The following is a summary of the Genie Energy Ltd. (GNE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Genie Energy reported consolidated revenue of $90.7 million for Q2 2024, a decrease of 3% year-over-year.

• Consolidated gross profit was $33.3 million with a gross margin of 36.8%.

• Adjusted EBITDA for the quarter was $12 million, representing a decrease from the previous year's $15.8 million.

• The company repurchased approximately 170,000 shares of common stock and paid regular quarterly dividends, aiming to return value to shareholders.

Business Progress:

• Genie Energy's Diversegy showed over 50% revenue growth, marking its 11th consecutive quarter of revenue increase.

• Genie Solar recognized its first full quarter of revenue from operating solar farms and made progress on several new projects in the pipeline.

• GRE expects a significant increase in customers from a new aggregation deal in the coming quarter.

• Continued investments are being made in developing utility-scale solar projects, which are expected to drive long-term value.

Opportunities:

• Expansion and operational progress in Genie Solar's projects present new opportunities for long-term revenue streams.

• The new aggregation deal expected to significantly increase customers for GRE could further enhance growth.

Risks:

• The decrease in gross profit and the variances in financial measures year-over-year expose Genie Energy to financial vulnerabilities amid its robust expansion and investment initiatives.

• Electric meter counts were slightly lower than last year which could impact future revenue stability.

More details: Genie Energy IR

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