[10-Q] Genie Energy Ltd. Quarterly Earnings Report
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
FOR THE QUARTERLY PERIOD ENDED
or
Commission File Number:
GENIE ENERGY LTD.
(Exact Name of Registrant as Specified in its Charter)
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| (Address of principal executive offices) |
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b)-2 of the Exchange Act:
| Title of each Class | Trading Symbol | Name of exchange of which registered |
| | | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | |
| Emerging growth company | |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes
As of August 4, 2026, the registrant had the following shares outstanding:
| Class A common stock, $0.01 par value: | |
| Class B common stock, $0.01 par value: | |
GENIE ENERGY LTD.
TABLE OF CONTENTS
| PART I. FINANCIAL INFORMATION |
1 |
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| Item 1. |
Financial Statements |
1 |
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| CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025 |
1 |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) |
2 |
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| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) |
3 |
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| CONDENSED CONSOLIDATED STATEMENTS OF EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) |
4 |
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| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED) |
6 |
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| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
7 |
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| Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
32 |
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| Item 3. |
Quantitative and Qualitative Disclosures About Market Risks |
47 |
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| Item 4. |
Controls and Procedures |
47 |
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| PART II. OTHER INFORMATION |
48 |
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| Item 1. |
Legal Proceedings |
48 |
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| Item 1A. |
Risk Factors |
48 |
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| Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
48 |
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| Item 3. |
Defaults upon Senior Securities |
48 |
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| Item 4. |
Mine Safety Disclosures |
48 |
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| Item 5. |
Other Information |
48 |
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| Item 6. |
Exhibits |
49 |
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| SIGNATURES |
50 |
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PART I. FINANCIAL INFORMATION
| Item 1. |
Financial Statements (Unaudited) |
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 | $ | $ | ||||||
| Restricted cash | ||||||||
| Marketable equity securities | ||||||||
| Trade accounts receivable, net of allowance for credit losses of $8,972 and $7,876 at June 30, 2026 and December 31, 2025, respectively | ||||||||
| Inventory | ||||||||
| Prepaid expenses | ||||||||
| Other current assets | ||||||||
| Current assets of discontinued operations | ||||||||
| Total current assets | ||||||||
| Property and equipment, net | ||||||||
| Goodwill | ||||||||
| Other intangibles, net | ||||||||
| Deferred income tax assets, net | ||||||||
| Other assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | $ | ||||||
| Accrued expenses | ||||||||
| Income taxes payable | ||||||||
| Current debt, net | ||||||||
| Due to IDT Corporation, net | ||||||||
| Other current liabilities | ||||||||
| Current liabilities of discontinued operations | ||||||||
| Total current liabilities | ||||||||
| Noncurrent debt, net | ||||||||
| Other liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies (Note 19) | ||||||||
| 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 | ||||||||
| 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 | ||||||||
| Additional paid-in capital | ||||||||
| 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 | ( | ) | ( | ) | ||||
| Accumulated other comprehensive income | ||||||||
| Retained earnings | ||||||||
| Total Genie Energy Ltd. stockholders’ equity | ||||||||
| Noncontrolling interests: | ||||||||
| Noncontrolling interests | ( | ) | ( | ) | ||||
| Receivable from issuance of equity | ( | ) | ||||||
| Total noncontrolling interests | ( | ) | ( | ) | ||||
| Total equity | ||||||||
| Total liabilities and equity | $ | $ | ||||||
See accompanying notes to condensed consolidated financial statements.
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 | $ | $ | $ | $ | ||||||||||||
| Natural gas | ||||||||||||||||
| Other | ||||||||||||||||
| Total revenues | ||||||||||||||||
| Cost of revenues | ||||||||||||||||
| Gross profit | ||||||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | ||||||||||||||||
| Impairment of assets | ||||||||||||||||
| Income from operations | ||||||||||||||||
| Interest income | ||||||||||||||||
| Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other income, net | ||||||||||||||||
| Income before income taxes | ||||||||||||||||
| Provision for income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net income from continuing operations | ||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | ( | ) | ( | ) | ||||||||||||
| Net income | ||||||||||||||||
| Net income (loss) attributable to noncontrolling interests, net | ( | ) | ( | ) | ||||||||||||
| Net income attributable to Genie Energy Ltd. common stockholders | $ | $ | $ | $ | ||||||||||||
| Net income (loss) attributable to Genie Energy Ltd. common stockholders | ||||||||||||||||
| Continuing operations | $ | $ | $ | $ | ||||||||||||
| Discontinued operations | ( | ) | ( | ) | ||||||||||||
| Net income attributable to Genie Energy Ltd. common stockholders | $ | $ | $ | $ | ||||||||||||
| Earnings per share attributable to Genie Energy Ltd. common stockholders: | ||||||||||||||||
| Basic: | ||||||||||||||||
| Continuing operations | $ | $ | $ | $ | ||||||||||||
| Discontinued operations | ||||||||||||||||
| Earnings per share attributable to Genie Energy Ltd. common stockholders | $ | $ | $ | $ | ||||||||||||
| Diluted | ||||||||||||||||
| Continuing operations | $ | $ | $ | $ | ||||||||||||
| Discontinued operations | ||||||||||||||||
| Earnings per share attributable to Genie Energy Ltd. common stockholders | $ | $ | $ | $ | ||||||||||||
| Weighted-average number of shares used in calculation of earnings per share: | ||||||||||||||||
| Basic | ||||||||||||||||
| Diluted | ||||||||||||||||
| Dividends declared per common share | $ | $ | $ | $ | ||||||||||||
See accompanying notes to condensed consolidated financial statements.
GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| Three Months Ended June 30, |
Six Months Ended June 30, |
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| (in thousands) |
2026 |
2025 |
2026 |
2025 |
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| (in thousands) |
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| Net income |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive loss: |
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| Foreign currency translation adjustments |
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| Comprehensive income |
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| Comprehensive loss attributable to noncontrolling interests |
( |
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) | ||||||||||
| Comprehensive income attributable to Genie Energy Ltd. |
$ | $ | $ | $ | ||||||||||||
See accompanying notes to condensed consolidated financial statements.
GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except dividend per share)
Genie Energy Ltd. Stockholders
| Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred | Class A | Class B | Additional | Other | Non | Receivable | ||||||||||||||||||||||||||||||||||||||||||||||
| Stock | Common Stock | Common Stock | Paid-In | Treasury | Comprehensive | Retained | controlling | for Issuance | Total | |||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Stock | Income | Earnings | Interests | of Equity | Equity | ||||||||||||||||||||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2026 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||||||||||||||||
| Dividends on common stock ($0.075 per share) | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Class B common stock purchased from employees | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Dilution of noncontrolling interest in a subsidiary | — | — | — | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Class B common stock issued to a member of the Board of Directors | — | — | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) for three months ended March 31, 2026 | — | — | — | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE AT MARCH 31, 2026 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred | Class A | Class B | Additional | Other | Non | Receivable | ||||||||||||||||||||||||||||||||||||||||||||||
| Stock | Common Stock | Common Stock | Paid-In | Treasury | Comprehensive | Retained | controlling | for Issuance | Total | |||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Stock | Income | Earnings | Interests | of Equity | Equity | ||||||||||||||||||||||||||||||||||||||||
| BALANCE AT MARCH 31, 2026 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||||||||||||||
| Dividends on common stock ($0.075 per share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class B common stock from stock repurchase program | — | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition of subsidiary | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income for three months ended June 30, 2026 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE AT JUNE 30, 2026 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||||||||||||||||||||||
GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except dividend per share) — (Continued)
Genie Energy Ltd. Stockholders
| Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred | Class A | Class B | Additional | Other | Non | Receivable for | ||||||||||||||||||||||||||||||||||||||||||||||
| Stock | Common Stock | Common Stock | Paid-In | Treasury | Comprehensive | Retained | controlling | Issuance of | Total | |||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Stock | Income | Earnings | Interests | Equity | Equity | ||||||||||||||||||||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2025 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||||||||||||||||
| Dividends on common stock ($0.075 per share) | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Class B common stock purchased from employees | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class B common stock from stock repurchase program | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Restricted Class B common stock issued to a member of the Board of Directors | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) for three months ended March 31, 2025 | — | — | — | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE AT MARCH 31, 2025 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||||||||||||||||
| Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred | Class A | Class B | Additional | Other | Non | Receivable for | ||||||||||||||||||||||||||||||||||||||||||||||
| Stock | Common Stock | Common Stock | Paid-In | Treasury | Comprehensive | Retained | controlling | Issuance of | Total | |||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Capital | Stock | Income | Earnings | Interests | Equity | Equity | ||||||||||||||||||||||||||||||||||||||||
| BALANCE AT MARCH 31, 2025 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||||||||||||||||
| Dividends on common stock ($0.075 per share) | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | ( | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class B common stock from stock repurchase program | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
| Dilution of noncontrolling interest in a subsidiary | — | — | — | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive (loss) income | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) for three months ended June 30, 2025 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE AT JUNE 30, 2025 | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||||||||||||||||
GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six Months Ended June 30, |
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| 2026 |
2025 |
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| Operating activities |
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| Net income |
$ | $ | ||||||
| Net loss from discontinued operations, net of tax |
( |
) | ( |
) | ||||
| Net income from continuing operations |
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| Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: |
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| Stock-based compensation |
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| Provision for credit losses |
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| Depreciation and amortization |
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| Impairment of assets |
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| Inventory valuation allowance |
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| Unrealized gain on marketable equity securities and investments and other, net |
( |
) | ( |
) | ||||
| Gain from sale of investment property |
( |
) | ||||||
| Changes in assets and liabilities: |
||||||||
| Trade accounts receivable |
( |
) | ||||||
| Inventory |
( |
) | ( |
) | ||||
| Prepaid expenses |
( |
) | ( |
) | ||||
| Other current assets and other assets |
( |
) | ( |
) | ||||
| Trade accounts payable, accrued expenses and other liabilities |
( |
) | ||||||
| Due to IDT Corporation, net |
( |
) | ( |
) | ||||
| Income taxes payable |
( |
) | ||||||
| Net cash (used in) provided by operating activities of continuing operations |
( |
) | ||||||
| Net cash (used in) provided by operating activities of discontinued operations |
( |
) | ||||||
| Net cash (used in) provided by operating activities |
( |
) | ||||||
| Investing activities |
||||||||
| Capital expenditures |
( |
) | ( |
) | ||||
| Purchases of marketable equity securities and other investments, net of cash acquired |
( |
) | ( |
) | ||||
| Improvements in investment property |
( |
) | ( |
) | ||||
| Proceeds from sale of investment property, net |
||||||||
| Proceeds from return of investments |
||||||||
| Net cash used in investing activities |
( |
) | ||||||
| Financing activities |
||||||||
| Dividends paid |
( |
) | ( |
) | ||||
| Repurchases of Class B common stock from employees |
( |
) | ( |
) | ||||
| Repayment of debt |
( |
) | ||||||
| Repurchases of Class B common stock |
( |
) | ( |
) | ||||
| Net cash used in financing activities |
( |
) | ( |
) | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
( |
) | ||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash |
( |
) | ||||||
| Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period |
||||||||
| Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period |
||||||||
| Less: Cash of discontinued operations at end of period |
||||||||
| Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period |
$ | $ | ||||||
See accompanying notes to condensed consolidated financial statements.
GENIE ENERGY LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1—Basis of Presentation and Business Changes and Development
The accompanying unaudited condensed consolidated financial statements of Genie Energy Ltd. and its subsidiaries (the “Company” or “Genie”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The consolidated balance sheet at December 31, 2025 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), as filed with the U.S. Securities and Exchange Commission (the “SEC”).
The Company owns
GRE owns and operates retail energy providers (“REPs”), including IDT Energy (“IDT Energy”), Residents Energy (“Residents Energy”), Town Square Energy and Town Square Energy East (collectively, "TSE"), Southern Federal Power ("Southern Federal"), Mirabito Natural Gas (“Mirabito”) and Evergreen Gas & Electric (“Evergreen”). The majority of GRE's REP customers are located in the Eastern and Midwestern United States and Texas.
