Genie Energy, Ltd. has reported its fourth quarter and full-year 2023 results, showcasing a record fourth quarter and full-year revenue. The company's cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased by 55% year-over-year to $163.4 million, with no debt outstanding.
In the fourth quarter of 2023, revenue increased by 28.9% to $104.9 million, while gross profit decreased by 3.1% to $33.6 million, and gross margin decreased to 32.1% from 42.7%. The loss from operations was $34.2 million, compared to income from operations of $15.5 million in the same period the previous year. Adjusted EBITDA decreased by 38.0% to $11.4 million.
For the full year 2023, revenue increased by 35.9% to $428.7 million, but gross profit decreased by 5.5% to $146.2 million, and gross margin decreased to 34.1% from 49.1%. Income from operations decreased to $10.0 million from $77.8 million, and adjusted EBITDA decreased to $58.2 million from $83.2 million.
The company also reported that cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased to $163.4 million at December 31, 2023, from $105.1 million at December 31, 2022.
In terms of segment highlights, Genie Retail Energy (GRE) reported that revenue in the fourth quarter and full year increased by 27.8% to $98.4 million and 34.8% to $409.9 million, respectively. Genie Renewables (GREW) increased fourth-quarter revenue by 48.4% year-over-year to $6.5 million and full-year 2023 revenue by 62.8% to $18.8 million.
Looking ahead to 2024, the company expects adjusted EBITDA to be within the new baseline range of $40 to $50 million, providing sufficient cash generation to continue building cash reserves while investing in growth opportunities and continuing to pay a dividend. Genie Energy expects to continue growing its customer base and generating adjusted EBITDA above historical norms.
The management of Genie Energy will host a conference call to discuss the company's financial and operational results, business outlook, and strategy.
Genie Energy, Ltd. (NYSE: GNE) is a retail energy and renewable energy solutions provider, supplying electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division is a vertically-integrated provider of commercial, community, and utility-scale solar energy solutions. Today the company's shares have moved -10.6% to a price of $16.93. If you want to know more, read the company's complete 8-K report here.
