Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 07, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | Genie Energy Ltd. | |
Entity Central Index Key | 0001528356 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q2 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Document Fiscal Year Focus | 2023 | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-35327 | |
Entity Tax Identification Number | 45-2069276 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Trading Symbol | GNE | |
Title of 12(b) Security | Class B common stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 520 Broad Street | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 438-3500 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,574,326 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,885,220 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 110,827 | $ 98,571 |
Restricted cash—short-term | 3,831 | 6,007 |
Marketable equity securities | 452 | 490 |
Trade accounts receivable, net of allowance for doubtful accounts of $6,098 and $4,826 at June 30, 2023 and December 31, 2022, respectively | 58,230 | 55,134 |
Inventory | 18,186 | 15,714 |
Prepaid expenses | 8,793 | 6,822 |
Other current assets | 7,059 | 6,207 |
Current assets of discontinued operations | 35,865 | 38,688 |
Total current assets | 243,243 | 227,633 |
Property and equipment, net | 1,422 | 891 |
Goodwill | 9,998 | 9,998 |
Other intangibles, net | 2,934 | 3,133 |
Deferred income tax assets, net | 5,799 | 5,799 |
Other assets | 13,183 | 13,856 |
Noncurrent assets of discontinued operations | 9,378 | 16,305 |
Total assets | 285,957 | 277,615 |
Current liabilities: | ||
Trade accounts payable | 23,815 | 25,313 |
Accrued expenses | 33,878 | 35,659 |
Income taxes payable | 10,996 | 22,576 |
Due to IDT Corporation, net | 144 | 165 |
Other current liabilities | 7,395 | 4,549 |
Current liabilities of discontinued operations | 10,967 | 10,936 |
Total current liabilities | 87,195 | 99,198 |
Other liabilities | 2,091 | 4,087 |
Noncurrent liabilities of discontinued operations | 686 | 686 |
Total liabilities | 89,972 | 103,971 |
Commitments and contingencies | ||
Genie Energy Ltd. stockholders’ equity: | ||
Preferred stock, $0.01 par value; authorized shares-10,000: Series 2012-A, designated shares-8,750; at liquidation preference, consisting of - and 983 shares issued and outstanding at June 30, 2023 and December 31, 2022 | 8,359 | |
Additional paid-in capital | 154,299 | 146,546 |
Treasury stock, at cost, consisting of 2,879 and 2,705 shares of Class B common stock at June 30, 2023 and December 31, 2022 | (21,613) | (19,010) |
Accumulated other comprehensive income | 1,965 | 1,926 |
Retained earnings | 74,355 | 49,010 |
Total Genie Energy Ltd. stockholders’ equity | 209,310 | 187,118 |
Noncontrolling interests | (13,325) | (13,474) |
Total equity | 195,985 | 173,644 |
Total liabilities and equity | 285,957 | 277,615 |
Class A Common Stock | ||
Genie Energy Ltd. stockholders’ equity: | ||
Common stock value | 16 | 16 |
Class B Common Stock | ||
Genie Energy Ltd. stockholders’ equity: | ||
Common stock value | $ 288 | $ 271 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $ 6,098 | $ 4,826 |
Preferred stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Treasury stock, shares | 2,879 | 2,705 |
Series 2012-A Preferred Stock | ||
Designated shares | 8,750 | 8,750 |
Preferred stock, shares issued | 983 | |
Preferred stock, shares outstanding | 983 | |
Class A Common Stock | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 1,574 | 1,574 |
Common stock, shares outstanding | 1,574 | 1,574 |
Class B Common Stock | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 28,764 | 27,126 |
Common stock, shares outstanding | 25,885 | 24,421 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenues: | |||||
Total revenues | $ 93,463 | $ 66,940 | $ 198,739 | $ 152,865 | |
Cost of revenues | 55,255 | 37,120 | 127,245 | 75,939 | |
Gross profit | 38,208 | 29,820 | 71,494 | 76,926 | |
Operating expenses: | |||||
Selling, general and administrative (i) | [1] | 23,173 | 18,048 | 45,184 | 38,192 |
Income from operations | 15,035 | 11,772 | 26,310 | 38,734 | |
Interest income | 1,008 | 48 | 1,982 | 65 | |
Interest expense | (30) | (52) | (49) | (102) | |
Gain (loss) on marketable equity securities and investments | 122 | (146) | 51 | (799) | |
Other (loss) income, net | (104) | (372) | 3,142 | (869) | |
Income before income taxes | 16,031 | 11,250 | 31,436 | 37,029 | |
Provision for income taxes | (3,865) | (3,195) | (7,933) | (10,308) | |
Net income from continuing operations | 12,166 | 8,055 | 23,503 | 26,721 | |
Income from discontinued operations, net of taxes | 3,173 | 29,318 | 6,227 | 27,388 | |
Net income | 15,339 | 37,373 | 29,730 | 54,109 | |
Net income attributable to noncontrolling interests, net | 183 | 2,894 | 144 | 1,741 | |
Net income attributable to Genie Energy Ltd. | 15,156 | 34,479 | 29,586 | 52,368 | |
Dividends on preferred stock | (176) | (624) | (333) | (994) | |
Net income attributable to Genie Energy Ltd. common stockholders | 14,980 | 33,855 | 29,253 | 51,374 | |
Amounts attributable to Genie Energy Ltd. common stockholders | |||||
Continuing operations | 11,807 | 6,790 | 23,025 | 26,109 | |
Discontinued operations | 3,173 | 27,065 | 6,228 | 25,265 | |
Net income attributable to Genie Energy Ltd. common stockholders | $ 14,980 | $ 33,855 | $ 29,253 | $ 51,374 | |
Basic: | |||||
Continuing operations | $ 0.46 | $ 0.27 | $ 0.9 | $ 1.02 | |
Discontinued operations | 0.12 | 1.06 | 0.25 | 0.99 | |
Earnings per share attributable to Genie Energy Ltd. common stockholders | 0.58 | 1.33 | 1.15 | 2.01 | |
Diluted | |||||
Continuing operations | 0.45 | 0.26 | 0.88 | 1 | |
Discontinued operations | 0.12 | 1.04 | 0.24 | 0.97 | |
Earnings per share attributable to Genie Energy Ltd. common stockholders | $ 0.57 | $ 1.3 | $ 1.12 | $ 1.97 | |
Weighted-average number of shares used in calculation of earnings per share: | |||||
Basic | 25,708 | 25,463 | 25,516 | 25,613 | |
Diluted | 26,321 | 26,070 | 26,073 | 26,088 | |
Dividends declared per common share | $ 0.075 | $ 0.075 | $ 0.15 | $ 0.15 | |
Electricity | |||||
Revenues: | |||||
Total revenues | $ 80,199 | $ 53,063 | $ 154,686 | $ 112,443 | |
Natural gas | |||||
Revenues: | |||||
Total revenues | 8,975 | 10,098 | 35,900 | 34,601 | |
Other | |||||
Revenues: | |||||
Total revenues | $ 4,289 | $ 3,779 | $ 8,153 | $ 5,821 | |
[1]Stock-based compensation included in selling, general and administrative expenses |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-based compensation included in selling, general and administrative expenses | $ 756 | $ 730 | $ 1,605 | $ 1,570 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 15,339 | $ 37,373 | $ 29,730 | $ 54,109 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | 72 | (2,139) | 44 | (1,837) |
Comprehensive income | 15,411 | 35,234 | 29,774 | 52,272 |
Comprehensive loss attributable to noncontrolling interests | (185) | (3,131) | (149) | (1,941) |
Comprehensive income attributable to Genie Energy Ltd. | $ 15,226 | $ 32,103 | $ 29,625 | $ 50,331 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2021 | $ 110,789 | $ 19,743 | $ 16 | $ 266 | $ 143,249 | $ (14,034) | $ 3,160 | $ (29,115) | $ (12,496) |
Beginning Balance, shares at Dec. 31, 2021 | 2,322 | 1,574 | 26,633 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Dividends on common stock | (1,934) | (1,934) | |||||||
Stock Based Compensation | 840 | 840 | |||||||
Stock-based compensation, shares | 9 | ||||||||
Issuance of Class B common stock to Howard Jonas | (71) | (71) | |||||||
Other comprehensive income (loss) | 302 | 339 | (37) | ||||||
Net income (loss) | 16,736 | 17,889 | (1,153) | ||||||
Ending Balance at Mar. 31, 2022 | 126,292 | $ 19,743 | $ 16 | $ 266 | 144,089 | (14,105) | 3,499 | (13,530) | (13,686) |
Ending Balance, shares at Mar. 31, 2022 | 2,322 | 1,574 | 26,642 | ||||||
Beginning Balance at Dec. 31, 2021 | 110,789 | $ 19,743 | $ 16 | $ 266 | 143,249 | (14,034) | 3,160 | (29,115) | (12,496) |
Beginning Balance, shares at Dec. 31, 2021 | 2,322 | 1,574 | 26,633 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 54,109 | ||||||||
Ending Balance at Jun. 30, 2022 | 153,254 | $ 17,743 | $ 16 | $ 267 | 144,818 | (18,519) | 1,123 | 18,361 | (10,555) |
Ending Balance, shares at Jun. 30, 2022 | 2,087 | 1,574 | 26,715 | ||||||
Beginning Balance at Dec. 31, 2021 | 110,789 | $ 19,743 | $ 16 | $ 266 | 143,249 | (14,034) | 3,160 | (29,115) | (12,496) |
Beginning Balance, shares at Dec. 31, 2021 | 2,322 | 1,574 | 26,633 | ||||||
Ending Balance at Dec. 31, 2022 | 173,644 | $ 8,359 | $ 16 | $ 271 | 146,546 | (19,010) | 1,926 | 49,010 | (13,474) |
Ending Balance, shares at Dec. 31, 2022 | 983 | 1,574 | 27,126 | ||||||
Beginning Balance at Mar. 31, 2022 | 126,292 | $ 19,743 | $ 16 | $ 266 | 144,089 | (14,105) | 3,499 | (13,530) | (13,686) |
Beginning Balance, shares at Mar. 31, 2022 | 2,322 | 1,574 | 26,642 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (624) | (624) | |||||||
Dividends on common stock | (1,964) | (1,964) | |||||||
Stock Based Compensation | 730 | 730 | |||||||
Restricted Class B common stock purchased from employees | (4,414) | (4,414) | |||||||
Exercise of Class B common stock warrants | $ 1 | (1) | |||||||
Exercise of Class B common stock warrants, Shares | 73 | ||||||||
Redemption of preferred stock | (2,000) | $ (2,000) | |||||||
Redemption of preferred stock, shares | (235) | ||||||||
Other comprehensive income (loss) | (2,139) | (2,376) | 237 | ||||||
Net income (loss) | 37,373 | 34,479 | 2,894 | ||||||
Ending Balance at Jun. 30, 2022 | 153,254 | $ 17,743 | $ 16 | $ 267 | 144,818 | (18,519) | 1,123 | 18,361 | (10,555) |
Ending Balance, shares at Jun. 30, 2022 | 2,087 | 1,574 | 26,715 | ||||||
Beginning Balance at Dec. 31, 2022 | 173,644 | $ 8,359 | $ 16 | $ 271 | 146,546 | (19,010) | 1,926 | 49,010 | (13,474) |
Beginning Balance, shares at Dec. 31, 2022 | 983 | 1,574 | 27,126 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (157) | (157) | |||||||
Dividends on common stock | (1,951) | (1,951) | |||||||
Stock Based Compensation | 899 | 899 | |||||||
Stock-based compensation, shares | 33 | ||||||||
Restricted Class B common stock purchased from employees | (165) | (165) | 39 | ||||||
Redemption of preferred stock | (1,000) | $ (1,000) | |||||||
Redemption of preferred stock, shares | (117) | ||||||||
Other comprehensive income (loss) | (28) | (31) | 3 | ||||||
Net income (loss) | 14,392 | 14,431 | |||||||