GREW primarily consists of a
One Big Beautiful Bill Act
On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was enacted into law. The law accelerates the expiration of the federal investment tax credit on solar projects, effective for projects going online after December 31, 2027. In light of this law, the Company evaluated the financial viability of all its solar projects and its qualification for the federal solar investment tax credits and the resulting impact on the viability of such projects. The Company identified several projects that will be discontinued and assessed the values of the related assets at the lower of fair values less cost to sell and net book value. The Company also identified several assets, including definite life intangibles and solar panel inventories and assessed the carrying values for impairment.
Discontinued Operations in Finland and Sweden
In the third quarter of 2022, the Company decided to discontinue the operations of Lumo Energia Oyj ("Lumo Finland") and Lumo Energi AB ("Lumo Sweden").
The Company accounts for these businesses as discontinued operations, and accordingly, presents the results of operations and related cash flows as discontinued operations. The results of operations and related cash flows are presented as discontinued operations for all periods. Any remaining assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. Lumo Sweden is continuing to liquidate their remaining assets and settle any remaining liabilities.
Seasonality and Weather; Climate Change and Volatility in Pricing
The weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters or summers have the opposite effect. Unseasonal temperatures in other periods may also impact demand levels. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately
In addition to the direct physical impact that climate change may have on the Company's business, financial condition and results of operations because of the effect on pricing, demand for our offerings and/or the energy supply markets, we may also be adversely impacted by other environmental factors, including: (i) technological advances designed to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) regulatory responses aimed at decreasing greenhouse gas emissions; and (iv) litigation or regulatory actions that address the environmental impact of our energy products and services.
Reclassifications
Certain accounts in the prior period condensed consolidated financial statements have been reclassified to conform to the presentation of the current year condensed consolidated financial statements. These reclassifications had no effect on the previously reported operating results.
Note 2—Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheet as well as the corresponding amounts reported in the condensed consolidated statements of cash flows:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (in thousands) | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Restricted cash | ||||||||
| Total cash, cash equivalents, and restricted cash | $ | $ | ||||||
Restricted cash includes amounts set aside in accordance with GRE's Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see Note 19), Credit Agreement with JPMorgan Chase (see Note 20) and Term Loan Agreement with National Cooperative Bank, N.A. ("NCB").
Included in the cash and cash equivalents as of June 30, 2026 and December 31, 2025 is cash received from Lumo Sweden (see Note 5).
Note 3—Inventories
Inventories consisted of the following:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (in thousands) | ||||||||
| Natural gas | $ | $ | ||||||
| Renewable credits | ||||||||
| Solar panels | ||||||||
| Totals | $ | $ | ||||||
The Company's renewable energy credits are used to satisfy specific state-mandated requirements and, to a lesser extent, our customer portfolio. Required levels of renewable energy credits vary based on the mix of customers, type of products purchased, number of customer of each type and energy consumption. Depending on the state, compliance typically occurs either in the first quarter for calendar year compliance periods and late in the second or early third quarter for energy year compliance periods of June to May. Renewable energy credit inventory will increase based on the schedule of deliveries of renewable energy credits by the third-party vendors and decrease based on the aforementioned compliance satisfaction.
In the six months ended June 30, 2026, the Company recorded an inventory valuation reserve of $
Note 4—Revenue Recognition
Revenues from the single performance obligation to deliver a unit of electricity and/or natural gas are recognized as the customer simultaneously receives and consumes the benefit. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods to purchase. GRE records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenues are estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends.
Incumbent utility companies in most of the service territories in which GRE's REPs operate offer purchase of receivables, or POR programs, and GRE’s REPs participate in POR programs for a majority of their receivables. The Company estimates variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company’s estimates related to rebate programs are based on the terms of the rebate program, the customer’s historical electricity and natural gas consumption, the customer’s rate plan, and a churn factor. Taxes that are imposed on the Company’s sales and collected from customers are excluded from the transaction price.
Revenues from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenues as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations.
Genie Solar enters into contracts to identify, develop, and operate solar generation sites to provide solar electricity to customers. Obligations under solar project contracts consist of a series of tasks and components and accordingly are accounted for as multiple performance obligations. Because the Company’s performance creates and enhances assets that are controlled by and specific to customers, the Company recognizes construction services revenue over time. Revenue for these performance obligations is recognized using the input method based on the cost incurred as a percentage of total estimated contract costs. Due to the significance of the costs associated with solar panels to the total project, our judgment on when such costs should be included in the measure of progress has a material impact on revenue recognition. Contract costs include all direct material and labor costs related to contract performance.
Energy generation revenues are earned from both the sale of electricity generated from operating solar projects and the sale of Solar Energy Credits ("SRECs").
Revenues from energy generation are recognized when the Company satisfies the performance obligation, which occurs at the time of the delivery of electricity at the contractual rates.
The Company applies for and receives SRECs in certain jurisdictions for power generated by solar energy systems it owns. There are no direct costs allocated to SRECs upon generation. The Company typically sells SRECs to different customers from those purchasing the energy. The sale of each SREC is a distinct performance obligation satisfied at a point in time and that the performance obligation related to each SREC is satisfied when each SREC is delivered to the customer.
Revenues from sales of solar panels, solar project development and energy generation are included in the Other Revenues in the condensed consolidated statements of operations.
Revenues from commissions from selling third-party products to customers, entry and other fees from energy procurement advisory services (which are provided by Diversegy) are recognized at the time the performance obligation is met. The Company's contacts with customers for commission revenue contain a single performance obligation and are satisfied at a point in time. Revenues from commissions are included under the Other Revenues in the condensed consolidated statements of operations.
Revenues from behavior analysis therapy services are recognized as services are provided to the customers.
The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been one year or less.
Disaggregated Revenues
The following table shows the Company’s revenues disaggregated by pricing plans offered to customers:
| Electricity | Natural Gas | Other | Total | |||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||
| Fixed rate | $ | $ | $ | $ | ||||||||||||
| Variable rate | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||
| Fixed rate | $ | $ | $ | $ | ||||||||||||
| Variable rate | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||
| Fixed rate | $ | $ | $ | $ | ||||||||||||
| Variable rate | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||
| Fixed rate | $ | $ | $ | $ | ||||||||||||
| Variable rate | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
Fixed and variable rate revenues are from GRE. Other revenues are from GREW and include revenues from sales of solar panels, solar projects and energy generation by Genie Solar, commissions from marketing energy solutions by CityCom Solar and Diversegy and revenue from certain early-stage ventures.
The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels:
| Electricity | Natural Gas | Other | Total | |||||||||||||
| (in thousands) | ||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||
| Non-Commercial Channel | $ | $ | $ | $ | ||||||||||||
| Commercial Channel | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||
| Non-Commercial Channel | $ | $ | $ | $ | ||||||||||||
| Commercial Channel | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||
| Non-Commercial Channel | $ | $ | $ | $ | ||||||||||||
| Commercial Channel | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||
| Non-Commercial Channel | $ | $ | $ | $ | ||||||||||||
| Commercial Channel | ||||||||||||||||
| Other | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
Contract liabilities
Certain revenue generating contracts at GREW include provisions that require advance payment from customers. These advance payments are recognized as revenues as the Company satisfies the performance obligations to the other party. A portion of the transaction price allocated to the performance obligations to be satisfied in future periods is recognized as a contract liability, which is expected to be satisfied in the next twelve months. Contract liabilities are included in other current liabilities account in the condensed consolidated balance sheets.
The table below reconciles the change in the carrying amount of contract liabilities:
| Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (in thousands) | ||||||||
| Contract liability, beginning | $ | $ | ||||||
| Recognition of revenue included in the beginning of the year contract liability | ( | ) | ( | ) | ||||
| Additions during the period, net of revenue recognized during the period | ||||||||
| Contract liability, end | $ | $ | ||||||
Allowance for credit losses
The change in the allowance for credit losses was as follows:
| Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (in thousands) | ||||||||
| Allowance for credit losses, beginning | $ | $ | ||||||
| Additions charged to expense | ||||||||
| Write-offs and other deductions | ( | ) | ( | ) | ||||
| Allowance for credit losses, end | $ | $ | ||||||
The Company evaluates the collectability of its trade receivables in accordance with Accounting Standards Codification ("ASC") 326—Credit Losses. The Company measures expected credit losses on a collective pool basis, based on the type of customers, commodity sold, region or state, and payment history. The allowance for credit losses is based on a combination of historical collection experience, aging of receivables, customer credit risk characteristics and reasonable forecasts of future macroeconomic conditions. The Company regularly monitors delinquency trends, collection experience, and other credit quality indicators relevant to each receivable pool. Management adjusts the historical loss experience with current conditions and reasonable forecasts to estimate the expected credit losses. Credit losses are recognized in the condensed consolidated statement of operations.
Note 5—Acquisition and Discontinued Operations
Acquisition
In July 2025, the Company, entered into an operating agreement with Able Minds and its then owners, in connection with the Company acquire a
From July 2025 to April 2026, the Company contributed an aggregate of $
The Company recorded $
The Company conducted an assessment of assets and liabilities related to the acquisition of Able Minds. The impact of the acquisition's purchase price allocations on the Company’s condensed consolidated balance sheets and the acquisition date fair value of the total consideration transferred were as follows (amounts in thousands):
| Cash | $ | |||
| Accounts receivable and other current assets | ||||
| Goodwill | ||||
| Liabilities | ( | ) | ||
| Noncontrolling interest | ( | ) | ||
| Net assets | $ |
Goodwill was allocated to the GREW segment. Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenues and costs synergies of the combined company and assembled workforce. Goodwill recognized as a result of the acquisition is not deductible for income tax purposes.
Lumo Finland and Lumo Sweden Operations
As a result of the sustained volatility of the energy market in Europe, in the third quarter of 2022, the Company decided to discontinue the operations of Lumo Finland and Lumo Sweden. From July 13, 2022 to July 19, 2022, the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden. The sale price was fixed and was settled monthly based on the monthly commodity volume specified in the instruments between September 2022 and March 2025.
The Company determined that the discontinuation of operations of Lumo Finland and Lumo Sweden represented a strategic shift that would have a major effect on the Company's operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. The assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. Lumo Sweden is continuing to liquidate its remaining assets and to settle any remaining liabilities.
In November 2022, Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to the Lumo Administrators. All assets and liabilities of Lumo Finland remain with Lumo Finland, in which Genie retains its equity ownership interest, however, the management and control of Lumo Finland were transferred to the Lumo Administrators. Since the Company lost control of the management of Lumo Finland in favor of the Lumo Administrators, the accounts of Lumo Finland were deconsolidated effective November 9, 2022.
The following table represents summarized balance sheet information of assets and liabilities of the discontinued operations of Lumo Sweden:
| June 30, 2026 | December 31, 2025 | |||||||
| (in thousands) | ||||||||
| Assets | ||||||||
| Cash | $ | $ | ||||||
| Other current assets | ||||||||
| Current assets of discontinued operations | $ | $ | ||||||
| Liabilities | ||||||||
| Accounts payable and other current liabilities | ||||||||
| Current liabilities of discontinued operations | $ | $ | ||||||
Results of operations of discontinued operations in the three months ended June 30, 2026 and 2025 and the six months ended June 30, 2026 was minimal. In the six months ended June 30, 2025, the Company recognized loss from discontinued operation, net of taxes of $
Cash used in discontinued operations was minimal for the six months ended June 30, 2026. Cash flows from discontinued operations was $
Prior to being treated as discontinued operations or being deconsolidated, the assets and liabilities of Lumo Finland and Lumo Sweden were included in the (former) GRE International segment.
