Genie Energy Ltd. has announced its Q3 2023 financial results, showcasing a record-breaking revenue of $125 million, marking a 54% YoY surge. This growth was primarily fueled by robust customer acquisitions in H1 2023 and an increase in RCE and meter growth rates of 49% and 42%, respectively.
Despite the impressive revenue figures, the company's net income from continuing operations fell by 16.8% to $14.5 million. Genie Energy also recorded a loss from discontinued operations of $0.3 million. Total assets as of September 30 stood at $315.7 million, with liabilities totaling $108.3 million and non-current liabilities at $2.5 million. The company's working capital was reported to be $164.5 million.
Cash assets, comprising restricted cash and marketable equity securities, rose to $143.8 million at the end of Q3 from $115.1 million at the end of Q2. This shows a healthy increase in the company's liquid assets.
The Retail Energy division reported a revenue increase of 50.5% to $120.3 million, although operational income decreased by 19.7% due to higher gross margins in the same quarter of the previous year.
Genie Renewables, which includes Genie Solar, Diversegy, and CityCom Solar, also saw increased revenue but faced a reduction in solar panel inventory values.
In light of these results, Genie Energy has raised its adjusted EBITDA guidance for 2023 to $52-$57 million from the earlier forecast of $47-$55 million.
Despite some challenges, Genie Energy remains optimistic about its future prospects and plans to continue expanding its solar project development pipeline. The company's net cash provided by operating activities was reported to be $28.0 million.
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