Genie Energy reported consolidated revenue of $138.3 million for the third quarter of 2025, an increase of 23.6% from $111.9 million in the same quarter a year earlier. The company’s retail energy segment generated $132.4 million in revenue, up 25.1% year‑over‑year, while the renewables segment posted $6.0 million, a 2.7% decline.
Operating income for the quarter was $6.9 million, down 32.4% from $11.7 million in Q3 2024. Adjusted EBITDA fell to $8.2 million, a 39.7% decrease from $13.6 million in the prior year’s quarter. Margin compression was driven by higher wholesale commodity costs and a lower‑margin municipal aggregation agreement that reduced the company’s gross margin.
The retail energy segment added 5.4% in residential customer equivalents, reaching 318,000 RCEs, and expanded its meter book to 402,000 meters. The renewables segment’s loss from operations widened to $0.3 million, while Diversegy’s revenue grew 35% year‑over‑year. Management noted that the upcoming Lansing community solar project is expected to generate revenue in Q4 2025 and that the company is reassessing its solar pipeline in light of recent federal tax‑credit changes.
Cash and cash equivalents stood at $206.6 million. The company repurchased 124,000 shares for $2.0 million and paid a quarterly dividend of $0.075 per share. For the full year, Genie Energy reiterated its 2025 adjusted EBITDA guidance of $40 million to $50 million, indicating that the company expects to finish near the lower end of the range.
The company cited rising commodity costs and the impact of the municipal aggregation deal as key factors behind margin pressure. The shift in federal tax‑credit policy has prompted a pause in new commercial solar development, while the company continues to pursue community solar projects such as the Lansing initiative to offset the headwinds in its renewables portfolio.
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