Genie Energy Ltd.

Genie Energy Ltd. reported a significant decline in its first-quarter 2026 financial performance, with net income attributable to common stockholders falling 73% to $2.78 million and diluted EPS from continuing operations decreasing 72.5% to $0.11. Despite a 4% increase in total revenues to $142.31 million, gross profit and operating income saw substantial drops, and net cash from operating activities turned negative. The company also disclosed ongoing legal claims totaling €40.0 million ($46.3 million) related to its discontinued operations in Finland and Sweden, and recorded a $0.9 million inventory valuation reserve due to the One Big Beautiful Bill Act affecting solar projects.

Genie Energy reported mixed first-quarter 2026 results, with record quarterly revenue but a significant decline in profitability, leading the company to lower its full-year 2026 Adjusted EBITDA guidance. The decrease in earnings was attributed to increased customer acquisition investments, weakness in retail margins, and investments in new business initiatives. Despite the challenging quarter, management expects significant improvement throughout the remainder of the year, with Genie Solar projected to be profitable. The company also declared a quarterly dividend of $0.075 per share.

Genie Energy reported mixed first-quarter 2026 results with record quarterly revenue but significant declines in gross profit, income from operations, net income, and Adjusted EBITDA compared to Q1 2025. The company lowered its full-year 2026 Adjusted EBITDA guidance from $40-$50 million to $32.5-$40 million, citing challenging commodity market conditions, increased customer acquisition spend at Genie Retail Energy (GRE), and investments in new initiatives at Genie Renewables (GREW). Despite the tough quarter, management expects significant improvement throughout the remainder of the year, with Genie Solar projected to be profitable.

Genie Energy Ltd. announced a change in the date for its Annual Meeting of Stockholders from June 3, 2026, to June 10, 2026, at its headquarters in Newark, NJ. The company also scheduled its first quarter 2026 financial and operational results announcement for Thursday, May 14, 2026, at 7:30 AM Eastern, followed by a conference call at 8:30 AM Eastern to discuss the results, business outlook, and strategy.

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.

Genie Energy Ltd. (GNE) announced on April 7, 2026, that it received a notice of noncompliance from the New York Stock Exchange on April 1, 2026. The notice, citing Section 802.01E of the NYSE Listed Company Manual, is due to the company's delayed filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The delay stems from the necessity to restate audited financial statements for the fiscal years ended December 31, 2024, and 2023. This situation introduces uncertainty regarding the company's financial reporting integrity and could impact investor confidence.