GENIE ENERGY LTD - GNE STOCK NEWS

Genie Solar Energy, a subsidiary of Genie Energy, installed two rooftop solar systems totaling 572 kW for INTEGRA Biosciences in New Hampshire. These installations will produce enough power to offset 844,000 kWh, equivalent to the annual usage of 96 homes, and will eliminate CO2 emissions comparable to burning over 14 million pounds of coal over 25 years. The project supports INTEGRA's sustainability goals, while leveraging advanced Prism Solar bifacial panels to maximize energy efficiency.

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) reported a Q4 2020 loss of $0.06 per diluted share on revenue of $102.9 million, a 25.5% increase from Q4 2019. Full-year 2020 revenue hit $379.3 million, up 20.3%. Despite record earnings per share of $0.44, the company reported a consolidated loss from operations of $1.1 million in Q4 2020. Operations in Texas faced significant challenges due to Winter Storm Uri, expected to cost approximately $12.8 million. The company has suspended its common stock dividend and is refocusing on its U.S. retail energy business.

Genie Energy (NYSE: GNE, GNE.PRA) reported an estimated $12.5 million loss due to Winter Storm Uri, which disrupted Texas' electricity market in February 2021. The storm caused an unprecedented spike in electricity demand, leading to wholesale prices reaching maximum levels. Complete supply costs are not available yet, making the final loss uncertain. Genie Energy serves about 10,000 electricity meters in ERCOT's service area, representing 5% of its global customer base. Despite these challenges, the company maintains sufficient liquidity to manage its operations.

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will announce its financial results for Q4 and full year 2020 on March 11, 2021, via a press release at 7:30 AM Eastern Time. A conference call will follow at 8:30 AM for management to discuss the results and future strategy. Interested parties can join by dialing 1-888-348-6472 (US) or 1-412-902-4240 (international). A replay will be available until March 18, 2021. Genie Energy provides energy services across the US, Europe, and Asia.

Genie Energy (NYSE: GNE, GNE.PRA) reported it continues to provide stable electricity rates to 10,000 customers in Texas, despite last week’s severe price volatility in the electricity market. CEO Michael Stein highlighted the company's effective risk management strategy that mitigated financial impacts. While real-time costs surged over 100 times the rates charged, the company upheld its fixed-rate agreements. Genie Energy estimates that the financial impact from the weather event will be modest for Q1 2021. A full assessment will be provided in the upcoming quarterly results.

Genie Solar Energy has successfully completed a 57.5 kW rooftop solar installation for Kraft Power at its Pompton Plains, NJ facility. This project will allow Kraft to offset up to 100% of its electricity consumption, equivalent to the CO2 emissions of burning over 447,960 pounds of coal. The installation utilizes American-made solar panels and is expected to significantly reduce electricity costs. Genie Energy Ltd. aims to maximize the return on investment through tailored energy solutions, ensuring economic efficiency and sustainability for clients.

Genie Energy has formed a joint venture with Community Power Partners (CPP) to launch CPP Genie Community Solar, LLC, aimed at enhancing community solar services in New York. This collaboration will provide customer aggregation and management for solar power producers participating in consolidated billing programs. Since its founding in 2018, CPP has enrolled over 70 MW in community solar, with significant growth in 2020. The partnership plans to initially serve National Grid's territory, leveraging their combined expertise in energy marketing and customer acquisition.

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) reported strong 3Q20 results with earnings of $0.24 per share on revenues of $96.3 million, a 12.4% increase year-over-year. Global customer base grew to 442,000 RCEs, a 15% rise, marking the highest level in its history. Gross profit rose 3.7% to $27.3 million, while operating income surged 22.2% to $8.5 million. Additionally, Genie acquired its partner's interest in a U.K. venture for $1.7 million. The company maintains a solid cash position with $49.2 million in cash at quarter-end, up from $41.8 million.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its third quarter 2020 financial results on November 6, 2020. The earnings release will be available at 7:30 AM Eastern and will be posted on their website. A conference call hosted by management will follow at 8:30 AM Eastern, discussing results and future strategies. Participants can join by dialing the provided numbers. A replay will be available until November 13, 2020. Genie Energy provides energy solutions including electricity and natural gas to multiple regions.