Genie Energy Announces Second Quarter 2025 Results

Newark, NJ, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the second quarter of 2025. Michael Stein, Chief Executive Officer of Genie Energy, commented: "Our second quarter yielded mixed results with solid operational progress and double-digit topline growth, while significant margin compression at GRE weighed on our bottom-line. "At GRE, we expanded our customer base in the second quarter to approximately 419,000 meters served comprising 414,000 RCEs, representing year-over-year growth of 15% and 20% in meters and RCE's, respectively. GRE’s financial results were impacted by wholesale power price increases in some of its supply markets, amplified by high consumption levels from the unseasonably hot weather early this summer. "At GREW, we are making good progress on the more advanced projects within our solar generation development pipeline, highlighted by our Lansing community solar project which, I'm excited to report, we expect to commission in the third quarter. Following the enactment of the "One Big Beautiful Bill", we are evaluating the financial viability of our early-stage projects that may no longer qualify for federal solar investment tax credits, and have paused new development projects. GREW delivered a very strong quarter with revenue increasing 44%, and the segment approached break even. "During the second quarter, we continued to return value to our stockholders, repurchasing approximately 159,000 shares and paying our regular quarterly dividend of $0.075 per share. "Looking ahead to the balance of the year, assuming a normalized retail margin environment, and further improvement and growth at GREW led by Diversegy and Genie Solar, we continue to expect that Genie will generate $40 to $50 million of consolidated Adjusted EBITDA in 2025." Second Quarter 2025 Highlights(Unless otherwise noted, 2Q25 results are compared to 2Q24, and results of the former Genie Retail Energy International (GREI) segment are included in discontinued operations for all periods.) Revenue increased 16.0% to $105.3 million from $90.7 million;Gross profit decreased 29.6% to $23.5 million from $33.3 million; Gross margin decreased to 22.3% from 36.8%;Income from operations decreased to $2.0 million from $10.6 million;Adjusted EBITDA1 decreased to $3.0 million from $12.0 million;Net income attributable to Genie common stockholders and income per diluted share (EPS) attributable to Genie common stockholders of $2.8 million and $0.11 compared to $9.6 million and $0.36, respectively;Non-GAAP net income attributable to Genie common stockholders1 and non-GAAP EPS1 attributable to Genie common stockholders of $3.0 million and $0.11 compared to $10.1 million and $0.37, respectively;Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $201.6 million at June 30, 2025;Genie repurchased approximately 159 thousand shares of its Class B Common stock for $2.7 million during 2Q25;Genie will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on August 19, 2025, with a record date of August 11, 2025. 1Adjusted EBITDA, Non-GAAP net income attributable to Genie common stockholders, and Non-GAAP EPS attributable to Genie common stockholders for all periods presented are non-GAAP measures intended to provide useful information that supplements the core operating results in accordance with GAAP for Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these non-GAAP metrics, as well as reconciliations to its most directly comparable GAAP measures. Select Financial Metrics (in millions except for EPS)* 2Q25 2Q24 Change Total revenue $105.3 $90.7 16.0% Genie Retail Energy $99.0 $86.7 14.2%Electricity $89.9 $78.3 14.8%Natural gas $9.1 $8.4 8.2%Others $— $0.0 (100.0)%Genie Renewables $6.3 $4.0 57.3%Gross margin 22.3% 36.8% (1,445)bpsGenie Retail Energy 21.5% 37.2% (1,567)bpsGenie Renewables 34.5% 26.8% 765bps Income from operations $2.0 $10.6 (81.0)% Operating margin 1.9% 11.6% 120bpsNet income from continuing operations $2.8 $9.5 (70.3)% Loss attributable to discontinued operations, net of tax $0.0 $(0.1) (132.5)% Net income attributable to Genie common stockholders $2.8 $9.6 (70.6)% Diluted earnings per share $0.11 $0.36 $(0.25)Non-GAAP net income attributable to Genie common stockholders $3.0 $10.1 (70.2)% Non-GAAP diluted earnings per share $0.11 $0.37 $(0.26)Adjusted EBITDA $3.0 $12.0 (74.9)% Cash flow from continuing operating activities $0.7 $17.6 (96.2)% *Numbers may not add due to rounding Segment Highlights Genie Retail Energy (GRE) GRE's 2Q25 revenue increased 14.2% to $ 99.0 million from $ 86.7 million in 2Q24 primarily reflecting increased consumption from customer base growth. Income from operations decreased 72.7% to $4.0 million from $14.6 million, and Adjusted EBITDA decreased 70.5% to $4.4 million from $14.9 million. The decreases primarily reflect increased commodity cost absorbed by GRE compared to 2Q24, driven by increased wholesale commodity prices, and amplified by unseasonably hot weather in some service markets during the quarter. GRE Operational Metrics (RCEs and Meters in thousands at end of period)* 2Q25 2Q24 Change RCEs 414 343 20.5%Electricity 332 265 25.3%Natural gas 82 79 4.1%Meters 419 365 14.8%Electricity 332 278 19.4%Natural gas 87 85 2.5%Gross meter additions during the period 70 53 32.1%Churn** 4.8% 4.6% 4.3% *Numbers may not add due to rounding**Excludes the impacts of aggregation deal expirations Genie Renewables (GREW) GREW's first quarter revenue increased 57.3% to $6.3 million from $4.0 million in 2Q24, primarily reflecting growth at Diversegy and Genie Solar. Diversegy, Genie's energy brokerage and advisory business, increased revenue by 59.5% year-over-year, and contributed the significant majority of GREW revenues in 2Q25. GREW's loss from operations decreased to $0.2 million from $1.4 million in 2Q24. At June 30, 2025, Genie Solar's operating portfolio and development pipeline comprised: Pipeline Total Operational Site Control Permitting Construction MW 90 10 60 10 10 Project count 24 1 17 3 3 Following recent changes accelerating the phase out of the federal investment tax credits for solar projects, Genie Solar has removed some early-stage projects from its pipeline, and has paused new project development. Balance Sheet and Cash Flow Highlights As of June 30, 2025, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $201.6 million. Total assets as of June 30, 2025 were $383.1 million. Liabilities totaled $195.9 million, and working capital (current assets less current liabilities) totaled $115.0 million. Cash provided by operating activities decreased to $16.5 million in 2Q25 from $33.3 million in 2Q24. Trended Financial Information* (in millions except EPS)** 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 2023 2024 Total Revenue $119.7 $90.7 $111.9 $102.9 $136.8 $105.3 $428.7 $447.1 Genie Retail Energy $112.5 $86.7 $105.8 $98.4 $132.5 $99.0 $409.9 $425.2 Electricity $89.4 $78.3 $100.7 $82.1 $104.1 $89.9 $350.8 $350.5 Natural gas $22.4 $8.4 $5.1 $16.2 $28.4 $9.1 $56.0 $52.1 Others $0.7 $0.0 $0.1 $0.0 $0.0 $— $3.1 $0.7 Genie Renewables $7.2 $4.0 $6.1 $4.5 $4.3 $6.3 $18.8 $21.9 Gross Profit $33.8 $33.3 $37.9 $33.5 $37.4 $23.5 $146.2 $138.5 Genie Retail Energy $32.2 $32.3 $35.8 $31.9 $35.9 $21.3 $143.4 $132.2 Genie Renewables $1.6 $1.1 $2.1 $1.5 $1.5 $2.2 $2.8 $6.3 Gross Margin 28.2% 36.8% 33.9% 32.5% 27.3% 22.3% 34.1% 31.0%Genie Retail Energy 28.6% 37.2% 33.8% 32.4% 27.1% 21.5% 35.0% 31.1%Genie Renewables 22.0% 26.8% 34.9% 33.9% 33.7% 34.5% 15.1% 29.0%Income (loss) from operations $9.8 $10.6 $11.7 $(20.8) $12.8 $2.0 $10.0 $11.3 Operating margin 8.2% 11.6% 10.4% (20.2)% 9.4% 1.9% 2.3% 2.5%Net income (loss) attributable to Genie common stockholders $8.1 $9.6 $10.2 $(15.3) $10.6 $2.8 $13.9 $12.6 Diluted earnings (loss) per share $0.30 $0.36 $0.38 $(0.58) $0.40 $0.1 $0.74 $0.3 Adjusted EBITDA $11.7 $12.0 $13.6 $11.1 $14.41 $3.0 $58.2 $48.5 *Some Genie Retail Energy International (GREI) operations have been classified as a discontinued operation and their results excluded from current and historical results **Numbers may not add due to rounding Earnings Announcement and Supplemental Information At 8:30 AM Eastern this morning, Genie Energy’s management will host a conference call to discuss the Company's financial and operational results, business outlook, and strategy. The call will begin with management’s remarks, followed by Q&A with investors. To participate in the conference call, dial 1-877-545-0320 (toll-free from the US) or 1-973-528-0002 (international) and provide the following participant access code: 796824. Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 52352. The replay will remain available through Tuesday, May 20, 2025. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website. 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 Genie Solar, a vertically-integrated provider of community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor. 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 UlreyInvestor RelationsGenie Energy, Ltd.wulrey@genie.com GENIE ENERGY LTD.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except per share amounts) June 30, December 31, 2025 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $105,423 $104,456 Restricted cash—short-term 25,267 26,608 Marketable equity securities 600 357 Trade accounts receivable, net of allowance for credit losses of $8,673 and $8,086 at June 30, 2025 and December 31, 2024, respectively 61,322 61,858 Inventory 16,871 12,188 Prepaid expenses 10,000 9,893 Other current assets 9,840 8,493 Current assets of discontinued operations 1,423 3,594 Total current assets 230,746 227,447 Restricted cash—long-term 70,301 69,580 Property and equipment, net 28,622 25,246 Goodwill 12,801 12,749 Other intangibles, net 2,183 2,367 Deferred income tax assets, net 7,055 7,055 Other assets 25,847 22,365 Noncurrent assets of discontinued operations 5,537 4,466 Total assets $383,092 $371,275 Liabilities and equity Current liabilities: Trade accounts payable $34,577 $31,233 Accrued expenses 49,193 48,793 Income taxes payable 7,819 9,196 Current captive insurance liability 9,304 9,120 Current debt, net 2,167 357 Due to IDT Corporation, net 127 135 Other current liabilities 8,801 6,393 Current liabilities of discontinued operations 3,740 4,585 Total current liabilities 115,728 109,812 Noncurrent captive insurance liability 70,301 69,580 Noncurrent debt, net 6,846 8,668 Other liabilities 2,307 2,959 Noncurrent liabilities of discontinued operations 744 705 Total liabilities 195,926 191,724 Commitments and contingencies — — Equity: Genie Energy Ltd. stockholders’ equity: Preferred stock, $0.01 par value; authorized shares—10,000: Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 0 shares issued and outstanding at June 30, 2025 and December 31, 2024 — — Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at June 30, 2025 and December 31, 2024 16 16 Class B common stock, $0.01 par value; authorized shares—200,000; 29,323 and 29,310 shares issued and 25,178 and 25,482 shares outstanding at June 30, 2025 and December 31, 2024, respectively 293 293 Additional paid-in capital 160,587 159,192 Treasury stock, at cost, consisting of 4,146 and 3,828 shares of Class B common stock at June 30, 2025 and December 31, 2024 (42,567) (37,486)Accumulated other comprehensive income 4,720 3,919 Retained earnings 73,990 64,574 Total Genie Energy Ltd. stockholders’ equity 197,039 190,508 Noncontrolling interests: Noncontrolling interests (9,342) (10,174)Receivable from issuance of equity (531) (783)Total noncontrolling interests (9,873) (10,957)Total equity 187,166 179,551 Total liabilities and equity $383,092 $371,275 GENIE ENERGY LTD.