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Via Renewables, Inc. - VIA STOCK NEWS

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

Via Renewables, Inc. (NASDAQ:VIA) is a prominent independent retail energy services company, providing alternative choices for natural gas and electricity to both residential and commercial customers across competitive markets in the United States. Founded in 1999 and headquartered in Houston, Texas, Via Renewables operates in 103 utility service territories spanning 20 states and the District of Columbia.

With over 20 years of experience, Via Renewables' core retail energy business remains fiscally strong, predictable, and essential to modern life. The company offers green energy options to hundreds of thousands of customers, emphasizing environmental, social, and governance (ESG) projects that significantly impact their stakeholders and retail customers.

Via Renewables' services are categorized into two main segments: Retail Electricity and Retail Natural Gas. The Retail Electricity segment generates the bulk of the company’s revenue. This segment involves purchasing electricity supply through market counterparties and ISOs, then supplying it to consumers via fixed-price and variable-price contracts. These contracts ensure stable and predictable energy costs, with green product alternatives available.

Recent achievements highlight the company's robust financial performance. For the quarter ending June 30, 2023, Via Renewables reported a significant net income of $19.1 million, a stark increase from $12.5 million in the corresponding period of the previous year. The company also reported a gross profit of $45.5 million for the same quarter, driven mainly by an increase in Retail Gross Margin and effective hedging strategies.

Via Renewables continues to show resilience and growth, even during challenging periods. For instance, the company navigated one of the hottest summers on record in ERCOT thanks to its risk management policies and portfolio diversification. In the third quarter of 2023, the company recorded a net income of $14.7 million despite industry challenges.

The company’s strategic outlook includes enhancing its financial flexibility and managing market volatility. Via Renewables focuses on expanding its positive impact not only in Texas but also across the United States. The company’s expansion strategy is evident in its recent efforts to strengthen its balance sheet, pay down debt, and boost liquidity, ensuring long-term sustainable growth for shareholders.

In 2024, Via Renewables announced a significant merger agreement with Retailco, LLC, with a cash consideration that represents a substantial premium to the closing share price. This merger is expected to enhance the company's strategic positioning and financial stability, with the merger process projected to conclude by the second quarter of 2024.

Via Renewables is committed to providing stable and predictable energy costs with a strong emphasis on ESG initiatives, positioning itself as a key player in the retail energy sector.

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Via Renewables (NASDAQ:VIA)(NASDAQ:VIASP) has announced a quarterly cash dividend of $0.71847 per share on its 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock. The dividend will be paid on January 15, 2025 to shareholders of record as of January 1, 2025. The company also noted that the floating rate period for the Series A Preferred Stock began on April 15, 2022.

Following the end of Three-Month LIBOR's publication on June 30, 2023, the replacement benchmark rate for the Series A Preferred Stock is now Three-Month CME Term SOFR, plus a tenor spread adjustment of 0.26161%. This change is in accordance with the Adjustable Interest Rate (LIBOR) Act and regulations by the Federal Reserve System.

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Via Renewables (NASDAQ:VIA, NASDAQ:VIASP) has declared a quarterly cash dividend of $0.75881 per share on its 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock. The dividend will be paid on October 15, 2024 to shareholders of record as of October 1, 2024. This announcement follows the transition to a floating rate period for the Series A Preferred Stock, which began on April 15, 2022.

In line with the Adjustable Interest Rate (LIBOR) Act and Federal Reserve regulations, the replacement benchmark rate for the Series A Preferred Stock is now Three-Month CME Term SOFR plus a tenor spread adjustment of 0.26161%. This change was necessitated by the cessation of Three-Month LIBOR on June 30, 2023.

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Via Renewables announced an optional conversion right for its 8.75% Series A Preferred Stock, allowing holders to convert shares into $8.07 per share in cash. This follows a merger agreement where NuRetailco merged into Via Renewables. The conversion is optional and can be exercised in full, in part, or not at all. Shares will remain outstanding if not converted. The closing price of the Series A Preferred Stock on June 26, 2024, was $24.04 per share. Holders have until July 26, 2024, to exercise this right, with settlements expected by July 31, 2024. Details are available in the company's Form 8-K filed with the SEC.

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Via Renewables has completed its merger with NuRetailco under an Agreement and Plan of Merger dating from December 29, 2023. The merger was approved on June 7, 2024, and became effective on June 13, 2024.

Under the merger terms, each share of Via Renewables' Class A Common Stock was converted into $11 cash per share, except for certain excluded shares. The Class A Common Stock will be delisted from NASDAQ. The merger does not affect the listing of Series A Preferred Stock. Shareholders will receive instructions to exchange their shares for the merger consideration.

