Corporate GovernanceMay 1, 2026, 09:51 AM
GNE Restates Financials for 2023-2025; Material Weakness
AI Summary
Genie Energy Ltd. announced the restatement of its consolidated financial statements for the years ended December 31, 2024 and 2023, and interim periods in 2024 and 2025. This restatement is due to errors in accounting for the liability associated with its captive insurance subsidiary, which resulted in material misstatements. The need for restatement was discovered during audits following the revocation of the prior independent registered public accounting firm's (Zwick CPA, PLLC) registration by the PCAOB. The company also identified a material weakness in its internal control over financial reporting as of December 31, 2025.
Key Highlights
- Financial statements for 2023, 2024, and interim 2024/2025 require restatement.
- Errors related to accounting for captive insurance subsidiary liability caused misstatements.
- Prior auditor, Zwick CPA, PLLC, had its registration revoked by PCAOB.
- Company identified a material weakness in internal control over financial reporting.
- Aggregate market value of non-affiliate stock was ~$512.4M as of June 30, 2025.
- Paid $8.0M in quarterly dividends on common stock in 2025.
- Genie Retail Energy (GRE) revenue was $478.5M in 2025.
- GRE serviced 346,000 meters (258,000 electric, 88,000 natural gas) as of Dec 31, 2025.