Genie Energy Q4 2021 Earnings Report
Key Takeaways
Genie Energy reported strong Q4 2021 results, with significant gross profit increase and revenue growth in Genie Retail International. The company finished the year with a strong balance sheet and reinstated its quarterly dividend.
Gross profit increased by 53% in the fourth quarter.
Genie Retail International (GREI) revenue grew by 64% in the fourth quarter.
Genie Renewables gross margin improved significantly due to a shift to higher-margin services projects.
The company finished the year with the strongest balance sheet in recent history.
Genie Energy
Genie Energy
Forward Guidance
For the first quarter to date, GRE and GREI, which are predominantly electricity-based, have been insulated against the volatility of energy prices due to our strong risk management programs. Beyond the first quarter, we currently plan to invest in sales and marketing activities to drive customer growth in GRE and GREI. Genie Renewables is positioned for robust growth during 2022 with current solar project signed contracts that, if constructed and completed, would triple our solar revenue from 2021. Overall, we expect Genie Renewables to deliver $15-20 million of revenue in 2022 while we continue to invest in opportunities that will drive medium to long-term growth
Positive Outlook
- GRE and GREI have been insulated against the volatility of energy prices due to our strong risk management programs.
- Plans to invest in sales and marketing activities to drive customer growth in GRE and GREI.
- Genie Renewables is positioned for robust growth during 2022.
- Current solar project signed contracts would triple our solar revenue from 2021.
- Genie Renewables is expected to deliver $15-20 million of revenue in 2022.