Genie Energy Ltd. reported a total revenue of $403.3 million for the fiscal year ending December 31, 2024, a slight decrease of 1.6% from $409.9 million in 2023. The company's profitability also declined, with net income attributable to Genie Energy Ltd. falling to $12.6 million, down 35.6% from $19.5 million in the previous year. The decrease in revenue was primarily driven by a reduction in natural gas sales, which dropped by 6.9% to $52.1 million, while electricity sales remained relatively stable at $350.5 million. The overall gross profit for the year was $132.1 million, reflecting a gross margin percentage of 32.8%, down from 35.0% in 2023.
In terms of operational metrics, Genie Energy's customer base expanded significantly, with the number of meters served increasing by 17.2% to 423,000 by the end of 2024. This growth was attributed to successful customer acquisition strategies, including a significant aggregation deal initiated in September 2024. The average monthly churn rate increased to 5.4% from 4.9% in 2023, indicating challenges in customer retention, particularly among newly acquired customers. The company reported a total of 399,000 Residential Customer Equivalents (RCEs) at year-end, up from 360,000 in 2023.
Strategically, Genie Energy made notable advancements in its Genie Renewables segment, which includes Genie Solar, CityCom Solar, and Diversegy. In November 2023, Genie Solar acquired ten special-purpose entities that own and operate solar facilities in Ohio and Michigan for $7.5 million, contributing to a revenue increase of 16.1% in the renewables segment. The segment's total revenue reached $21.9 million in 2024, with Diversegy accounting for the majority of this growth through energy procurement advisory services. The company also reported a gross profit of $6.3 million for the renewables segment, a significant increase from the previous year.
Looking ahead, Genie Energy anticipates continued growth driven by its strategic focus on renewable energy and customer acquisition. The company plans to invest between $10 million and $20 million in capital expenditures in 2025, primarily for solar projects. Additionally, the company has established a captive insurance subsidiary to enhance its risk management strategies. Despite the challenges posed by market volatility and regulatory changes, Genie Energy remains committed to expanding its operations and improving its financial performance in the coming years.
About Genie Energy Ltd.
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