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Via Renewables Reports Higher Unit Margins, RCE Update
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Via Renewables, Inc. reported Adjusted EBITDA of $12.4 million for the quarter ending June 30, 2024, versus $12.0 million a year ago
Retail Gross Margin was $33.4 million for the quarter ending June 30, 2024, versus $30.7 million a year ago
Retail Gross Margin for Via's Retail Electricity Segment for the three months ended June 30, 2024 was approximately $25.3 million, an increase of approximately $2.3 million, or 10%, from approximately $23.0 million for the three months ended June 30, 2023
About $700,000 of the increase in electric Retail Gross Margin was attributable to changes in unit margin per MWh versus the year-ago, with $1.6 million of the increase attributable to higher volumes
Retail Gross Margin for Via's Retail Natural Gas Segment for the three months ended June 30, 2024 was approximately $8.0 million, an increase of approximately $0.4 million, or 5%, from approximately $7.6 million for the three months ended June 30, 2023.
The $400,000 increase in gas Retail Gross Margin was attributable to changes in unit margin per MMBtu versus the year-ago
Via reported that RCEs as of June 30, 2024 were 338,000, flat versus the March 31, 2024 total
During the three months ended June 30, 2024, gross RCE additions were 35,000. Of these additions, approximately 31,400 RCEs were added primarily through various organic sales channels.
Customer acquisition cost for the three months ended June 30, 2024 was approximately $2.6 million, an increase of approximately $1.1 million, or 73%, from approximately $1.5 million in the three months ended June 30, 2023, primarily due to an increase in the sales activity in the second quarter of 2024 as compared to the second quarter of 2023
As previously reported, in April 2024, Via entered into an asset purchase agreement to acquire up to approximately 12,556 RCEs for a cash purchase price of up to a maximum of $2.3 million. These customers began transferring in June 2024, and are located in Via's existing markets.
During the three months ended June 30, 2024, approximately 3,600 RCEs associated with this transaction were transferred to Via.
While Via has not publicly identified a seller associated with this specific recent transaction, as previously reported, Via's brand Major Energy disclosed during the second quarter the acquisition of a gas customer book from Inspire, see details here
Via said in a 10-Q that, "We will continue to evaluate potential acquisitions during the remainder of 2024."
Via's average monthly customer attrition for the three months ended June 30, 2024 and 2023 was 3.4% and 3.1%, respectively
Via's bad debt expense for the three months ended June 30, 2024 and 2023 was 2.1% and 2.4% of non-POR market retail revenues, respectively
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August 1, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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