On November 8, 2023, the Lumo Administrators, acting on behalf of the Lumo Finland Bankruptcy Estate, filed a claim in the District Court of Helsinki against Genie Nordic, a wholly-owned subsidiary of the Company and the parent company of Lumo Finland, its directors, officers and affiliates, in which they allege that the gain from the sale of swap instruments owned by Lumo Sweden amounting to €35.2 million (equivalent to $
The Lumo Administrators filed a claim against one of Lumo Finland’s suppliers, seeking to recover payments made by Lumo Finland amounting to €4.2 million (equivalent to $
The Company believes that the maximum exposure for these cases would likely be limited by the potential amount of the customers' claims in the bankruptcy case. Based on the progress made in assessing those claims, the Company expects those claims to be in the range of €2.0 million to €4.0 million. Although the Company does not believe that it is legally obligated to pay anything in respect of the claims, given the likelihood of negotiating a settlement to minimize further costs of challenging the claims, the Company recognized an estimated loss of €2.5 million (equivalent to $
Note 6—Fair Value Measurements
The following table presents the balance of assets and liabilities measured at fair value on a recurring basis:
| Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | |||||||||||||
| (in thousands) | ||||||||||||||||
| June 30, 2026 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Marketable equity securities | $ | $ | $ | $ | ||||||||||||
| Derivative contracts | $ | $ | $ | $ | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative contracts | $ | $ | $ | $ | ||||||||||||
| December 31, 2025 | ||||||||||||||||
| Assets: | ||||||||||||||||
| Marketable equity securities | $ | $ | $ | $ | ||||||||||||
| Derivative contracts | $ | $ | $ | $ | ||||||||||||
| Liabilities: | ||||||||||||||||
| Derivative contracts | $ | $ | $ | $ | ||||||||||||
(1) – quoted prices in active markets for identical assets or liabilities
(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities
(3) – no observable pricing inputs in the market
The Company’s derivative contracts consist of natural gas and electricity put and call options and swaps. The underlying asset in the Company’s put and call options is a forward contract. The Company’s swaps are agreements whereby a floating (or market or spot) price is exchanged for a fixed price over a specified period.
The Company did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the three months ended June 30, 2026 or 2025.
Fair Value of Other Financial Instruments
The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.
Restricted cash, trade receivables, due to IDT Corporation, other current assets and other current liabilities. At June 30, 2026 and December 31, 2025, the carrying amounts of these assets and liabilities approximated fair value. The fair value estimate for restricted cash was classified as Level 1. The carrying value of other current assets, due to IDT Corporation ("IDT"), and other current liabilities approximated fair value.
Other assets. At June 30, 2026 and December 31, 2025, other assets included short-term investments (see Note 9).
The primary non-recurring fair value estimates typically are in the context of goodwill impairment testing, which involves Level 3 inputs, and asset impairments (Note 9) which utilize Level 3 inputs.
Concentration of Credit Risks
The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed Federal Deposit Insurance Corporation insured limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions.
Utility companies provide billing and collection service to GRE's REPs. In addition, utility companies offer purchase of receivables, or POR, programs in most of the service territories in which GRE operates. GRE’s REPs reduce their customer credit risk by participating in POR programs for a majority of their receivables. Under POR programs, the utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. Certain of the utility companies represent significant portions of the Company's consolidated revenues and consolidated trade accounts receivable balance.
The following table summarizes the percentage consolidated trade receivable by the only customers that equal or exceed 10.0% of consolidated net trade receivables at June 30, 2026 and December 31, 2025:
| June 30, 2026 | December 31, 2025 | |||||
| Customer A | % | na | ||||
na—less than 10.0% of consolidated net trade receivables
The following table summarizes the percentage of revenues by the only customer that equaled or exceeded 10.0% of consolidated revenues for the six months ended June 30, 2026 or 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Customer A | % | % | % | % | ||||||||||||
Customer A is a utility company offering POR program.
Note 7—Derivative Instruments
The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with ASC 815 — Derivatives and Hedging. Natural gas and electricity put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does not apply hedge accounting to these options or swaps; therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. At June 30, 2026, GRE’s swaps and options were traded on the Intercontinental Exchange.
The summarized volume of GRE’s outstanding contracts and options at June 30, 2026 was as follows (MWh – Megawatt hour and Dth – Decatherm):
| Settlement Dates | Volume | |||||||
| Electricity (in MWH) | Gas (in Dth) | |||||||
| Third quarter of 2026 | ||||||||
| Fourth quarter of 2026 | ||||||||
| First quarter of 2027 | ||||||||
| Second quarter of 2027 | ||||||||
| Third quarter of 2027 | ||||||||
| Fourth quarter of 2027 | ||||||||
| First quarter of 2028 | ||||||||
The fair value of outstanding derivative instruments recorded in the accompanying condensed consolidated balance sheets were as follows:
| June 30, | December 31, | |||||||||
| Asset Derivatives | Balance Sheet Location | 2026 | 2025 | |||||||
| (in thousands) | ||||||||||
| Derivatives not designated or not qualifying as hedging instruments: | ||||||||||
| Energy contracts and options1 | Other current assets | $ | $ | |||||||
| Energy contracts and options | Other assets | |||||||||
| Total derivatives not designated or not qualifying as hedging instruments — Assets | $ | $ | ||||||||
| June 30, | December 31, | |||||||||
| Liability Derivatives | Balance Sheet Location | 2026 | 2025 | |||||||
| (in thousands) | ||||||||||
| Derivatives not designated or not qualifying as hedging instruments: | ||||||||||
| Energy contracts and options1 | Other current liabilities | $ | $ | |||||||
| Energy contracts and options | Other liabilities | |||||||||
| Total derivatives not designated or not qualifying as hedging instruments — Liabilities | $ | $ | ||||||||
(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.
The effects of derivative instruments on the condensed consolidated statements of operations were as follows:
| Amount of Gain (Loss) Recognized on Derivatives | ||||||||||||||||||
| Derivatives not designated or not qualifying as | Location of Gain (Loss) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| hedging instruments | Recognized on Derivatives | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||||
| Energy contracts and options | Cost of revenues | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||||
Note 8—Other Current Assets and Other Assets
Other current assets consisted of the following:
| June 30, 2026 | December 31, 2025 | |||||||
| (in thousands) | ||||||||
| Investments in equity securities—current | $ | $ | ||||||
| Assets held for sale | ||||||||
| Fair value of derivative contracts—current | ||||||||
| Investment property | ||||||||
| Other assets | ||||||||
| Total other current assets | $ | $ | ||||||
In the fourth quarter of 2025, the Company evaluated the financial viability of solar construction projects for commercial and industrial customers (C&I Projects) after the enactment of the OBBB. The Company decided to discontinue several C&I Projects and market other projects for sale to other contractors to continue the projects.
In the fourth quarter of 2025, the Company initiated a plan to sell an uncompleted C&I Project to another contractor. The carrying value of C&I Project included in the prepaid expense account of $
Other assets consisted of the following:
| June 30, 2026 | December 31, 2025 | |||||||
| (in thousands) | ||||||||
| Security deposits | $ | $ | ||||||
| Investments in equity securities—noncurrent | ||||||||
| Right-of-use assets, net of amortization | ||||||||
| Fair value of derivative contracts—noncurrent | ||||||||
| Other assets | ||||||||
| Total other assets | $ | $ | ||||||
Note 9—Investments
Equity investments consist of the following:
| Location in Balance Sheet | Measurement | June 30, 2026 | December 31, 2025 | ||||||||
| (in thousands) | |||||||||||
| Various publicly-held companies | Marketable equity securities | Quoted market price | $ | $ | |||||||
| Alternative investments | Other current assets | Net asset value | $ | $ | |||||||
| Alternative investments | Other current assets | Cost | |||||||||
| Total included in other current assets | $ | $ | |||||||||
| Equity method investments | Other noncurrent assets | Equity method | $ | $ | |||||||
| Alternative investments | Other noncurrent assets | Net asset value | |||||||||
| Alternative investments | Other noncurrent assets | Cost | |||||||||
| Total equity investments included in other noncurrent assets | $ | $ | |||||||||
The changes in the carrying values of the Company's equity investments without readily determinable fair values for which the Company elected the measurement alternative were as follows:
| Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (in thousands) | ||||||||
| Balance, beginning of period | $ | $ | ||||||
| Purchase | ||||||||
| Gain recognized during the period | ||||||||
| Distribution | ( | ) | ( | ) | ||||
| Balance, end of period | $ | $ | ||||||
In July 2024, the Company acquired an investment property with an aggregate cost of $
In January 2026, the Company extinguished the notes payable by paying the $
Howard Jonas' share in the investment property was diluted to
In June 2026, the Company sold the investment property for $
Note 10—Goodwill and Other Intangible Assets
The table below reconciles the change in the carrying amount of goodwill for the period from January 1, 2026 to June 30, 2026:
| Genie | ||||||||||||
| GRE | Renewables | Total | ||||||||||
| (in thousands) | ||||||||||||
| Balance at January 1, 2026 | $ | $ | $ | |||||||||
| Acquisition of Able Minds | $ | |||||||||||
| Cumulative translation adjustment | ||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | |||||||||
The table below presents information on the Company’s other intangible assets:
| Weighted | ||||||||||||||||
| Average | Gross | |||||||||||||||
| Amortization | Carrying | Accumulated | Net | |||||||||||||
| Period | Amount | Amortization | Balance | |||||||||||||
| (in thousands) | ||||||||||||||||
| June 30, 2026 | ||||||||||||||||
| Patents and trademarks | 20.0 years | $ | $ | ( | ) | $ | ||||||||||
| Customer relationships | 9.0 years | ( | ) | |||||||||||||
| Licenses | 10.0 years | ( | ) | |||||||||||||
| Total | $ | $ | ( | ) | $ | |||||||||||
| December 31, 2025 | ||||||||||||||||
| Patent and trademark | 20.0 years | $ | $ | ( | ) | $ | ||||||||||
| Customer relationships | 9.0 years | ( | ) | |||||||||||||
| Licenses | 10.0 years | ( | ) | |||||||||||||
| Total | $ | $ | ( | ) | $ | |||||||||||
Amortization expense of intangible assets was $
Note 11—Accrued Expenses and Other Current Liabilities
Accrued expenses consisted of the following:
| June 30, 2026 | December 31, 2025 | |||||||
| (in thousands) | ||||||||
| Renewable energy | $ | $ | ||||||
| Liability to customers related to promotions and retention incentives | ||||||||
| Payroll and employee benefits | ||||||||
| Other accrued expenses | ||||||||
| Total accrued expenses | $ | $ | ||||||
Other current liabilities consisted of the following:
| June 30, 2026 | December 31, 2025 | |||||||
| (in thousands) | ||||||||
| Contract liabilities | $ | $ | ||||||
| Current hedge liabilities | ||||||||
| Current lease liabilities | ||||||||
| Other | ||||||||
| Total other current liabilities | $ | $ | ||||||
Note 12—Leases
The Company is the lessee under operating lease agreements, primarily for office space in domestic and foreign locations where it has operations and for solar development projects with lease periods expiring between 2026 and 2052. The Company has
The Company determines if a contract is a lease at inception. Right-of-Use ("ROU") assets are included under other assets in the condensed consolidated balance sheet. The current portion of the operating lease liabilities are included in other current liabilities and the noncurrent portion is included in other liabilities in the condensed consolidated balance sheets.
