Genie Energy Announces Second Quarter 2026 Results

NEWARK, NJ, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the second quarter of 2026.

Consolidated Highlights

(Unless otherwise noted, results are for 2Q26 and are compared to 2Q25)

 ●Revenue decreased to $100.4 million from $105.3 million;    ●Gross profit increased to $33.7 million from $23.5 million; Gross margin increased to 33.5% from 22.3%;    ●Income from operations increased to $6.5 million from $2.3 million;    ●Net income attributable to Genie common stockholders increased to $11.4 million from $2.3 million;    ●EPS increased to $0.43 from $0.09;    ●Adjusted EBITDA1 increased to $7.5 million from $3.0 million;     ●Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $204.3 million at June 30, 2026;    ●Genie will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on or about August 24 with a record date of August 14th;    ●Genie repurchased approximately 48 thousand shares of its Class B Common stock for $659 thousand during 2Q26.

1Adjusted EBITDA for all periods presented is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP for Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of this non-GAAP metric, as well as reconciliations to its most directly comparable GAAP measures.  

Management Commentary - Michael Stein, Chief Executive Officer

Genie delivered strong bottom line results in the second quarter.

At Genie Retail Energy, relatively normalized wholesale energy market conditions enabled us to achieve a gross margin comparable to our long-term historical average, and that drove a significant year-over-year improvement in our bottom-line results even as we increased our customer acquisition spend. Compared to the prior year quarter, customer acquisitions in 2Q26 skewed toward high value customers, which we expect to favorably impact results in the coming quarters. Customer acquisitions also continue to diversify our customer base, with notable growth in the Texas power and California gas markets.

At GREW, the topline was flat year-over-year. However, the segment generated positive EBITDA powered by contributions from our Diversegy energy brokerage and Genie Solar businesses. Diversegy had a particularly strong quarter of cash generation while executing on its growth strategy. GREW’s results also reflected our ongoing investment in Roded, our plastic recycling and manufacturing business, and several other early-stage growth initiatives.

Both Diversegy and Genie Solar are on track to expand their bottom lines in the coming quarters. Diversegy continues to build its book of business and Genie Solar will benefit from its second community solar project which came online late in the second quarter. 

For the balance of the year, we are working to boost cash generation across GRE, Diversegy and Genie Solar, make good operational progress in our growth initiatives, and return value to shareholders through opportunistic stock repurchases and our quarterly dividends. We are maintaining our full year 2026 Adjusted EBITDA guidance of $32.5 to $40 million. 

Segment Highlights

Genie Retail Energy (GRE)

The year-over-year increases in GRE's income from operations and Adjusted EBITDA were driven by gross margin expansion. The increase in SG&A expense primarily reflected higher customer acquisition spending resulting from a shift in the sales mix to certain high value customer segments with higher costs of acquisition. The year over year decreases in RCE's and meters largely reflects the expiration of low margin aggregation deals.

GRE Operational and Financial Results* 2Q26  1Q26  2Q25  2Q26-2Q25 Operational metrics 
(RCEs** and meters in '000s at end of period)                RCEs  345   354   413   (68)Electricity  265   273   332   (67)Natural gas  80   82   82   (2)Meters  363   364   419   (56)Electricity  267   272   332   (65)Natural gas  95   92   87   8 Gross meter additions during the period  65   84   70   (5)Churn***  5.9%  5.8%  4.8% 110 bps 

Financial metrics (in millions except for gross margin) 2Q26  2Q25  Change Revenue $94.1  $99.0   (4.9)%Electricity $83.6  $89.9   (7.0)%Gas $10.6  $9.1   16.2%Gross profit $30.3  $21.3   42.2%Gross margin  32.2%  21.5% 1070 bps Selling, general and administrative expenses $22.0  $17.3   27.0%Income from operations $8.3  $4.0   108.3%Adjusted EBITDA $8.7  $4.4   96.7%

*Numbers may not foot due to rounding**

RCE (residential customer equivalent) is a measure of annual residential commodity consumption for a typical single-family household equal to 10,000 kWh (electricity) or 1,000 therms (gas)***Excludes the impacts of aggregation deal expirations  

Genie Renewables (GREW) 

GREW achieved positive Adjusted EBITDA in 2Q26 as Diversegy and Genie Solar's margins strengthened. Genie Solar's year-over-year results benefitted from the opening of its first of two community solar projects in New York state during 4Q25. (The second project began operations late in 2Q26, and had a small impact on the quarter's results.) GREW results also reflect Genie's investments in early-stage growth initiatives.

