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Genie Retail Energy Reports Customer Count, Earnings
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Genie Retail Energy (GRE) was serving 362,000 meters as of June 30, 2024, versus 365,000 as of March 31, 2024, and 381,000 a year ago, GRE's parent Genie Energy, Ltd. reported in announcing results for the quarter ending June 30, 2024 (2Q24)
GRE gross meter adds during the quarter ending June 30, 2024 were 53,000, versus 70,000 in the quarter ending March 31, 2024
GRE's RCE count was 345,000 as of June 30, 2024, versus 348,000 as of March 31, 2024, and 380,000 a year ago
GRE churn was 4.6% for the quarter ending June 30, 2024, versus 5.5% for the quarter ending March 31, 2024. The churn data excludes the impacts of aggregation deal expirations
For the quarter ending June 30, 2024, GRE income from operations decreased 20.7% to $14.6 million,
from $18.4 million a year ago, and Adjusted EBITDA decreased 20.7% to $14.9 million, from $18.8 million a year ago.
The lower income from operations and Adjusted EBITDA was driven by a reduction in gross margins on electricity sales
from the "exceptionally high" levels attained in the year-ago quarter, Genie said
GRE gross margin was 37.2% for 2Q24, versus 41.8% a year ago
For GRE, "Aggregate electricity units sold remained relatively consistent versus last year, as an
increase in consumption per meter substantially offset a decrease in electricity meters served," Genie said
GRE's second quarter 2024 revenue decreased 3.4% to $86.7 million, from $89.7 million last year
"Our solid second quarter results reflect the investments in meter and RCE growth we made in the first half of last year, combined with a stable,
normalized retail energy environment. We also delivered a solid performance at Genie Renewables, where Diversegy and our operational solar farms
helped drive 7% revenue growth and over 700 basis points of gross margin expansion," said Michael Stein, chief executive officer of Genie Energy
"Our strong performance over the first half of 2024 puts us on track to achieve our full year guidance of $40 to $50 million in consolidated Adjusted
EBITDA. In the second quarter, we also improved our ability to fund growth and capital return initiatives by increasing our net cash, cash equivalents and
marketable securities by nearly $16 million, even while in investing in our business, paying out our quarterly dividend and repurchasing $2.6 million of our
common stock," Stein said
On a consolidated basis, Genie Energy, Ltd. Adjusted EBITDA for the second quarter of 2024 decreased to $12.0 million, from $15.8 million a year ago
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August 6, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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