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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 a cash dividend of $0.075 per share for the fourth quarter of 2021, set to be paid on March 1, 2022, to stockholders of record by February 22, 2022. This marks the resumption of their regular dividend after a one-year suspension due to financial impacts from Winter Storm Uri. Additionally, the company plans to gradually repurchase its Series 2012-A Preferred Stock, authorizing up to $1.0 million per quarter. These steps highlight Genie Energy's solid operational results and strengthened balance sheet.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced a 20% increase in its customer base through its renewable electricity supply subsidiary, Lumo Energia Oyj. This expansion follows Lumo's acquisition of meters from the defunct Finnish energy provider, Energia 247, adding approximately 11,000 new customers. Lumo will provide electricity sourced entirely from renewable resources. CEO Michael Stein stated Lumo is well-positioned amid market volatility and consolidation in the retail supply industry.
Genie Energy (GNE, GNE.PRA) reported strong Q3 2021 results with revenue up 17.5% to $113.2 million and gross profit soaring by 55.1% to $42.4 million. Adjusted EBITDA increased 58.5% to $15.0 million, driven by robust demand in U.S. and Scandinavian markets. However, the company faced a net loss of $2.7 million and a diluted loss per share of $0.10, primarily due to a $16.4 million loss from its exit from the U.K. market, which it anticipates will not incur further negative cash impacts. Genie’s strategic focus on high-margin customers is expected to enhance future profitability.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will announce its third quarter 2021 financial and operational results on November 4, 2021, at 7:30 AM Eastern. The results will be posted on the company’s website and issued via a wire service. Following this, a conference call will take place at 8:30 AM, with management discussing the results and outlook. Investors can join the call by dialing specific numbers provided in the release. A replay of the call will be available until November 18, 2021.
Genie Energy Ltd (NYSE: GNE, GNE.PRA) has announced the suspension of its planned public offering and spin-off of its European retail energy supply business, Oriel Energy, due to extreme volatility in the UK's energy markets. CEO Michael Stein noted that this unpredictability has impacted independent suppliers like their UK subsidiary, Orbit Energy, which serves around 119,000 meters. The company plans to exit the UK market while focusing on expanding in Scandinavia and the US, anticipating a positive impact on its bottom line as it halts new meter acquisitions in the UK.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced its participation in the Sidoti Fall Virtual Investor Conference on September 23, 2021, where CFO Avi Goldin will present at 10:45 a.m. Eastern time. CEO Michael Stein and Mr. Goldin will also hold one-on-one investor meetings on September 22 and 23. The company is preparing to spin-off its European retail energy supply business, Oriel Energy, with an SEC Form S-1 filed earlier today. The presentation will be accessible live through the Genie Energy Investor Relations website.
Diversegy, a division of Genie Energy (NYSE: GNE; GNEPRA), is set to launch a comprehensive energy sales platform on October 5, 2021. This platform aims to support sales partners in providing low-cost energy solutions to commercial customers. It will offer access to pricing from over 60 energy suppliers and enable real-time pricing and custom quotes. CEO Michael Stein emphasized the platform's potential to leverage the company's extensive market expertise, while the Executive Vice President, Tzvi Zupnik, highlighted its user-friendly features for agents and partners.
Genie Energy, Ltd. (NYSE: GNE, GNE.PRA) reported strong Q2 2021 results, achieving revenue of $97.7 million, up 28.4% year-over-year. Net income attributable to common stockholders surged to $5.0 million or $0.19 per share, boosted by a gain from the sale of Japanese operations. Despite these gains, gross profit decreased to $23.8 million, with a gross margin of 24.3%. The company is exploring a potential spin-off of its international division to enhance growth. Key metrics include 436 Retail Customer Equivalents, and cash flow from operations fell by 75% to $4.1 million.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its Q2 2021 financial and operational results on August 5, 2021, at 7:30 AM Eastern. The results will be shared via a wire service and posted on their Investors section. Following this, a conference call will occur at 8:30 AM to discuss the results and strategy, featuring a Q&A session. Participants can dial 1-877-545-0320 (US) or 1-973-528-0016 (international) to join. A replay will be available until August 19, 2021.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) reported record revenue of $135.3 million in 1Q21, a 30.1% increase from 1Q20, but faced a loss per diluted share of $0.09. The company added 49,000 Retail Customer Energy (RCE) accounts, a growth of 12.1% year-over-year, totaling 450,000 RCEs. However, the impact of severe winter storms resulted in a $13 million operational loss primarily affecting its Genie Retail Energy segment. Consolidated Adjusted EBITDA was negative $4.5 million, a significant drop from $10.3 million in 1Q20.
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