Genie Energy Ltd. announced its fourth quarter and full year 2024 results, achieving the high end of its Adjusted EBITDA guidance for the full year at $48.5 million. The company reported consolidated Adjusted EBITDA of $11.1 million for the fourth quarter. Full-year 2024 consolidated revenue decreased 1.6% to $403.3 million, while fourth-quarter revenue saw a slight decrease of 0.1% to $98.4 million.
The Genie Retail Energy (GRE) segment delivered a strong performance, adding over 60,000 net meters in 2024, representing a 17% increase in its customer base. In the fourth quarter alone, GRE added 23,500 net meters. Despite reduced electricity margins and increased customer acquisition expenses, GRE's full-year Adjusted EBITDA was $58.4 million, a 20.4% decrease from 2023.
The Genie Renewables (GREW) segment demonstrated significant progress, with full-year revenue increasing 16.1% to $21.9 million and gross profit surging 122.5% to $6.3 million. Diversegy, the energy procurement business, achieved Adjusted EBITDA profitability in 2024. Genie Solar completed its strategic migration to utility-scale project development, advancing its pipeline and closing a financing deal for its operating arrays.
As of December 31, 2024, Genie Energy reported $201.0 million in cash, cash equivalents, restricted cash, and marketable equity securities, an increase from $163.4 million at the end of 2023. Cash provided by operating activities increased to $70.7 million in 2024 from $62.5 million in 2023. The company repurchased 661,000 shares for $10.4 million during the full year 2024.
For 2025, Genie Energy reaffirmed its consolidated Adjusted EBITDA guidance at $40 million to $50 million. The company expects to continue building its cash reserves and opportunistically buying back stock while maintaining its current dividend.
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