Genie Energy posts record Q3 net income $18.3M and Adjusted EBITDA $24.5M; exits European retail ops

Genie Energy Ltd.

2022-Q3 EPS reported $2.65 revenue$234,150,000

Revenue decreased 7.3% to $81.3M, but gross profit rose 24.7% to $43.1M (53.1% margin vs 39.5%).
Net income from continuing ops attributable to common stockholders: $18.3M ($0.70 diluted EPS) vs loss of $2.7M ($(0.10)) in Q3 2021.
Adjusted EBITDA increased 35.2% to $24.5M; GRE (US retail) generated $27.7M Adjusted EBITDA.
Exited international retail operations (Scandinavia) – classified as discontinued ops; acquired site rights for 64MW solar projects.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Genie Energy Ltd. reported the quarter ended September 30, 2022 results: revenue $81.3 million, net income $18.3 million, EPS $0.70.

Period: the quarter ended September 30, 2022
Revenue: $81.3 million
Net income: $18.3 million
EPS: $0.70
Result: reported results

Exact text from the filing

of 2022 and for all prior periods presented. Third Quarter 2022 Highlights (versus 3Q21 unless otherwise noted; excludes GREI for all periods) ● Revenue decreased 7.3% to $81.3 million from $87.7 million; ● Gross profit increased 24.7% to $43.1 million from $34.6 million, and gross margin increased to 53.1% from 39.5%, driven by strength at GRE; ● Income from

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Source: SEC EDGAR

accession 0001213900-22-069523

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