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Earnings Call Summary | Genie Energy(GNE.US) Q4 2024 Earnings Conference

Futu News ·  Mar 10 13:58  · Conference Call

The following is a summary of the Genie Energy Ltd. (GNE) Q4 2024 Earnings Call Transcript:

Financial Performance:

  • Genie Energy achieved the high-end of their adjusted EBITDA guidance for 2024.

  • Consolidated revenue for Q4 2024 decreased by 1.9% to $102.9 million, while full-year revenue slightly dropped by 0.8% to $425.2 million.

  • Adjusted EBITDA for the fourth quarter was $11.1 million, and for the full year was $48.5 million, demonstrating robust financial operations despite external pressures.

  • Net income for 2024 decreased to $12.6 million, or $0.46 per diluted share, compared to $19.2 million in 2023.

Business Progress:

  • Genie Energy added 23,000 net new meters in Q4, concluding the year with an over 60,000 increase, marking a nearly 17% growth.

  • The renewables business, GREW, saw a gross profit increase of over 120% in 2024, and the loss from operations was nearly halved.

  • Significant progress was made in the Roded environmental tech venture, with plans to scale up operations and increase sales.

  • Utility-scale solar projects are becoming a new strategic focus, with the first financing deal closed, bringing substantial cash back to the balance sheet.

Opportunities:

  • GREW's transition towards utility-scale solar projects is expected to enhance long-term residual value and establish new revenue streams.

  • Expansion into dynamic markets such as Texas and California for natural gas presents significant growth opportunities.

Risks:

  • The transition of electric meters to fixed-price was associated with decreased electricity margins despite higher consumption.

  • Investment in meter acquisition and changing market dynamics could potentially pressure profitability in the short term.

More details: Genie Energy IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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