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.
Via Renewables is set to present its first quarter 2023 financial results on May 4, 2023, at 10:00 AM Central via a conference call and webcast. Investors can access the live session through the Events & Presentations section on their Investor Relations website, with a replay available for twelve months post-event. Founded in 1999 and headquartered in Houston, Texas, Via Renewables provides competitive energy services, operating in 20 states and serving 103 utility territories. The company offers various energy solutions, including green alternatives, to its residential and commercial customers.
Via Renewables (NASDAQ: VIA, VIASP) announced on April 19, 2023, the temporary suspension of its quarterly cash dividend on common stock to enhance financial flexibility amidst market volatility. This decision aims to strengthen the company’s balance sheet and support customer growth.
The CEO, Keith Maxwell, expressed confidence in the company’s future and the commitment to reinstating dividends when market conditions permit. Additionally, the Board declared a quarterly cash dividend of $0.73989 per share on the Series A Preferred Stock, to be paid on July 17, 2023 to shareholders on record as of July 1, 2023.
Via Renewables (NASDAQ:VIA, VIASP) reported its financial results for 2022, showing a net income of $11.2 million, a significant turnaround from a net loss of $(5.4) million in 2021. The company's gross profit increased to $103.4 million, while adjusted EBITDA fell to $51.8 million from $80.7 million. In Q4, the company faced a net loss of $(27.5) million mainly due to a $37.9 million mark-to-market loss on hedges. Despite the challenges, liquidity stood strong at $76.9 million. The company is optimistic about growth in 2023, citing competitive offerings and opportunities from recent utility rate hikes.
Via Renewables announced on March 20, 2023, that shareholders approved a reverse stock split of its Class A and Class B common stocks at a ratio between 1-for-2 and 1-for-5. The reverse stock split will be effective on March 22, 2023, with trading to occur under a new CUSIP number. No fractional shares will be issued; fractional holdings will be rounded up. The number of authorized shares remains unchanged with 120 million Class A and 60 million Class B shares. For further details, see the definitive proxy statement filed with the SEC on February 27, 2023.
Via Renewables (NASDAQ:VIA, VIASP) announced preliminary unaudited financial results for the year ending December 31, 2022, anticipating a $(27.5) million net loss and $12.6 million in adjusted EBITDA for Q4. The company expects a total net income of $11.2 million and $51.8 million in adjusted EBITDA for the full year. Despite facing high commodity prices, Via acquired 18,700 RCEs in Florida's gas market. However, it plans to file a Notification of Late Filing on Form 12b-25 with the SEC due to a delay in submitting its Form 10-K, citing material weaknesses in financial controls.
Via Renewables (NASDAQ:VIA, VIASP) has announced a rescheduling of its fourth quarter and full year 2022 earnings conference call, initially planned for March 1, 2023. This delay is due to the ongoing finalization of the Company's Form 10-K for the year ended December 31, 2022. The company aims to ensure an accurate calculation of deferred tax assets and liabilities and their impact on income tax expense. Although there is a delay, Via Renewables does not anticipate any adjustments to its previously expected Adjusted EBITDA, Gross Profit, or Retail Gross Margin for 2022 or prior fiscal years.
Via Renewables is set to announce its full year and fourth quarter 2022 financial results on March 2, 2023, during a conference call at 10:00 AM Central (11:00 AM Eastern). Investors can access the live webcast through the company's Investor Relations website, with an archived replay available for twelve months. Established in 1999 and headquartered in Houston, Texas, Via Renewables operates in 19 states and serves 102 utility territories, offering residential and commercial customers alternative energy options under well-known brands.
Via Renewables (NASDAQ:VIA, VIASP) has announced a quarterly cash dividend of $0.18125 per share on its Class A Common Stock for Q4 2022, translating to an annualized dividend of $0.725 per share. This payment is scheduled for March 15, 2023, to shareholders on record by March 1, 2023. Additionally, a dividend of $0.71298 per share on the Series A Preferred Stock will be distributed on April 17, 2023, to holders of record by April 1, 2023. Via Renewables operates in 19 states, providing customers with various energy options and contributing to sustainable practices.
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