Genie Energy Ltd. Class B Commo ( (GNE) ) has released its Q4 earnings. Here is a breakdown of the information Genie Energy Ltd. Class B Commo presented to its investors.
Genie Energy Ltd. is a retail energy and renewable energy solutions provider, operating primarily in the United States, offering electricity and natural gas to residential and small business customers, and developing solar energy solutions. In its latest earnings report, Genie Energy announced a solid performance for the fourth quarter and full year 2024, achieving the high end of its Adjusted EBITDA guidance. The company added over 60,000 net meters, expanding its customer base by 17% in 2024.
The company’s financial highlights include a fourth-quarter revenue of $102.9 million, a slight decrease of 1.9% compared to the previous year, and a gross profit of $33.5 million. Despite a decrease in revenue, Genie Energy managed to narrow its loss from operations to $20.8 million, compared to $34.2 million in the previous year. The full-year revenue was $425.2 million, with an Adjusted EBITDA of $48.5 million, which is at the high end of their guidance.
Genie Energy’s retail division, GRE, saw a decrease in revenue and income from operations due to reduced electricity margins and increased customer acquisition expenses. However, the company successfully added 23,500 electric and gas meters in the fourth quarter alone. The renewables division, GREW, experienced a revenue decline in the fourth quarter but showed a significant improvement in gross profit and narrowed its loss from operations for the full year.
Looking ahead, Genie Energy remains optimistic about its growth prospects in 2025, maintaining its annual consolidated Adjusted EBITDA guidance at $40 to $50 million. The company plans to continue building its cash reserves, repurchasing stock, and paying dividends, reflecting confidence in its strategic direction and financial stability.