Genie Energy Q4 2022 Earnings Report
Key Takeaways
Genie Energy reported strong Q4 2022 results, with a 167% year-over-year increase in operating income. The company strategically curtailed customer acquisition during a volatile wholesale pricing period, resulting in strong financial results. Genie Renewables experienced revenue growth while advancing its solar development strategy.
Genie Retail Energy (GRE) delivered record fourth quarter gross profit, income from operations, and Adjusted EBITDA.
GRE moderated customer acquisition efforts to maximize the value of its portfolio.
Genie Renewables (GREW) revenue increased significantly in the fourth quarter.
GREW made progress towards constructing its first owned and operated projects during the fourth quarter.
Genie Energy
Genie Energy
Forward Guidance
Genie Energy anticipates building RCE and customer counts during the first quarter. The company expects to complete construction on a few solar projects in 2023 while beginning construction and/or reaching milestones preceding construction on several others.
Positive Outlook
- Opportunities for retail customer acquisitions with attractive paybacks.
- Expect to build our RCE and customer counts during the first quarter.
- Solar strategy continues to progress.
- Acquiring site rights to new projects.
- Moving existing projects toward operations.