ROU assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized borrowing rate based on information available at the lease commencement date. ROU assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company uses the base, non-cancellable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.
| June 30, 2026 | December 31, 2025 | |||||||
| (in thousands) | ||||||||
| ROU Assets | $ | $ | ||||||
| Current portion of operating lease liabilities | ||||||||
| Noncurrent portion of operating lease liabilities | ||||||||
| Total | $ | $ | ||||||
At June 30, 2026, the weighted average remaining lease term was
Supplemental cash flow information for ROU assets and operating lease liabilities are as follows:
| Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash paid for amounts included in the measurement of lease liabilities: | (in thousands) | |||||||
| Operating cash flows from operating activities | $ | $ | ||||||
| ROU assets obtained in the exchange for lease liabilities | ||||||||
| Operating leases | $ | $ | ||||||
Future lease payments under operating leases as of June 30, 2026 were as follows:
| (in thousands) | ||||
| Remainder of 2026 | $ | |||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| Thereafter | ||||
| Total future lease payments | ||||
| Less imputed interest | ||||
| Total operating lease liabilities | $ |
Rental expenses under operating leases were $
Note 13—Equity
Dividend Payments
The following table summarizes the quarterly dividends declared and paid by the Company on its Class A and Class B common stock during the six months ended June 30, 2026 (in thousands, except per share amounts):
| Dividend | Aggregate | ||||||||||
| Declaration Date | Per Share | Dividend Amount | Record Date | Payment Date | |||||||
| | $ | $ | | | |||||||
| | $ | $ | | | |||||||
On August 3, 2026, the Company’s Board of Directors declared a quarterly dividend of $
Stock Repurchases and Redemption; Treasury Shares
On March 11, 2013, the Board of Directors of the Company approved a program for the repurchase of up to an aggregate of
As of June 30, 2026 and December 31, 2025, there were
Purchase of Equity of Subsidiary
In the fourth quarter of 2025, the Company purchased from a certain investor an
Stock-Based Compensation
As of June 30, 2026, there was $
Note 14—Variable Interest Entity
Citizens Choice Energy, LLC (“CCE”) is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company did not own any interest in CCE. Since 2011, the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it had the power to direct the activities of CCE that most significantly impact its economic performance and it had the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it was the primary beneficiary of CCE, and as a result, the Company consolidated CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations.
In April 2025, the Company signed an Equity Purchase Agreement with Tari Corporation to acquire a
Net loss related to CCE and aggregate net funding provided by the Company were each $
Note 15—Income Taxes
The following table provides a summary of the Company's effective tax rate:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Reported tax rate | % | % | % | % | ||||||||||||
The reported tax rates for the three and six months ended June 30, 2026 decreased compared to the same period in 2025. The decrease is mainly from the effect of federal investment tax credit from community solar project that started its operation in the second quarter of 2026.
The Company determined an annual effective tax rate and applied that annual effective tax rate to the Company's taxable income for the year to date interim periods. The effective tax rate differs from the statutory tax rate primarily due to the effect of nondeductible employee compensation expenses such as meals, entertainment and fringe benefits which is offset by the federal investment tax credit on the activated community solar project.
Note 16—Earnings Per Share
Basic earnings per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increases is anti-dilutive.
The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Basic weighted-average number of shares | ||||||||||||||||
| Effect of dilutive securities: | ||||||||||||||||
| Non-vested restricted Class B common stock | ||||||||||||||||
| Diluted weighted-average number of shares | ||||||||||||||||
There were
Note 17—Related Party Transactions
In the third quarter of 2024, Howard Jonas contributed $
In June 2025, the Company acquired
The Company was formerly a subsidiary of IDT. On October 28, 2011, the Company was spun-off by IDT to IDT's stockholders. The Company entered into various agreements with IDT prior to the spin-off including an agreement for certain services to be performed by the Company and IDT. The Company also provides specified administrative services to certain of IDT’s foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT.
The charges for services provided by IDT to the Company, net of the charges for the services provided by the Company to IDT, are included in “Selling, general and administrative” expenses in the condensed consolidated statements of operations.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Amount IDT charged the Company | $ | $ | ||||||||||||||
| Amount the Company charged IDT | $ | $ | ||||||||||||||
The following table presents the balance of receivables and payables to IDT:
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (in thousands) | ||||||||
| Due to IDT | $ | $ | ||||||
| Due from IDT | $ | $ | ||||||
The Company obtains insurance policies from several insurance brokers, one of which is IGM Brokerage Corp. (“IGM”). IGM is owned by the mother of Howard S. Jonas and Joyce Mason, who is a Director and Corporate Secretary of the Company. Jonathan Mason, husband of Joyce Mason and brother-in-law of Howard S. Jonas, provides insurance brokerage services via IGM. Based on information the Company received from IGM, the Company believes that IGM received commissions and fees from payments made by the Company (including payments from third party brokers). The Company paid IGM $
Note 18—Business Segment Information
The Company has two reportable business segments: GRE and GREW. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Evergreen Energy, Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. GREW develops, constructs and operates utility-scale solar energy projects, distributes solar panels, offers energy procurement and advisory services and also markets alternative products and services complementary to its energy offerings. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues.
The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision-maker ("CODM"), its chief executive officer.
The CODM uses segment income (loss) from operations to allocate resources for each segment. The CODM considers revenues and income (loss) from operations to assess performance and make decisions about allocating resources to the segments.
The accounting policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations to segments.
Operating results for the business segments of the Company were as follows:
| (in thousands) | GRE | GREW | Corporate | Total | ||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Gross profit | ||||||||||||||||
| Marketing and customer acquisition expenses | ||||||||||||||||
| Employee-related expenses | ||||||||||||||||
| Provision for credit losses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Depreciation and amortization | ||||||||||||||||
| Other selling, general and administrative expenses | ||||||||||||||||
| Income (loss) from operations | $ | $ | $ | ( | ) | $ | ||||||||||
| Provision for (benefit from) income taxes | $ | $ | ( | ) | $ | $ | ||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Gross profit | ||||||||||||||||
| Marketing and customer acquisition expenses | ||||||||||||||||
| Employee-related expenses | ||||||||||||||||
| Provision for credit losses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Depreciation and amortization | ||||||||||||||||
| Impairment of assets | ||||||||||||||||
| Other selling, general and administrative expenses | ||||||||||||||||
| Income (loss) from operations | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||
| Provision for (benefit from) income taxes | $ | $ | ( | ) | $ | $ | ||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Gross profit | ||||||||||||||||
| Marketing and customer acquisition expenses | ||||||||||||||||
| Employee-related expenses | ||||||||||||||||
| Provision for credit losses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Depreciation and amortization | ||||||||||||||||
| Impairment of assets | ||||||||||||||||
| Other selling, general and administrative expenses | ||||||||||||||||
| Income (loss) from operations | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||
| Provision for (benefit from) income taxes | $ | $ | ( | ) | $ | $ | ||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Gross profit | ||||||||||||||||
| Marketing and customer acquisition expenses | ||||||||||||||||
| Employee-related expenses | ||||||||||||||||
| Provision for credit losses | ||||||||||||||||
| Stock-based compensation | ||||||||||||||||
| Depreciation and amortization | ||||||||||||||||
| Impairment of assets | ||||||||||||||||
| Other selling, general and administrative expenses | ||||||||||||||||
| Income (loss) from operations | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||
| Provision for (benefit from) income taxes | $ | $ | ( | ) | $ | $ | ||||||||||
Total assets for the business segments of the Company were as follows
| Genie | ||||||||||||||||
| (in thousands) | GRE | Renewables | Corporate | Total | ||||||||||||
| Total assets: | ||||||||||||||||
| June 30, 2026 | $ | $ | $ | $ | ||||||||||||
| December 31, 2025 | ||||||||||||||||
The total assets of the corporate segment includes the total assets of discontinued operations of Lumo Finland and Lumo Sweden with an aggregate net book value of $
Note 19—Commitments and Contingencies
Legal Proceedings
On September 29, 2023, the Attorney General of the State of Illinois filed a complaint against Residents Energy in the Circuit Court of Cook County, Illinois, Chancery Division. The Complaint alleges several counts of violations of the Illinois Consumer Fraud and Deceptive Business Practices Act, 815 ILCS 505/1 et seq., and the Illinois Telephone Solicitations Act, 815 ILCS 413/1 et seq., in connection with Residents Energy’s marketing practices, and seeks monetary damages to redress any resulting losses alleged to have been incurred by customers, civil penalties for certain alleged violations in the amount of $
On June 1, 2026, a named plaintiff filed a putative class action complaint against IDT Energy in the Superior Court of New Jersey Law Division, Essex County. The named plaintiff, who was a customer of IDT Energy for approximately ten years, now alleges that IDT Energy has failed to disclose and has misrepresented its variable rate pricing, thereby violating its duty of good faith and fair dealing and breaching its contract with the named plaintiff. The complaint claims several causes of actions related to the foregoing. IDT Energy denies the allegations in the complaint, which it believes to be completely meritless, and plans to vigorously defend this action. Based upon the Company’s preliminary assessment of this matter, a loss based on the merits is not considered probable, nor is the amount of any potential loss estimable as of June 30, 2026. For the three and six months ended June 30, 2026, IDT Energy’s gross revenues from sales in New Jersey were $
The Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.
See Note 5—Acquisitions and Discontinued Operations, for discussion related to the administration of Lumo Finland.
Agency and Regulatory Proceedings
From time to time, the Company receives inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes, and the Company responds to those inquiries or requests. The Company cannot predict whether any of those matters will lead to claims or enforcement actions or whether the Company and the regulatory parties will enter into settlements before a formal claim is made.
Other Commitments
Purchase Commitments
The Company had future purchase commitments of $
| (in thousands) | ||||
| Remainder of 2026 | $ | |||
| 2027 | ||||
| 2028 | ||||
| Thereafter | ||||
| Total payments | $ |
In the three months ended June 30, 2026, the Company purchased $
Renewable Energy Credits
GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At June 30, 2026, GRE had commitments to purchase renewable energy credits of $
Performance Bonds and Unused Letters of Credit
GRE has performance bonds issued through a third party for certain utility companies and for the benefit of various states in order to comply with the states’ financial requirements for REPs. At June 30, 2026, GRE had aggregate performance bonds of $
BP Energy Company Preferred Supplier Agreement
Certain of GRE’s REPs are party to an Amended and Restated Preferred Supplier Agreement with BP, which is to be in effect through November 30, 2026. Under the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of the REPs’ customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At June 30, 2026, the Company was in compliance with such covenants. At June 30, 2026, restricted cash of $
Note 20—Debt
Term Loan
On November 18, 2024, the Company's subsidiary, SUT Holdings, LLC entered into a Term Loan Agreement with NCB for $
| (in thousands) | ||||
| Remainder of 2026 | $ | |||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| 2030 | ||||
| 2032 | ||||
| Total term loan | ||||
| Less: Current portion | ||||
| Noncurrent portion of term loan | $ |
Interest on the unpaid balance is payable on each January 1, April 1, July 1 and October 1 calculated using the 3-Month Term Secured Overnight Financing Rate ("SOFR") published by CME Group Benchmark Administration plus a margin of
At June 30, 2026 and December 31, 2025, there was $
The Company also entered into a Cash Management Agreement with NCB to manage the cash flows of the operations of collateralized solar projects. The Cash Management Agreement also provided certain restrictions on certain cash accounts specified in the agreements. At June 30, 2026 and December 31, 2025, aggregate of $
Credit Agreement with JPMorgan Chase Bank
On December 13, 2018, the Company entered into a Credit Agreement with JPMorgan Chase Bank (the “Credit Agreement”). On October 12, 2025, the Company entered into an amendment of the existing Credit Agreement to extend the maturity date to December 31, 2026. The aggregate maximum draw of the facility was retained as a $
Note 21—Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will require additional disclosures in the notes to financial statements related to disaggregated information about specific categories underlying certain income statement expense line items that are considered relevant, which include items such as the purchase of inventory, employee compensation, depreciation, and intangible asset amortization. The guidance is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. Adoption of this guidance will result in additional disclosure, but will not impact our consolidated financial position, results of operations, or cash flows.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient permitting entities to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption is permitted. The guidance should be applied prospectively. The Company adopted this guidance in 2026 and determine that it has no impact to our consolidated financial statements.
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following information should be read in conjunction with the accompanying condensed consolidated financial statements and the associated notes thereto of this Quarterly Report, and the audited consolidated financial statements and the notes thereto and our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), as filed with the U.S. Securities and Exchange Commission (or SEC).
