Genie Energy Ltd. - $GNE STOCK NEWS

Welcome to our dedicated page for Genie Energy Ltd. news (Ticker: $GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy Ltd. stock.

Genie Energy Ltd. (NYSE: GNE) is a leading retail and renewable energy solutions provider. The company operates through its two primary segments: Genie Retail Energy (GRE) and Genie Renewables (GREW).

Genie Retail Energy (GRE) supplies electricity, including from renewable sources, and natural gas to residential and small business customers across the Eastern and Midwestern United States. GRE has been expanding its customer base and leveraging the stability of wholesale energy markets to achieve strong financial results.

Genie Renewables (GREW) holds controlling interests in various companies that manufacture solar panels, design solar installations, and manage solar energy projects. The division is vertically integrated, providing commercial, community, and utility-scale solar energy solutions. GREW has been making significant strides in expanding its solar generation pipeline, reaching over 100 megawatts (MW) in development.

Recently, Genie Energy completed the redemption of all outstanding shares of its Series 2012-A Preferred Stock, resulting in a $6.5 million aggregate payment. With no debt outstanding, the company is well-positioned for future growth.

Financially, Genie Energy reported that as of June 30, 2023, it had cash, restricted cash, and marketable equity securities totaling $115.1 million. The company's second quarter saw record revenue, income from operations, and Adjusted EBITDA, driven by a 27.8% increase in income from operations for GRE.

Genie Energy is committed to sustainable and affordable energy solutions, with a focus on clean energy technologies and expanding its solar energy projects. The company continues to invest in both its retail energy and renewable energy segments to drive growth and provide value to its shareholders.