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Jun 30, 2023
Genie Energy Q2 2023 Earnings Report
Achieved record second quarter revenue and income from operations, driven by strong customer growth at Genie Retail Energy and increased 2023 Adjusted EBITDA guidance.
Key Takeaways
Genie Energy announced strong financial results for the second quarter of 2023, with record revenue and income from operations. The company's retail customer base expanded significantly, and the solar generation pipeline grew. Adjusted EBITDA guidance for 2023 was increased to $47 million to $55 million.
Increased cash position to over $115 million after redeeming the final $7.4 million of outstanding preferred stock.
Genie Retail Energy's revenue, Income from Operations and Adjusted EBITDA reached the highest levels of any second quarter in the company's history.
Genie Retail Energy's marketing programs delivered 45% and 36% year-over-year increases in RCEs and meters, respectively.
Genie Renewables continued adding new projects to its solar development pipeline, crossing the 100-megawatt (MW) threshold.
Genie Energy
Genie Energy
Forward Guidance
Genie Energy increased its Adjusted EBITDA guidance for the year to $47 million to $55 million from $40 million to $50 million.
Positive Outlook
- Positioned to continue delivering strong Adjusted EBITDA.
- Adding profitable customers for GRE.
- One community solar farm already under construction.
- A second solar farm achieved notice to proceed (NTP) status in July.
- Expect to achieve key development milestones on several other projects and expand the number of potential projects and aggregate MW in our pipeline.