Ending Balance at Mar. 31, 2023 | 185,634 | $ 7,359 | $ 16 | $ 271 | 147,445 | (19,175) | 1,895 | 61,333 | (13,510) |
Ending Balance, shares at Mar. 31, 2023 | 866 | 1,574 | 27,159 | ||||||
Beginning Balance at Dec. 31, 2022 | 173,644 | $ 8,359 | $ 16 | $ 271 | 146,546 | (19,010) | 1,926 | 49,010 | (13,474) |
Beginning Balance, shares at Dec. 31, 2022 | 983 | 1,574 | 27,126 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 29,730 | ||||||||
Ending Balance at Jun. 30, 2023 | 195,985 | $ 16 | $ 288 | 154,299 | (21,613) | 1,965 | 74,355 | (13,325) | |
Ending Balance, shares at Jun. 30, 2023 | 1,574 | 28,764 | |||||||
Beginning Balance at Mar. 31, 2023 | 185,634 | $ 7,359 | $ 16 | $ 271 | 147,445 | (19,175) | 1,895 | 61,333 | (13,510) |
Beginning Balance, shares at Mar. 31, 2023 | 866 | 1,574 | 27,159 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (176) | (176) | |||||||
Dividends on common stock | (1,958) | (1,958) | |||||||
Stock Based Compensation | 756 | $ 3 | 753 | ||||||
Stock-based compensation, shares | 300 | ||||||||
Restricted Class B common stock purchased from employees | 2,438 | 2,438 | |||||||
Redemption of preferred stock | (7,359) | $ (7,359) | |||||||
Redemption of preferred stock, shares | 866 | ||||||||
Exercise of stock options | 1,115 | $ 3 | 1,112 | ||||||
Exercise of stock options, shares | 257 | ||||||||
Exercise of warrants | 5,000 | $ 11 | 4,989 | ||||||
Number of warrants exercised during the current period. | 1,048 | ||||||||
Other comprehensive income (loss) | 72 | 70 | 2 | ||||||
Net income (loss) | 15,339 | 15,156 | 183 | ||||||
Ending Balance at Jun. 30, 2023 | $ 195,985 | $ 16 | $ 288 | $ 154,299 | $ (21,613) | $ 1,965 | $ 74,355 | $ (13,325) | |
Ending Balance, shares at Jun. 30, 2023 | 1,574 | 28,764 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on preferred stock | $ 0.1594 | $ 0.1594 | $ 0.1594 | $ 0.1594 |
Dividends on common stock | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net income | $ 29,730 | $ 54,109 |
Net income from discontinued operations, net of tax | 6,227 | 27,388 |
Net income from continuing operations | 23,503 | 26,721 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 191 | 191 |
Impairment of assets | 19 | |
Provision for doubtful accounts receivables | 1,372 | 1,290 |
Unrealized (gain) loss on marketable equity securities and investment | (51) | 799 |
Stock-based compensation | 1,648 | 1,519 |
Equity in the net (income) loss in equity method investees | (111) | 249 |
Change in assets and liabilities: | ||
Trade accounts receivable | (4,468) | (297) |
Inventory | (2,472) | 1,677 |
Prepaid expenses | (1,971) | (2,430) |
Other current assets and other assets | 941 | (7,904) |
Trade accounts payable, accrued expenses and other liabilities | (2,430) | 2,680 |
Due to IDT Corporation, net | (21) | (384) |
Income taxes payable | (11,581) | 1,803 |
Net cash provided by operating activities of continuing operations | 4,569 | 25,914 |
Net cash provided by operating activities of discontinued operations | 15,671 | 1,637 |
Net cash provided by operating activities | 20,240 | 27,551 |
Investing activities | ||
Capital expenditures | (561) | (60) |
Proceeds from the sale of marketable equity securities and other investments | 8,009 | |
Purchase of marketable equity securities and other investments | (9,312) | (800) |
Proceeds from equity method investments | 282 | |
Investment in notes receivables with related party | (1,388) | |
Repayment of notes receivable | 19 | 19 |
Net cash used in investing activities of continuing operations | (1,563) | (2,229) |
Net cash used in investing activities of discontinued operations | (49,446) | |
Net cash used in investing activities | (1,563) | (51,675) |
Financing activities | ||
Dividends paid | (4,763) | (4,669) |
Repurchases of Class B common stock from employees | (1,475) | (71) |
Proceeds from the exercise of warrants | 5,000 | |
Repurchase of Class B common stock | (4,414) | |
Redemption of preferred stock | (8,359) | (2,000) |
Net cash used in financing activities | (9,597) | (11,154) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (37) | (120) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 9,043 | (35,398) |
Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period | 106,080 | 102,149 |
Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period | 115,123 | 66,751 |
Less: Cash held at of discontinued operations at end of period | 465 | 2,693 |
Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period | $ 114,658 | $ 64,058 |
Basis of Presentation and Busin
Basis of Presentation and Business Changes and Development | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and Business Changes and Development [Abstract] | |
Basis of Presentation and Business Changes and Development | Note 1—Basis of Presentation and Business Changes and Development The accompanying unaudited consolidated financial statements of Genie Energy Ltd. and its subsidiaries (the “Company” or “Genie”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. The Company owns 99.5% of Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”), 100% of Genie Retail Energy International ("GRE International") and varied interests in entities within the Genie Renewables segment. GRE owns and operates retail energy providers (“REPs”), including IDT Energy (“IDT Energy”), Residents Energy (“Residents Energy”), Town Square Energy and Town Square Energy East (collectively, "TSE"), Southern Federal Power ("Southern Federal") and Mirabito Natural Gas (“Mirabito”). GRE's REP businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and Texas. Genie Renewables consists of a 95.5% interest in Genie Solar, a solar energy company, a 92.8% interest in Solar, a marketer of community solar energy solutions, a 96.0% interest in , a broker for commercial customers, and a 60.0% interest in Prism Solar Technology ("Prism"), a solar solutions company that is engaged in the manufacturing of solar panels, solar installation design and solar energy project management. One-Time Tax Credit In the first quarter of 2023, the Company received $3.1 million one-time tax credit related to payroll taxes incurred in prior years, which the Company recognized as a gain included in other income (expense), net in the accompanying Discontinued Operations in Finland and Sweden Prior to the third quarter of 2022, the Company had a third segment, Genie Retail Energy International, or GRE International, which supplied electricity to residential and small business customers in Scandinavia. However, as a result of volatility in the energy market in Europe, in the third quarter of 2022, (" Finland") and Lumo Energi AB ("Lumo Sweden") the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden. The Company also entered into a series of transactions to transfer the customers of Lumo Finland and Lumo Sweden to other suppliers. The Company determined that the discontinued operations in Finland and Sweden represented a strategic shift that would have a major effect on the Company's operations and financial statements. The Company accounts for these businesses as discontinued operations and accordingly, presents the results of operations and related cash flows as discontinued operations. The results of operations and related cash flows are presented as discontinued operations for all periods. Any remaining assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of June 30, 2023 and December 31, 2022. Lumo Finland and Lumo Sweden are continuing to liquidate their remaining receivables and settle any remaining liabilities. In November 2022 , Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to an administrator (the "Lumo Administrators"). All assets and liabilities of Lumo Finland remain with Lumo Finland, in which Genie retains its ownership interest, however, the management and control of Lumo Finland were transferred to the Lumo Administrators. Since the Company lost control of the management of Lumo Finland in favor of the Lumo Administrators, the accounts of Lumo Finland were deconsolidated effective November 9, 2022. Following the discontinuance of operations of Lumo Finland and Lumo Sweden, GRE International ceased to be a segment and the remaining assets and liabilities and results of continuing operations of GRE International were combined with corporate. Discontinued Operations in United Kingdom In October 2021, as part of the orderly exit process from the United Kingdom market, Orbit Energy Limited ("Orbit"), a REP owed by the Company that used to operate in U.K., and Shell U.K. Limited ("Shell") agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986. On November 29, 2021, the Court declared Orbit insolvent, revoked Orbit's license to supply electricity and natural gas in the United Kingdom, ordered the current customers to be transferred to “supplier of last resort” and transferred the administration of Orbit to Administrators effective December 1, 2021. All of the customers of Orbit were transferred to a third-party supplier effective December 1, 2021 as ordered by the Court. All assets and liabilities of Orbit, including cash and receivables, remain with Orbit, in which Genie retains a 100% interest, however, the management and control of Orbit was transferred to the Administrators. The Company determined that the discontinued operations of Orbit represented a strategic shift that would have a major effect on the Company's operations and financial statements. Since the appointment of the Administrators, the Company accounts for the Orbit business as discontinued operations and accordingly, presents the results of operations and related cash flows as discontinued operations. The results of operations and related cash flows are presented as discontinued operations for all periods. Any remaining assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of June 30, 2023 and December 31, 2022. December 1, 2021 Seasonality and Weather ; Climate Change and Volatility in Pricing The weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters or summers have the opposite effect. Unseasonable temperatures in other periods may also impact demand levels. