Genie Energy Q2 2024 Earnings Report
Key Takeaways
Genie Energy reported a decrease in revenue and gross profit for Q2 2024, but net income remained strong. The company is on track to achieve its full-year Adjusted EBITDA guidance. They also increased their cash, cash equivalents and marketable securities by nearly $16 million, even while investing in their business, paying out their quarterly dividend and repurchasing $2.6 million of their common stock.
Revenue decreased 3.0% to $90.7 million.
Gross profit decreased 12.8% to $33.3 million.
Net income attributable to Genie common stockholders was $9.6 million, or $0.36 per diluted share.
Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased to $178.3 million.
Genie Energy
Genie Energy
Genie Energy Revenue by Segment
Forward Guidance
Genie Energy expects to achieve a consolidated Adjusted EBITDA baseline of $40 to $50 million annually and anticipates continued growth in its solar portfolio and Diversegy.
Positive Outlook
- On track to achieve new, consolidated Adjusted EBITDA baseline of $40 - $50 million annually
- Continue to build out two New York community solar projects for the rest of the year.
- Advanced two projects, comprising 10MW of potential production, to the permitting stage
- Identifying new opportunities to expand pipeline.
- Diversegy will report another year of strong double-digit growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income