Genie Energy reports Q2 non-GAAP EPS 11c vs. 37c last year

Reports Q2 revenue $105.3M vs. $90.7M last year. Michael Stein, Chief Executive Officer of Genie Energy (GNE), commented: “Our second quarter yielded mixed results with solid operational progress and double-digit topline growth, while significant margin compression at GRE weighed on our bottom-line. “At GRE, we expanded our customer base in the second quarter to approximately 419,000 meters served comprising 414,000 RCEs, representing year-over-year growth of 15% and 20% in meters and RCE’s, respectively. GRE’s financial results were impacted by wholesale power price increases in some of its supply markets, amplified by high consumption levels from the unseasonably hot weather early this summer. “At GREW, we are making good progress on the more advanced projects within our solar generation development pipeline, highlighted by our Lansing community solar project which, I’m excited to report, we expect to commission in the third quarter. Following the enactment of the “One Big Beautiful Bill”, we are evaluating the financial viability of our early-stage projects that may no longer qualify for federal solar investment tax credits, and have paused new development projects. GREW delivered a very strong quarter with revenue increasing 44%, and the segment approached break even. “During the second quarter, we continued to return value to our stockholders, repurchasing approximately 159,000 shares and paying our regular quarterly dividend of $0.075 per share. “Looking ahead to the balance of the year, assuming a normalized retail margin environment, and further improvement and growth at GREW led by Diversegy and Genie Solar, we continue to expect that Genie will generate $40 to $50 million of consolidated Adjusted EBITDA in 2025.”