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Sep 30, 2022
Genie Energy Q3 2022 Earnings Report
Reported record third quarter gross profit, net income and Adjusted EBITDA.
Key Takeaways
Genie Energy reported record third quarter profit metrics driven by strength in Genie Retail Energy (GRE). GRE continued to outperform in a volatile energy price environment. Genie Renewables (GREW) also made excellent progress in our solar business, acquiring site rights to 64MW of solar projects.
Reported record third quarter profit metrics driven by strength in Genie Retail Energy (GRE).
GRE continued to outperform in a volatile energy price environment.
Genie Renewables (GREW) acquired site rights to 64MW of solar projects and advancing them through their permitting processes.
Exited remaining international retail operations and no longer serve customers in Scandanavia.
Genie Energy
Genie Energy
Forward Guidance
Expect energy prices to remain volatile as we head into the Winter months, but we continue to be well-positioned from a risk management position and will return to customer acquisition mode on a market-by-market basis when the risk/reward balance is favorable.
Positive Outlook
- Continue to be well-positioned from a risk management position.
- Will return to customer acquisition mode on a market-by-market basis when the risk/reward balance is favorable.
- Expect to receive all approvals necessary to begin construction on our first wholly-owned and operated solar generation project this quarter.
- Continue to redeem our preferred stock to enhance our flexibility to invest future cash-flows in value creation initiatives.
- Pursuing additional growth opportunities in our renewables business.
Challenges Ahead
- Expect energy prices to remain volatile as we head into the Winter months.