As used below, unless the context otherwise requires, the terms “the Company,” “Genie,” “we,” “us,” and “our” refer to Genie Energy Ltd., a Delaware corporation, and its subsidiaries, collectively.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,” “anticipates,” “expects,” “plans,” “intends,” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed below under Part II, Item IA and under Item 1A to Part I “Risk Factors” in the 2025 Form 10-K. The forward-looking statements are made as of the date of this report and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, including the 2025 Form 10-K.
Overview
We are comprised of Genie Retail Energy ("GRE") and Genie Renewables ("GREW").
GRE owns and operates retail energy providers ("REPs"), including IDT Energy, Residents Energy, Town Square Energy ("TSE"), Southern Federal and Mirabito Natural Gas and Evergreen Gas & Electric. GRE's REPs' businesses resell electricity and natural gas primarily to residential and small business customers, with the majority of the customers in the Eastern and Midwestern United States and Texas.
GREW primarily consists of a 91.5% interest in Diversegy, our energy procurement advisor for industrial, commercial and municipal customers, a 95.5% interest in Genie Solar, an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects, a 93.8% interest in CityCom Solar, a marketer of community solar and alternative products and services complimentary to our energy offerings, a 72.2% interest in Roded, a producer of high-grade plastic pallets from recycled materials and a 57.0% interest in Able Minds ABA LLC ("Able Minds"), a provider of expert applied behavioral analysis therapy for children with autism.
As part of our ongoing business development efforts, we seek out new opportunities, which may include complementary operations or businesses that reflect horizontal or vertical expansion from our current operations, as well as opportunities for diversification of our operations. Some of these potential opportunities are considered briefly and others are examined in further depth. In particular, we seek out acquisitions to expand the geographic scope and size of our REP businesses.
Discontinued Operations in Finland and Sweden
As a result of the sustained volatility of the energy market in Europe, in the third quarter of 2022, we decided to discontinue the operations of Lumo Energia Oyj ("Lumo Finland") and Lumo Energi AB ("Lumo Sweden"). In July 2022, the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden. The sale price was fixed and was settled monthly based on the monthly commodity volume specified in the instruments between September 2022 and March 2025.
We determined that the discontinuation of operations of Lumo Finland and Lumo Sweden represented a strategic shift that would have a major effect on our operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. The assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as June 30, 2026 and December 31, 2025. Lumo Sweden is continuing to liquidate its remaining assets and to settle any remaining liabilities.
On November 2022, Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to the Lumo Administrators. All assets and liabilities of Lumo Finland remain with Lumo Finland, in which Genie retains its equity ownership interest, however, the management and control of Lumo Finland were transferred to the Lumo Administrators. Since we lost control of the management of Lumo Finland in favor of the Lumo Administrators, the accounts of Lumo Finland were deconsolidated effective November 9, 2022.
Net results from discontinued operations of Lumo Sweden, net of taxes was minimal for the three and six months ended June 30, 2026 and 2025 and six months ended June 30, 2026. Net loss from discontinued operations of Lumo Sweden, net of taxes was minimal for $0.1 million for the six months ended June 30, 2025.
On November 8, 2023, the Lumo Administrators, acting on behalf of the Lumo Finland Bankruptcy Estate, filed a claim in the District Court of Helsinki against Genie Nordic, a wholly-owned subsidiary of the Company and the parent company of Lumo Finland, its directors, officers and affiliates, in which they allege that the gain from the sale of swap instruments owned by Lumo Sweden amounting to €35.2 million (equivalent to $40.2 million as of June 30, 2026) belongs to the Bankruptcy Estate. The Bankruptcy Estate filed an additional claim with the District Court on May 27, 2024 against Lumo Sweden for €4.8 million (equivalent to $5.5 million as of June 30, 2026), also alleging that the gain from the sale of the swap instruments belongs to the Bankruptcy Estate, bringing the aggregate sum of claims related to the gain from sale of swap instruments to €40.0 million (equivalent to $45.6 million as of June 30, 2026). We believe that the Lumo Administrators' position is without merit, and are vigorously defending its position.
The Lumo Administrators filed a claim against one of Lumo Finland’s suppliers, seeking to recover payments made by Lumo Finland amounting to €4.2 million (equivalent to $4.8 million as of June 30, 2026) prior to the bankruptcy. Related to such payment, the Lumo Administrators have filed a recovery claim jointly against us and the supplier for €1.6 million (equivalent to $1.8 million as of June 30, 2026) alleging that a portion of the payment by Lumo Finland effectively reduced our liability under the terms of a previously supplied parental guarantee (this €1.6 million is included within - and not additive to - the €4.2 million). The Lumo Administrators allege that the payments represented preferential payments and therefore belong to the Bankruptcy Estate which are recoverable under the laws of Finland. We are challenging the Lumo Administrator's claims.
We believe that the maximum exposure for these cases would likely be limited by the potential amount of the customers' claims in the bankruptcy case. Based on the progress made in assessing those claims, we expect those claims to be in the range of €2.0 million to €4.0 million. Although we do not believe that it is legally obligated to pay anything in respect of the claims, given the likelihood of negotiating a settlement to minimize further costs of challenging the claims, we recognized an estimated loss of €2.5 million (equivalent to $2.6 million at the date of the transaction) recorded in the fourth quarter of 2024. The estimated loss was included in the loss from discontinued operations, net account in the condensed consolidated statement of operations for the year ended December 31, 2024.
Legal proceedings
We periodically receive requests for information, documents and subpoenas from regulators, the majority of which are routine and related to compliance obligations. On certain occasions, a regulatory or governmental bodies may, in response to the interaction, formalize additional requests or eventually file an action or lawsuit. See Note 19, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference, for further detail on agency and regulatory proceedings.
Genie Retail Energy
GRE operates REPs that resell electricity and/or natural gas to residential and small business customers in California. Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Texas, Rhode Island, and Washington, D.C. GRE’s revenues represented approximately 93.8% and 94.1% of our consolidated revenues for the three months ended June 30, 2026 and 2025, respectively and 94.3% and 95.6 of our consolidated revenues in the six months ended June 30, 2026 and 2025, respectively.
Seasonality and Weather; Climate Change and Volatility in Pricing
The weather and the seasons, among other things, affect GRE’s REPs’ revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters and/or summers have the opposite effect. Unseasonable temperatures in other periods may also impact demand levels. Potential changes in global climate may produce, among other possible conditions, unusual variations in temperature and weather patterns, resulting in unusual weather conditions, more intense, frequent and extreme weather events and other natural disasters. Some climatologists believe that these extreme weather events will become more common and more extreme, which will have a greater impact on our operations. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 43.3% and 43.0% of GRE’s natural gas revenues for the relevant years were generated in the first quarter of 2025 and 2024, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.7% and 28.7% of GRE’s electricity revenues for 2025 and 2024, respectively, were generated in the third quarters of those years. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. In addition, extraordinary weather has and can lead to extreme spikes in the prices of wholesale electricity and natural gas in markets where GRE and other retail providers purchase their supply, or in challenges to the grid or supply markets in affected areas. Such events could have a material impact on our margins and operations.
In addition to the direct impact that climate change may have on our business, financial condition and results of operations because of the effect on pricing, demand for our offerings and/or the energy supply markets, we may also be adversely impacted by other environmental factors, including: (i) technological advances designed to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) regulatory responses aimed at decreasing greenhouse gas emissions; and (iv) litigation or regulatory actions that address the environmental impact of our energy products and services.
Purchase of Receivables and Concentration of Credit Risk
Utility companies provide billing and collections services to the GRE's REPs. In addition, utility companies offer purchase of receivables, or POR, programs in most of the service territories in which GRE operates. GRE’s REPs reduce their customer credit risk by participating in POR programs for a majority of their receivables. Under the POR programs, the utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. GRE’s REPs’ primary credit risk in these jurisdictions is therefore nonpayment by the utility companies. In the three and six months ended June 30, 2026 and 2025, the associated cost was approximately 1.4% and 1.1% of GRE's revenues, respectively. At June 30, 2026 and December 31, 2025, 79.9% and 86.6%, respectively, of GRE’s net accounts receivable were under POR programs.
Non-POR receivables will generally have higher collection risks than those covered by POR programs, and our reserve for credit losses will generally increase when the portion of our sales in non-POR territories increases.
Concentration of Customers and Associated Credit Risk
GRE’s REPs reduce their customer credit risk by participating in purchase of receivable programs for a majority of their receivables in which utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs for those purchased receivables. GRE’s REPs primary credit risk with respect to those purchased receivables is therefore nonpayment by the utility companies. Certain of the utility companies represent significant portions of our consolidated revenues and consolidated gross trade accounts receivable balance during certain periods, and such concentrations increase our risk associated with nonpayment by those utility companies.
The following table summarizes the percentage consolidated trade receivable by the only customers that equal or exceed 10.0% of consolidated net trade receivables at June 30, 2026 and December 31, 2025:
| June 30, 2026 |
December 31, 2025 |
|||||
| Customer A |
11.1 | % | na |
|||
na—less than 10.0% of consolidated net trade receivables
The following table summarizes the percentage of revenues by the only customer that equaled or exceeded 10.0% of consolidated revenues for the three and six months ended June 30, 2026 or 2025:
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2026 |
2025 |
2026 |
2025 |
|||||||||||||
| Customer A |
10.9 | % | 11.3 | % | 10.0 | % | 11.9 | % | ||||||||
Legal Proceedings
Although GRE endeavors to maintain best sales and marketing practices, such practices have been the subject of class action lawsuits in the past.
See Note 19, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference.
From time to time, the Company responds to inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes. The Company cannot predict whether any of those matters will lead to claims or enforcement actions or whether the Company and the regulatory parties will enter into settlements before a formal claim is made. See Note 19, Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference, for further detail on agency and regulatory proceedings.
Critical Accounting Estimates
Our condensed consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our significant accounting policies are described in Note 2 to our consolidated financial statements included in the 2025 Form 10-K. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting policies are those that require the application of management’s most subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods. Our critical accounting policies include those related to revenue recognition specifically the estimation of unbilled revenues. Actual results may differ from these estimates under different assumptions or conditions. For additional discussion of our critical accounting policies, see our Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2025 Form 10-K.
Recently Issued Accounting Standards
Information regarding new accounting pronouncements is included in Note 21—Recently Issued Accounting Standards, in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference.
Results of Operations
We evaluate the performance of our operating business segments based primarily on income (loss) from operations. Accordingly, the income and expense line items below income (loss) from operations are only included in our discussion of our condensed consolidated results of operations.
