Genie Energy, Ltd. (NYSE: GNE) has announced its fourth-quarter and full-year 2024 financial results, revealing several key metrics that demonstrate the company's performance over the past year.
In the fourth quarter of 2024, Genie Energy reported a 1.9% decrease in revenue to $102.9 million compared to $104.9 million in the same period of 2023. The gross profit decreased by 0.5% to $33.5 million, while the gross margin increased to 32.5% from 32.1%. Adjusted EBITDA decreased by 2.8% to $11.1 million from $11.4 million in the fourth quarter of 2023.
The net loss attributable to Genie common stockholders was $15.3 million, or $0.58 per diluted share, compared to a net loss of $24.5 million, or $0.90 per diluted share in the fourth quarter of 2023. Non-GAAP net income attributable to Genie common stockholders was $6.5 million, and non-GAAP EPS was $0.24, compared to $10.0 million and $0.37, respectively, in the same period of 2023.
For the full year 2024, Genie Energy reported a 0.8% decrease in revenue to $425.2 million from $428.7 million in 2023. The gross profit decreased by 5.3% to $138.5 million, and the gross margin decreased to 32.6% from 34.1%. Adjusted EBITDA decreased to $48.5 million from $58.2 million in 2023.
The net income attributable to Genie common stockholders for the full year was $12.3 million, or $0.46 per diluted share, compared to $20.3 million and $0.74, respectively, in 2023. Non-GAAP net income attributable to Genie common stockholders was $38.1 million, and non-GAAP EPS was $1.40, compared to $52.1 million and $2.00, respectively, in 2023.
In terms of segment highlights, Genie Retail Energy (GRE) saw a 0.1% decrease in revenue to $98.4 million in the fourth quarter of 2024, while Genie Renewables (GREW) reported a 30.1% decrease in revenue to $4.5 million in the same period.
GRE added over 60,000 net meters in 2024, expanding its customer base by nearly 17%. Additionally, GREW's full-year 2024 revenue increased by 16.1% to $21.9 million from $18.8 million in 2023.
Genie Energy's cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased to $201.0 million at December 31, 2024, from $163.4 million at December 31, 2023.
The company also repurchased approximately 168,000 shares of its Class B common stock for $2.5 million during the fourth quarter of 2024 and approximately 661,000 shares for $10.4 million in 2024.
The market has reacted to these announcements by moving the company's shares -4.3% to a price of $14.15. If you want to know more, read the company's complete 8-K report here.
