Via Renewables (VIA) Q2 2024 earnings summary

Executive summary

• Via Renewables completed a merger on June 13, 2024, resulting in Mr. Maxwell and affiliates owning all Class A and B common stock; Class A shares were delisted from NASDAQ.

• Q2 2024 revenues decreased 5% year-over-year to $86.7M, mainly due to lower electricity and gas rates, partially offset by higher electricity volumes.

• Net income for Q2 2024 was $15.7M, down from $19.1M in Q2 2023; six-month net income rose to $34.8M from $12.3M year-over-year.

• Adjusted EBITDA for Q2 2024 was $12.4M, flat year-over-year; retail gross margin increased to $33.4M from $30.7M.

• Customer count (RCEs) grew 1% to 338,000 as of June 30, 2024, with organic and acquisition-driven additions.

Financial highlights

• Q2 2024 total revenues: $86.7M (down 5% year-over-year); six-month revenues: $200.8M (down 10%).

• Q2 2024 net income: $15.7M; six-month net income: $34.8M.

• Q2 2024 EPS (basic and diluted): $1.51; six-month EPS: $3.32.

• Q2 2024 operating income: $20.6M (down from $26.8M); six-month operating income: $46.3M (up from $20.6M).

• Q2 2024 Adjusted EBITDA: $12.4M; six-month Adjusted EBITDA: $27.4M.

• Q2 2024 retail gross margin: $33.4M (up 9%); six-month retail gross margin: $69.1M (down 3%).

• Cash and equivalents at June 30, 2024: $53.6M; total liquidity: $154.2M.

Outlook and guidance

• Management expects continued focus on organic and acquisition-driven customer growth, with ongoing evaluation of acquisition opportunities.

• Future dividends on Series A Preferred Stock depend on profitability, cash flow, and compliance with credit facility covenants.