Genie Energy Ltd. reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $136.8 million, up 14.3% from $119.7 million in the same period last year. The company's net income attributable to common stockholders also rose to $10.6 million, a 30.9% increase compared to $8.1 million in the first quarter of 2024. This growth was driven primarily by higher electricity and natural gas revenues, which increased by 16.4% and 26.8%, respectively, reflecting increased consumption and customer acquisition.
The company experienced notable changes in its operational metrics, with the number of electricity customers growing to 325,000, up from 281,000 a year earlier. Natural gas customers also increased to 88,000 from 83,000. The average monthly churn rate remained stable at 5.5%, indicating effective customer retention strategies. However, the total number of meters served decreased slightly by 10,000 from the previous quarter, attributed to customer losses not fully offset by new acquisitions.
Strategically, Genie Energy has focused on expanding its renewable energy segment, Genie Renewables (GREW), which includes Genie Solar and CityCom Solar. The company has shifted its focus from lower-margin commercial projects to utility-scale solar developments. Despite a decrease in GREW revenues to $4.3 million from $7.2 million year-over-year, the company reported growth in its energy procurement advisory services through Diversegy, which contributed positively to the segment's performance.
The filing also highlighted the company's ongoing efforts to manage risks associated with its operations, including the establishment of a captive insurance subsidiary to enhance risk financing strategies. Genie Energy's cash flow from operations improved significantly, providing $13.5 million in the first quarter of 2025 compared to $8.7 million in the prior year. The company ended the quarter with $112.5 million in cash and cash equivalents, which it expects will be sufficient to meet its operational needs through at least May 2026.
Looking ahead, Genie Energy anticipates continued growth driven by its strategic focus on customer acquisition and renewable energy projects. The company remains committed to navigating market volatility and regulatory challenges while leveraging its operational strengths to enhance shareholder value.
About Genie Energy Ltd.
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