Genie Energy Ltd. announced its third quarter 2024 results, reporting a decrease in revenue and profitability for its Genie Retail Energy (GRE) segment, while its Genie Renewables (GREW) segment demonstrated significant growth. Consolidated Adjusted EBITDA guidance for the full year remained on track for the high end of the $40 million to $50 million range. The company's cash, cash equivalents, restricted cash, and marketable securities stood at $191.7 million as of September 30, 2024.
The GRE segment's revenue decreased 12.1% to $105.8 million from $120.3 million in the prior year, with income from operations falling 31.6% to $15.0 million. This decline was attributed to lower per-meter electricity consumption due to milder summer weather and increased customer acquisition costs. Despite this, GRE added 36,000 net new meters during the quarter and is expanding into the California natural gas market.
In contrast, the GREW segment saw its revenue increase 29.2% to $6.1 million from $4.7 million year-over-year, with gross profit increasing exponentially. The segment's loss from operations narrowed significantly to $0.2 million from $2.1 million, and Adjusted EBITDA loss decreased to $24 thousand from $2.0 million. This growth was primarily driven by Diversegy, which nearly doubled its revenue and achieved positive Adjusted EBITDA, and Genie Solar's strategic shift to utility-scale projects, expanding its development pipeline by 21 MW and 6 projects.
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