Genie Energy Q1 net income $17.5M, EPS $0.67, vs prior loss; record gross margin 46.2%

Genie Energy Ltd.

2022-Q1 EPS reported $0.67 revenue$98,529,000

Revenue $98.5M, down 8.3% YoY; gross profit surged 259.9% to $45.5M, margin 46.2% vs 11.8%.
Net income attributable to common stockholders $17.5M ($0.67 diluted EPS) vs net loss of $2.4M ($0.09 loss) in 1Q21.
Adjusted EBITDA $25.7M, compared to ($4.4M) in prior year; GRE segment generated $30.5M Adjusted EBITDA.
GRE income from operations $30.2M vs $1.2M YoY; GRE customer equivalents down 25% but natural gas RCE up 38.7%.
Declared $0.075 quarterly dividend for Class A and B common stockholders.

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