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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.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced that CFO Avi Goldin will present at the Third Annual Winter Wonderland - Best Ideas Investor Conference on February 21, 2023, at 10:30 a.m. ET. Investors can register for the event here. One-on-one meetings are scheduled for February 23 and 24, 2023. Genie Energy specializes in providing retail and renewable energy solutions, supplying electricity and natural gas to residential and small business customers in the U.S. The MicroCap Rodeo conference showcases the top 37 investment ideas, recommended by qualified institutional investors.
Montclair State University has signed a renewable energy agreement with ENGIE Resources LLC lasting through 2025. The deal allows the University to purchase Green-e™ certified Renewable Energy Credits (RECs) from various sustainable projects across the U.S. The RECs are expected to support CO2 emissions avoidance by over 7,600 metric tons and match 100% of the University’s retail electricity consumption. This initiative aligns with the University's sustainability objectives, enhancing its commitment to operational sustainability. Diversegy, a subsidiary of Genie Energy (NYSE: GNE), serves as the advisor for this agreement.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced it has received a notice to proceed for its first community solar project, a 4-megawatt farm in Upstate New York. This marks a significant step in the company's vertically-integrated solar strategy, with construction expected to start in Q1 2023, pending utility approvals. Additionally, Genie Solar anticipates an NTP for a second 6-megawatt project in early 2023. CEO Michael Stein highlighted the project’s environmental benefits and the economic advantages of community solar, asserting the company is well-positioned to manage all aspects of project development.
On December 1, 2022, Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced that its CFO, Avi Goldin, will present at the Sidoti December Small-Cap Virtual Conference on December 8 at 10:00 AM ET. The presentation will cover the company’s strategy, outlook, and results. Additionally, CEO Michael Stein and Goldin will hold virtual one-on-one investor meetings on December 7 and December 8. Interested parties can contact Brian Siegel at HaydenIR for arrangements. More details are available on the Genie Energy website.
On November 30, 2022, Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced the acquisition of a portfolio of residential and small commercial customer contracts from Mega Energy, covering approximately 11,000 meters across seven states. CEO Michael Stein noted that favorable market conditions allow for portfolio expansion, leveraging Genie’s strong balance sheet and cash reserves. The acquisition is expected to be immediately accretive and will enhance service offerings to customers. The terms of the deal have not been disclosed.
Genie Energy reported strong financial results for Q3 2022, highlighting record gross profit of $43.1 million and net income of $18.3 million, translating to diluted EPS of $0.70. Despite a 7.3% revenue decline to $81.3 million, the company achieved a significant 24.7% increase in gross profit, driven primarily by strength in its Genie Retail Energy segment. Genie also redeemed $1 million in preferred stock and announced a $0.075 dividend for shareholders. Furthermore, the company acquired rights for 64MW of solar projects, signaling expansion in the renewable sector.
On October 27, 2022, Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced an accelerated redemption of its Series 2012-A Preferred Stock. The company will redeem 986,400 shares at a price of $8.50 each, totaling approximately $8.3 million, in addition to unpaid accrued dividends, effective November 15, 2022. This redemption significantly exceeds the previous plan of redeeming $1 million per quarter. Post-redemption, 983,358 shares of Preferred Stock will remain outstanding. Further details were filed in a Form 8-K with the SEC.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) set to release its third-quarter financial results on November 7, 2022, at 7:30 AM Eastern. An earnings report will be available via wire service and on their website. A conference call will follow at 8:30 AM Eastern for management to discuss results and outlook. To join, call 1-877-545-0523 for US or 1-973-528-0011 internationally with access code 643413. A replay will be accessible shortly after via 1-877-481-4010 (US) or 1-919-882-2331 (international), with availability until November 21.
Genie Renewables, a division of Genie Energy, has acquired site rights for a 30 MW solar project in Pennsylvania, along with exclusivity for seven community solar projects totaling 34 MW in New York. The total solar capacity now stands at 64 MW across both states. The Pennsylvania project has already passed crucial early-stage milestones, such as securing a long-term site lease and completing preliminary designs, with commercialization expected in 2024. The company is leveraging incentives from the Inflation Reduction Act, aiming to enhance shareholder value.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will present at the Sidoti September Small-Cap Virtual Conference on September 21, from 8:30 to 9:00 AM ET. During the presentation, CFO Avi Goldin will discuss the company's strategy, outlook, and results. Virtual 1x1 meetings with management, including CEO Michael Stein, are available on September 21 and 22. Interested investors can contact Brian Siegel of Hayden IR for scheduling. More details can be found on the Genie Energy website.
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