Genie Energy restates 2023-2025 financials; net income increases ~$55.6M combined

Genie Energy Ltd.

Audit committee concluded prior financial statements for 2023, 2024, and Q1-Q3 2025 should not be relied upon due to captive insurance liability errors.
Preliminary restatement: 2023 net income +$32.7M, 2024 net income +$22.9M; income from operations and taxes also rise.
Material weaknesses in internal control over financial reporting identified; remediation actions underway.
Restatement triggered by prior auditor Zwick CPA's PCAOB registration revocation, requiring re-audit of 2023-2024.
Company expects to file NT 10-K extension by March 16, 2026 to delay Comprehensive 10-K filing.

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