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Genie Energy Ltd (NYSE: GNE) has commenced construction on a new four megawatt (MW) community solar array in Perry, NY, expected to generate sufficient electricity to power over 440 homes. The project will produce more than 5,000 MWh annually and reduce carbon emissions by over 3,500 metric tons each year. Genie Solar aims to complete the project within the year while utilizing local labor for construction tasks. This initiative is part of New York's community solar program, allowing local residents to benefit from discounted electricity bills without needing their solar panels. The project signifies a step towards increasing renewable energy access in the region, promoting energy affordability and local job creation.
Genie Energy, Ltd. (NYSE: GNE, GNE.PRA) reported a strong financial performance for Q4 and full-year 2022. Q4 operating income surged 167% year-over-year to $15.5 million, with revenue up 17.6% to $81.4 million. Full-year operating income reached a record $77.8 million, and adjusted EBITDA was $83.2 million. The company experienced growth in its retail energy segment, strategically reducing customer acquisition during volatile pricing to bolster financial results. Genie Renewables also made strides with significant revenue growth and advancements in solar projects, while maintaining its dividend payments and simplifying capital structure by redeeming $8.4 million of preferred stock.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will release its fourth quarter and full year 2022 financial and operational results on March 13, 2023, at 7:30 AM Eastern Time. The earnings release will be available via a wire service and on the company's Investors webpage. A conference call with management will follow at 8:30 AM to discuss results and future strategies. Investors can join the call by dialing specified numbers and using access codes. A replay will be available post-call until March 27, 2023, and will also be posted on their website.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced it has received a notice to proceed for its first community solar project, a 4-megawatt farm in Upstate New York. This marks a significant step in the company's vertically-integrated solar strategy, with construction expected to start in Q1 2023, pending utility approvals. Additionally, Genie Solar anticipates an NTP for a second 6-megawatt project in early 2023. CEO Michael Stein highlighted the project’s environmental benefits and the economic advantages of community solar, asserting the company is well-positioned to manage all aspects of project development.
On December 1, 2022, Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced that its CFO, Avi Goldin, will present at the Sidoti December Small-Cap Virtual Conference on December 8 at 10:00 AM ET. The presentation will cover the company’s strategy, outlook, and results. Additionally, CEO Michael Stein and Goldin will hold virtual one-on-one investor meetings on December 7 and December 8. Interested parties can contact Brian Siegel at HaydenIR for arrangements. More details are available on the Genie Energy website.
On November 30, 2022, Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced the acquisition of a portfolio of residential and small commercial customer contracts from Mega Energy, covering approximately 11,000 meters across seven states. CEO Michael Stein noted that favorable market conditions allow for portfolio expansion, leveraging Genie’s strong balance sheet and cash reserves. The acquisition is expected to be immediately accretive and will enhance service offerings to customers. The terms of the deal have not been disclosed.
Genie Energy reported strong financial results for Q3 2022, highlighting record gross profit of $43.1 million and net income of $18.3 million, translating to diluted EPS of $0.70. Despite a 7.3% revenue decline to $81.3 million, the company achieved a significant 24.7% increase in gross profit, driven primarily by strength in its Genie Retail Energy segment. Genie also redeemed $1 million in preferred stock and announced a $0.075 dividend for shareholders. Furthermore, the company acquired rights for 64MW of solar projects, signaling expansion in the renewable sector.
