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Via Renewables Inc. 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock (VIASP+1.81%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $398.9 million for the year, a decrease from $435.2 million in the previous year. This decline is attributed to lower electricity and gas unit revenues due to decreased rates, despite higher volumes sold.
Retail cost of revenues decreased to $230.8 million from $310.7 million, primarily due to lower electricity and gas costs resulting from a lower commodity price environment and changes in the retail derivative portfolio.
Operating income for the year was $84.2 million, up from $46.5 million the previous year, reflecting improved margins and cost management.
The company reported a net income of $61.1 million for 2024, compared to $26.1 million in 2023. This increase was driven by higher operating income and lower interest expenses.
Via Renewables recorded an adjusted EBITDA of $58.6 million, slightly up from $56.9 million in the prior year, indicating stable operational performance.
The company completed several customer acquisitions during the year, adding approximately 82,000 residential customer equivalents (RCEs) through acquisitions and 127,000 RCEs through organic sales channels.
As of December 31, 2024, Via Renewables operated in 102 utility service territories across 20 states and the District of Columbia, with approximately 388,000 RCEs.
The filing details the company's capital structure, including $106.0 million in outstanding indebtedness under its Senior Credit Facility and no outstanding subordinated debt.
The company declared and paid $10.9 million in dividends to holders of its Series A Preferred Stock during the year, and announced a quarterly cash dividend of $0.69635 per share, payable on April 15, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Via Renewables Inc. 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.