Via Renewables, Inc. reported a total revenue of approximately $463.5 million for the fiscal year ending December 31, 2025, marking a 16% increase from $398.9 million in 2024. The growth was primarily driven by higher sales volumes of natural gas and electricity, attributed to an expanded customer base and increased electricity unit revenue. However, the company experienced a decline in net income, which fell to $35.6 million from $61.1 million in the previous year, largely due to increased operating expenses and a significant rise in retail cost of revenues, which reached $321.8 million, up 39% from $230.8 million in 2024.
The company’s operational metrics showed a total of approximately 421,000 residential customer equivalents (RCEs) as of December 31, 2025, an increase from 388,000 RCEs in 2024. This growth was supported by both organic customer acquisitions and strategic purchases of customer portfolios, including the acquisition of 3,300 RCEs in October 2025. The company’s customer acquisition costs also rose to $10.4 million, reflecting increased sales activity. Despite the growth in customer numbers, the average monthly attrition rate increased to 4.2% in 2025, up from 3.9% in 2024, primarily due to proactive non-renewals in response to regulatory changes in certain states.
Strategically, Via Renewables completed a merger in June 2024, which resulted in significant changes to its ownership structure, with W. Keith Maxwell III and his affiliates acquiring all outstanding shares of the company’s common stock. This merger has positioned the company to leverage its operational capabilities and expand its market presence. The company also announced a partial redemption of its Series A Preferred Stock, redeeming over 1 million shares in 2025, which reduced the outstanding shares from 3.4 million to approximately 2.3 million.
Looking ahead, Via Renewables anticipates continued growth in its customer base and revenue, although it acknowledges potential challenges from market conditions, regulatory changes, and competition. The company remains focused on optimizing its operations and managing costs effectively to enhance profitability. Additionally, it plans to maintain compliance with its Senior Credit Facility covenants, which may impact its ability to pay dividends on its Series A Preferred Stock in the future. The company’s liquidity position as of December 31, 2025, was approximately $133.3 million, providing a buffer for operational and strategic initiatives.
About Via Renewables, Inc.
Via Renewables, Inc. is a retail energy company providing natural gas and electricity services to residential and commercial customers across the U.S. It offers fixed and variable-price plans, green energy products, and manages energy procurement through wholesale markets. The company operates in multiple states, focusing on customer retention, risk management, and competitive supply sourcing within a highly regulated industry.
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