Via Renewables, Inc.

First-quarter adjusted EBITDA was $15.1 million, down from $18.8 million last year. Retail gross margin was $35.7 million versus $40.3 million a year ago; electricity gross margin was $18.9 million versus $20.5 million, and natural gas gross margin was $16.2 million versus $19.9 million. Net income was $19.1 million, or $1.81 per fully diluted share, versus a net loss of $6.8 million, or $(1.26) per share, in Q1 2023. The company ended the quarter with 338,000 RCEs, up from 335,000 at December 31, 2023 and essentially flat versus 339,000 at the end of Q1 2023. Management did not give formal quarterly or full-year financial guidance, but said the newly announced acquisition of approximately 12,500 RCEs should be accretive beginning in Q2.

Keith Maxwell’s tone was constructive despite softer operating results. He emphasized customer growth, the improved mix toward POR markets, and a renewed willingness to pursue tuck-in acquisitions after announcing the first such deal since late 2022. His comments framed the quarter as one of near-term margin pressure but continuing strategic progress on customer base expansion and risk reduction.

Mike Barajas highlighted the main financial drivers behind the quarter: adjusted EBITDA of $15.1 million, retail gross margin of $35.7 million, and G&A of $17.3 million versus $17.2 million last year. He said electricity gross margin fell to $18.9 million and natural gas gross margin to $16.2 million, both due to lower unit margins and, in gas, lower volumes as well. He also noted attrition was 3.9%, flat year over year, and pointed to an $11.2 million hedge mark-to-market gain versus a $22.6 million loss last year, which helped net income despite higher income tax expense of $4.8 million.

There was no analyst Q&A in the transcript provided, so no external concerns or follow-up questions were addressed. Management’s most notable forward-looking comment was that the approximately 12,500-RCE acquisition in existing markets should be accretive beginning in Q2, and that the company remains open to further tuck-in deals.