genie Retail Energy (GRE) and Genie Renewables (GREW).

Genie Retail Energy (GRE) supplies electricity, including from renewable sources, and natural gas to residential and small business customers across the Eastern and Midwestern United States. GRE has been expanding its customer base and leveraging the stability of wholesale energy markets to achieve strong financial results.

Genie Renewables (GREW) holds controlling interests in various companies that manufacture solar panels, design solar installations, and manage solar energy projects. The division is vertically integrated, providing commercial, community, and utility-scale solar energy solutions. GREW has been making significant strides in expanding its solar generation pipeline, reaching over 100 megawatts (MW) in development.

Recently, Genie Energy completed the redemption of all outstanding shares of its Series 2012-A Preferred Stock, resulting in a $6.5 million aggregate payment. With no debt outstanding, the company is well-positioned for future growth.

Financially, Genie Energy reported that as of June 30, 2023, it had cash, restricted cash, and marketable equity securities totaling $115.1 million. The company's second quarter saw record revenue, income from operations, and Adjusted EBITDA, driven by a 27.8% increase in income from operations for GRE.

Genie Energy is committed to sustainable and affordable energy solutions, with a focus on clean energy technologies and expanding its solar energy projects. The company continues to invest in both its retail energy and renewable energy segments to drive growth and provide value to its shareholders.

News

Genie Energy Announces Fourth Quarter and Full Year 2023 Results

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Genie Energy, Ltd. (GNE) reported record fourth-quarter and full-year revenue for 2023, with adjusted EBITDA exceeding prior guidance. Cash and marketable securities increased by 55% to $163.4 million with no debt outstanding. The company saw growth in customer acquisition mode, leading to an increase in baseline adjusted EBITDA. However, the fourth quarter showed a decrease in gross profit and adjusted EBITDA due to increased investment in customer acquisitions. The full year highlighted an increase in revenue but a decrease in gross profit and adjusted EBITDA compared to the previous year. Genie Energy's Genie Renewables division showed growth, with acquisitions and progress in the development portfolio. The company aims for continued growth in 2024, with a focus on cash generation, growth opportunities, and dividend payments.
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Genie Energy to Report Fourth Quarter and Full Year 2023 Results

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Genie Energy Ltd. (GNE) will announce financial and operational results for Q4 and full year 2023 on March 11, 2024. The earnings release will be posted on the company's website and discussed in a conference call.
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Genie Energy Unveils Insurance Strategy 

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Genie Energy, Ltd. (NYSE: GNE) announced an expansion of its consumer product portfolio and the formation of a captive self-insurance subsidiary to enhance the Company’s risk management strategy. The company aims to create incremental shareholder value by leveraging its large retail customer base and expanding into insurance-related businesses. Genie paid its captive entity $51 million in premiums for insurance coverage in the fourth quarter of 2023, resulting in a one-time, non-recurring, non-cash charge of approximately $45 million as an insurance loss reserve. Despite the initial impacts on the 2023 GAAP results, the company expects this charge to not impact its Adjusted EBITDA results for the fourth quarter or full year 2023.
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Genie Energy Announces Participation in The Microcap Conference

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Genie Energy (NYSE: GNE) will be participating in The Microcap Conference on January 30, 31, and February 1, 2024 at Caesars Atlantic City Hotel & Casino in Atlantic City, NJ. Avi Goldin, Chief Financial Officer, will be presenting on January 31 & February 1, 2024. Interested parties can register to attend the conference and have one-on-one meetings with the Genie Energy management team.
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Sunlight Energy Investments Acquires Portfolio of Solar Projects

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Sunlight Energy Investments (GNE) acquires 9.4 MW portfolio of solar arrays, strengthening Genie Energy's renewable energy solutions. The purchase includes 12 operating solar arrays powering schools in Ohio and Michigan, covered by long-term fixed-price solar power purchase agreements. The acquisition is expected to be immediately accretive to Genie Energy's bottom line and complements their growing pipeline of solar generation projects.
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Genie Energy Announces Third Quarter 2023 Results

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Genie Energy, Ltd. announced its third-quarter results, revealing a 54% year-over-year increase in revenue to a record $125 million. The company also increased its 2023 Adjusted EBITDA guidance to $52 million to $57 million, up from the previous guidance of $47 million to $55 million. Genie Energy saw a 49% year-over-year growth in RCE and a 42% growth in meters. The company's CEO highlighted the strong performance of the domestic energy supply business and the successful addition of new retail customers.
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Genie Energy to Report Third Quarter 2023 Results

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Genie Energy to announce financial and operational results for Q3 2023
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Genie Energy Announces Second Quarter 2023 Results

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Genie Solar Achieves Notice to Proceed on Community Solar Generation Project in Lansing, NY

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Genie Energy to Report Second Quarter 2023 Results

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Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce financial and operational results for Q2 2023 on August 7, 2023. The earnings release will be available on their website and filed with the SEC. A conference call will follow at 8:30 AM Eastern for management to discuss results, business outlook, and strategy.
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FAQ

What is the current stock price of Genie Energy (GNE)?

The current stock price of Genie Energy (GNE) is $14.3 as of February 28, 2025.

What is the market cap of Genie Energy (GNE)?

The market cap of Genie Energy (GNE) is approximately 389.8M.

What does Genie Energy Ltd. do?

Genie Energy Ltd. is a retail energy and renewable energy solutions provider, supplying electricity and natural gas to customers in the U.S. and managing solar energy projects.

What are the primary segments of Genie Energy Ltd.?

Genie Energy operates through two primary segments: Genie Retail Energy (GRE) and Genie Renewables (GREW).

What recent financial achievements has Genie Energy Ltd. accomplished?

Genie Energy reported record revenue, income from operations, and Adjusted EBITDA for the second quarter of 2023, with significant increases in customer base and financial stability.

What is Genie Retail Energy (GRE)?

Genie Retail Energy (GRE) supplies electricity, including from renewable sources, and natural gas to residential and small business customers across the Eastern and Midwestern U.S.

What is Genie Renewables (GREW)?

Genie Renewables (GREW) focuses on solar energy solutions, including manufacturing solar panels, designing installations, and managing solar energy projects.

What was the significance of the recent redemption of Series 2012-A Preferred Stock?

Genie Energy completed the redemption of its Series 2012-A Preferred Stock, resulting in a $6.5 million payment and leaving the company with no debt, thus enhancing shareholder value.

How does Genie Energy Ltd. generate most of its revenue?

Genie Energy generates the majority of its revenue from its Genie Retail Energy (GRE) segment, which resells energy to residential and commercial consumers.

What is the current financial condition of Genie Energy Ltd.?

As of June 30, 2023, Genie Energy had cash, restricted cash, and marketable equity securities totaling $115.1 million and total assets of $286.0 million.

What are some of the recent projects by Genie Renewables?

Genie Renewables recently added five new solar projects, totaling 30MW to its pipeline, and achieved over 100MW in development.

Where can more information about Genie Energy Ltd. be found?

More information about Genie Energy Ltd. can be found on their official website, Genie.com.
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Genie Energy Ltd

NYSE:GNE

GNE Rankings

#2106 Ranked by Market Cap
#1399 Ranked by Dividends

GNE Stock Data

389.77M
20.29M
20.89%
34.76%
0.77%
Utilities - Regulated Electric
Electric & Other Services Combined
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