{"id":962734,"date":"2026-05-14T08:20:05","date_gmt":"2026-05-14T12:20:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-announces-first-quarter-2026-results\/"},"modified":"2026-05-14T08:20:05","modified_gmt":"2026-05-14T12:20:05","slug":"genie-energy-announces-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-announces-first-quarter-2026-results\/","title":{"rendered":"Genie Energy Announces First Quarter 2026 Results"},"content":{"rendered":"
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\n Newark, NJ, May 14, 2026 (GLOBE NEWSWIRE) — <\/strong>Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the first quarter of 2026.\u00a0<\/p>\n

Michael Stein, Chief Executive Officer of Genie Energy, commented:\u00a0<\/p>\n

Genie’s first quarter results were mixed as investments in customer acquisition at GRE and in new business initiatives combined with weakness in retail margins to impact our bottom line despite record quarterly revenue. As a result, we are lowering full year 2026 guidance from $40 to $50 million, to $32.5 to $40 million in Adjusted EBITDA.\u00a0<\/p>\n

At GRE, challenging commodity market conditions in the first two months of the quarter compressed margins before rebounding in March. We also increased our customer acquisition spend this quarter, reflecting increases in the rate of new customer acquisition and in the cost of acquisition per customer. At GREW, we ramped up investment in several early-stage growth initiatives and further wrote down our inventory of solar panels.<\/p>\n

Despite the tough first quarter, we expect to see significant improvement as we progress through the remainder of the year. GRE is a resilient business that, by its nature, will have episodes of margin compression like this one but also opportunities for exceptional profitability.\u00a0<\/p>\n

At GREW, all three primary areas of business are in good shape. Diversegy continues to grow its book of business and generate cash. Genie Solar is on track to be profitable for the remainder of the year and beyond. And we expect that our key earlier-stage initiatives, collectively, will gradually pivot towards profitability as they gain scale in the coming quarters.<\/p>\n

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\n First\u00a0Quarter 2026\u00a0Highlights<\/u>
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\u00a0(Unless otherwise noted, results are for 1Q26\u00a0and\u00a0are compared to 1Q25).<\/i><\/p>\n\n\n\n\n\n\n\n\n
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  • Revenue increased 4.0% to $142.3 million – a record quarterly level for Genie – from $136.8 million;<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • Gross profit decreased 20.2% to $29.8 million from $37.4 million; Gross margin decreased to 20.9% from 27.3%;<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • Income from operations decreased to $1.9 million from $13.5 million;<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • Adjusted EBITDA1 <\/sup>decreased to $2.8 million from $14.4 million;<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • 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 $10.4 million and $0.40, respectively;<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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  • Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $199.8 million at March 31, 2026;<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
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