Newark, NJ, March 19, 2026 (GLOBE NEWSWIRE) — Genie Power, Ltd. (NYSE: GNE), a number one retail vitality and renewable vitality options supplier, right this moment offered an replace on its fourth quarter and full yr 2025, together with choose unaudited, preliminary monetary outcomes, in addition to monetary steerage for 2026.
As disclosed on the 8-Okay filed on March 12, 2026, the Audit Committee of the Firm’s Board of Administrators, in session with the Firm’s administration and unbiased registered public accounting agency, has concluded that the Firm’s beforehand issued monetary statements for the years ended December 31, 2024 and December 31, 2023 in addition to the interim quarterly stories for 2024 and 2025 shouldn’t be relied upon and require restatement due to errors associated to accounting for the legal responsibility related to the Firm’s captive insurance coverage subsidiary.
“We are working closely with the independent Audit Committee and our auditors to prepare restated financial results for 2023 and 2024, as well as 2024 and 2025 quarterly results, and to provide audited 2025 financial results,” stated Michael Stein, Genie’s Chief Government Officer. “As we noted in our SEC filing on Thursday, we estimate that the restated financial statements will significantly increase our 2023 and 2024 income from operations, provision for income taxes, and net income.”
Choose Preliminary Unaudited Working Metrics (topic to alter):
The Firm offered choose, preliminary estimated unaudited monetary metrics for the three and twelve months ended December 31, 2025 on a consolidated foundation and for its reporting segments, Genie Retail Power (GRE) and Genie Renewables (GREW):
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(Unaudited. In tens of millions) 4Q254Q24 FY 2025FY 2024Consolidated Income $121.6 $102.9 $502.0 $425.2 GRE $114.6 $98.4 $478.5 $403.3 GREW $7.0 $4.5 $23.5 $21.9 Consolidated Earnings from Operations $4.6 $10.1 $27.7 $44.9 GRE $13.2 $12.6 $44.2 $56.5 GREW $(5.7)$(0.7) $(7.1)$(3.0) As of December thirty first 2025, the Firm had $211.4 million of money, restricted money and money equivalents in comparison with $200.6 million at December thirty first 2024.
2026 Monetary Outlook
For the complete yr 2026, Genie administration is projecting consolidated Adjusted EBITDA of $40 to $50 million.
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Commentary from Michael Stein, Chief Government Officer
“Genie continued to generate strong cash flows in 2025, funding increased investment in promising growth initiatives at both GRE and GREW while further strengthening our balance sheet and returning value to our stockholders though share repurchases and our quarterly dividend. Adjusted EBITDA in 2025 came in below our guidance due to both challenging energy market conditions early in the year, write-downs of solar assets at Genie Solar in the fourth quarter following enactment of the ‘One Big Beautiful Bill’ and increased acquisition expense selling non-energy services.
“Our retail business has experienced a challenging operating environment so far this year with volatility impacting energy markets. However, we maintain a positive outlook and solid 2026 guidance based on our expectations that Genie Retail Energy’s margins will normalize as we move further into the year and that our Genie Renewables segment will increase its contribution to our bottom line even as we invest in early-stage growth initiatives.”
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 Diversegy, an energy procurement advisor, Genie Solar, operator of a portfolio of community and commercial solar arrays, and various early-stage business initiatives. 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 “imagine,” “anticipate,” “anticipate,” “plan,” “intend,” “estimate, “target” and comparable expressions, are forward-looking statements throughout the which means of the Personal Securities Litigation Reform Act of 1995. Whereas these forward-looking statements characterize our present judgment of what could occur sooner or later, precise outcomes could differ materially from the outcomes expressed or implied by these statements because of quite a few vital elements, together with, however not restricted to, these described in our most up-to-date report on SEC Type 10-Okay (beneath the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which can be revised or supplemented in subsequent stories on SEC Varieties 10-Q and 8-Okay. We’re beneath no obligation, and expressly disclaim any obligation, to replace the forward-looking statements on this press launch, whether or not on account of new info, future occasions or in any other case.
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