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 39.7% and 44.5% of GRE’s natural gas revenues for the relevant years were generated in the first quarters 2022 and 2021, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.5 % 30.3 % of GRE’s electricity revenues were generated in the third quarters of 2022 and 2021 , respectively. In addition to the direct physical impact that climate change may have on the Company's business, financial condition and results of operations because of the effect on pricing, demand for our offerings and/or the energy supply markets, we may also be adversely impacted by other environmental factors, including: (i) technological advances designed to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) regulatory responses aimed at decreasing greenhouse gas emissions; and (iv) litigation or regulatory actions that address the environmental impact of our energy products and services. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 2—Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet and the corresponding amounts reported in the consolidated statements of cash flows: June 30, 2023 December 31, 2022 (in thousands) Cash and cash equivalents $ 110,827 $ 98,571 Restricted cash—short-term 3,831 6,007 Total cash, cash equivalents, and restricted cash $ 114,658 $ 104,578 Restricted cash—short-term includes amounts set aside in accordance with GRE's Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see Note Note 19 Included in the cash and cash equivalents as of June 30, 2023 and December 31, 2022 is cash received from Lumo Sweden (see Note 5). |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Inventories | Note 3—I nventories Inventories consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Natural gas $ 801 $ 3,302 Renewable credits 8,691 10,531 Solar panels 8,694 1,881 Totals $ 18,186 $ 15,714 The increase in solar panel inventories is primarily due to the acquisition of solar panels for the solar projects at Genie Solar. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4 Revenue from the single performance obligation to deliver a unit of electricity and/or natural gas is recognized as the customer simultaneously receives and consumes the benefit. GRE record unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends. Incumbent utility companies in most of the service territories in which GRE's REPs operate offer purchase of receivable, or POR programs, and participate in POR programs for a majority of their receivables. The Company estimates variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company’s estimates related to rebate programs are based on the terms of the rebate program, the customer’s historical electricity and natural gas consumption, the customer’s rate plan, and a churn factor. Taxes that are imposed on the Company’s sales and collected from customers are excluded from the transaction price. Revenue from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. Revenues from sales of solar panels are included in other revenues in the consolidated statements of operations. The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been one year or less. Disaggregated Revenues The following table shows the Company’s revenues disaggregated by pricing plans offered to customers: Electricity Natural Gas Other Total (in thousands) Three Months Ended June 30, 2023 Fixed rate $ 47,625 $ 2,983 $ — $ 50,608 Variable rate 32,574 5,992 — 38,566 Other — — 4,289 4,289 Total $ 80,199 $ 8,975 $ 4,289 $ 93,463 Three Months Ended June 30, 2022 Fixed rate $ 18,886 $ 2,311 $ — $ 21,197 Variable rate 34,177 7,787 — 41,964 Other — — 3,779 3,779 Total $ 53,063 $ 10,098 $ 3,779 $ 66,940 Six Months Ended June 30, 2023 Fixed rate $ 77,130 $ 8,598 $ — $ 85,728 Variable rate 77,556 27,302 — 104,858 Other — — 8,153 8,153 Total $ 154,686 $ 35,900 $ 8,153 $ 198,739 Six Months Ended June 30, 2022 Fixed rate $ 37,504 $ 6,094 $ — $ 43,598 Variable rate 74,939 28,507 — 103,446 Other — — 5,821 5,821 Total $ 112,443 $ 34,601 $ 5,821 $ 152,865 Fixed and variable rate revenues are from GRE. Other revenues are revenues from Genie Renewables which includes revenues from solar projects by Genie Solar, commissions from marketing energy solutions by CityComm Solar and Diversegy and selling solar panels by Prism. The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels: Electricity Natural Gas Other Total (in thousands) Three Months Ended June 30, 2023 Non-Commercial Channel $ 65,332 $ 5,939 $ — $ 71,271 Commercial Channel 14,867 3,036 — 17,903 Other — — 4,289 4,289 Total $ 80,199 $ 8,975 $ 4,289 $ 93,463 Three Months Ended June 30, 2022 Non-Commercial Channel $ 44,019 $ 6,669 $ — $ 50,688 Commercial Channel 9,044 3,429 — 12,473 Other — — 3,779 3,779 Total $ 53,063 $ 10,098 $ 3,779 $ 66,940 Six Months Ended June 30, 2023 Non-Commercial Channel $ 125,454 $ 26,721 $ — $ 152,175 Commercial Channel 29,232 9,179 — 38,411 Other — — 8,153 8,153 Total $ 154,686 $ 35,900 $ 8,153 $ 198,739 Six Months Ended June 30, 2022 Non-Commercial Channel $ 94,641 $ 26,305 $ — $ 120,946 Commercial Channel 17,802 8,296 — 26,098 Other — — 5,821 5,821 Total $ 112,443 $ 34,601 $ 5,821 $ 152,865 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Divestiture [Abstract] | |
Discontinued Operations and Divestiture | Note 5—Discontinued Operations Lumo Fin la As a result of the sustained volatility of the energy market in Europe, in July 2022, the Company initiated a plan to dispose of certain assets and liabilities of Lumo Finland and Lumo Sweden. From July 13, 2022 to July 19, 2022, the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden for a gross aggregate amount of €41.1 million (equivalent to approximately $41.4 million at the dates of the transactions) before fees and other costs. The sale price has been, and is expected to continue to be settled monthly based on the monthly commodity volume specified in the instruments from September 2022 to March 2025. In July 2022, Lumo Sweden entered into a transaction to transfer, effective August 5, 2022, its customers to a third party for a nominal consideration. In Finland entered into a transaction to transfer its variable rate customers to a third party for € million (equivalent to $ million) and terminated the contracts of fixed rate customers. The Company determined that the discontinued operations of Lumo Finland and Lumo Sweden represented a strategic shift that would have a major effect on the Company's operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. The assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of June 30, 2023 and December 31, 2022. Lumo Finland and Lumo Sweden are continuing to liquidate their remaining receivables and settle any remaining liabilities. In November 2022, Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to the Lumo Administrators. November 9, 2022. The following table represents summarized balance sheet information of assets and liabilities of the discontinued operations of Lumo Sweden: June 30, 2023 December 31, 2022 (in thousands) Assets Cash $ 465 $ 1,503 Receivables from the settlement of derivative contract—current 14,976 23,351 Current assets of discontinued operations $ 15,441 $ 24,854 Receivables from the settlement of derivative contract —noncurrent $ 5,822 $ 12,689 Other noncurrent assets 3,556 3,616 Noncurrent assets of discontinued operations $ 9,378 $ 16,305 Liabilities Income taxes payable 11,293 10,894 Accounts payable and other current liabilities 89 42 Current liabilities of discontinued operations $ 11,382 $ 10,936 Deferred tax liabilities 686 686 Noncurrent liabilities of discontinued operations $ 686 $ 686 The summary of the results of operations of the discontinued operations of Lumo Finland and Lumo Sweden were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Revenues $ — $ 8,086 $ — $ 20,689 Cost of revenues — (29,568 ) — (15,400 ) Gross profit — 37,654 — 36,089 Selling, general and administrative expenses — 951 — 1,915 Income from operations — 36,703 — 34,174 Other income 946 — 1,196 — Income before income taxes 946 36,703 1,196 34,174 Provision for income taxes (337 ) (7,386 ) (405 ) (6,786 ) Net income from discontinued operations, net of taxes $ 609 $ 29,317 $ 791 $ 27,388 Income before income taxes attributable to Genie Energy Ltd. $ 946 $ 34,425 $ 1,196 $ 32,051 The following table presents a summary of cash flows of the discontinued operations of Six Months Ended June 30, 2023 2022 (in thousands) Net income $ 791 $ 27,388 Non-cash items (1,198 ) 7,421 Changes in assets and liabilities 16,078 (33,172 ) Cash flows provided by operating activities of discontinued operations $ 15,671 $ 1,637 In furtherance of the Company's exit from the retail energy markets in Finland and Sweden and to facilitate the maximization of value at Lumo Sweden, on November 3, 2022, the Company acquired additional minority interests in Lumo Finland and Lumo Sweden from an employee in exchange for 132,302 restricted Class B common stock of the Company, which will vest ratably from November 2022 to May 2025. The Company increased its interest in Lumo Finland from 91.6% to 96.6% and in Lumo Sweden from 98.8% to 100%. Prior to being treated as discontinued operations or consolidated, the assets and liabilities of Lumo Finland and Lumo Sweden were included in GRE International segment. United Kingdom Operations In the third quarter of 2021, the natural gas and energy market in the U.K. deteriorated which prompted the Company to start the process of orderly withdrawal from the U.K. market. In October 2021, as part of the orderly exit process, Orbit and Shell U.K. Limited ("Shell") agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986. On November 29, 2021, the Court declared Orbit insolvent, revoked Orbit's license to supply electricity and natural gas in the United Kingdom, ordered the current customers to be transferred to “supplier of last resort” and transfer the administration of Orbit to Administrators effective December 1, 2021. All of the customers of Orbit were transferred to a third-party supplier effective December 1, 2021 as ordered by the Court. All assets and liabilities of Orbit, including cash and receivables remain with Orbit and the management and control of which was transferred to Administrators. The Company expects that the administration of Orbit will be completed in 2023 . In the fourth quarter of 2021, Orbit transferred to GEIC a net amount of $49.7 million from the proceeds of the settlement of the contract with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, the Company transferred $21.5 million to the Administrators of Orbit Energy to fund the settlement of the expected remaining liabilities of Orbit of $30.8 million, which were included in the current liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2021. In , the Company deposited $ million