Via Renewables, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting significant changes in revenue and profitability compared to the previous fiscal period. Total revenues for the three months ended September 30, 2024, were $93.8 million, a decrease of approximately 15% from $110.2 million in the same period of 2023. Retail revenues specifically fell to $94.3 million from $109.8 million year-over-year. The decline was attributed to lower electricity volumes sold and reduced electricity rates.
Operating income for the third quarter was $5.0 million, down from $20.2 million in the prior year, while net income decreased to $1.7 million from $14.7 million. For the nine months ended September 30, 2024, net income increased to $36.4 million from $27.0 million in 2023, with net income attributable to Via Renewables stockholders rising to $18.3 million from $15.3 million.
The company’s total current assets as of September 30, 2024, were $155.7 million, slightly down from $159.0 million at the end of 2023. Cash and cash equivalents, however, increased significantly to $66.6 million from $42.6 million. Total liabilities decreased to $145.8 million from $177.1 million, while total stockholders’ equity rose to $58.2 million from $46.6 million.
In terms of strategic developments, Via Renewables completed a merger with Retailco and NuRetailco LLC on June 13, 2024, which resulted in the conversion of Class A common stock into $11.00 per share. The company also entered into an asset purchase agreement in April 2024 to acquire approximately 12,556 residential customer equivalents (RCEs) for $2.3 million, with 7,100 RCEs transferred during the third quarter. Additionally, in October 2024, Via Renewables announced plans to acquire up to 100,600 RCEs for $16.9 million.
The company’s customer acquisition costs increased to $2.1 million for the third quarter, up from $1.7 million in the previous year, while average monthly customer attrition rose to 4.1% from 3.1%. The credit loss expense for the third quarter was 1.4%, slightly higher than 1.3% in the same period of 2023.
Via Renewables also declared a quarterly cash dividend of $0.71847 per share for Series A Preferred Stock, totaling $2.7 million for the third quarter of 2024. The company continues to manage its financial covenants under its Senior Credit Facility, which matures in June 2027, with an outstanding balance of $89.0 million as of September 30, 2024.
About Via Renewables, Inc.
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