Genie Energy (NYSE: GNE) warns on restatements, sets 2026 EBITDA outlook
Rhea-AI Filing Summary
Genie Energy released select preliminary, unaudited results for 4Q and full-year 2025 while warning that its 2023 and 2024 financial statements, and 2024–2025 quarterly results, should not be relied on and will be restated due to errors in accounting for a captive insurance liability.
Preliminary consolidated revenue rose to $121.6 million in 4Q25 from $102.9 million in 4Q24 and to $502.0 million in 2025 from $425.2 million in 2024. However, consolidated income from operations fell to $4.6 million in 4Q25 from $10.1 million and to $27.7 million in 2025 from $44.9 million, pressured by wider losses at Genie Renewables.
Management said restated 2023 and 2024 statements are expected to significantly increase income from operations, tax provision and net income, and guided to 2026 consolidated Adjusted EBITDA of $40–$50 million. The CEO highlighted strong cash generation, continued investment in growth initiatives, share repurchases and dividends, but noted challenging energy markets and asset write-downs.
Positive
- None.
Negative
- Financial restatements and non-reliance on prior reports: The Audit Committee determined that financial statements for the years ended December 31, 2023 and 2024 and interim 2024–2025 quarters should not be relied upon and require restatement due to errors in accounting for the company’s captive insurance subsidiary liability.
Insights
Restatements create accounting overhang despite revenue growth and 2026 EBITDA guidance.
Genie Energy reported strong top-line growth with preliminary 2025 revenue of
The more material development is the Audit Committee’s conclusion that 2023–2024 annual and 2024–2025 quarterly financial statements should not be relied upon and must be restated for errors tied to captive insurance liabilities. Management expects restatements to significantly increase income from operations, tax provision and net income, but exact impacts await audited numbers.
For 2026, the company is targeting consolidated Adjusted EBITDA of
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On March 19, 2026, the Registrant distributed over a wire service and posted to the investor relations page of its website (www.genie.com), an earnings release announcing its select preliminary estimated unaudited results of operations for the quarter and full year ended December 31, 2025. A copy of the earnings release concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The Registrant is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC unless otherwise expressly stated in such filing. In addition, this Report and the press release contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in the press release.
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99.1
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Press Release, dated March 19, 2026, reporting the select, preliminary, interim results of operations for the quarter and full year ended December 31, 2025.
Cover Pager Interactive Data File, formatted in Inline XBRL document
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GENIE ENERGY LTD.
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/s/ Michael Stein
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Name: Michael Stein
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Title: Chief Executive Officer
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99.1
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Press Release, dated March 19, 2026, reporting the select, preliminary, interim results of operations for the quarter and full year ended December 31, 2025.
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| 104 | Cover Pager Interactive Data File, formatted in Inline XBRL document |
Exhibit 99.1
Genie Energy Announces Select, Preliminary, Unaudited, Interim Financial Results
Newark, NJ – March 19, 2026: Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today provided an update on its fourth quarter and full year 2025, including select unaudited, preliminary financial results, as well as financial guidance for 2026.
As disclosed on the 8-K filed on March 12, 2026, the Audit Committee of the Company’s Board of Directors, in consultation with the Company’s management and independent registered public accounting firm, has concluded that the Company’s previously issued financial statements for the years ended December 31, 2024 and December 31, 2023 as well as the interim quarterly reports for 2024 and 2025 should not be relied upon and require restatement because of errors related to accounting for the liability associated with the Company’s captive insurance subsidiary.
“We are working closely with the independent Audit Committee and our auditors to prepare restated financial results for 2023 and 2024, as well as 2024 and 2025 quarterly results, and to provide audited 2025 financial results,” said Michael Stein, Genie’s Chief Executive Officer. “As we noted in our SEC filing on Thursday, we estimate that the restated financial statements will significantly increase our 2023 and 2024 income from operations, provision for income taxes, and net income.”
Select Preliminary Unaudited Operating Metrics (subject to change):
The Company provided select, preliminary estimated unaudited financial metrics for the three and twelve months ended December 31, 2025 on a consolidated basis and for its reporting segments, Genie Retail Energy (GRE) and Genie Renewables (GREW):
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(Unaudited. In millions) |
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4Q24 |
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Consolidated Revenue |
$ | 121.6 | $ | 102.9 | $ | 502.0 | $ | 425.2 | ||||||||
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$ | 114.6 | $ | 98.4 | $ | 478.5 | $ | 403.3 | ||||||||
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GREW |
$ | 7.0 | $ | 4.5 | $ | 23.5 | $ | 21.9 | ||||||||
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Consolidated Income from Operations |
$ | 4.6 | $ | 10.1 | $ | 27.7 | $ | 44.9 | ||||||||
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GRE |
$ | 13.2 | $ | 12.6 | $ | 44.2 | $ | 56.5 | ||||||||
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GREW |
$ | (5.7 | ) | $ | (0.7 | ) | $ | (7.1 | ) | $ | (3.0 | ) | ||||
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As of December 31st 2025, the Company had $211.4 million of cash, restricted cash and cash equivalents compared to $200.6 million at December 31st 2024. |
2026 Financial Outlook
For the full year 2026, Genie management is projecting consolidated Adjusted EBITDA of $40 to $50 million.
Commentary from Michael Stein, Chief Executive Officer
"Genie continued to generate strong cash flows in 2025, funding increased investment in promising growth initiatives at both GRE and GREW while further strengthening our balance sheet and returning value to our stockholders though share repurchases and our quarterly dividend. Adjusted EBITDA in 2025 came in below our guidance due to both challenging energy market conditions early in the year, write-downs of solar assets at Genie Solar in the fourth quarter following enactment of the ‘One Big Beautiful Bill’ and increased acquisition expense selling non-energy services.
“Our retail business has experienced a challenging operating environment so far this year with volatility impacting energy markets. However, we maintain a positive outlook and solid 2026 guidance based on our expectations that Genie Retail Energy’s margins will normalize as we move further into the year and that our Genie Renewables segment will increase its contribution to our bottom line even as we invest in early-stage growth initiatives.”
About Genie Energy Ltd.
Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division's (GREW) holdings include Diversegy, an energy procurement advisor, Genie Solar, operator of a portfolio of community and commercial solar arrays, and various early-stage business initiatives. For more information, visit Genie.com.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Contact
Bill Ulrey
Investor Relations
Genie Energy, Ltd.
wulrey@genie.com
FAQ
What did Genie Energy (GNE) report for its preliminary 2025 revenue and operating income?
How did Genie Energy’s 4Q 2025 results compare to 4Q 2024?
Why will Genie Energy restate its 2023 and 2024 financial statements?
What 2026 financial guidance did Genie Energy (GNE) provide?
How did Genie Energy’s segments GRE and GREW perform in 2025?
What factors pressured Genie Energy’s 2025 Adjusted EBITDA versus guidance?
Filing Exhibits & Attachments
5 documents