Welcome to our dedicated page for Genie Energy news (Ticker: GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy stock.
Genie Energy Ltd (GNE) delivers electricity, natural gas, and renewable energy solutions across U.S. markets through its Genie Retail Energy and Genie Renewables segments. This page provides investors and industry stakeholders with verified updates on corporate developments, strategic initiatives, and operational milestones.
Access official press releases covering quarterly earnings, solar energy projects, regulatory updates, and partnerships. All content is sourced directly from the company to ensure accuracy and compliance with financial disclosure standards.
Key focus areas include retail energy market expansions, solar panel manufacturing advancements, and clean fuel technology research. Bookmark this page to stay informed about GNE’s dual commitment to conventional energy reliability and sustainable innovation.
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.
On October 27, 2022, Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced an accelerated redemption of its Series 2012-A Preferred Stock. The company will redeem 986,400 shares at a price of $8.50 each, totaling approximately $8.3 million, in addition to unpaid accrued dividends, effective November 15, 2022. This redemption significantly exceeds the previous plan of redeeming $1 million per quarter. Post-redemption, 983,358 shares of Preferred Stock will remain outstanding. Further details were filed in a Form 8-K with the SEC.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) set to release its third-quarter financial results on November 7, 2022, at 7:30 AM Eastern. An earnings report will be available via wire service and on their website. A conference call will follow at 8:30 AM Eastern for management to discuss results and outlook. To join, call 1-877-545-0523 for US or 1-973-528-0011 internationally with access code 643413. A replay will be accessible shortly after via 1-877-481-4010 (US) or 1-919-882-2331 (international), with availability until November 21.
Genie Renewables, a division of Genie Energy, has acquired site rights for a 30 MW solar project in Pennsylvania, along with exclusivity for seven community solar projects totaling 34 MW in New York. The total solar capacity now stands at 64 MW across both states. The Pennsylvania project has already passed crucial early-stage milestones, such as securing a long-term site lease and completing preliminary designs, with commercialization expected in 2024. The company is leveraging incentives from the Inflation Reduction Act, aiming to enhance shareholder value.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) will present at the Sidoti September Small-Cap Virtual Conference on September 21, from 8:30 to 9:00 AM ET. During the presentation, CFO Avi Goldin will discuss the company's strategy, outlook, and results. Virtual 1x1 meetings with management, including CEO Michael Stein, are available on September 21 and 22. Interested investors can contact Brian Siegel of Hayden IR for scheduling. More details can be found on the Genie Energy website.
Genie Energy, Ltd. (NYSE: GNE, GNE.PRA) reported strong second-quarter results for 2022, with net income rising to $33.9 million, or $1.30 EPS, compared to $5.0 million, or $0.19 EPS, in 2021. Gross profit surged by 218.2% to $67.5 million, with a gross margin of 89.9%. Despite a 1.8% revenue decline to $75.0 million, the company maintained solid profitability. Genie returned $8.8 million to shareholders through share repurchases and dividends. Additionally, it launched Sunlight Energy Investments to focus on solar projects, enhancing its energy strategy amid market volatility.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) will announce its financial and operational results for the second quarter of 2022 on August 8, 2022. The earnings release will be available at 7:30 AM Eastern on their website and through a wire service. Following this, a conference call will be held at 8:30 AM Eastern for management to discuss results and outlook. Participants can access the call via specific dial-in numbers. A replay will be available shortly after the call, lasting until August 22, 2022.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced that CFO Avi Goldin will present at the East Coast IDEAS Investor Conference on June 22-23, 2022. The presentation will begin at 6:00 AM ET on June 22 and will cover Genie Energy's strategy and outlook for 2022. Investors can access the presentation via the conference website or Genie Energy's investor relations page. Additionally, CEO Michael Stein and Goldin will hold virtual 1x1 investor meetings on June 23. For meeting inquiries, investors should contact Lacey Wesley.
Genie Energy Ltd. (NYSE: GNE, GNE.PRA) has revised its presentation time at the Sidoti May Virtual MicroCap Conference. CFO Avi Goldin will present on Thursday, May 12, 2022, at 10:45 a.m. ET. Additionally, Goldin and CEO Michael Stein will conduct one-on-one meetings with investors on May 11 and 12. Interested parties can register for the webcast and meetings through the Sidoti conference portal or by contacting Brian Siegel from Hayden IR.
Genie Energy is a leading provider of energy solutions, supplying electricity and natural gas to residential and commercial customers.
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