GREW Financial Results* 2Q26  2Q25  Change Revenue $6.3  $6.3   0.2%Gross profit $3.3  $2.2   55.0%Selling, general and administrative expenses $3.3  $2.3   42.2%Income from operations $0.1  $(0.2)  nm Adjusted EBITDA $0.3  $(0.1)  nm              

* Numbers may not foot due to rounding
nm - not meaningful

Balance Sheet Highlights

As of June 30, 2026, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $204.3 million. At the close of 1Q26 on March 31, 2026, these line items totaled $199.8 million.

Total assets as of June 30, 2026 were $369.7 million. Liabilities totaled $114.5 million, and working capital (current assets less current liabilities) totaled $199.6 million. 

Trended Financial Information*

(in millions except EPS)** 1Q25  2Q25  3Q25  4Q25  1Q26  2Q26  2024  2025 Total Revenue $136.8  $105.3  $138.3  $121.6  $142.3  $100.4  $425.2  $502.0 Genie Retail Energy $132.5  $99.0  $132.4  $114.6  $134.8  $94.1  $403.3  $478.5 Electricity $104.1  $89.9  $126.6  $92.3  $99.4  $83.6  $350.5  $412.8 Natural gas $28.4  $9.1  $5.8  $22.4  $35.4  $10.6  $52.1  $65.7 Others $0.0  $—  $—  $—  $—  $—  $0.7  $0.0 Genie Renewables $4.3  $6.3  $6.0  $7.0  $7.5  $6.3  $21.9  $23.5 Gross Profit $37.4  $23.5  $30.0  $33.8  $29.8  $33.7  $138.5  $124.7 Genie Retail Energy $35.9  $21.3  $27.6  $33.8  $29.1  $30.3  $132.2  $118.5 Genie Renewables $1.5  $2.2  $2.5  $0.1  $0.7  $3.3  $6.3  $6.1 Gross Margin  27.3%  22.3%  21.7%  27.8%  20.9%  33.5%  32.6%  24.8%Genie Retail Energy  27.1%  21.5%  20.8%  29.5%  21.6%  32.2%  32.8%  24.8%Genie Renewables  33.7%  34.5%  41.3%  1.0%  9.9%  53.4%  29.0%  26.1%Income from operations $13.5  $2.3  $7.4  $4.6  $1.9  $6.5  $44.9  $27.7 Genie Retail Energy $16.8  $4.0  $10.2  $13.2  $6.6  $8.3  $56.5  $44.2 Genie Renewables $(0.9) $(0.2) $(0.3) $(5.7) $(2.4) $0.1  $(3.0) $(7.1)Net income attributable to Genie common stockholders $10.4  $2.3  $6.4  $4.8  $2.8  $11.4  $35.5  $24.0 Diluted earnings per share $0.40  $0.09  $0.25  $0.16  $0.11  $0.43  $1.31  $0.90 Adjusted EBITDA $14.4  $3.0  $8.2  $6.9  $2.8  $7.5  $48.5  $32.6 

 *Genie Retail Energy International (GREI) operations have been classified as a discontinued operation and their results excluded from current and historical results **Numbers may not foot due to rounding   

Conference Call with Genie Energy Management 

At 8:30 AM Eastern this morning, Genie Energy’s CEO, Michael Stein, and CFO, Avi Goldin, will host a conference call to discuss the Company's financial and operational results, business outlook, and strategy. The call will begin with their remarks, followed by Q&A with investors. 

To participate in the conference call, dial 1-877-545-0320 (U.S.) or 1-973-528-0002 (international) and provide the following participant access code: 623488. 

Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (U.S.) or 1-919-882-2331 (international) and providing the replay passcode: 54309. The replay will remain available through Thursday, August 20, 2026. In addition, a recording of the call will be available for playback through the Genie Energy website. 

About Genie Energy Ltd.

Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) holds Genie’s energy brokerage and advisory business, a portfolio of solar generation assets, and early stage growth initiatives. For more information, visit https://genie.com/

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contact

Bill Ulrey
Investor Relations
Genie Energy, Ltd.
[email protected]

GENIE ENERGY LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

  June 30,  December 31,   2026  2025   (Unaudited)     Assets        Current assets:        Cash and cash equivalents $184,841  $203,516 Restricted cash  10,148   7,936 Marketable equity securities  9,319   409 Trade accounts receivable, net of allowance for credit losses of $8,972 and $7,876 at June 30, 2026 and December 31, 2025, respectively  55,953   70,062 Inventory  15,251   12,370 Prepaid expenses  15,333   10,567 Other current assets  12,941   17,154 Current assets of discontinued operations  1,293   1,419 Total current assets  305,079   323,433 Property and equipment, net  29,474   28,303 Goodwill  13,898   12,978 Other intangibles, net  1,655   1,804 Deferred income tax assets, net  2,309   2,309 Other assets  17,304   20,553 Total assets $369,719  $389,380 Liabilities and equity        Current liabilities:        Trade accounts payable $30,141  $41,094 Accrued expenses  49,606   50,782 Income taxes payable  12,820   28,851 Current debt, net  370   2,139 Due to IDT Corporation, net  99   112 Other current liabilities  9,500   10,052 Current liabilities of discontinued operations  2,981   2,996 Total current liabilities  105,517   136,026 Noncurrent debt, net  6,477   6,529 Other liabilities  2,490   2,379 Total liabilities  114,484   144,934 Commitments and contingencies  —   — Equity:        Genie Energy Ltd. stockholders’ equity:        Preferred stock, $0.01 par value; authorized shares—10,000:        Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 0 shares issued and outstanding at June 30, 2026 and December 31, 2025  —   — Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at June 30, 2026 and December 31, 2025  16   16 Class B common stock, $0.01 par value; authorized shares—200,000; 29,365 and 29,339 shares issued and 24,788 and 24,847 shares outstanding at June 30, 2026 and December 31, 2025, respectively  293   293 Additional paid-in capital  159,163   157,763 Treasury stock, at cost, consisting of 4,577 and 4,492 shares of Class B common stock at June 30, 2026 and December 31, 2025  (49,451)  (48,274)Accumulated other comprehensive income  5,259   4,921 Retained earnings  146,357   136,183 Total Genie Energy Ltd. stockholders’ equity  261,637   250,902 Noncontrolling interests:        Noncontrolling interests  (6,402)  (6,034)Receivable from issuance of equity  —   (422)Total noncontrolling interests  (6,402)  (6,456)Total equity  255,235   244,446 Total liabilities and equity $369,719  $389,380 

GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  Three Months Ended June 30,  Six Months Ended June 30, (in thousands, except per share data) 2026  2025  2026  2025                  Revenues:                Electricity $83,550  $89,885  $182,962  $193,948 Natural gas  10,581   9,107   45,932   37,516 Other  6,268   6,259   13,817   10,594 Total revenues  100,399   105,251   242,711   242,058 Cost of revenues  66,726   81,771   179,217   181,215 Gross profit  33,673   23,480   63,494   60,843 Operating expenses:                Selling, general and administrative  27,148   21,177   55,097   45,064 Impairment of assets  —   35   —   35 Income from operations  6,525   2,268   8,397   15,744 Interest income  1,511   1,998   3,162   3,979 Interest expense  (121)  (156)  (245)  (345)Other income, net  3,761   54   4,471   216 Income before income taxes  11,676   4,164   15,785   19,594 Provision for income taxes  (239)  (1,822)  (1,824)  (7,034)Net income from continuing operations  11,437   2,342   13,961   12,560 Income (loss) from discontinued operations, net of taxes  3   47   (8)  (57)Net income  11,440   2,389   13,953   12,503 Net income (loss) attributable to noncontrolling interests, net  65   45   (200)  (284)Net income attributable to Genie Energy Ltd. common stockholders $11,375  $2,344  $14,153  $12,787                  Net income (loss) attributable to Genie Energy Ltd. common stockholders                Continuing operations $11,372  $2,297  $14,161  $12,844 Discontinued operations  3   47   (8)  (57)Net income attributable to Genie Energy Ltd. common stockholders $11,375  $2,344  $14,153  $12,787 Earnings per share attributable to Genie Energy Ltd. common stockholders:                Basic:                Continuing operations $0.44  $0.09  $0.54  $0.49 Discontinued operations  —   —   —   — Earnings per share attributable to Genie Energy Ltd. common stockholders $0.44  $0.09  $0.54  $0.49 Diluted                Continuing operations $0.43  $0.09  $0.54  $0.48 Discontinued operations  —   —   —   — Earnings per share attributable to Genie Energy Ltd. common stockholders $0.43  $0.09  $0.54  $0.48                  Weighted-average number of shares used in calculation of earnings per share:                Basic  26,069   26,173   26,060   26,287 Diluted  26,152   26,516   26,171   26,631                  Dividends declared per common share $0.075  $0.075  $0.150  $0.150 

GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 

  Six Months Ended June 30,   2026  2025          Operating activities        Net income $13,953  $12,503 Net loss from discontinued operations, net of tax  (8)  (57)Net income from continuing operations  13,961   12,560 Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:        Stock-based compensation  1,350   1,345 Provision for credit losses  1,258   856 Depreciation and amortization  704   470 Impairment of assets  —   35 Inventory valuation allowance  939   — Unrealized gain on marketable equity securities and investments and other, net  (3,913)  (622)Gain from sale of investment property  (735)  — Changes in assets and liabilities:        Trade accounts receivable  12,878   (320)Inventory  (1,986)  (4,682)Prepaid expenses  (4,764)  (142)Other current assets and other assets  (1,244)  (882)Trade accounts payable, accrued expenses and other liabilities  (12,323)  5,382 Due to IDT Corporation, net  (13)  (8)Income taxes payable  (16,031)  199 Net cash (used in) provided by operating activities of continuing operations  (9,919)  14,191 Net cash (used in) provided by operating activities of discontinued operations  (13)  2,274 Net cash (used in) provided by operating activities  (9,932)  16,465 Investing activities        Capital expenditures  (3,560)  (3,682)Purchases of marketable equity securities and other investments, net of cash acquired  (6,655)  (3,667)Improvements in investment property  (49)  (1,075)Proceeds from sale of investment property, net  6,474   — Proceeds from return of investments  4,289   1,173 Net cash used in investing activities  499   (7,251)Financing activities        Dividends paid  (3,979)  (4,036)Repurchases of Class B common stock from employees  (517)  (462)Repayment of debt  (1,978)  — Repurchases of Class B common stock  (660)  (4,619)Net cash used in financing activities  (7,134)  (9,117)Effect of exchange rate changes on cash, cash equivalents, and restricted cash  70   (64)Net (decrease) increase in cash, cash equivalents, and restricted cash  (16,497)  33 Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period  212,438   201,958 Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period  195,941   201,991 Less: Cash of discontinued operations at end of period  952   1,000 Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period $194,989  $200,991 

Reconciliation of Non-GAAP Financial Measures for 2Q26 

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy discloses Adjusted EBITDA for GRE and on a consolidated basis. Adjusted EBITDA is a non-GAAP financial measure.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the loss of equity method investees, net.

Management believes that Genie’s measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making.

Management also uses Adjusted EBITDA to evaluate operating performance in relation to Genie’s competitors. Disclosure of Adjusted EBITDA may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

Management refers to Adjusted EBITDA as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions, and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance. 

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Impairment of assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie's continuing operations. 

Following are the reconciliations of Adjusted EBITDA on a consolidated basis and for GRE to its most directly comparable GAAP measure, income from operations. 

Non-GAAP Reconciliation - Consolidated Adjusted EBITDA

(In millions. Numbers may not foot due to rounding.) 1Q25  2Q25  3Q25  4Q25  1Q26  2Q26  2024  2025 Income from operations $13.5  $2.3  $7.4  $4.6  $1.9  $6.5  $44.9  $27.7 Add back                                Depreciation and amortization $0.2  $0.2  $0.3  $0.3  $0.4  $0.3  $0.9  $1.0 Non-cash compensation $0.7  $0.6  $0.6  $0.6  $0.7  $0.6  $2.3  $2.5 Impairment $0.0  $0.0  $0.0  $1.6  $0.0  $0.0  $0.2  $1.6 Equity in net loss (income) of equity method investees $(0.0) $(0.1) $(0.0) $(0.1) $(0.1) $0.0  $0.1  $(0.3)Adjusted EBITDA $14.4  $3.0  $8.2  $6.9  $2.8  $7.5  $48.5  $32.6 

Non-GAAP Reconciliation - GRE Adjusted EBITDA

(In millions. Numbers may not foot due to rounding.) 2Q26  2Q25 Income from operations $8.3  $4.0 Add back        Depreciation and amortization $0.1  $0.1 Stock-based compensation $0.3  $0.3 Equity in the income of equity method investees $—  $0.1 Adjusted EBITDA $8.7  $4.4 

Non-GAAP Reconciliation - GREW Adjusted EBITDA

(In millions. Numbers may not foot due to rounding.) 2Q26  2Q25 Income from operations $0.1  $(0.2)Add back        Depreciation and amortization $0.3  $0.2 Stock-based compensation $0.0  $0.0 Impairment $—  $0.0 Equity in the income of equity method investees $(0.0) $(0.1)Adjusted EBITDA $0.3  $(0.1)

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