Genie Energy Reports Record $142.3M Q1 Revenue but Cuts 2026 EBITDA Guidance to $32.5M-$40M
Genie Energy delivered a record quarterly revenue of $142.3 million in Q1, but gross profit fell 20.2% to $29.8 million and Adjusted EBITDA plunged 80.4% to $2.8 million year-over-year. The company cut its 2026 Adjusted EBITDA guidance to $32.5 million–$40 million following margin compression and increased customer acquisition spending.
1. Q1 Financial Results
Genie Energy posted a record $142.3 million in Q1 revenue, up 4.0% year-over-year, while gross profit declined 20.2% to $29.8 million and Adjusted EBITDA fell 80.4% to $2.8 million from $14.4 million. Net income was $2.8 million, or $0.11 per share, compared with $10.4 million, or $0.40 per share a year earlier.
2. Retail Energy Segment
Genie Retail Energy (GRE) revenue increased 1.7% to $134.8 million as higher energy prices offset lower volumes, but income from operations dropped 60.6% to $6.6 million and Adjusted EBITDA fell 59.1% to $7.0 million due to elevated commodity costs and ramped customer acquisition spending. RCEs declined 11.7% to 354 thousand and churn rose 30 basis points to 5.8%.
3. Renewables Segment
Genie Renewables (GREW) revenue surged 74.3% to $7.6 million driven by solar panel sales and expansion of early-stage initiatives, while operating loss widened to $2.4 million after a solar inventory write-down and increased investment. The Lansing, NY community solar project went live in Q4, with a second project slated for Q2, and Genie Solar is expected to remain profitable through 2026.
4. Guidance and Balance Sheet
The company narrowed full-year 2026 Adjusted EBITDA guidance to a range of $32.5 million–$40 million from $40 million–$50 million, reflecting margin pressures and higher acquisition costs. Cash and equivalents plus marketable securities totaled $199.8 million at March 31, and a $0.075 per share quarterly dividend is payable June 2.