Genie Energy Ltd. announced strong operational and financial results for the first quarter of 2025, characterized by robust increases in revenue, profitability, and cash generation compared to the prior year. The company reported $210.2 million in cash, cash equivalents, restricted cash, and marketable equity securities as of March 31, 2025. Cash provided by operating activities increased to $13.5 million from $8.7 million in Q1 2024.
The Genie Retail Energy (GRE) segment saw its revenue increase 17.8% to $132.5 million from $112.5 million in Q1 2024. Income from operations rose 18.2% to $16.8 million, and Adjusted EBITDA increased 17.1% to $17.1 million. This growth was driven by a year-over-year increase of over 48,000 net new meters, bringing the total to approximately 413,000 meters served, alongside a stable pricing environment.
In the Genie Renewables (GREW) segment, revenue decreased 40.0% to $4.3 million, primarily reflecting Genie Solar's strategic exit from commercial-scale projects in the second half of 2024. Despite this, Diversegy, the energy brokerage business, increased its revenue by 55% year-over-year and contributed the significant majority of GREW revenues. The Lansing community solar project in New York is on track for completion as early as the third quarter of 2025 and is expected to be immediately EBITDA accretive.
Genie Energy continued its commitment to shareholder returns, repurchasing approximately 127,000 shares during the first quarter. The company also paid its regular quarterly dividend of $0.075 per share.
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