Three Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025
Genie Retail Energy Segment
The year-over-year increase in GRE's income from operations were driven by gross margin expansion. The increase in selling, general and administrative 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.
| Three Months Ended June 30, |
Change |
Six Months Ended June 30, |
Change |
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| (amounts in thousands) |
2026 |
2025 |
$ |
% | 2026 |
2025 |
$ |
% | ||||||||||||||||||||||||
| Revenues: |
||||||||||||||||||||||||||||||||
| Electricity |
83,550 | 89,885 | (6,335 | ) | (7.0 | ) | 182,962 | 193,948 | (10,986 | ) | (5.7 | ) | ||||||||||||||||||||
| Natural gas |
10,581 | 9,107 | 1,474 | 16.2 | 45,932 | 37,516 | 8,416 | 22.4 | ||||||||||||||||||||||||
| Other |
— | — | — | nm | — | 3 | (3 | ) | nm | |||||||||||||||||||||||
| Total revenues |
94,131 | 98,992 | (4,861 | ) | (4.9 | ) | 228,894 | 231,467 | (2,573 | ) | (1.1 | ) | ||||||||||||||||||||
| Cost of revenues |
63,803 | 77,670 | (13,867 | ) | (17.9 | ) | 169,490 | 174,244 | (4,754 | ) | (2.7 | ) | ||||||||||||||||||||
| Gross profit |
30,328 | 21,322 | 9,006 | 42.2 | 59,404 | 57,223 | 2,181 | 3.8 | ||||||||||||||||||||||||
| Selling, general and administrative expenses |
22,022 | 17,334 | 4,688 | 27.0 | 44,456 | 36,388 | 8,068 | 22.2 | ||||||||||||||||||||||||
| Income from operations |
$ | 8,306 | $ | 3,988 | $ | 4,318 | 108.3 | $ | 14,948 | $ | 20,835 | $ | (5,887 | ) | (28.3 | ) | ||||||||||||||||
nm—not meaningful
Revenues. Electricity revenues decreased by 7.0% in the three months ended June 30, 2026 compared to the same period in 2025. The decrease was due to a decrease in electricity consumption partially offset by an increase in the average price per kilowatt hour charged to customers in the three months ended June 30, 2026 compared to the same period in 2025. Electricity consumption by GRE’s REPs' customers decreased by 17.2% in the three months ended June 30, 2026, compared to the same period in 2025, reflecting an 18.1% decrease in the average number of meters served partially offset by a 1.1% increase in the average consumption per meter. The decrease in meters served was primarily driven by expiration of aggregation deals over the course of 2025. The average rate per kilowatt hour sold increased by 12.2% in the three months ended June 30, 2026 compared to the same period in 2025 due to general market conditions.
Electricity revenues decreased by 5.7% in the six months ended June 30, 2026 compared to the same period in 2025. The decrease was due to a decrease in electricity consumption partially offset by an increase in the average price per kilowatt hour charged to customers in the six months ended June 30, 2026 compared to the same period in 2025. Electricity consumption by GRE’s REPs' customers decreased by 18.2% in the six months ended June 30, 2026, compared to the same period in 2025, reflecting an 18.5% decrease in the average number of meters served partially offset by a 0.3% increase in the average consumption per meter. The decrease in meters served was primarily driven by expiration of aggregation deals over the course of 2025. The average rate per kilowatt hour sold increased by 15.4% in the six months ended June 30, 2026 compared to the same period in 2025 due to general market conditions.
Natural gas revenues increased by 16.2% in the three months ended June 30, 2026 compared to the same period in 2025. The increase was the result of a 50.3% increase in average revenue per therm sold in the three months ended June 30, 2026 compared to the same period in 2025, due to general market conditions, partially offset by a 22.7% decrease in natural gas consumption by GRE’s REPs' customers in the three months ended June 30, 2026, compared to the same period in 2025, reflecting a 27.9% decrease in the average consumption per meter partially offset by a 7.1% increase in the average number of meters served. The decrease in the average consumption per meter was driven change in customer mix during the periods.
Natural gas revenues increased by 22.4% in the six months ended June 30, 2026 compared to the same period in 2025. The increase was the result of a 39.9% increase in average revenue per therm sold in the six months ended June 30, 2026 compared to the same period in 2025, due to general market conditions, partially offset by a 12.5% decrease in natural gas consumption by GRE’s REPs' customers in the six months ended June 30, 2026, compared to the same period in 2025, reflecting a 15.5% decrease in the average consumption per meter partially offset by a 3.5% increase in the average number of meters served. The decrease in the average consumption per meter was driven change in customer mix during the periods.
Other revenues in the six months ended June 30, 2025 pertains to revenues from termination fees from commercial customers.
The customer base for GRE’s REPs as measured by meters served consisted of the following:
| (in thousands) |
June 30, 2026 |
March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 |
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| Meters at end of quarter: |
||||||||||||||||||||
| Electricity customers |
267 | 272 | 258 | 316 | 332 | |||||||||||||||
| Natural gas customers |
95 | 92 | 88 | 86 | 87 | |||||||||||||||
| Total meters |
362 | 364 | 346 | 402 | 419 | |||||||||||||||
Gross meter acquisitions in the three months ended June 30, 2026, were 65,000 compared to 70,000 for the same period in 2025. Gross meter acquisitions in the six months ended June 30, 2026, were 149,000 compared to 131,000 for the same period in 2025. Gross meter acquisitions for the six months ended June 30, 2026 increased compared to the same period in 2025 as we continue to increase our investments in customer acquisition efforts.
Meters served decreased by 2,000 between March 31, 2026 and June 30, 2026. The increase in the number of meters served at June 30, 2026 compared to December 31, 2025 is due to new sales during the three months ended June 30, 2026 as customer acquisition increased as discussed above.
In the three months ended June 30, 2026, average monthly churn increased to 5.9% compared to 4.8% for the same period in 2025. In the six months ended June 30, 2026, average monthly churn increased to 5.9% compared to 5.2% for the same period in 2025. The increases are due to new sales in 2026 failing to fully replace those lost to churn during the period.
The average rates of annualized energy consumption by GRE's REPs' customers, as measured by RCEs, are presented in the chart below. An RCE represents a natural gas customer with annual consumption of 100 mmbtu or an electricity customer with annual consumption of 10 MWh. Because different customers have different rates of energy consumption, RCEs are an industry standard metric for evaluating the consumption profile of a given retail customer base.
| (in thousands) |
June 30, 2026 |
March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 |
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| RCEs at end of quarter: |
||||||||||||||||||||
| Electricity customers |
265 | 273 | 250 | 318 | 332 | |||||||||||||||
| Natural gas customers |
80 | 81 | 79 | 78 | 82 | |||||||||||||||
| Total RCEs |
345 | 354 | 329 | 396 | 414 | |||||||||||||||
RCEs at June 30, 2026 decreased by 9,000 compared to March 31, 2026. RCEs at June 30, 2026 increased by 16,000 compared to December 31, 2025. The fluctuations in RCE are due to increases in the number of meters served as discussed above.
Cost of Revenues and Gross Margin Percentage. GRE’s cost of revenues and gross margin percentage were as follows:
| Three Months Ended June 30, |
Change |
Six Months Ended June 30, |
Change |
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| (amounts in thousands) |
2026 |
2025 |
$ |
% | 2026 |
2025 |
$ |
% | ||||||||||||||||||||||||
| Cost of revenues: |
||||||||||||||||||||||||||||||||
| Electricity |
$ | 58,121 | $ | 68,611 | $ | (10,490 | ) | (15.3 | ) | $ | 140,495 | $ | 148,569 | $ | (8,074 | ) | (5.4 | ) | ||||||||||||||
| Natural gas |
5,682 | 9,059 | (3,377 | ) | (37.3 | ) | 28,995 | 25,675 | 3,320 | 12.9 | ||||||||||||||||||||||
| Total cost of revenues |
$ | 63,803 | $ | 77,670 | $ | (13,867 | ) | (17.9 | ) | $ | 169,490 | $ | 174,244 | $ | (4,754 | ) | (2.7 | ) | ||||||||||||||
nm—not meaningful
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||||||
| (amounts in thousands) |
2026 |
2025 |
Change |
2026 |
2025 |
Change |
||||||||||||||||||
| Gross margin percentage: |
||||||||||||||||||||||||
| Electricity |
30.4 | % | 23.7 | % | 6.8 | 23.2 | % | 23.4 | % | (0.2 | ) | |||||||||||||
| Natural gas |
46.3 | 0.5 | 45.8 | 36.9 | 31.6 | 5.3 | ||||||||||||||||||
| Other |
nm | nm | nm | nm | nm | nm | ||||||||||||||||||
| Total gross margin percentage |
32.2 | % | 21.5 | % | 10.7 | 26.0 | % | 24.7 | % | 1.2 | ||||||||||||||
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Cost of revenues for electricity decreased in the three months ended June 30, 2026 compared to the same period in 2025 primarily because of a decrease in electricity consumption by GRE’s REPs’ customers partially offset an increase in the average unit cost of electricity. The average unit cost of electricity increased 2.3% in the three months ended June 30, 2026 compared to the same period in 2025 due to general market conditions. The gross margin on electricity sales increased in the three months ended June 30, 2026 compared to the same period in 2025 because the average rated charged to customers increased more than the unit cost of electricity.
Cost of revenues for electricity decreased in the six months ended June 30, 2026 compared to the same period in 2025 primarily because of a decrease in electricity consumption by GRE’s REPs’ customers partially offset an increase in the average unit cost of electricity. The average unit cost of electricity increased 15.7% in the six months ended June 30, 2026 compared to the same period in 2025 due to general market conditions. The gross margin on electricity sales slightly decreased in the six months ended June 30, 2026 compared to the same period in 2025 because the unit cost of electricity increased more than the increase in the average rate charged to customers.
Cost of revenues for natural gas decreased in the three months ended June 30, 2026 compared to the same period in 2025 primarily because of decreases in natural gas consumption by GRE's REPs' customers and the average unit cost of natural gas. The average unit cost of natural gas decreased 18.9% in the three months ended June 30, 2026 compared to the same period in 2025 due to general market conditions. Gross margin on natural gas sales increased in the three months ended June 30, 2026 compared to the same period in 2025 because the average rate charged to customers increased while the average unit cost of natural gas decreased.
Cost of revenues for natural gas increased in the six months ended June 30, 2026 compared to the same period in 2025 primarily because of an increase in the average unit cost of natural gas partially offset by a decrease in natural gas consumption by GRE's REPs' customers. The average unit cost of natural gas increased 29.1% in the six months ended June 30, 2026 compared to the same period in 2025 due to general market conditions. Gross margin on natural gas sales increased in the six months ended June 30, 2026 compared to the same period in 2025 because the average rate charged to customers increased more than the average unit cost of natural gas.
Selling, General and Administrative. Selling, general and administrative expenses increased by 27.0% in the three months ended June 30, 2026 compared to the same period in 2025 primarily due to increases in marketing and customer acquisition costs, employee related expenses, and POR program fees. Marketing and customer acquisition expenses increased by $3.9 million in the three months ended June 30, 2026 compared to the same period in 2025 due to an increase in average acquisition cost per meter due to changes in customer acquisition channel mix in the three months ended June 30, 2026 compared to the same period in 2025. Employee-related expenses increased by $0.4 million in the three months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in bonus accrual. POR program fees increased by $0.3 million in the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in rates charged by utilities for this service. As a percentage of GRE’s total revenues, selling, general and administrative expenses increased from 17.5% in the three months ended June 30, 2025 to 23.4% in the three months ended June 30, 2026.
Selling, general and administrative expenses increased by 22.2% in the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increases in marketing and customer acquisition costs, provision for credit losses and POR program fees. Marketing and customer acquisition expenses increased by $7.6 million in the six months ended June 30, 2026 compared to the same period in 2025 due to an increase average acquisition cost per meter due to changes in customer acquisition channel mix in the six months ended June 30, 2026 compared to the same period in 2025. Provision for credit losses increased by $0.4 million in the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increase in revenues in non-POR markets. POR program fees increased by $0.3 million in the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in rates charged by utilities for this service. As a percentage of GRE’s total revenues, selling, general and administrative expenses increased from 15.7% in the six months ended June 30, 2025 to 19.4% in the six months ended June 30, 2026.
Genie Renewables Segment
The GREW (formerly GES) segment is composed of our interests in Genie Solar, CityCom, Roded, Diversegy and Able Minds. Genie Solar is an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects. CityCom is a marketer of community solar and alternative products and services complementary to our energy offerings. Diversegy is a provider of energy procurement advisory services to industrial, commercial and municipal customers. Roded is a producer of high-grade plastic pallets form recycled materials.