into an attorney trust account to hold, preserve, and dispense funds to the extent needed in connection with the administration process. On , the Administrators filed a petition under Chapter of the U.S. Bankruptcy Code with the Bankruptcy Court of the Southern District of New York seeking (i) recognition of the U.K. administration proceeding as a foreign main proceeding and the U.K. Administrators as its foreign representatives, and (ii) entrusting distribution of the funds the Company deposited into its attorney’s trust fund to the U.K. Administrators. In the second quarter of 2022 , the Administrators filed an application to transfer the funds back to the Administrators’ control in the U.K. Subject to certain representations and expectations regarding use and application of the funds to efficiently and expeditiously pay off creditors and bring a timely close to the insolvency administration, the Company decided not to oppose the application, and the $ million was transferred to the account of the Administrator. In August 2022, the Administrator paid the Company a partial return of its interest in Orbit of £ million (equivalent to $ million). The Company believes that the funds remaining with the Administrators are more than sufficient to pay any remaining creditors of Orbit (with any surplus, which the Company expects to be significant, to be returned to the Company). The Company determined that the discontinued operations of Orbit represented a strategic shift that would have a major effect on the Company's operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. December 31, 2022. As a result of loss of control, the Company deconsolidated Orbit effective December 1, 2021 nd estimated the remaining liability related to its ownership of Orbit. In the three and six months ended June 30, 2023 increase in the estimated value of our investments in Orbit due to a change in estimated net assets of Orbit after the Administrator settles the remaining liabilities. There was no income or loss from discontinued operations recognized in the three and six months ended June 30, 2022. 20.4 Prior to being treated as discontinued operations and consolidated, the assets and liabilities of Orbit were included in the GRE International segment. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 6 air Va The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) June 30, 2023 Assets: Marketable equity securities $ 452 $ — $ — $ 452 Investments in total return swap — 502 — 502 Derivative contracts $ 2,472 $ — $ — $ 2,472 Liabilities: Derivative contracts $ 3,198 $ — $ — $ 3,198 December 31, 2022 Assets: Marketable equity securities $ 490 $ — $ — $ 490 Derivative contracts $ 4,060 $ — $ — $ 4,060 Liabilities: Derivative contracts $ 2,857 $ — $ — $ 2,857 (1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market The Company’s derivative contracts consist of natural gas and electricity put and call options and swaps. The underlying asset in the Company’s put and call options is a forward contract. The Company’s swaps are agreements whereby a floating (or market or spot) price is exchanged for a fixed price over a specified period. The Company did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the six months ended June 30, 2023 or 2022. Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. Restricted cash—short-term, trade receivables, due to IDT Corporation, other current assets and other current liabilities. At June 30, 2023 and December 31, 2022, the carrying amounts of these assets and liabilities approximated fair value. The fair value estimate for restricted cash—short-term was classified as Level 1. The carrying value of other current assets, due to IDT Corporation, and other current liabilities approximated fair value Other assets. At June 30, 2023 and December 31, 2022, other assets included notes receivable. At June 30, 2023 The primary non-recurring fair value estimates typically are in the context of goodwill impairment testing, which involves Level 3 inputs, and asset impairments (Note 9) which utilize Level 3 inputs. Concentration of Credit Risks The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed Federal Deposit Insurance Corporation insured limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows or financial condition. The following table summarizes the percentage of consolidated trade receivable by customers that equal or exceed 10.0 receivables at June 30, 2023 December 31, 2022 10.0 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Customer A 26.6 % na % Customer B na 10.2 na — 10.0 % of consolidated net trade receivables The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 of consolidated revenues for the three and six months ended June 30, 2023 and 2022 (no other single customer accounted for 10.0 or greater of our consolidated revenues in these periods): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Customer A 18.7 % na % 13.2 % na % Customer B na 10.4 na 10.2 na — |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 7 —Derivative Instruments The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with Accounting Standards Codification 815 — Derivatives and Hedging. Natural gas and electricity put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does not apply hedge accounting to these options or swaps, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments The summarized volume of GRE’s outstanding contracts and options at June 30, 2023 was as follows (MWh – Megawatt hour and Dth – Decatherm): Settlement Dates Volume Electricity (in MWH) Gas (in Dth) Third quarter 2023 71,696 — Fourth quarter 2023 30,832 765,000 First quarter 2024 13,040 910,000 Second quarter 2024 — — Third quarter of 2024 16,592 — Fourth quarter of 2024 — — First quarter of 2025 — 225,000 Second quarter of 2025 — 227,500 Third quarter of 2025 — 230,000 Fourth quarter of 2025 — 230,000 First quarter of 2026 — — Second quarter of 2026 — — Third quarter of 2026 3,520 — The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows: Asset Derivatives Balance Sheet Location June 30, 2023 December 31, 2022 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 1,683 $ 2,799 Energy contracts and options Other assets 789 1,261 Total derivatives not designated or not qualifying as hedging instruments — $ 2,472 $ 4,060 Liability Derivatives Balance Sheet Location June 30, 2023 December 31, 2022 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 3,035 $ 1,800 Energy contracts and options Other liabilities 163 1,057 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 3,198 $ 2,857 ( 1 The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . The effects of derivative instruments on the consolidated statements of operations was as follows: Amount of (Loss) Gain Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain Recognized Three Months Ended June 30, Six Months Ended June 30, hedging instruments on Derivatives 2023 2022 2023 2022 (in thousands) (in thousands) Energy contracts and options Cost of revenues $ (5,954 ) $ 22,643 $ (17,129 ) $ 60,155 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 8—Other Assets Other assets consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Security deposit $ 7,341 $ 7,341 Right-of-use assets, net of amortization 1,963 1,892 Fair value of derivative contracts — noncurrent 789 1,261 Other assets 3,090 3,362 Total other assets $ 13,183 $ 13,856 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 9—Goodwill and Other Intangible Assets The table below reconciles the change in the carrying amount of goodwill for the period from January 1, 2023 to June 30, 2023: GRE Genie Renewables Total (in thousands) Balance at January 1, 2023 $ 9,998 $ — $ 9,998 Additions/deductions during the period — — — Balance at June 30, 2023 $ 9,998 $ — $ 9,998 The table below presents information on the Company’s other intangible assets: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance (in thousands) June 30, 2023 Patents and trademarks 18.1 years $ 3,510 $ (1,268 ) $ 2,242 Customer relationships 9.0 1,100 (713 ) 387 Licenses 10.0 479 (174 ) 305 Total $ 5,089 $ (2,155 ) $ 2,934 December 31, 2022 Patent and trademark 18.1 years $ 3,510 $ (1,154 ) $ 2,356 Customer relationships 9.0 years 1,100 (652 ) 448 Licenses 10.0 years 479 (150 ) 329 Total $ 5,089 $ (1,956 ) $ 3,133 Amortization expense of intangible assets was $ 0.1 million and $0.2 million three and six months ended June 30, 2023, respectively. Amortization expense of intangible assets was $0.1 million and $0.2 million . $0.3 million |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | Note 10—Accrued Expenses Accrued expenses consisted of the following: June 30, 2023 December 31, 2022 (in thousands) Renewable energy $ 17,135 $ 18,444 Liability to customers related to promotions and retention incentives 9,360 9,111 Payroll and employee benefit 3,619 4,251 Other accrued expenses 3,764 3,853 Total accrued expenses $ 33,878 $ 35,659 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 11—Leases The Company entered into operating lease agreements primarily for office space in domestic and foreign locations where it has operations and for solar development projects with lease periods expiring between 2023 2052. The Company has no finance leases. The Company determines if a contract is a lease at inception. Right-of-Use ("ROU") assets are included under other assets in the consolidated balance sheet The current portion of the operating lease liabilities are included in other current liabilities the noncurrent portion is included in other liabilities ROU assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental June 30, 2023 December 31, 2022 (in thousands) ROU Assets $ 1,963 $ 1,892 Current portion of operating lease liabilities 333 250 Noncurrent portion of operating lease liabilities 1,713 1,699 Total $ 2,046 $ 1,949 At June 30, 2023, the weighted average remaining lease term is 10.5 Supplemental cash flow information for ROU assets and operating lease liabilities are as follows: Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 331 $ 254 ROU assets obtained in the exchange for lease liabilities Operating leases $ 237 $ 98 Future lease payments under operating leases as of June 30, 2023 were as follows: (in thousands) Remainder of 2023 $ 251 2024 441 2025 371 2026 272 2027 277 Thereafter 1,616 Total future lease payments 3,228 Less imputed interest 1,182 Total operating lease liabilities $ 2,046 Rental expenses under operating leases were $0.2 million