Genie Energy reports Q1 EPS 42c vs 33c last year

Reports Q1 revenue $136.8M vs $119.7M last year. Michael Stein, Chief Executive Officer of Genie Energy (GNE), commented: “Our first quarter featured strong operational and financial results, highlighted by robust increases in revenue, profitability and cash generation compared to the year ago quarter. At GRE, the significant investments we made in 2024 to expand our customer base drove a year-over-year increase of over 48,000 net new meters. We ended the quarter with approximately 413,000 meters served comprising 402,000 RCEs. Customer base growth in combination with a stable pricing environment enabled GRE to generate an 18% increase in both revenue and income from operations compared to the year ago quarter. At GREW, we continue to advance our utility-scale project pipeline including the construction of our first community solar project in Lansing, New York. The Lansing array is on track for completion as early as the third quarter of this year. We expect it will become EBITDA accretive immediately once online.”