In April 2026 the we acquired a 57.0% controlling interest of Able Minds, a provider of expert applied behavioral analysis therapy for children with autism.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was enacted into law. The law accelerates the expiration of the federal investment tax credit on solar projects, effective for projects going online after December 31, 2027. In light of this law, the Company evaluated the financial viability of all its solar projects and its qualification for the federal solar investment tax credits. The Company identified several projects that will be discontinued and assessed the values of the related assets at the lower of fair value less cost to sell and net book value. The Company also identified several assets, including definite life intangibles and solar panel inventories and assessed the carrying values for impairment.
| Three Months Ended June 30, |
Change |
Six Months Ended June 30, |
Change |
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| (amounts in thousands) |
2026 |
2025 |
$ |
% | 2026 |
2025 |
$ |
% | ||||||||||||||||||||||||
| Revenues |
$ | 6,268 | $ | 6,259 | $ | 9 | 0.1 | % | $ | 13,817 | $ | 10,591 | $ | 3,226 | 30.5 | % | ||||||||||||||||
| Cost of revenue |
2,923 | 4,101 | (1,178 | ) | (28.7 | ) | 9,727 | 6,971 | 2,756 | 39.5 | ||||||||||||||||||||||
| Gross profit |
3,345 | 2,158 | 1,187 | 55.0 | 4,090 | 3,620 | 470 | 13.0 | ||||||||||||||||||||||||
| Selling, general and administrative expenses |
3,277 | 2,304 | 973 | 42.2 | 6,427 | 4,621 | 1,806 | 39.1 | ||||||||||||||||||||||||
| Impairment of assets |
— | 35 | (35 | ) | nm | — | 35 | (35 | ) | (100.0 | ) | |||||||||||||||||||||
| Loss from operations |
$ | 68 | $ | (181 | ) | $ | 249 | (137.6 | )% | $ | (2,337 | ) | $ | (1,036 | ) | $ | (1,301 | ) | 125.6 | % | ||||||||||||
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Revenues. GREW's revenues remained flat in the three months ended June 30, 2026 compared to the same period in 2025 due to increases in revenues generated by CityCom, Roded and Able Minds offset by a decrease in revenues generated by Diversegy and Genie Solar. Revenues from CityCom increased by $0.3 million in the three months ended June 30, 2026 compared to the same period in 2025. Able Minds generated $0.2 million revenues in the 2026 period from its acquisition in April 2026. Revenues from Roded increased by $0.1 million in the three months ended June 30, 2026 compared to the same period in 2025 as it continued to invest in increasing its manufacturing capabilities. Genie Solar's revenues from the sale of solar panels and development of solar projects for customers, electricity generation from operational solar arrays and sale of solar panels decreased by $0.5 million in the three months ended June 30, 2026 compared to the same period in 2025 as the Company discontinued its solar project development projects as discussed above. Diversegy's revenues from commissions, entry fees and other fees decreased by $0.2 million in the three months ended June 30, 2026 compared to the same period in 2025.
GREW's revenues increased in the six months ended June 30, 2026 compared to the same period in 2025 due to increases in revenues generated by Genie Solar, CityCom, Roded and Able Minds partially offset by a decrease in revenues generated by Diversegy. Genie Solar's revenues from the sale of solar panels and development of solar projects for customers, electricity generation from operational solar arrays and sale of solar panels increased by $2.5 million in the six months ended June 30, 2026 compared to the same period in 2025 as the Company sold its remaining solar panels at its carrying costs to reduce the level of solar panel inventories. Revenues from CityCom Solar increased by $0.8 million in the six months ended June 30, 2026 compared to the same period in 2025. Revenues from Roded increased by $0.2 million in the six months ended June 30, 2026 compared to the same period in 2025 as it continued to increase its manufacturing capabilities. Able Minds generated $0.2 million revenues since its acquisition in April 2026. Diversegy's revenues from commissions, entry fees and other fees decreased by $0.5 million in the six months ended June 30, 2026 compared to the same period in 2025.
Cost of Revenues. The decrease in the cost of revenues in the three months ended June 30, 2026 compared to the same period in 2025 is due to the decreases in cost of revenues from Genie Solar and Diversegy primarily due to the decrease in revenues and decrease in the cost of solar panels that are sold in Genie Solar as a result of previous impairment in value.
The increase in the cost of revenues in the six months ended June 30, 2026 compared to the same period in 2025 is due to the increases in cost of revenues from Genie Solar, Roded and Able Minds primarily due to the increase in their respective revenues.
Selling, General and Administrative. Selling, general and administrative expenses increased by 42.2% in the three months ended June 30, 2026 compared to the same period in 2025 due to increases in marketing costs, employee-related costs, consulting fees and depreciation expenses. Marketing costs increased by $0.3 million in the three months ended June 30, 2026 compared to the same period in 2025, due to an increase in marketing activities in Genie Solar, CityCom and Able Minds. Employee-related costs increased by $0.1 million in the three months ended June 30, 2026 compared to the same period in 2025, due to an increase in the number of employees, principally at Diversegy. Consulting fees increased by $0.2 million in the three months ended June 30, 2026 compared to the same period in 2025 due to an increase in level of business activities. Depreciation expenses increased by $0.1 million in the three months ended June 30, 2026 compared to the same period in 2025 due to completion and start of operation of community solar project and new equipment used in Roded.
Selling, general and administrative expenses increased by 39.1% in the six months ended June 30, 2026 compared to the same period in 2025 due to increases in marketing cost, employee-related costs, consulting fees and depreciation expenses. Marketing costs increased by $0.4 million in the six months ended June 30, 2026 compared to the same period in 2025, due to an increase in marketing activities in Genie Solar, CityCom and Able Minds. Employee-related costs increased by $0.4 million in the six months ended June 30, 2026 compared to the same period in 2025, due to an increase in the number of employees, principally at Diversegy and CityCom. Consulting fees increased by $0.4 million in the six months ended June 30, 2026 compared to the same period in 2025 due to an increase in level of business activities. Depreciation expenses increased by $0.2 million in the six months ended June 30, 2026 compared to the same period in 2025 due to completion and start of operation of community solar project and new equipment used in Roded.
Corporate
As discussed above, the remaining accounts of GRE International were transferred to corporate starting in the third quarter of 2022 (when GRE International ceased being treated as a separate segment). Entities under corporate do not generate any revenues, nor do they incur any cost of revenues. Corporate general and administrative expenses include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses.
| Three Months Ended June 30, |
Change |
Six Months Ended June 30, |
Change |
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| (amounts in thousands) |
2026 |
2025 |
$ |
% | 2026 |
2025 |
$ |
% | ||||||||||||||||||||||||
| General and administrative expenses and loss from operations |
$ | 1,849 | $ | 1,539 | $ | 310 | 20.1 | % | $ | 4,214 | $ | 4,055 | $ | 159 | 3.9 | % | ||||||||||||||||
Corporate general and administrative expenses increased by 20.1% in the three months ended June 30, 2026 compared to the same period in 2025 due to an increase in accrued bonuses. As a percentage of consolidated revenues, Corporate general and administrative expenses increased to 1.8% in the three months ended June 30, 2026 from 1.5% in the three months ended June 30, 2025.
Corporate general and administrative expenses decreased by 3.9% in the six months ended June 30, 2026 compared to the same period in 2025 due to lower accrued bonuses. As a percentage of consolidated revenues, Corporate general and administrative expenses were flat at 1.7% each of the six months ended June 30, 2026 and 2025.
Consolidated
Selling, general and administrative expenses. Stock-based compensation expense included in consolidated selling, general and administrative expenses was $0.6 million in each of the three months ended June 30, 2026 and 2025. Stock-based compensation expense included in consolidated selling, general and administrative expenses was $1.4 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively. At June 30, 2026, the aggregate unrecognized compensation cost related to non-vested stock-based compensation was $2.7 million. The unrecognized compensation cost is recognized over the expected vesting period.
The following is a discussion of our consolidated income and expense line items below income from operations:
| Three Months Ended June 30, |
Change |
Six Months Ended June 30, |
Change |
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| (amounts in thousands) |
2026 |
2025 |
$ |
% | 2026 |
2025 |
$ |
% | ||||||||||||||||||||||||
| Income from operations |
$ | 6,525 | $ | 2,268 | $ | 4,257 | 187.7 | % | $ | 8,397 | $ | 15,744 | $ | (7,347 | ) | (46.7 | )% | |||||||||||||||
| Interest income |
1,511 | 1,998 | (487 | ) | (24.4 | ) | 3,162 | 3,979 | (817 | ) | (20.5 | ) | ||||||||||||||||||||
| Interest expense |
(121 | ) | (156 | ) | 35 | (22.4 | ) | (245 | ) | (345 | ) | 100 | (29.0 | ) | ||||||||||||||||||
| Other income, net |
3,761 | 54 | 3,707 | nm | 4,471 | 216 | 4,255 | nm | ||||||||||||||||||||||||
| Provision for income taxes |
(239 | ) | (1,822 | ) | 1,583 | (86.9 | ) | (1,824 | ) | (7,034 | ) | 5,210 | (74.1 | ) | ||||||||||||||||||
| Net income from continuing operations |
11,437 | 2,342 | 9,095 | 388.3 | 13,961 | 12,560 | 1,401 | 11.2 | ||||||||||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
3 | 47 | (44 | ) | (93.6 | ) | (8 | ) | (57 | ) | 49 | (86.0 | ) | |||||||||||||||||||
| Net income |
11,440 | 2,389 | 9,051 | 378.9 | 13,953 | 12,503 | 1,450 | 11.6 | ||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests |
65 | 45 | 20 | 44.4 | (200 | ) | (284 | ) | 84 | (29.6 | ) | |||||||||||||||||||||
| Net income attributable to Genie Energy Ltd. |
$ | 11,375 | $ | 2,344 | $ | 9,031 | 385.3 | % | $ | 14,153 | $ | 12,787 | $ | 1,366 | 10.7 | % | ||||||||||||||||
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Interest income. Interest income decreased in the three and six months ended June 30, 2026, compared to the same period in 2025 primarily due to a decrease in average balances of cash and cash equivalents and restricted cash during the periods.
Interest Expense. Interest expense for three and six months ended June 30, 2026 and 2025 is mainly related to the interest from the Term Loan Agreement with National Cooperative Bank, N.A. ("NCB").
Other Income, net. Other income, net increased in the three and six months ended June 30, 2026 and 2025 consisted primarily of gains from investments, net of losses, including the sale of investment property.
Provision for Income Taxes. The change in the reported tax rate for the three and six months ended June 30, 2026 compared to the same periods in 2025 is mainly from the effect of federal investment tax credits from community solar project that started operating in the second quarter of 2026.
Net Income (Loss) from Discontinued Operations, net of tax. Loss from discontinued operations, net of tax in the three and six months ended June 30, 2026 and 2025 is mainly related to foreign exchange differences in Lumo Sweden during the periods.
Net Income (Loss) Attributable to Noncontrolling Interests. The net income (loss) attributable to noncontrolling interests in the three and six months ended June 30, 2026 was primarily due to the shares of noncontrolling interest in the operations of Roded and Genie Solar. The net loss attributable to noncontrolling interest in the three and six months ended June 30, 2025 consisted primarily of the share of noncontrolling interest in the operations of Citizens Choice Energy.
Liquidity and Capital Resources
General
We currently expect that our cash flow from operations and the $195.0 million balance of unrestricted and restricted cash and cash equivalents that we held at June 30, 2026 will be sufficient to meet our anticipated cash requirements for at least twelve months from the issuance of the financial statements included in this Quarterly Report on Form 10-Q.
At June 30, 2026, we had working capital (current assets less current liabilities) of $199.6 million.
| Six Months Ended June 30, |
||||||||
| 2026 |
2025 |
|||||||
| (in thousands) |
||||||||
| Cash flows (used in) provided by: |
||||||||
| Operating activities |
$ | (9,919 | ) | $ | 14,191 | |||
| Investing activities |
499 | (7,251 | ) | |||||
| Financing activities |
(7,134 | ) | (9,117 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
70 | (64 | ) | |||||
| Increase (decrease) in cash, cash equivalents and restricted cash of continuing operations |
(16,484 | ) | (2,241 | ) | ||||
| Cash flows provided by discontinued operations |
(13 | ) | 2,274 | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash |
$ | (16,497 | ) | $ | 33 | |||
Operating Activities
Cash, cash equivalents and restricted cash used in operating activities of continuing operations was $9.9 million in the six months ended June 30, 2026 compared to the cash provided by operating activities of $14.2 million in the six months ended June 30, 2025. The decrease in cash flows is due primarily to the fluctuation in the results of operations in the six months ended June 30, 2026 compared to the same period in 2025.
