Release Date: March 10, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you provide an overview of Genie Energy's performance in 2024 and expectations for 2025? A: Michael Stein, CEO, highlighted that Genie Energy finished 2024 with a solid fourth quarter across both retail and renewables businesses. The company achieved the high-end of its adjusted EBITDA guidance, adding 23,000 net new meters in Q4 and over 60,000 for the year. Looking ahead, Genie Energy expects to continue building its meter book in 2025, with growth opportunities in Texas and California, among other markets.
Q: How did the renewables business, GREW, perform in 2024? A: Michael Stein, CEO, stated that GREW made tremendous progress in 2024, with gross profit increasing by over 120% compared to 2023, surpassing $6 million. The company held SG&A increases to single digits, significantly improving GREW's bottom line performance. The renewables business also includes Roded, an environmental tech recycling business, which began generating its first revenues.
Q: What strategic shifts occurred at Genie Solar in 2024? A: Michael Stein, CEO, explained that Genie Solar completed its strategic migration to utility-scale project verticals, allowing the company to capture long-term residual value from power generation. In Q4, Genie Solar closed its first solar financing deal, returning approximately $7 million in cash to the balance sheet. The company plans to use similar asset-backed finance deals to boost returns on equity.
Q: Can you discuss the financial results for the fourth quarter of 2024? A: Avraham Goldin, CFO, reported that consolidated revenue decreased by 1.9% to $102.9 million. GRE's revenue remained unchanged at $98.4 million, while GREW's revenue decreased by 30.1% to $4.5 million. Consolidated gross profit was $33.5 million, with a gross margin of 32.5%. The consolidated loss from operations decreased by 39.2% year-over-year to $20.8 million.
Q: What are the expectations for Genie Energy's financial performance in 2025? A: Michael Stein, CEO, stated that for 2025, Genie Energy maintains its annual consolidated adjusted EBITDA guidance at $40 million to $50 million. The company expects to continue building cash reserves, opportunistically buy back stock, and pay dividends while investing in growth across both new and established businesses.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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