Genie Energy (GNE) Q4 2024 Earnings Transcript

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Thu, April 16, 2026 astatine 10:45 AM CDT 13 min read

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Monday, March 10, 2025 astatine 8:30 a.m. ET

• Chief Executive Officer — Michael Stein

• Chief Financial Officer — Avi Goldin

Michael Stein: Thank you, operator. Genie finished 2024 with a coagulated 4th fourth crossed some our retail and renewables businesses, adjacent arsenic we proceed to put importantly successful maturation initiatives successful some segments. For the afloat year, we achieved the high-end of our adjusted EBITDA guidance. GRE performed good passim the year. We capitalized connected favorable marketplace conditions to ramp-up lawsuit acquisitions connected the 1 hand, and done our lawsuit retention program, we reduced churn significantly. As a result, we added 23,000 nett caller meters successful the 4th fourth and implicit 60,000 during the afloat year, an summation of astir 17%.

The interaction of this summation successful our metre publication was partially offset by little levels of per metre energy and state depletion compared to the twelvemonth agone quarter, arsenic a effect of mild upwind successful October followed by beauteous emblematic patterns successful November and December. Electricity margins successful the 4th fourth were little than successful the twelvemonth agone quarter, reflecting a multiyear migration toward fixed terms meters, including a fig of aggregation wins during 2024. Having said that, the 4th quarter's borderline connected energy income was inactive supra our humanities seasonal average. Looking ahead, we expect to proceed to physique our metre publication successful 2025.

As I mentioned past quarter, we person accelerated our maturation successful Texas dynamic energy marketplace and we person conscionable begun to make gross from our newest market, earthy state successful California. These 2 markets item our maturation opportunity, but conditions are favorable crossed our markets present successful 19 states positive the District Of Columbia. GREW, our renewables concern made tremendous advancement successful 2024 and capped the twelvemonth with a beardown 4th quarter. Gross nett successful 2024 accrued by implicit 120% compared to 2023, surpassing $6 million. Meanwhile, we held the percent summation successful SG&A to single-digits to supply a beardown betterment successful GREW's bottommost enactment performance.

In summation to holding our star procreation and related businesses, GREW holds a fig of aboriginal signifier maturation initiatives. The largest of these is Roded, an biology tech recycling business. Even though our accrued concern successful Roded contributed astir 25% of the full nonaccomplishment from operations astatine GREW, we inactive chopped GREW's nonaccomplishment from operations astir successful fractional successful 2024 compared to 2023. Roded has a patented exertion developed successful Israel that turns cultivation and concern integrative discarded into extremity usage integrative products for concern customers. It has successfully demonstrated its exertion and begun to make its archetypal revenues, selling dense work integrative pallets successful section markets arsenic its archetypal commercialized product.