and $0.3 million in the three and six months ended Rental expenses under operating leases were $ million and $0.3 three and six months ended |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | Note 12—Equity Dividend Payments The following table summarizes the quarterly dividends declared by the Company during the six months ended June 30, 2023 (in thousands, except per share amounts): Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date Series 2012-A Preferred Stock ("Preferred Stock") January 12, 2023 $ 0.1594 $ 157 February 7, 2023 February 15, 2023 April 17, 2023 0.6895 370 May 5, 2023 May 15, 2023 Class A Common Stock and Class B Common Stock February 9, 2023 $ 0.0750 $ 1,951 February 21, 2023 March 1, 2023 May 3, 2023 0.0750 1,958 May 20, 2023 May 31, 2023 In the year ended December 31, 2022, the Company accrued Additional Dividends on its Preferred Stock of $0.5301 per share on its Preferred Stock outstanding as of May 5, 2023, equal to $0.5 million in the aggregate, in respect of GRE's results of operations through December 31, 2022, which the Company paid in May 2023 On August 2, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.0750 per share on its Class A common stock and Class B common stock for the second quarter of 2023. The dividend will be paid on or about August 21, 2023 to stockholders of record as of the close of business on August 14, 2023. The Delaware General Corporation Law allows companies to declare dividends out of “Surplus,” which is calculated by deducting the par value of the company’s stock from the difference between total assets and total liabilities. The Company has elected to record dividends declared against accumulated deficit. Stock Repurchases and Redemption; Treasury Shares On March 11, 2013, the Board of Directors of the Company approved a program for the repurchase of up to an aggregate of 7.0 million shares of the Company’s Class B common stock. There were no purchases under this program in the three and six months ended June 30, 2023 At June 30, 2023, 4.7 million shares of Class B common stock remained available for repurchase under the stock repurchase program. As of June 30, 2023 and December 31, 2022, there were 2.9 million and 2.7 million outstanding shares of Class B common stock held in the Company's treasury, respectively, with a cost of $21,613 million and $ 19.0 On February 7, 2022, the Board of Directors of the Company authorized a program to redeem up to $1.0 million per quarter of the Company's Preferred Stock at the liquidation preference of $8.50 per share beginning in the second quarter of 2022. In the three and six months ended June 30, 2023 , the Company redeemed 117,647 1.0 On , the Board of Directors authorized the redemption of $ million of the Company's Preferred Stock during the second quarter of . On 235,294 Preferred Stock under this program for an aggregate amount of $2.0 On May 16, 2023, the Company's Board of Directors approved the redemption of all outstanding Preferred Stock on June 16, 2023 (the "Redemption Date") at a price of $8.50 per share, together with an amount equal to all dividends accrued and unpaid up to, but not including, the Redemption Date. On the Redemption Date, the Company completed the redemption of 748,064 shares of Preferred Stock for an aggregate amount of $6.5 million and the related accrued dividends of $0.1349 per share equivalent to $0.1 million. Following the redemption, there are no shares of Preferred Stock outstanding, all rights of Preferred Stockholders have terminated, and the Preferred Stock’s ticker symbol, "GNEPRA", has been retired. Warrants to Purchase Class B Common Stock On June 8, 2018, the Company sold to Howard S. Jonas, the Chairman of the Company’s Board of Directors and then the holder of the controlling portion of the Company's common stock, shares of the Company’s Class B common stock and warrants to purchase an additional 1,048,218 shares of the Company’s Class B common stock at an exercise price of $4.77 per share for an aggregate exercise price of $5.0 million. In June 2023, the holders of these warrants exercised the warrants to purchase 1,048,218 shares of Class B common stock warrants for $5.0 million . In addition, on June 12, 2018, the Company sold to a third-party investor treasury shares of the Company’s Class B common stock for an aggregate sales price of $1.0 million and warrants to purchase an additional 209,644 shares of the Company’s Class B common stock at an exercise price of $4.77 per share, for an aggregate exercise price of $1.0 million. In May 2022, the holder of these warrants exercised the warrants to purchase 209,644 shares of Class B common stock warrants through a cashless exercise and the Company issued 72,657 common shares with the remaining 136,987 warrants being cancelled in payment of the price. As of June 30, 2023 , there were no Exercise of Stock Options In May 2023, Howard S. Jonas exercised options to purchase 256,818 cashless 98,709 158,109 Purchase of Equity of Subsidiaries In November 2022 5.1 2.3 123,302 May 2023 and up to May 2025 Stock-Based Compensation The Company’s 2011 Stock Option and Incentive Plan (as amended, the "2011 Plan") is intended to provide incentives to executives, employees, directors and consultants of the Company. Incentives available under the Plan include stock options, stock appreciation rights, limited rights, deferred stock units, and restricted stock. The 2011 Plan expired in 2021 and no new grants are to be issued thereunder, however, outstanding grants are not impacted by the expiration of the plan. On March 8, 2021, th the 2011 Plan . Similar to the 2011 Plan, the 2021 Plan provides incentives to executives, employees, directors and consultants of the Company. Incentives available under the 2021 Plan include stock options, stock appreciation rights, limited stock appreciation rights, deferred stock units, and restricted stock. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. The maximum number of shares reserved for the grant of awards under the 2021 Plan is 1.0 million shares of Class B Common Stock. on May 10, 2023, the Company's stockholders approved an amendment to the 2021 Plan that, among other things, increased the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by 0.5 million shares of Class B Common Stock. In February 2022, the Company granted certain employees and members of its Board of Directors an aggregate of 290,000 deferred stock units which will vest in two tranches contingent upon the achievement of a specified thirty-day average closing price of the Company's Class B common stock within a specified period of time (the "2022 market conditions") and the satisfaction of service-based vesting conditions. Each deferred stock unit entitles the recipient to receive, upon vesting, up to two shares of Class B common stock of the Company depending on market conditions. The Company used a Monte Carlo simulation model to estimate the grant-date fair value of the awards. Assumptions and estimates utilized in the model include the risk-free interest rate, dividend yield, expected stock volatility based on a combination of the Company’s historical stock volatility. In the second quarter of 2022, the 2022 market conditions were partially achieved and the Company issued 290,000 shares of its restricted Class B common stock. In February 2023 2022 290,000 As of , there were approximately $ 2.3 million of total unrecognized stock-based compensation costs related to outstanding and unvested equity-based grants. These costs are expected to be recognized over a weighted-average period of approximately 1.2 years. |
Variable Interest Entity
Variable Interest Entity | 6 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note 13—Variable Interest Entity Citizens Choice Energy, LLC (“CCE”) is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company does not own any interest in CCE. Since 2011, the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations. The Company has an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of $0.5 million that the Company loaned to CCE in October 2015. The option expires on October 22, 2023. Net loss related to CCE and aggregate net funding provided by the Company were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Net income ( loss) $ 73 $ 622 $ (19 ) $ (364 ) Aggregate funding paid to (provided by) the Company, net $ 113 $ 1,381 $ (79 ) $ (77 ) Summarized combined balance sheet amounts related to CCE was as follows: June 30, 2023 December 31, 2022 (in thousands) Assets Cash, cash equivalents and restricted cash $ 337 $ 295 Trade accounts receivable 240 549 Prepaid expenses and other current assets 382 363 Other assets 359 359 Total assets $ 1,318 $ 1,566 Liabilities and noncontrolling interests Current liabilities $ 510 $ 700 Due to IDT Energy 5,963 5,997 Noncontrolling interests (5,155 ) (5,131 ) Total liabilities and noncontrolling interests $ 1,318 $ 1,566 The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14—Income Taxes The following table provides a summary of Company's effective tax rate: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reported tax rate 24.1 % 28.4 % 25.2 % 27.8 % The reported tax rate for the three months ended June 30, 2023 was 24.1%, a decrease The decrease in the reported tax rate for the six months ended June 30, 2023 compared to the same period in 2022 is a result of favorable results of operations in the U.S. and changes in the mix of jurisdictions in which the taxable income was earned which was not offset by income tax benefit in some jurisdictions that had losses due to valuation allowances in those jurisdictions in the prior period. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings Per Share | Note 15— Earnings Per Share Basic earnings per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increases is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Basic weighted-average number of shares 25,708 25,463 25,516 25,613 Effect of dilutive securities: Stock options and warrants 58 475 49 384 Non-vested restricted Class B common stock 555 132 508 91 Diluted weighted-average number of shares 26,321 26,070 26,073 26,088 Unissued vested deferred stock units in three months ended June 30, 2023 pertain to the weighted average of restricted shares of the company's Class B common stock that the Company expects to issue related to satisfaction of 2022 market conditions (see Note 12 — Equity). The following shares were excluded from the diluted earnings per share computations: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Shares underlying options and warrants — 126 — 126 Non-vested deferred stock units — 580 — 580 Stock options were excluded from the diluted earnings per share computation for the three and six months ended June 30, 2022 Non-vested deferred stock units were excluded from the basic and diluted weighted average shares outstanding calculation because the market conditions for vesting of those deferred stock units were not met as of June 30, 2022. