Genie Energy Q2 2022 Earnings Report
Key Takeaways
Genie Energy reported record second-quarter gross profit, net income, and Adjusted EBITDA. The company repurchased 639,000 shares of Class B Common Stock and $2 million of Preferred Stock. They also announced the formation of Sunlight Energy Investments to invest in solar projects.
GRE delivered record second quarter levels of gross profit, income from operations and Adjusted EBITDA highlighted by strong margins in its retail book.
Energy price volatility in Europe resulted in mark-to-market gains in our forward hedge book of $35.8 million.
Genie continued building solar projects for large commercial customers and is on track to continue recognizing additional revenue from its current backlog of projects.
Net cash provided by operating activities was $9.2 million compared to $4.1 million a year ago.
Genie Energy
Genie Energy
Forward Guidance
Looking ahead to the remainder of 2022, we anticipate that energy price volatility will continue to impact our domestic retail provider business in the near term. Until we return to a normalized environment, we will focus on maximizing margins and cash flow while moderating our investment in customer acquisition.
Challenges Ahead
- Energy price volatility will continue to impact our domestic retail provider business in the near term.
- Global economic uncertainty
- Political uncertainty
- Focus on maximizing margins and cash flow
- Moderating our investment in customer acquisition