Genie Energy Q1 revenue up 22.5% to $105.3M; EPS $0.54 vs $0.67 YoY; customer base surges

Genie Energy Ltd.

2023-Q1 EPS reported $0.54 revenue$105,276,000

Revenue $105.3M (+22.5% YoY); net income $14.3M (down 18.5%); diluted EPS $0.54 (down 20%).
Gross profit fell 29.3% to $33.3M; margin narrowed to 31.6% from 54.8% as energy price volatility subsided.
Genie Retail added 129k gross meters; RCEs rose 34.5% sequentially to 353k; churn improved to 4.4%.
Genie Solar broke ground on first 4MW community solar project; pipeline of 78MW across 10 projects.
Declared $0.075 quarterly dividend payable May 30; cash & equivalents $113.7M at quarter end.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Genie Energy Ltd. reported financial results for the quarter ended March 31, 2023.

Period: the quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On May 8, 2023, the Registrant distributed over a wire service and posted to the investor relations page of its website (www.genie.com), an earnings release announcing its results of operations for the quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001213900-23-037085

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