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16—Related Party Transactions On December 7, 2020, the Company invested $ million to purchase shares of Class B common stock of Rafael Holdings, Inc. ("Rafael"). Rafael, a publicly-traded company, is also a related party. Rafael is a former subsidiary of IDT that was spun off from IDT in March 2018. Howard S. Jonas is the Executive Chairman and Chairman of the Board of Directors of Rafael. shares of Rafael's Class B common stock with an exercise price of $ per share. The warrants had a term expiring on June 6, 2022. The Company exercised the warrants in full on March 31, 2021 for a total exercise price of $ million. In March 2023, the Company sold 195,501 0.3 For the three and six months ended June 30, 2023, million, respectively, in connection with the investment. For the three and six months ended June 30, 2022, the Company recognized unrealized loss on investment of $ 0.2 million and $ million, respectively. million. The Company does not exercise significant influence over the operating or financial policies of Rafael. The Company was formerly a subsidiary of IDT Corporation (“IDT”). On October 28, 2011, the Company was spun-off by IDT. The Company entered into various agreements with IDT prior to the spin-off including an agreement for certain services to be performed by the Company and IDT. The Company also provides specified administrative services to certain of foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT. The Company leases office space and parking in New Jersey. Until August 2022, the space was leased from Rafael. On August 22, 2022, Rafael completed the sale of the leased office space and parking in New Jersey, including the lease of the Company, to a third-party buyer. The leases expire in April 2025. The charges for services provided by IDT to the Company, and rent charged by Rafael, net of the charges for the services provided by the Company to IDT, are included in “Selling, general and administrative” expense in the consolidated statements of operations. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Amount IDT charged the Company $ 310 $ 387 $ 634 $ 780 Amount the Company charged IDT $ 30 $ 30 $ 61 $ 67 Amount Rafael charged the Company $ — $ 58 $ — $ 115 The following table presents the balance of receivables and payables to IDT and Rafael: June 30, 2023 December 31, 2022 (in thousands) Due to IDT $ 144 $ 185 Due from IDT $ — $ 20 Due to Rafael $ — $ — On August 31, 2018, the Company extended a loan to a former employee for $0.1 million. The loan agreement requires scheduled payments from December 31, 2020 to December 2052. The loan bears the same interest equivalent to a minimum rate, in effect from time to time required by local regulations and is compounded annually. The Company recorded nominal amounts of interest income for the three and six months ended June 30, 2023 and 2022 related to this debt. The outstanding balance, including accrued interest was $0.1 million as of June 30, 2023. The Company obtains insurance policies from several insurance brokers, one 2022 On February 21, 2022, the Company entered into a Loan and Security Agreement to extend up to 5.5 million New Israel Shekel, or NIS (equivalent to $1.5 million) with Natan Ohayon (the "Ohayon Loan"). Natan Ohayon holds a minority interest in Petrocycle Ltd ("Petrocycle"), a subsidiary of the Company. Petrocycle is a preoperating entity engaged in the development of a process to recycle used engine oil into usable gasoline. The all assets that Mr. Ohayon acquired using the proceeds of the loan bears a minimum interest as set by the Income Tax Regulations of Israel and is due, together with the principal amount on or before December 31, 2023. In 2022, the Company extended an additional NIS 0.7 0.2 related to his share of operations of . In December 2022, the Company suspended the development of business operations of after it was determined that it will not meet the expected results. provided full impairment of its property and equipment, the Loan and advances to Mr. for an aggregate a 2.1 million. Investments in Atid In September 2018, the Company divested a majority in terest in Atid Drilling Ltd. in exchange for a 37.5% interest in a contracting drilling company in Israel ("Atid 613") which the Company accounted for using equity method of accounting. The Company did not recognize any equity in net loss from Atid 613 for the three and six months ended June 30, 2023 or 2022. In March 2023 |
Business Segment Information
Business Segment Information | Jun. 30, 2023 |
Business Segment Information [Abstract] | |
Business Segment Information | Note 17—Business Segment Information The Company has two reportable business segments: GRE and Genie Renewables. Prior to In the third quarter 2022 , following the discontinuance of operations of Finland and Sweden, GRE International ceased to be a segment and the remaining assets and liabilities and results of continuing operations of GRE International were combined with corporate. GRE's REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. Genie designs, manufactures and distributes solar panels, offers energy brokerage and advisory services and also sells third-party products to customers. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision-maker. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments. Operating results for the business segments of the Company were as follows: (in thousands) GRE Genie Renewables Corporate Total Three Months Ended June 30, 2023 Revenues $ 89,733 $ 3,730 $ — $ 93,463 Income (loss) from operations 18,417 (1,276 ) (2,106 ) 15,035 Depreciation and amortization 83 13 — 96 Stock-based compensation 275 9 472 756 Provision for doubtful accounts receivables 798 — — 798 Provision for (benefit from) income taxes 5,369 (474 ) (1,030 ) 3,865 Three Months Ended June 30, 2022 Revenues $ 63,161 $ 3,779 $ — $ 66,940 Income (loss) from operations 14,413 (517 ) (2,124 ) 11,772 Depreciation and amortization 84 11 — 95 Stock-based compensation 230 35 465 730 Provision for (benefit from) income taxes 3,705 — (510 ) 3,195 Six Months Ended June 30, 2023 Revenues $ 191,145 $ 7,594 $ — $ 198,739 Income (loss) from operations 34,864 (2,425 ) (6,129 ) 26,310 Depreciation and amortization 165 26 — 191 Stock-based compensation 548 10 1,047 1,605 Provision for doubtful accounts receivables 1,372 — — 1,372 Provision for (benefit from) income taxes 10,019 (789 ) (1,297 ) 7,933 Six Months Ended June 30, 2022 Revenues $ 147,044 $ 5,821 $ — $ 152,865 Income (loss) from operations 44,589 (997 ) (4,858 ) 38,734 Depreciation and amortization 169 21 1 191 Stock-based compensation 476 — 1,094 1,570 Provision for (benefit from) income taxes 11,538 — (1,230 ) 10,308 Total assets for the business segments of the Company were as follows: (in thousands) GRE Genie Renewables Corporate Total Total assets: June 30, 2023 $ 202,627 $ 21,565 $ 61,765 $ 285,957 December 31, 2022 191,839 12,191 73,585 277,615 The total assets of corporate segment includes total assets of discontinued operations of Orbit, Lumo Finland and Lumo Sweden with aggregate net book value of $45.2 million and $55.0 million at June 30, 2023 and December 31, 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 18 Legal Proceedings The Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Refer to Note 5 — Agency and Regulatory Proceedings From time to time, the Company receives inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes, and the Company responds to those inquiries or requests. The Company cannot predict whether any of those matters will lead to claims or enforcement actions or whether the Company and the regulatory parties will enter into settlements before a formal claim is made. State of Connecticut Public Utilities Regulatory Authority Residents Energy In August 2020, Residents Energy began marketing retail energy services to Connecticut. For the year ended December 31, 2021, Residents Energy's gross revenues from sales in Connecticut was $0.2 million. During the fourth quarter of 2020, the enforcement division of PURA contacted Residents Energy concerning customer complaints received in connection with alleged door-to-door marketing activities in violation of various rules and regulations. On March 12, 2021, the enforcement division filed a motion against Resident Energy with the adjudicating body of PURA, seeking the assessment of along with a suspension of license, auditing of marketing practices upon reinstatement and an invitation for settlement discussions. In June 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Residents Energy paid Other Reviews or Investigations From time to time regulators may initiate reviews, compliance checks or issue subpoenas for information as means to evaluate the Company and its subsidiaries’ compliance with applicable laws, rules, regulations and practices. In 2019, the Office of the Attorney General of the State of Illinois ("IL AG") notified Residents Energy (by way of subpoena) that it was conducting an investigation to assess compliance with the Illinois Consumer Fraud and Deceptive Business Practices Act. Following a dispute between the Company and the IL AG regarding the merits of the subpoena and investigation, the IL AG filed and complaint in the Circuit Court of Cook County, Illinois (Chancery Division) seeking to enforce compliance. The scope of the subpoena was later modified in response to subsequent negotiations between the Company and the IL AG, and the Company has satisfied the requirements of the subpoena. In April 2023, the IL AG dismissed its complaint against the Company. For the three and six months ended June 30, 2023, 10.4 24.0 For the three and six months ended June 30, 2022 , Resident Energy’s gross revenues from sales in Illinois was $ 6.1 million and $ million, respectively. In response to certain customer complaints, the State of Maine Public Utility Commission ("MPUC") has opened a review