Our cash flow from operations varies significantly from quarter to quarter and from year to year, depending on our operating results and the timing of operating cash receipts and payments, specifically trade accounts receivable and trade accounts payable. Changes in assets and liabilities decreased cash flows by $23.0 million for the three months ended June 30, 2026, compared to the same period in 2025. Renewable energy credit inventory is higher as of June 30, 2026 compared to December 31, 2025, primarily due to the schedule of deliveries of renewable energy credits by the third-party vendors. Our renewable energy credits are used to satisfy specific state-mandated requirements and, to a lesser extent, our customer portfolio. Required levels of renewable energy credits vary based on the mix of customers, type of products purchased, number of customer of each type and energy consumption. Depending on the state, compliance typically occurs either in the first quarter for calendar year compliance periods and late in the second or early third quarter for energy year compliance periods of June to May. Prepaid expenses increased as of June 30, 2026 compared to December 31, 2025 primarily due to the timing of natural gas settlement with utilities at GRE and increased volume of activity in Diversegy.
Certain of GRE's REPs are party to an Amended and Restated Preferred Supplier Agreement with BP Energy Company, or BP, which is to be in effect through November 30, 2026. Under the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of the REP’s customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At June 30, 2026, we were in compliance with such covenants. At June 30, 2026, restricted cash of $2.0 million and trade accounts receivable of $63.6 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $24.3 million at June 30, 2026.
We had purchase commitments of $129.9 million at June 30, 2026, of which $127.9 million was for purchases of electricity.
We are a lessee under operating lease agreements primarily for office space in locations where we operate and for our solar development projects with lease periods expiring between 2026 and 2052. Our future lease payments under the operating leases as of June 30, 2026 were $2.2 million.
GRE has performance bonds issued through a third party for the benefit of certain utility companies and for various states in order to comply with the states’ financial requirements for retail energy providers. At June 30, 2026, we had outstanding aggregate performance bonds of $29.5 million and $1.0 million of unused letters of credit.
Investing Activities
Our capital expenditures decreased by $0.1 million for the six months ended June 30, 2026 compared to the same period in 2025, due to the completion of a solar development project in December 2025. Our capital expenditures are mainly for the construction of solar projects at Genie Solar. We currently anticipate that our total capital expenditures in the twelve months ending December 31, 2026 will be between $5.0 million to $10.0 million mostly related to solar projects under development at GREW.
In the six months ended June 30, 2026 and 2025, we acquired nominal interests in various ventures for an aggregate amount of investments of $6.7 million $3.7 million, respectively.
In the six months ended June 30, 2026 and 2025, we invested minimal amount and $1.1 million, respectively, towards the improvement of an investment property we acquired in 2024.
In the six months ended June 30, 2026 and 2025, we received $4.3 million $1.2 million, respectively, from the redemption of various investments.
Financing Activities
In the six months ended June 30, 2026 and 2025, we paid aggregate dividends of $0.150 per share to stockholders of our Class A common stock and Class B common stock, or total aggregate dividends of $4.0 million for each in the six months ended June 30, 2026 and 2025. On August 3, 2026 our Board of Directors declared a quarterly dividend of $0.075 per share on our Class A common stock and Class B common stock. The dividend will be paid on or about August 24, 2026 to stockholders of record as of the close of business on August 14, 2026.
On March 11, 2013, our Board of Directors approved a program for the repurchase of up to an aggregate of 7.0 million shares of our Class B common stock. In the six months ended June 30, 2026, we acquired 47,672 Class B common stock under the stock purchase program for an aggregate amount of $0.7 million. In the six months ended June 30, 2025, we acquired 286,137 Class B common stock under the stock purchase program for an aggregate amount of $4.6 million. At June 30, 2026, 3.4 million shares of Class B common stock remained available for repurchase under the stock repurchase program.
In each of the six months ended June 30, 2026 and 2025, we paid $0.5 million to repurchase shares of our Class B common stock tendered by our employees (including one officer) to satisfy tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares were repurchased by us based on their fair market value on the trading day immediately prior to the vesting date.
In January 2026, we extinguished the notes payable by paying the $1.8 million principal amount plus the $0.1 million accumulated accrued interest. The note payable carried a 5.0% interest rate.
On November 18, 2024, our subsidiary, SUT Holdings, LLC entered into a Term Loan Agreement with NCB for $7.4 million (the "Term Loan"). The principal amount is payable in installments every January 1, July 1 and October 1 of each year starting on July 1, 2025. up to October 2031.
Interest on the unpaid balance is payable on each January 1, April 1, July 1 and October 1, calculated using the 3-Month Term Secured Overnight Financing Rate ("SOFR") published by CME Group Benchmark Administration plus a margin of 2.0% computed on the basis of actual number of days elapsed over 360 days. We paid NCB a nonrefundable commitment fee equal to 1.0% of the total principal amount equivalent to $0.1 million. We have the right to prepay the Term Loan in whole or in part at any time as permitted under specific terms in the Term Loan Agreement. The Term Loan is secured by our operating solar systems located in Ohio, Indiana and Michigan. The Term Loan is subject to various financial and negative covenants and at June 30, 2026, we were in compliance with all such covenants. At June 30, 2026, there was $7.0 million outstanding under the Term Loan at a weighted average interest rate of 5.7%. We also entered into a Cash Management Agreement with NCB to manage the cash flows of the operations of collateralized solar projects. The Cash Management Agreement also provided certain restriction on certain cash accounts specified in the agreements. At June 30, 2026, an aggregate of $4.3 million are deposited in NCB and are subject to certain restrictions.
In the six months ended June 30, 2026, we paid the required installment of the principal amount of the Term Loan of $0.2 million. There were no required payment in the three and six months ended June 30, 2025.
On December 13, 2018, we entered into a Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”). On October 12, 2025, we entered into an amendment of the existing Credit Agreement to extend the maturity date of December 31, 2026. The aggregate principal amount was retained at $3.0 million credit line facility (“Credit Line”). We pay a commitment fee of 0.1% per annum on the unused portion of the Credit Line as specified in the Credit Agreement. The borrowed amounts will be in the form of letters of credit which will bear interest of 1.0% per annum. We will also pay a fee for each letter of credit that is issued equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. We agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to $3.1 million. As of June 30, 2026, there are $1.0 million in letters of credit issued by JP Morgan Chase Bank. At June 30, 2026, the cash collateral of $3.3 million was included in restricted cash in our condensed consolidated balance sheet.
Cash flows from discontinued operations
Cash used in discontinued operations of Lumo Sweden was minimal in the six months ended June 30, 2026. Cash provided by operating activities of discontinued operations was $2.3 million in the six months ended June 30, 2025 and pertains to the proceeds from the settlement of hedges of Lumo Sweden, in which the last payment was received in April 2025.
| Item 3. |
Quantitative and Qualitative Disclosures About Market Risks. |
Our primary market risk exposure is the price applicable to our natural gas and electricity purchases and sales. The sales price of our natural gas and electricity is primarily driven by the prevailing market price. Hypothetically, for our GRE segment, if our gross profit per unit in the three months ended June 30, 2026 had remained the same as in the three months ended June 30, 2025, our gross profit from electricity and natural would have decreased by $7.8 million and $4.9 million, respectively. Hypothetically, for our GRE segment, if our gross profit per unit in the six months ended June 30, 2026 had remained the same as in the six months ended June 30, 2025, our gross profit from electricity and natural gas would have decreased by $5.4 million and 6.6 million, respectively.
The energy markets have historically been very volatile, and we can reasonably expect that electricity and natural gas prices will be subject to fluctuations in the future. In an effort to reduce the effects of the volatility of the price of electricity and natural gas on our operations, we have adopted a policy of hedging electricity and natural gas prices from time to time, at relatively lower volumes, primarily through the use of put and call options and swaps. While the use of these hedging arrangements limits the downside risk of adverse price movements, it also limits future gains from favorable movements. We do not apply hedge accounting to these options or swaps; therefore the mark-to-market change in fair value is recognized in cost of revenues in our condensed consolidated statements of operations. We recognized loss from derivative instruments of $1.6 million in the three months ended June 30, 2026 . We recognized gain from derivative instrument of $1.7 million in the six months ended June 30, 2026. We recognized loss from derivative instruments of $4.0 million and $0.8 million in the three and six months ended June 30, 2025, respectively.
| Item 4. |
Controls and Procedures |
Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026, due to the material weaknesses in internal control over financial reporting that were disclosed in the 2025 Form 10-K.
Remediation. As previously described in Part II, Item 9A of the 2025 Form 10-K, we began implementing a remediation plan to address the material weaknesses mentioned above. The weaknesses will not be considered remediated, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We expect that the remediation of these material weaknesses will be completed in 2026.
Changes in Internal Control over Financial Reporting. In the first quarter of 2026, we substantially completed the implementation of a new enterprise resource planning (ERP) system, to maintain the Company's financial records, process transactions and financial reporting. We have made changes to our internal control over financial reporting to address the related processes and systems. ∙ There were no other changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
| Item 1. |
Legal Proceedings |
Legal proceedings in which we are involved are more fully described in Note 19 to the Condensed Consolidated Financial Statements included in Item 1 to Part I of this Quarterly Report on Form 10-Q.
| Item 1A. |
Risk Factors |
There are no material changes from the risk factors included in the 2025 Form 10-K.
| Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
The following table provides information with respect to purchases by us of shares of our Class B common stock during the second quarter of 2026:
| Total Number |
Maximum |
|||||||||||||||
| of Shares |
Number of |
|||||||||||||||
| Purchased as |
Shares that |
|||||||||||||||
| part of |
May Yet Be |
|||||||||||||||
| Total |
Publicly |
Purchased |
||||||||||||||
| Number of |
Average |
Announced |
Under the |
|||||||||||||
| Shares |
Price |
Plans or |
Plans or |
|||||||||||||
| Purchased (2) |
per Share |
Programs |
Programs (1) |
|||||||||||||
| April 1–30, 2026 |
— | $ | — | — | 3,450,665 | |||||||||||
| May 1–31, 2026 |
15,882 | 13.61 | 15,882 | 3,434,783 | ||||||||||||
| June 1–30, 2026 |
31,790 | 13.94 | 31,790 | 3,402,993 | ||||||||||||
| Total |
47,672 | $ | — | 47,672 | ||||||||||||
| (1) |
Under our existing stock repurchase program, approved by our Board of Directors on March 11, 2013, we were authorized to repurchase up to an aggregate of 7.0 million shares of our Class B common stock. |
| (2) | Consists of 36,659 shares of Class B Common Stock that were tendered by officers and employees to satisfy the tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares were repurchased by us based on their current fair market value on the trading day immediately prior to the vesting date. |
| Item 3. |
Defaults upon Senior Securities |
None
| Item 4. |
Mine Safety Disclosures |
Not applicable
| Item 5. |
Other Information |
None
| Item 6. |
Exhibits |
| Exhibit |
Description |
|
| 31.1* |
Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 200 |
|
| 31.2* |
Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. |
|
| 32.1* |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. |
|
| 32.2* |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. |
|
| 101.INS* |
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
|
| 101.SCH* |
Inline XBRL Taxonomy Extension Schema Document |
|
| 101.CAL* |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
|
| 101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
|
| 101.LAB* |
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
| 101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
| 104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| * |
Filed or furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Genie Energy Ltd. |
||
| August 6, 2026 |
By: |
/s/ Michael M. Stein |
| Michael M. Stein |
||
| Chief Executive Officer | ||
| August 6, 2026 |
By: |
/s/ Avi Goldin |
| Avi Goldin |
||
| Chief Financial Officer | ||