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

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