of the door to door marketing practices of Town Square. In connection with the review, the MPUC has requested information from Town Square demonstrating compliance in the form of an order to show cause as to why its marketing practices are in compliance and it should be permitted to continue licensed operations in Maine. In August 2021, the parties settled the dispute without any obligation for payment by Town Square. In connection with the settlement, Town Square has agreed to voluntarily refrain from door-to-door marketing activities in Maine through June 30, 2023, and to voluntarily refrain from outbound telemarketing to obtain new residential customers for a period of six months, along with certain compliance procedures. For the three and six months ended June 30, 2023 Town Square’s gross revenues from sales in Maine were $ 0.8 1.6 For the three and six months ended June 30, 2022 0.4 0.8 Other Commitments Purchase Commitments The Company had future purchase commitments of $ 122.9 108.1 are expected to be paid as follows: (in thousands) Remainder of 2023 $ 56,563 2024 46,658 2025 16,701 2026 2,964 2027 — Thereafter — Total payments $ 122,886 In the three months ended June 30, 2023 15.2 5.7 In the six months ended June 30, 2023 , the Company purchased $ 24.3 million and $ 12.2 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the three months ended June 30, 2022 , the Company purchased $ million and $ million of electricity and renewable energy credits, respectively, under these purchase commitments. In the six months ended June 30, 2022 , the Company purchased $25.4 million and $10.5 million of electricity and renewable energy credits, respectively, under these purchase commitments. Renewable Energy Credits GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At June 30, 2023 14.8 Performance Bonds and Unused Letters of Credit GRE has performance bonds issued through a third party for certain utility companies and for the benefit of various states in order to comply with the states’ financial requirements for REPs. At June 30, 2023, GRE had aggregate performance bonds of $ 19.0 BP Energy Company Preferred Supplier Agreement Certain of GRE’s REPs are party to an Amended and Restated Preferred Supplier Agreement with BP, which is to be in effect through November 30, 2023. Under the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of the REPs’ customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At June 30, 2023, the Company was in compliance with such covenants. At June 30, 2023, restricted cash—short-term of $ 0.6 61.4 19.6 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt [Abstract] | |
Debt | Note 19—Debt On December 13, 2018 , the Company entered into a Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”). On December 27, 2022, the Company entered into the third amendment of its existing Credit Agreement to extend the maturity date to December 31, 2023. The aggregate principal amount was reduced to $3.0 million credit line facility (“Credit Line”). The Company pays a commitment fee of 0.1% per annum on the unused portion of the Credit Line as specified in the Credit Agreement. The borrowed amounts will be in the form of letters of credit which will bear interest of 1.0% per annum. The Company will also pay a fee for each letter of credit that is issued equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. The Company agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to $3.1 million. As of June 30, 2023, there are no letters of credit issued by JP Morgan Chase Bank. At June 30, 2023, the cash collateral of $3.8 million was included in restricted cash—short-term in the consolidated balance sheet. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2023 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 20—Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company adopted the new standard on January 1, 2023 with no significant impact on its consolidated financial statements. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Schedule of reconciliation of cash, cash equivalents, and restricted cash | June 30, 2023 December 31, 2022 (in thousands) Cash and cash equivalents $ 110,827 $ 98,571 Restricted cash—short-term 3,831 6,007 Total cash, cash equivalents, and restricted cash $ 114,658 $ 104,578 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, 2023 December 31, 2022 (in thousands) Natural gas $ 801 $ 3,302 Renewable credits 8,691 10,531 Solar panels 8,694 1,881 Totals $ 18,186 $ 15,714 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues disaggregated | Electricity Natural Gas Other Total (in thousands) Three Months Ended June 30, 2023 Fixed rate $ 47,625 $ 2,983 $ — $ 50,608 Variable rate 32,574 5,992 — 38,566 Other — — 4,289 4,289 Total $ 80,199 $ 8,975 $ 4,289 $ 93,463 Three Months Ended June 30, 2022 Fixed rate $ 18,886 $ 2,311 $ — $ 21,197 Variable rate 34,177 7,787 — 41,964 Other — — 3,779 3,779 Total $ 53,063 $ 10,098 $ 3,779 $ 66,940 Six Months Ended June 30, 2023 Fixed rate $ 77,130 $ 8,598 $ — $ 85,728 Variable rate 77,556 27,302 — 104,858 Other — — 8,153 8,153 Total $ 154,686 $ 35,900 $ 8,153 $ 198,739 Six Months Ended June 30, 2022 Fixed rate $ 37,504 $ 6,094 $ — $ 43,598 Variable rate 74,939 28,507 — 103,446 Other — — 5,821 5,821 Total $ 112,443 $ 34,601 $ 5,821 $ 152,865 Electricity Natural Gas Other Total (in thousands) Three Months Ended June 30, 2023 Non-Commercial Channel $ 65,332 $ 5,939 $ — $ 71,271 Commercial Channel 14,867 3,036 — 17,903 Other — — 4,289 4,289 Total $ 80,199 $ 8,975 $ 4,289 $ 93,463 Three Months Ended June 30, 2022 Non-Commercial Channel $ 44,019 $ 6,669 $ — $ 50,688 Commercial Channel 9,044 3,429 — 12,473 Other — — 3,779 3,779 Total $ 53,063 $ 10,098 $ 3,779 $ 66,940 Six Months Ended June 30, 2023 Non-Commercial Channel $ 125,454 $ 26,721 $ — $ 152,175 Commercial Channel 29,232 9,179 — 38,411 Other — — 8,153 8,153 Total $ 154,686 $ 35,900 $ 8,153 $ 198,739 Six Months Ended June 30, 2022 Non-Commercial Channel $ 94,641 $ 26,305 $ — $ 120,946 Commercial Channel 17,802 8,296 — 26,098 Other — — 5,821 5,821 Total $ 112,443 $ 34,601 $ 5,821 $ 152,865 |
Discontinued Operations (Tables
Discontinued Operations (Tables) - Lumo Finland and Lumo Sweden [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of assets and liabilities | June 30, 2023 December 31, 2022 (in thousands) Assets Cash $ 465 $ 1,503 Receivables from the settlement of derivative contract—current 14,976 23,351 Current assets of discontinued operations $ 15,441 $ 24,854 Receivables from the settlement of derivative contract —noncurrent $ 5,822 $ 12,689 Other noncurrent assets 3,556 3,616 Noncurrent assets of discontinued operations $ 9,378 $ 16,305 Liabilities Income taxes payable 11,293 10,894 Accounts payable and other current liabilities 89 42 Current liabilities of discontinued operations $ 11,382 $ 10,936 Deferred tax liabilities 686 686 Noncurrent liabilities of discontinued operations $ 686 $ 686 |
Schedule of operations of discontinued operations | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Revenues $ — $ 8,086 $ — $ 20,689 Cost of revenues — (29,568 ) — (15,400 ) Gross profit — 37,654 — 36,089 Selling, general and administrative expenses — 951 — 1,915 Income from operations — 36,703 — 34,174 Other income 946 — 1,196 — Income before income taxes 946 36,703 1,196 34,174 Provision for income taxes (337 ) (7,386 ) (405 ) (6,786 ) Net income from discontinued operations, net of taxes $ 609 $ 29,317 $ 791 $ 27,388 Income before income taxes attributable to Genie Energy Ltd. $ 946 $ 34,425 $ 1,196 $ 32,051 |
Schedule of cash flows of discontinued operations | Six Months Ended June 30, 2023 2022 (in thousands) Net income $ 791 $ 27,388 Non-cash items (1,198 ) 7,421 Changes in assets and liabilities 16,078 (33,172 ) Cash flows provided by operating activities of discontinued operations $ 15,671 $ 1,637 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Concentration Risk [Line Items] | |
Schedule of balance of assets and liabilities measured at fair value on a recurring basis | Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) June 30, 2023 Assets: Marketable equity securities $ 452 $ — $ — $ 452 Investments in total return swap — 502 — 502 Derivative contracts $ 2,472 $ — $ — $ 2,472 Liabilities: Derivative contracts $ 3,198 $ — $ — $ 3,198 December 31, 2022 Assets: Marketable equity securities $ 490 $ — $ — $ 490 Derivative contracts $ 4,060 $ — $ — $ 4,060 Liabilities: Derivative contracts $ 2,857 $ — $ — $ 2,857 (1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market |
Schedule of concentration risk | The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 of consolidated revenues for the three and six months ended June 30, 2023 and 2022 (no other single customer accounted for 10.0 or greater of our consolidated revenues in these periods): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Customer A 18.7 % na % 13.2 % na % Customer B na 10.4 na 10.2 na — |
Consolidated revenues [Member] | Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | June 30, 2023 December 31, 2022 Customer A 26.6 % na % Customer B na 10.2 na — 10.0 % of consolidated net trade receivables |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments [Abstract] | |
Schedule of volume of GRE's outstanding contracts and options | Settlement Dates Volume Electricity (in MWH) Gas (in Dth) Third quarter 2023 71,696 — Fourth quarter 2023 30,832 765,000 First quarter 2024 13,040 910,000 Second quarter 2024 — — Third quarter of 2024 16,592 — Fourth quarter of 2024 — — First quarter of 2025 — 225,000 Second quarter of 2025 — 227,500 Third quarter of 2025 — 230,000 Fourth quarter of 2025 — 230,000 First quarter of 2026 — — Second quarter of 2026 — — Third quarter of 2026 3,520 — |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | Asset Derivatives Balance Sheet Location June 30, 2023 December 31, 2022 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 1,683 $ 2,799 Energy contracts and options Other assets 789 1,261 Total derivatives not designated or not qualifying as hedging instruments — $ 2,472 $ 4,060 Liability Derivatives Balance Sheet Location June 30, 2023 December 31, 2022 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 3,035 $ 1,800 Energy contracts and options Other liabilities 163 1,057 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 3,198 $ 2,857 ( 1 The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . |
