Genie Energy Ltd.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 19 March 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Operating income fell in both periods: Consolidated income from operations was $4.6 million in 4Q25, against $10.1 million a year earlier. For FY 2025 it was $27.7 million, against $44.9 million for FY 2024. Source
Adjusted EBITDA below 2025 guidance: Management said 2025 Adjusted EBITDA came in below guidance, citing early-year energy market conditions as one cause. Source
GRE operating income mixed by period: GRE income from operations was $13.2 million in 4Q25, up from $12.6 million, but $44.2 million for FY 2025, down from $56.5 million for FY 2024. Source
GREW operating loss widened in both periods: GREW operating loss was $5.7 million in 4Q25, against $0.7 million a year earlier, and $7.1 million for FY 2025, against $3.0 million for FY 2024. Source
Solar write-downs and acquisition expense: Management cited Genie Solar write-downs in the fourth quarter after the One Big Beautiful Bill, and higher acquisition expense for selling non-energy services, as reasons 2025 Adjusted EBITDA was below guidance. Source
Prior financials need restatement: The Audit Committee concluded that 2023 and 2024 annual statements and 2024 and 2025 interim reports, as previously issued, need restatement. The 8-K filed March 12, 2026 disclosed this. Source
Restated income expected higher: Management estimated that restated 2023 and 2024 income from operations, provision for income taxes and net income will be significantly higher than previously reported. Source

“We are working closely with the independent Audit Committee and our auditors to prepare restated financial results for 2023 and 2024, as well as 2024 and 2025 quarterly results, and to provide audited 2025 financial results”
Michael Stein, Genie’s Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Consolidated Adjusted EBITDA Source	full year 2026	$40 to $50 million	New

What changed from last quarter

New guidance: Management gave full-year 2026 consolidated Adjusted EBITDA guidance of $40 million to $50 million. Source
New: The Audit Committee concluded that prior financial statements and interim reports require restatement over accounting for a captive insurance liability. Source
New: Genie Solar wrote down solar assets in the fourth quarter, following enactment of the One Big Beautiful Bill. Source

Consolidated 2025 results

Revenue rose in both periods: Consolidated revenue was $121.6 million in 4Q25, against $102.9 million in 4Q24. For FY 2025 it was $502.0 million, against $425.2 million for FY 2024. Source
Operating income fell in both periods: Consolidated income from operations was $4.6 million in 4Q25, against $10.1 million a year earlier. For FY 2025 it was $27.7 million, against $44.9 million for FY 2024. Source
Adjusted EBITDA below 2025 guidance: Management said 2025 Adjusted EBITDA came in below guidance, citing early-year energy market conditions as one cause. Source

Retail energy segment (GRE)

GRE revenue rose in both periods: GRE revenue was $114.6 million in 4Q25, against $98.4 million, and $478.5 million for FY 2025, against $403.3 million for FY 2024. Source
GRE operating income mixed by period: GRE income from operations was $13.2 million in 4Q25, up from $12.6 million, but $44.2 million for FY 2025, down from $56.5 million for FY 2024. Source
Retail volatility in early 2026: Management described a challenging retail operating environment so far in 2026, with volatility affecting energy markets. Source

“However, we maintain a positive outlook and solid 2026 guidance based on our expectations that Genie Retail Energy’s margins will normalize as we move further into the year”
Michael Stein, Chief Executive Officer

Renewables segment (GREW)

GREW revenue rose in both periods: GREW revenue was $7.0 million in 4Q25, against $4.5 million in 4Q24. For FY 2025 it was $23.5 million, against $21.9 million for FY 2024. Source
GREW operating loss widened in both periods: GREW operating loss was $5.7 million in 4Q25, against $0.7 million a year earlier, and $7.1 million for FY 2025, against $3.0 million for FY 2024. Source
Solar write-downs and acquisition expense: Management cited Genie Solar write-downs in the fourth quarter after the One Big Beautiful Bill, and higher acquisition expense for selling non-energy services, as reasons 2025 Adjusted EBITDA was below guidance. Source

Restatement and reporting

Prior financials need restatement: The Audit Committee concluded that 2023 and 2024 annual statements and 2024 and 2025 interim reports, as previously issued, need restatement. The 8-K filed March 12, 2026 disclosed this. Source
Restated income expected higher: Management estimated that restated 2023 and 2024 income from operations, provision for income taxes and net income will be significantly higher than previously reported. Source
Preliminary, unaudited 2025 figures: The release gives select, preliminary, unaudited 2025 metrics that are subject to change. Source