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands, except per share data) (in thousands, except per share data) Revenues: Electricity $89,885 $78,301 $193,948 $167,697 Natural gas 9,107 8,414 37,516 30,812 Other 6,259 3,981 10,594 11,875 Total revenues 105,251 90,696 242,058 210,384 Cost of revenues 81,771 57,360 181,215 143,262 Gross profit 23,480 33,336 60,843 67,122 Operating expenses: Selling, general and administrative (i) 21,177 22,015 45,064 44,916 Provision for captive insurance liability 265 640 910 1,676 Impairment of assets 35 118 35 118 Income from operations 2,003 10,563 14,834 20,412 Interest income 1,998 1,362 3,979 2,702 Interest expense (156) (331) (345) (363)Gain on marketable equity securities and other investments 505 110 673 227 Other (loss) income, net (451) 1,262 (457) 1,342 Income before income taxes 3,899 12,966 18,684 24,320 Provision for income taxes (1,079) (3,465) (5,458) (6,385)Net income from continuing operations 2,820 9,501 13,226 17,935 Income (loss) from discontinued operations, net of taxes 47 (145) (57) (410)Net income 2,867 9,356 13,169 17,525 Net income (loss) attributable to noncontrolling interests, net 45 (256) (284) (210)Net income attributable to Genie Energy Ltd. common stockholders $2,822 $9,612 $13,453 $17,735 Net income (loss) attributable to Genie Energy Ltd. common stockholders Continuing operations $2,775 $9,757 $13,510 $18,145 Discontinued operations 47 (145) (57) (410)Net income attributable to Genie Energy Ltd. common stockholders $2,822 $9,612 $13,453 $17,735 Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders: Basic: Continuing operations $0.11 $0.37 $0.51 $0.68 Discontinued operations — (0.01) — (0.02)Earnings per share attributable to Genie Energy Ltd. common stockholders $0.11 $0.36 $0.51 $0.66 Diluted Continuing operations $0.11 $0.37 $0.51 $0.67 Discontinued operations — (0.01) — (0.02)Earnings per share attributable to Genie Energy Ltd. common stockholders $0.11 $0.36 $0.51 $0.65 Weighted-average number of shares used in calculation of earnings per share: Basic 26,173 26,569 26,287 26,760 Diluted 26,516 27,033 26,631 27,272 Dividends declared per common share $0.075 $0.075 $0.150 $0.150 (i) Stock-based compensation included in selling, general and administrative expenses $606 $458 $1,345 $1,207 GENIE ENERGY LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Six Months Ended June 30, 2025 2024 (in thousands) Operating activities Net income $13,169 $17,525 Net loss from discontinued operations, net of tax (57) (410)Net income from continuing operations 13,226 17,935 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 1,345 1,207 Provision for captive insurance liability 910 1,676 Provision for credit losses 856 1,210 Depreciation and amortization 470 415 Impairment of assets 35 118 Unrealized gain on marketable equity securities and investments and others, net (622) (443)Inventory valuation allowance — 417 Changes in assets and liabilities: Trade accounts receivable (320) 6,565 Inventory (4,682) 6,616 Prepaid expenses (142) 4,479 Other current assets and other assets (882) 1,919 Trade accounts payable, accrued expenses and other liabilities 5,382 (18,156)Due to IDT Corporation, net (8) 4 Income taxes payable (1,377) 2,362 Net cash provided by operating activities of continuing operations 14,191 26,324 Net cash provided by operating activities of discontinued operations 2,274 7,011 Net cash provided by operating activities 16,465 33,335 Investing activities Capital expenditures (3,682) (1,562)Purchases of marketable equity securities and other investments (3,667) (3,042)Improvements in investment property (1,075) — Purchase of solar system facility — (1,344)Purchase of equity of subsidiary — (1,200)Proceeds from return of investments 1,173 — Net cash used in investing activities (7,251) (7,148)Financing activities Dividends paid (4,036) (4,152)Repurchases of Class B common stock (4,619) (5,897)Repurchases of Class B common stock from employees (462) (1,508)Repurchase of Class B common stock from Genie Foundation — (768)Net cash used in financing activities (9,117) (12,325)Effect of exchange rate changes on cash, cash equivalents, and restricted cash (64) (140)Net increase in cash, cash equivalents, and restricted cash 33 13,722 Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period 201,958 165,479 Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period 201,991 179,201 Less: Cash of discontinued operations at end of period 1,000 1,281 Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period $200,991 $177,920 Reconciliation of Non-GAAP Financial Measures for the Second Quarter of 2025 In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed Adjusted EBITDA for GRE and on a consolidated basis, Non-GAAP Net Income Attributable to Genie Common Stockholders (Non-GAAP Net Income) and Non-GAAP Diluted Earnings per Share Attributable to Genie Common Stockholders (Non-GAAP EPS). Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the net loss of equity method investees, net. Genie's measures of Non-GAAP Net Income and Non-GAAP EPS start with net income attributable to Genie Energy Ltd. Common Stockholders in accordance with GAAP and add captive insurance liability and the tax effect of this adjustment. These additions are non-cash and/or non-routine items in the relevant periods. Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies. Management believes that Genie’s measure of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS provide useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, non-GAAP Net Income and Non-GAAP EPS, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making. Management also uses Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to evaluate operating performance in relation to Genie’s competitors. Disclosure of these non-GAAP financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time. Management refers to Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated. Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance. Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions, and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance. Impairment of assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie's continuing operations. Captive insurance liability is a non-cash charge incurred by Genie's insurance operations. While there may be related charges in other periods, the magnitude of these changes can fluctuate markedly and do not reflect the performance of Genie's continuing operations. Captive insurance losses are excluded from Genie's calculation of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. Following are the reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to income from operations for Genie Energy on a consolidated basis as well as for GRE. Non-GAAP Reconciliation - Consolidated Adjusted EBITDA (in millions) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 2023 2024 Income (loss) from operations $9.8 $10.6 $11.7 $(20.8) $12.8 $2.0 $11.3 $11.3 Add back Captive insurance liability $1.0 $0.6 $1.0 $30.9 $0.6 $0.3 $33.6 $33.6 Depreciation and amortization $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.9 $0.9 Non-cash compensation $0.7 $0.5 $0.6 $0.6 $0.7 $0.6 $2.3 $2.3 Impairment $0.0 $0.1 $0.1 $(0.0) $0.0 $0.0 $0.2 $0.2 Equity in net loss (income) of equity method investees $(0.1) $0.0 $0.0 $0.1 $(0.0) $(0.1) $0.1 $0.1 Adjusted EBITDA $11.7 $12.0 $13.6 $11.1 $14.4 $3.0 $48.5 $48.5 Non-GAAP Reconciliation - GRE Adjusted EBITDA (in millions) 2Q25 2Q24 2023 2024 Income from operations $4.0 $14.6 $71.9 $56.5 Add back Depreciation and amortization $0.1 $0.0 $0.3 $0.3 Stock-based compensation $0.3 $0.3 $1.1 $1.1 Impairment $— $— $— $— Equity in the income of equity method investees $0.1 $— $— $0.5 Adjusted EBITDA $4.4 $14.9 $73.3 $58.4 Non-GAAP Reconciliation - Consolidated Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders and Non-GAAP Diluted Income Per Share (in millions except for EPS) 2Q25 2Q24 2023 2024 Net income attributable to Genie Energy Ltd. common stockholders $2.8 $9.6 $19.2 $12.6 Add back Captive insurance liability $0.3 $0.6 $45.1 $33.6 Income tax effect of adjustment $(0.1) (0.2) $(10.5) $(8.8)Non-GAAP net income attributable to Genie Energy Ltd. common stockholders $3.0 $10.1 $53.7 $37.4 Diluted earnings per share $0.11 $0.36 $0.74 $0.46 Total adjustments $0.01 $0.02 $1.33 $0.91 Non-GAAP diluted earnings per share $0.11 $0.37 $2.06 $1.38 Weighted average number of shares used in the calculation of diluted earnings per share 26.5 27.0 26.1 27.2 # # #

Genie Energy Announces Second Quarter 2025 Results

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