Genie Energy (GNE) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial results in both retail and renewables segments for Q4 and full year 2024, reaching the high end of adjusted EBITDA guidance at $48.5 million, despite a challenging market.

• Added over 60,000 net new meters in 2024, a 17% increase, with 23,000–23,500 added in Q4, though partially offset by lower per meter consumption due to mild weather.

• Renewables business (GREW) profit increased over 120% year-over-year, surpassing $6 million; Diversegy reached adjusted EBITDA profitability and Genie Solar shifted to utility-scale projects.

• Maintains 2025 adjusted EBITDA guidance of $40–$50 million, with plans to build cash reserves, continue share buybacks, and pay dividends.

Financial highlights

• Q4 2024 consolidated revenue decreased 1.9% year-over-year to $102.9 million; full year revenue down 0.8% to $425.2 million.

• Q4 consolidated gross profit was $33.5 million, with gross margin up to 32.5%; full-year gross profit down 5.3% to $138.5 million.

• Q4 consolidated adjusted EBITDA decreased 2.8% to $11.1 million; full year adjusted EBITDA at $48.5 million, down 16.7% but at the upper end of guidance.

• Q4 net loss attributable to shareholders was $0.58 per share; full year net income was $12.3–$12.6 million, or $0.46 per diluted share.

• Cash and equivalents at year-end totaled $201 million, up $37.6 million year-over-year.

Outlook and guidance

• Expect continued meter book growth in 2025, with expansion in Texas and new revenue from California natural gas market.

• Maintain annual consolidated adjusted EBITDA guidance for 2025 at $40–$50 million.

• Plan to continue building cash reserves, opportunistically repurchasing stock, and paying dividends while investing in growth.