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Genie Energy Ltd. Class B Stock (GNE+1.48%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Genie Energy Ltd. operates through two primary segments: Genie Retail Energy (GRE) and Genie Renewables (GREW). GRE supplies electricity and natural gas to customers in the United States, while GREW focuses on solar energy projects.
For the year ended December 31, 2024, the company reported total revenues of $425.2 million, a slight decrease from $428.7 million in 2023. The company's electricity sales contributed $350.5 million, while natural gas sales accounted for $52.1 million.
The company experienced a decrease in gross profit, which fell to $138.5 million in 2024 from $146.2 million in the previous year. This was attributed to increased costs of revenues, which rose to $286.7 million.
Operating expenses included a provision for captive insurance liability of $33.6 million and selling, general, and administrative expenses of $93.4 million. The company reported income from operations of $11.3 million.
Net income from continuing operations was $15.2 million, while the company reported a net loss from discontinued operations of $2.9 million, resulting in a total net income of $12.3 million for the year.
The filing details the company's recent acquisition activities, including the purchase of solar system facilities in Ohio, Michigan, and Indiana, as well as the consolidation of Roded Recycling Industries Ltd.
The company continues to focus on expanding its renewable energy segment, with investments in solar projects and community solar initiatives.
Genie Energy Ltd. paid dividends of $0.30 per share on its Class A and Class B common stock during 2024, amounting to $8.2 million in total dividends paid.
The company also repurchased 660,794 shares of its Class B common stock under its stock repurchase program for an aggregate amount of $10.4 million.
Genie Energy Ltd. highlighted various risks in its filing, including competition in the retail energy market, regulatory changes, and the impact of climate change on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Genie Energy Ltd. Class B Stock annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.