Via Renewables (VIA) Q4 2024 earnings summary

Executive summary

• Operates as an independent retail energy provider, serving 388,000 RCEs across 20 states and DC, with 75% of revenues from electricity and 25% from natural gas as of December 31, 2024.

• Completed a merger in June 2024, resulting in W. Keith Maxwell III and affiliates owning all Class A and B common stock; Class A shares ceased trading on NASDAQ.

• Focused on organic and acquisition-driven customer growth, adding 127,000 RCEs organically and 82,000 via acquisitions in 2024.

• Paid $10.9 million in dividends to Series A Preferred Stockholders in 2024 and repurchased 187,103 shares at $22.50 per share.

• Maintains robust risk management, cybersecurity, and compliance frameworks.

Financial highlights

• Total revenues for 2024 were $398.9 million, down 8% from $435.2 million in 2023, mainly due to lower electricity and gas rates.

• Net income for 2024 was $61.1 million, up from $26.1 million in 2023.

• Adjusted EBITDA for 2024 was $58.6 million, up from $56.9 million in 2023.

• Retail gross margin for 2024 was $142.0 million, up from $136.7 million in 2023.

• Cash and cash equivalents at year-end 2024 were $53.2 million, with total liquidity of $151.5 million.

Outlook and guidance

• Expects continued customer growth but notes increasing difficulty due to market and regulatory constraints.

• Board declared a quarterly cash dividend of $0.69635 per share for Series A Preferred Stock, payable April 15, 2025.

• Ongoing focus on organic growth, disciplined customer acquisition, and opportunistic acquisitions.