Genie Energy Ltd.

Consolidated revenue decreased 4.6% to $100.4 million. Consolidated gross profit increased 43.4% to $33.7 million, and gross margin increased to 33.5%. Consolidated income from operations increased by $4.3 million to $6.5 million, adjusted EBITDA increased by $4.5 million to $7.5 million, and net income attributable to Genie common stockholders was $11.4 million, or $0.43 per diluted share, versus $2.3 million, or $0.09 per share, a year earlier. GRE revenue decreased 4.9% to $94.1 million; GRE gross profit increased 42.2% to $30.3 million and gross margin rose to 32.2%. GREW revenue was relatively unchanged at $6.3 million; gross profit increased 55% to $3.3 million; income from operations was $100,000 versus a $200,000 loss a year earlier; and adjusted EBITDA was $300,000 versus an adjusted EBITDA loss of $97,000. At June 30, 2026, cash, cash equivalents, long- and short-term restricted cash and marketable equity securities totaled $204.3 million, working capital was $199.6 million, and net debt was $6.8 million. Management did not give numeric full-year or next-quarter revenue/EPS guidance on the call, but said it expects to continue benefiting from current market conditions and to still achieve its guidance for the year.

Michael Stein said the quarter showed strong bottom-line performance across both operating segments while the company continued investing in growth and returning capital. He emphasized that normalized wholesale energy conditions helped GRE’s margins return to their long-term range, and that the higher-cost customer acquisition mix should build a more valuable customer base over time. He was upbeat on Diversegy, Genie Solar, and Roded, saying each is making operational progress and should contribute more in coming quarters.

Avi Goldin highlighted the key financial drivers: revenue down 4.6% to $100.4 million, but gross profit up 43.4% to $33.7 million and gross margin up to 33.5%. He said GRE’s gross margin was within its historical range due to normalized commodity conditions, while GREW’s profitability came from Diversegy and Genie Solar, both of which are already generating cash. He also pointed to a strong balance sheet with $204.3 million in cash and securities, $199.6 million of working capital, and $6.8 million of net debt, and noted that the company repurchased about 47,000 shares for $659,000 and paid $2 million in dividends.

Analysts asked about the ‘other income’ line, which had a meaningful effect on the bottom line; management said it mainly reflects changes in the value of other investments made with balance-sheet cash and is difficult to forecast, though they expect it to remain positive overall. They also asked whether lower gas prices and the related benefit to profitability could continue into year-end; Michael Stein said that is hard to predict, but the company feels well positioned for the rest of the year to capitalize on market conditions and still achieve its guidance. A final question focused on the higher customer acquisition expense; management explained that the quarter skewed toward higher-cost channels that generally produce higher-margin, higher-lifetime-value customers.