Via Reports Increased Customer Count, Expanded Margins
May 3, 2023 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
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Via Renewables, Inc. reported financial results for the quarter ended March 31, 2023.
For the quarter ended March 31, 2023, Via Renewables reported Adjusted EBITDA of $18.8 million compared to Adjusted EBITDA of $10.8 million for the quarter ended March 31, 2022. The $8.0 million increase was driven by an increase in both Via's power and natural gas gross margin and was partially offset by an increase in G&A and CAC spend versus the first quarter of 2022, the company said
For the quarter ended March 31, 2023, Via Renewables reported Retail Gross Margin of $40.3 million compared to Retail Gross Margin of $28.8 million for the quarter ended March 31, 2022. The $11.5 million increase in Retail Gross Margin is mainly due to higher unit margins offset by decreased volumes for both power and natural gas.
Via reported a Total RCE count of 339,000 as of March 31, 2023, up from 331,000 as of December 31, 2022, and reversing several quarters of declining RCE counts. The year-ago RCE count was 387,000 as of March 31, 2022
Via reported Total Liquidity $75.4 million as of March 31, 2023
Via stated, "On April 19, 2023, Via Renewables declared a dividend in the amount of $0.73989 per share for the Series A Preferred Stock for the first quarter of 2023. Dividends on Series A Preferred Stock will be paid on July 17, 2023 to holders of record on July 1, 2023. Additionally, the Company announced that its Board of Directors had elected to temporarily suspend the quarterly cash dividend on the common stock to better enhance its financial flexibility and strengthen its balance sheet. Via Renewables will continue to closely monitor market conditions and the Board will thoughtfully evaluate the timing of for reinstatement of the Class A common stock dividend."
Keith Maxwell, Via Renewables' President and Chief Executive Officer, stated, "We're focused on our financial flexibility so that we may manage any potential market volatility headed into the summer months. We also remain dedicated to prioritizing shareholders' interests, strengthening our balance sheet and investing in both organic and inorganic growth to drive long term shareholder value."