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Retail Supplier Reports Record Amount Of RCEs, Parent Increases Adjusted EBITDA Guidance
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In reporting earnings for the second quarter ended June 30, 2023, Genie Energy, Ltd. said that Genie Retail Energy (GRE) achieved a record number of RCEs
GRE RCEs were 380,000 as of June 30, 2023, up from 353,000 as of March 31, 2023 and 263,000 a year ago.
The net increase of 27,000 RCEs from March 31, 2023 to June 30, 2023 follows an increase of 91,000 RCEs from December 31, 2022 to March 31, 2023
GRE's RCE count as of June 30, 2023 is a record for the company, above the prior high of approximately 356,000
GRE meters were 381,000 as of June 30, 2023, up from 349,000 as of March 31, 2023 and 280,000 a year ago.
GRE noted 45% and 36% year-over-year increases in RCEs and meters, respectively
GRE gross meter additions during the second quarter of 2023 were 75,000, versus 129,000 during the first quarter of 2023, and up 117% from 34,000 a year ago
GRE average monthly churn decreased to 4.3% sequentially in the second quarter of 2023, from 4.4% in the first quarter of 2023.
For the second quarter of 2023, GRE income from operations increased 27.8% to $18.4 million, while Adjusted EBITDA increased 27.5% to $18.8 million, versus the year-ago
"The increases were driven by increased customer counts reflecting strong customer acquisitions during the first half of the year," the company said
GRE gross margin was 41.8% for the second quarter of 2023, versus 45.9% a year ago
GRE revenue was $89.7 million for the second quarter of 2023, versus $63.2 million a year ago
On a consolidated basis, Genie Energy, Ltd. Adjusted EBITDA increased 29.5% to $15.8 million for the second quarter of 2023, from $12.2 million a year ago
On a consolidated basis, Genie Energy, Ltd. increased its Adjusted EBITDA guidance for the year to $47 million to $55 million, from the prior level of $40 million to $50 million, due in part to the GRE customer growth
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August 7, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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