The following is a summary of the Genie Energy Limited (GNE) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Genie Energy reported record revenue for Q4 and 2023, with a consolidated revenue increase of 29% to $105 million in Q4 and 36% to $429 million for the whole year.

• Adjusted EBITDA was $57 million in 2023, surpassing guidance, although Q4 adjusted EBITDA saw a decrease to $11.4 million compared to $18.5 million the previous year.

• Q4 consolidated gross profit saw a decrease of 3% to $34 million, with the annual gross profit also decreasing by 6% to $146 million.

• A substantial consolidated loss from operations of $34.2 million was recorded in Q4, attributed to a noncash insurance charge and higher SG&A costs.

• The diluted EPS for Q4 and the full year stood at -$0.90 and $0.74 respectively.

• Cash, cash equivalents, long and short-term restricted cash, and marketable equity securities increased by $19.6 million during Q4 to total $163.4 million at year-end.

Business Progress:

• Customer growth has been solid, with an increase of 31% and 34% in the customer base and RCEs respectively, ending the year with 361,000 customers and 350,000 RCEs.

• Genie completed an acquisition of a 9.4 megawatt operating portfolio in Q4, advancing their strategy.

• The company's development pipeline is progressing with a focus on projects that will provide recurring revenue streams.

• For the fiscal year 2024, Genie expects consolidated adjusted EBITDA between $40-$50 million, fuelled by customer base expansion and enhancements in operations.

• Planned investments continue in new retail customer acquisitions and Diversegy and other third-party businesses are expected to grow.

• Over $20 million was returned to shareholders in 2023 through dividends, common stock repurchases, and preferred stock redemptions, with plans to further return value to stockholders in 2024.

More details: Genie Energy IR

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