“funding increased investment in promising growth initiatives at both GRE and GREW while further strengthening our balance sheet and returning value to our stockholders though share repurchases and our quarterly dividend”
Michael Stein, Chief Executive Officer

Cash and shareholder returns

Cash balance higher than a year earlier: Cash, restricted cash and cash equivalents were $211.4 million at December 31, 2025, compared with $200.6 million at December 31, 2024. Source
Cash funded growth investment: Management said cash generation funded increased investment in growth initiatives at GRE and GREW, while the balance sheet was further strengthened. Source
Buybacks and dividend continued: Management said 2025 returns to stockholders came through share repurchases and the quarterly dividend. Source

Coming up, as management said on 19 March 2026

Restated and audited results to follow: Management said it is preparing restated 2023 and 2024 results, restated 2024 and 2025 quarterly results, and audited 2025 financial results. No dates were given. Source

Risks management discussed

External: Management described volatility affecting energy markets as weighing on the retail business so far in 2026. Source
Regulatory: Management tied the Genie Solar write-downs to enactment of the One Big Beautiful Bill, a change in policy. Source
Financial: Prior-period financial statements and interim reports need restatement over accounting for a captive insurance liability. Source

Earlier plans management reported on

Not stated: Management referred to its 2025 guidance and said Adjusted EBITDA came in below it. Source
Not stated: Management referred to an estimate it gave in an earlier SEC filing for the restated results. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Genie Energy Announces Select, Preliminary, Unaudited, Interim Financial Results

Newark, NJ - March 19, 2026: Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today provided an update on its fourth quarter and full year 2025, including select unaudited, preliminary financial results, as well as financial guidance for 2026.

As disclosed on the 8-K filed on March 12, 2026, the Audit Committee of the Company’s Board of Directors, in consultation with the Company’s management and independent registered public accounting firm, has concluded that the Company’s previously issued financial statements for the years ended December 31, 2024 and December 31, 2023 as well as the interim quarterly reports for 2024 and 2025 should not be relied upon and require restatement because of errors related to accounting for the liability associated with the Company’s captive insurance subsidiary.

“We are working closely with the independent Audit Committee and our auditors to prepare restated financial results for 2023 and 2024, as well as 2024 and 2025 quarterly results, and to provide audited 2025 financial results,” said Michael Stein, Genie’s Chief Executive Officer. “As we noted in our SEC filing on Thursday, we estimate that the restated financial statements will significantly increase our 2023 and 2024 income from operations, provision for income taxes, and net income.”

Select Preliminary Unaudited Operating Metrics (subject to change):

The Company provided select, preliminary estimated unaudited financial metrics for the three and twelve months ended December 31, 2025 on a consolidated basis and for its reporting segments, Genie Retail Energy (GRE) and Genie Renewables (GREW):

(Unaudited. In millions)	4Q25	4Q24	FY 2025	FY 2024
Consolidated Revenue	$121.6	$102.9	$502.0	$425.2
GRE	$114.6	$98.4	$478.5	$403.3
GREW	$7.0	$4.5	$23.5	$21.9
Consolidated Income from Operations	$4.6	$10.1	$27.7	$44.9
GRE	$13.2	$12.6	$44.2	$56.5
GREW	$(5.7)	$(0.7)	$(7.1)	$(3.0)

As of December 31 2025, the Company had $211.4 million of cash, restricted cash and cash equivalents compared to $200.6 million at December 31 2024.

2026 Financial Outlook

For the full year 2026, Genie management is projecting consolidated Adjusted EBITDA of $40 to $50 million.

Commentary from Michael Stein, Chief Executive Officer

"Genie continued to generate strong cash flows in 2025, funding increased investment in promising growth initiatives at both GRE and GREW while further strengthening our balance sheet and returning value to our stockholders though share repurchases and our quarterly dividend. Adjusted EBITDA in 2025 came in below our guidance due to both challenging energy market conditions early in the year, write-downs of solar assets at Genie Solar in the fourth quarter following enactment of the ‘One Big Beautiful Bill’ and increased acquisition expense selling non-energy services.

“Our retail business has experienced a challenging operating environment so far this year with volatility impacting energy markets. However, we maintain a positive outlook and solid 2026 guidance based on our expectations that Genie Retail Energy’s margins will normalize as we move further into the year and that our Genie Renewables segment will increase its contribution to our bottom line even as we invest in early-stage growth initiatives.”

About Genie Energy Ltd.

Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division's (GREW) holdings include Diversegy, an energy procurement advisor, Genie Solar, operator of a portfolio of community and commercial solar arrays, and various early-stage business initiatives. For more information, visit Genie.com.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contacts
Bill Ulrey
Genie Energy, Ltd.
wulrey@genie.com