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Spark Energy, Inc. has announced an overwhelming approval from shareholders to change its name to Via Renewables, Inc. (NASDAQ:VIA). This rebranding is accompanied by the launch of a new Investor Relations website, which outlines Via's commitment to sustainability and innovation. The trading ticker for Class A common stock will change to VIA, effective August 10, 2021. The Company aims to enhance its offerings and serve a wider customer base through its established brands across various states.
Spark Energy reported financial results for Q2 2021, achieving $14.4 million in Adjusted EBITDA and $24.8 million in net income. The company has a total of 347,000 RCEs and recently entered agreements to acquire an additional 56,900 RCEs, expected to enhance EBITDA. Retail gross margin was $26.4 million, down from $45.0 million year-over-year due to a decrease in customer count. Liquidity stands at $151.8 million. The company will propose a name change to VIA Renewables, reflecting its commitment to sustainability and renewable energy projects.
Spark Energy (NASDAQ:SPKE) announced a conference call for its Q2 2021 financial results on August 5, 2021, at 10:00 AM Central. The live webcast will be accessible via the company's Investor Relations website and will be archived for 12 months. Established in 1999, Spark provides retail energy services across 19 states, offering customers choices in natural gas and electricity with options for green products and stable pricing.
Spark Energy has declared a quarterly cash dividend of $0.18125 per share for its Class A Common Stock, reflecting an annualized dividend of $0.725. This dividend will be paid on September 15, 2021 to those holding shares as of September 1, 2021. Additionally, a quarterly cash dividend of $0.546875 per share has been declared for its Series A Preferred Stock, with an annualized total of $2.1875 per share, payable on October 15, 2021 to shareholders on record as of October 1, 2021.
Spark Energy (NASDAQ:SPKE) has announced the acquisition of approximately 56,900 residential customer equivalents (RCEs) for a total price of $11.5 million. The acquisition includes RCEs from Connecticut, Massachusetts, and the Mid-Atlantic and Midwest regions. CEO Keith Maxwell stated that the deal aligns with Spark's growth strategy and is expected to be immediately accretive to Adjusted EBITDA. The closing of these transactions is subject to regulatory approvals and is anticipated between late Q2 and early Q3 2021.
Spark Energy reported a net loss of $(27.6) million for Q1 2021, significantly impacted by $(64.9) million from winter storm Uri. Adjusted EBITDA was $32.7 million, an increase from $30.3 million year-over-year. Retail Gross Margin decreased to $50.0 million from $55.5 million, attributed to lower customer numbers. The company had total liquidity of $141.0 million as of March 31, 2021, and increased its Senior Credit Facility commitments to $227.5 million. Despite storm-related setbacks, management remains optimistic about future growth and initiatives in the ESG space.
Spark Energy, Inc. (NASDAQ:SPKE) announced a quarterly cash dividend of $0.18125 per share on its Class A Common Stock for Q1 2021, equating to an annualized dividend of $0.725. This dividend will be paid on June 15, 2021, to shareholders of record as of June 1, 2021. Additionally, a quarterly cash dividend of $0.546875 per share on the Series A Preferred Stock was declared, annualized at $2.1875, payable on July 15, 2021, to holders of record on July 1, 2021.
Spark Energy, Inc. (NASDAQ:SPKE) announced its intention to present first-quarter 2021 financial results on May 6, 2021, at 10:00 AM Central time. The presentation will be accessible via a live webcast on its investor relations website, with an archived replay available for twelve months. Founded in 1999 and headquartered in Houston, Texas, Spark Energy operates across 19 states, providing customers with energy choices including green alternatives and fixed pricing options. Investors are encouraged to monitor the company’s website for updates and material information.
Spark Energy (SPKE) reported strong financial results for 2020, with a net income of $68.2 million, compared to $14.2 million in 2019. Adjusted EBITDA reached $106.6 million, an increase from $92.4 million YoY. Retail Gross Margin was $196.5 million, down from $220.7 million due to reduced customer volumes. The company pivoted to healthier customer contracts, improving margins despite volume declines. However, the impact of February's winter storm Uri is anticipated to significantly affect Q1 2021 results, with potential financial risks still under review.
Spark Energy (NASDAQ:SPKE) reassures its Texas customers amid the recent winter storm that impacted the region. CEO Keith Maxwell emphasizes the Company's commitment to support its customers during this challenging period. Despite the storm, Spark maintains ample liquidity to navigate the situation and plans to release its 2020 earnings on March 4, 2021. Spark Energy operates across 19 states and provides competitive energy alternatives to both residential and commercial customers.
