Q4 2024 Genie Energy Ltd Earnings Call Transcript
Key Points
- Genie Energy Ltd (GNE) achieved the high-end of its adjusted EBITDA guidance for 2024.
- The company added 23,000 net new meters in the fourth quarter and over 60,000 during the full year, marking a 17% increase.
- GREW, the renewables business, saw gross profit increase by over 120% compared to 2023, surpassing $6 million.
- Diversegy, the energy procurement business, increased revenue by 70% and gross profit by 130%, generating over $750,000 in income from operations.
- Genie Solar completed its strategic migration to utility scale project vertical, closing its first solar financing deal, which returned approximately $7 million in cash to the balance sheet.
- Consolidated revenue in the fourth quarter decreased by 1.9% to $102.9 million.
- Electricity margins in the fourth quarter were lower than in the year-ago quarter due to a migration toward fixed price meters.
- Fourth quarter revenue at GREW decreased by 30.1% to $4.5 million.
- Consolidated adjusted EBITDA decreased by 2.8% to $11.1 million, driven by a reduction at GRE.
- The consolidated net loss attributable to Genie common shareholders decreased to $0.0058 per share from $0.009 per share a year earlier.
Good day, and welcome to the Genie Energy Limited's fourth quarter and full year 2024 earnings call. In today's presentation Genie Energy management will discuss Genie's financial and operational results for the 3- and 12-month period ended December 31, 2024. During prepared remarks by Genie Energy's Chief Executive Officer, Michael Stein; and Chief Financial Officer, Avi Goldin, all participants will be in listen-only mode. (Operator Instructions) After Avi Goldin's remarks, Michael and Avi will take questions from investors.
Any forward-looking statements made during this call, either in their prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation either to update any forward-looking statements that they have made or may make or to
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