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Via Reports Higher RCE Count, Lower Electric Margins
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In reporting fourth quarter and year-end earnings, Via Renewables, Inc. reported a higher RCE count versus September 30, 2025, and a year ago
Via reported its total RCEs as of December 31, 2025 as 421,000, versus 419,000 as of September 30, 2025 and 388,000 a year ago
Via reported that, for the year 2025, gross customer additions were 235,000 RCEs, while gross attrition was 202,000 RCEs.
During the year ended December 31, 2025, Via added a gross of approximately 188,400 RCEs through various organic sales channels.
As previously reported, Via acquired several customer books during 2025. Specifically, during the year ended December 31, 2025, Via added 46,600 RCEs through asset purchase agreements
Via reported that, during the year ended December 31, 2025, Via spent a total of $14.6 million on customer book acquisitions.
Via provided updates on amounts held in escrow, and customer transfers, under previously reported book purchases as follows:
"In April and May 2025, we [Via] entered into two asset purchase agreements to acquire up to 16,800 RCEs for a cash purchase price of up to a maximum $1.8 million paid in cash or funded into escrow accounts. These gas customers are located in our existing markets and began transferring in May 2025 and June 2025. As we acquired customers under these acquisition agreements, we made payments to the sellers from the escrow accounts. Funds from the escrow account were released to the sellers as acquired customers transferred from the sellers to the Company in accordance with the asset purchase agreement, and any unallocated balance was returned to the Company once the acquisitions were complete. As of December 31, 2025, we've completed this acquisition and approximately 17,000 RCEs were transferred. As of December 31, 2025, the balance is the escrow accounts was $0.1 million.
"In October 2024, we entered into two asset purchase agreements to acquire up to 100,600 RCEs for a cash purchase price of up to a maximum $16.9 million paid in cash or funded into escrow accounts. These customers are located in our existing markets and began transferring in December of 2024 and January of 2025. As we acquired customers, we made payments to the sellers from the escrow accounts. Funds from the escrow account were released to the sellers as acquired customers transferred from the sellers to the Company in accordance with the asset purchase agreement, and any unallocated balance were returned to the Company once the acquisitions were complete. As of December 31, 2025, we've completed this acquisition and approximately 99,000 RCEs were transferred. As of December 31, 2025, and 2024, the balance in the escrow accounts was $1.0 million and $15.5 million.
"In October 2025, we entered into an asset purchase agreement to acquire up to 3,300 RCEs for a cash purchase price of up to a maximum $0.5 million paid in cash. These electricity customers were located in our existing market and transferred from the sellers to the Company in the fourth quarter of 2025."
Via said, "We are currently focused on growing through organic sales channels; however, we continue to evaluate opportunities to acquire customers through acquisitions and pursue such acquisitions when it makes sense economically or strategically."
Via reported average monthly customer attrition of 4.9% for the quarter ending December 31, 2025, up from 4.0% for the quarter ending September 30, 2025
For the year 2025, Via reported average monthly customer attrition of 4.2%, up from 3.9% for 2024
Via said that customer attrition for the year ended December 31, 2025 was higher than the year ended December 31, 2024 primarily due to, "proactive non-renewals in Maryland due to regulatory changes," as well as higher attrition related to new customer book acquisitions.
As of December 31, 2025, Via's customer base was 59% residential customers and 41% C&I customers
Via reported for 2025 a Total Non-POR Credit Loss as Percent of Revenue of 0.5%, down from 1.3% in 2024
"In 2025, our continued focus on collection efforts and enhanced credit check requirements resulted in a decrease in credit loss expense," Via said
Approximately 61% of Via revenues are derived from POR markets
Via reported for the year 2025 Adjusted EBITDA of $72.3 million, up from $58.6 million a year ago
Via reported for the year 2025 Retail Gross Margin of $149.8 million, up from $142.0 million a year ago
Retail gross margin for Via's Retail Electricity Segment for the year ended December 31, 2025 was approximately $88.9 million, down from $93.7 million a year ago, due to lower unit margins, partially offset by higher volumes. Electricity unit margins decreased in 2025 compared to the prior year as a result of higher electricity costs
Electricity Retail Gross Margin per MWh was
$42.40 per MWh for the year 2025, versus $ 46.02 per MWh a year ago
Retail gross margin for Via's Retail Natural Gas Segment for the year ended December 31, 2025 was approximately $60.8 million, up from $47.9 million a year ago
Via reported lower unit margins for natural gas, but such lower unit margins were more than offset by higher volumes, driven in part by acquired customer books
Natural gas Retail Gross Margin per MMBtu was $3.30 per MMBtu for the year 2025, versus $4.12 per MMBtu a year ago
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March 6, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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