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Via Renewables announced that its shareholders approved the merger with Retailco and its subsidiary NuRetailco At a special meeting, 83.3% of Class A and B common stock holders and 51.0% excluding certain insiders supported the merger. The executive compensation related to the merger was approved by 94.7% on a non-binding advisory basis. The merger is expected to be completed by the end of Q2 2024, leading to the de-listing of Via Renewables' Class A common stock from NASDAQ, while the Series A Preferred Stock will remain unaffected and continue trading on NASDAQ.

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Via Renewables announced the adjournment of its Special Meeting of Shareholders to June 7, 2024, to allow additional time for voting on the Merger Proposal. Despite strong shareholder support, the proposal did not meet the 'majority of the minority' vote requirement. Over 81% of the common stock voted in favor, but only 44% of non-excluded and non-insider shares supported it. Shareholders are encouraged to vote promptly via phone, internet, or mail. The record date for voting eligibility remains March 25, 2024.

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Via Renewables, Inc. reported strong financial results for the first quarter of 2024, with net income of $19.1 million, adjusted EBITDA of $15.1 million, gross profit of $45.1 million, and retail gross margin of $35.7 million. The total RCE count increased to 338,000, with an average monthly attrition of 3.9%. The company's CEO mentioned stable commodity prices and growth in RCEs despite higher attrition due to increased sales activity. Via Renewables also declared a dividend and announced an acquisition of 12,500 RCEs in existing markets.

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Via Renewables, Inc. will be presenting its first quarter 2024 financial results on May 2, 2024. The conference call and webcast will provide insights into the company's performance as an independent retail energy services company.
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Via Renewables, Inc. declared a quarterly cash dividend of $0.76051 per share on its 8.75% Series A Preferred Stock. The dividend will be paid on July 15, 2024, to shareholders of record on July 1, 2024. The Series A Preferred Stock transitioned to a floating rate period starting April 15, 2022, with a new benchmark rate of Three-Month CME Term SOFR plus a tenor spread adjustment of 0.26161%. The Company suspended its common stock dividend.
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Via Renewables, Inc. reports financial results for 2023, showing improvements in Net Income, Adjusted EBITDA, Gross Profit, and Retail Gross Margin. The company achieved $26.1 million Net Income and $56.9 million Adjusted EBITDA for the year. Fourth quarter results included a Net Loss of $(0.9) million, $13.3 million Adjusted EBITDA, $25.4 million Gross Profit, and $33.7 million Retail Gross Margin. Via Renewables maintained total liquidity of $116.0 million as of December 31, 2023, aiming for organic growth and potential acquisitions in 2024.
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FAQ

What is the current stock price of Via Renewables (VIA)?

The current stock price of Via Renewables (VIA) is $10.995 as of June 13, 2024.

What is the market cap of Via Renewables (VIA)?

The market cap of Via Renewables (VIA) is approximately 35.5M.

What services does Via Renewables, Inc. provide?

Via Renewables, Inc. offers alternative choices for natural gas and electricity to residential and commercial customers in competitive markets across the United States. The company provides stable and predictable energy costs and green product alternatives.

Where is Via Renewables, Inc. headquartered?

Via Renewables, Inc. is headquartered in Houston, Texas.

What is Via Renewables' core business?

The core business of Via Renewables is retail energy services, focusing on providing natural gas and electricity through fixed-price and variable-price contracts.

How does Via Renewables, Inc. generate revenue?

The company primarily generates revenue through its Retail Electricity segment, which involves purchasing electricity supply through market counterparties and ISOs and supplying it to consumers.

What recent financial performance highlights Via Renewables' growth?

For the quarter ending June 30, 2023, Via Renewables reported a net income of $19.1 million and a gross profit of $45.5 million, driven by an increase in Retail Gross Margin and effective hedging strategies.

What are Via Renewables' key segments?

Via Renewables operates primarily through two segments: Retail Electricity and Retail Natural Gas, with the Retail Electricity segment being the main revenue driver.

What are the environmental initiatives of Via Renewables, Inc.?

Via Renewables focuses on environmental, social, and governance (ESG) projects that are complementary and impactful to their retail customers and stakeholders, offering green energy options to hundreds of thousands of customers.

What was the impact of the ERCOT summer on Via Renewables?

Despite the challenges of one of the hottest ERCOT summers on record, Via Renewables navigated successfully due to its proven risk management policies and portfolio diversification.

What strategic initiatives has Via Renewables undertaken recently?

Via Renewables is focused on enhancing financial flexibility, managing market volatility, and expanding its positive impact across the US. This includes strengthening its balance sheet, paying down debt, and boosting liquidity.

What is the significance of the merger agreement with Retailco, LLC?

The merger agreement with Retailco, LLC, announced in 2024, is expected to enhance Via Renewables' strategic positioning and financial stability, with a cash consideration representing a substantial premium to the closing share price.

Via Renewables, Inc.

Nasdaq:VIA

VIA Rankings

VIA Stock Data

35.54M
3.23M
25.72%
18.99%
0.94%
Utilities - Regulated Electric
Electric & Other Services Combined
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United States of America
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