Schedule of derivative instruments on the consolidated statements of operations | Amount of (Loss) Gain Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain Recognized Three Months Ended June 30, Six Months Ended June 30, hedging instruments on Derivatives 2023 2022 2023 2022 (in thousands) (in thousands) Energy contracts and options Cost of revenues $ (5,954 ) $ 22,643 $ (17,129 ) $ 60,155 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | June 30, 2023 December 31, 2022 (in thousands) Security deposit $ 7,341 $ 7,341 Right-of-use assets, net of amortization 1,963 1,892 Fair value of derivative contracts — noncurrent 789 1,261 Other assets 3,090 3,362 Total other assets $ 13,183 $ 13,856 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of goodwill | GRE Genie Renewables Total (in thousands) Balance at January 1, 2023 $ 9,998 $ — $ 9,998 Additions/deductions during the period — — — Balance at June 30, 2023 $ 9,998 $ — $ 9,998 |
Schedule of other intangible assets | Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance (in thousands) June 30, 2023 Patents and trademarks 18.1 years $ 3,510 $ (1,268 ) $ 2,242 Customer relationships 9.0 1,100 (713 ) 387 Licenses 10.0 479 (174 ) 305 Total $ 5,089 $ (2,155 ) $ 2,934 December 31, 2022 Patent and trademark 18.1 years $ 3,510 $ (1,154 ) $ 2,356 Customer relationships 9.0 years 1,100 (652 ) 448 Licenses 10.0 years 479 (150 ) 329 Total $ 5,089 $ (1,956 ) $ 3,133 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Schedule of accrued expenses | June 30, 2023 December 31, 2022 (in thousands) Renewable energy $ 17,135 $ 18,444 Liability to customers related to promotions and retention incentives 9,360 9,111 Payroll and employee benefit 3,619 4,251 Other accrued expenses 3,764 3,853 Total accrued expenses $ 33,878 $ 35,659 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of operating lease expense | June 30, 2023 December 31, 2022 (in thousands) ROU Assets $ 1,963 $ 1,892 Current portion of operating lease liabilities 333 250 Noncurrent portion of operating lease liabilities 1,713 1,699 Total $ 2,046 $ 1,949 |
Schedule of supplemental cash flow information | Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 331 $ 254 ROU assets obtained in the exchange for lease liabilities Operating leases $ 237 $ 98 |
Schedule of future operating lease | (in thousands) Remainder of 2023 $ 251 2024 441 2025 371 2026 272 2027 277 Thereafter 1,616 Total future lease payments 3,228 Less imputed interest 1,182 Total operating lease liabilities $ 2,046 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of dividend paid | Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date Series 2012-A Preferred Stock ("Preferred Stock") January 12, 2023 $ 0.1594 $ 157 February 7, 2023 February 15, 2023 April 17, 2023 0.6895 370 May 5, 2023 May 15, 2023 Class A Common Stock and Class B Common Stock February 9, 2023 $ 0.0750 $ 1,951 February 21, 2023 March 1, 2023 May 3, 2023 0.0750 1,958 May 20, 2023 May 31, 2023 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Variable Interest Entity [Abstract] | |
Schedule of net loss related to CCE and aggregate net funding | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Net income ( loss) $ 73 $ 622 $ (19 ) $ (364 ) Aggregate funding paid to (provided by) the Company, net $ 113 $ 1,381 $ (79 ) $ (77 ) |
Schedule of combined balance sheet amounts related to CCE | June 30, 2023 December 31, 2022 (in thousands) Assets Cash, cash equivalents and restricted cash $ 337 $ 295 Trade accounts receivable 240 549 Prepaid expenses and other current assets 382 363 Other assets 359 359 Total assets $ 1,318 $ 1,566 Liabilities and noncontrolling interests Current liabilities $ 510 $ 700 Due to IDT Energy 5,963 5,997 Noncontrolling interests (5,155 ) (5,131 ) Total liabilities and noncontrolling interests $ 1,318 $ 1,566 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Schedule of company's effective tax rate | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reported tax rate 24.1 % 28.4 % 25.2 % 27.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings (Loss) Per Share [Abstract] | |
Schedule of weighted-average number of shares used in the calculation of basic and diluted earnings per share | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Basic weighted-average number of shares 25,708 25,463 25,516 25,613 Effect of dilutive securities: Stock options and warrants 58 475 49 384 Non-vested restricted Class B common stock 555 132 508 91 Diluted weighted-average number of shares 26,321 26,070 26,073 26,088 |
Schedule of shares were excluded from the diluted earnings per share | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Shares underlying options and warrants — 126 — 126 Non-vested deferred stock units — 580 — 580 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Amount IDT charged the Company $ 310 $ 387 $ 634 $ 780 Amount the Company charged IDT $ 30 $ 30 $ 61 $ 67 Amount Rafael charged the Company $ — $ 58 $ — $ 115 |
Schedule of receivables and payables | June 30, 2023 December 31, 2022 (in thousands) Due to IDT $ 144 $ 185 Due from IDT $ — $ 20 Due to Rafael $ — $ — |
Business Segment Information (T
Business Segment Information (Tables) | Jun. 30, 2023 |
Business Segment Information [Abstract] | |
Schedule of operating results for the business segments | (in thousands) GRE Genie Renewables Corporate Total Three Months Ended June 30, 2023 Revenues $ 89,733 $ 3,730 $ — $ 93,463 Income (loss) from operations 18,417 (1,276 ) (2,106 ) 15,035 Depreciation and amortization 83 13 — 96 Stock-based compensation 275 9 472 756 Provision for doubtful accounts receivables 798 — — 798 Provision for (benefit from) income taxes 5,369 (474 ) (1,030 ) 3,865 Three Months Ended June 30, 2022 Revenues $ 63,161 $ 3,779 $ — $ 66,940 Income (loss) from operations 14,413 (517 ) (2,124 ) 11,772 Depreciation and amortization 84 11 — 95 Stock-based compensation 230 35 465 730 Provision for (benefit from) income taxes 3,705 — (510 ) 3,195 Six Months Ended June 30, 2023 Revenues $ 191,145 $ 7,594 $ — $ 198,739 Income (loss) from operations 34,864 (2,425 ) (6,129 ) 26,310 Depreciation and amortization 165 26 — 191 Stock-based compensation 548 10 1,047 1,605 Provision for doubtful accounts receivables 1,372 — — 1,372 Provision for (benefit from) income taxes 10,019 (789 ) (1,297 ) 7,933 Six Months Ended June 30, 2022 Revenues $ 147,044 $ 5,821 $ — $ 152,865 Income (loss) from operations 44,589 (997 ) (4,858 ) 38,734 Depreciation and amortization 169 21 1 191 Stock-based compensation 476 — 1,094 1,570 Provision for (benefit from) income taxes 11,538 — (1,230 ) 10,308 |
Schedule of total assets for the business segments | (in thousands) GRE Genie Renewables Corporate Total Total assets: June 30, 2023 $ 202,627 $ 21,565 $ 61,765 $ 285,957 December 31, 2022 191,839 12,191 73,585 277,615 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of purchase commitments outstanding | (in thousands) Remainder of 2023 $ 56,563 2024 46,658 2025 16,701 2026 2,964 2027 — Thereafter — Total payments $ 122,886 |
Concentrations and Associated C
Concentrations and Associated Credit Risk (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 of consolidated revenues for the three and six months ended June 30, 2023 and 2022 (no other single customer accounted for 10.0 or greater of our consolidated revenues in these periods): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Customer A 18.7 % na % 13.2 % na % Customer B na 10.4 na 10.2 na — |
Basis of Presentation and Bus_2
Basis of Presentation and Business Changes and Development (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basis of Presentation and Business Changes and Development (Textual) | |||||
Percentage of gas revenue generated in given period | 39.70% | 44.50% | 30.50% | 30.30% | |
Interest rate | 100% | ||||
Other nonoperating income | $ 3.1 | ||||
Genie Retail Energy [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Company's investment, ownership percentage in subsidiary | 100% | ||||
Prism Solar Technology [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Business acquired interest | 60% | ||||
Genie Energy International Corporation [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Company's investment, ownership percentage in subsidiary | 99.50% | ||||
Genie Retail Energy International [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Company's investment, ownership percentage in subsidiary | 100% | ||||
CityCom Solar [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Company's investment, ownership percentage in subsidiary | 92.80% | ||||
Genie Solar Energy [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Company's investment, ownership percentage in subsidiary | 95.50% | ||||
Diversegy [Member] | |||||
Basis of Presentation and Business Changes and Development (Textual) | |||||
Company's investment, ownership percentage in subsidiary | 96% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |||
Cash and cash equivalents | $ 110,827 | $ 98,571 | |
Restricted cash—short-term | 3,831 | 6,007 | |
Total cash, cash equivalents, and restricted cash | $ 114,658 | $ 104,578 | $ 64,058 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Natural gas | $ 801 | $ 3,302 |
Renewable credits | 8,691 | 10,531 |
Solar panels | 8,694 | 1,881 |
Totals | $ 18,186 | $ 15,714 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 93,463 | $ 66,940 | $ 198,739 | $ 152,865 |
Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 80,199 | 53,063 | 154,686 | 112,443 |
Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,975 | 10,098 | 35,900 | 34,601 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,289 | 3,779 | 8,153 | 5,821 |
Fixed rate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 50,608 | 21,197 | 85,728 | 43,598 |
Fixed rate [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 47,625 | 18,886 | 77,130 | 37,504 |
Fixed rate [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,983 | 2,311 | 8,598 | 6,094 |
Fixed rate [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Variable rate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 38,566 | 41,964 | 104,858 | 103,446 |
Variable rate [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 32,574 | 34,177 | 77,556 | 74,939 |
Variable rate [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5,992 | 7,787 | 27,302 | 28,507 |
Variable rate [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,289 | 3,779 | 8,153 | 5,821 |
Other [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 4,289 | $ 3,779 | $ 8,153 | $ 5,821 |
Revenue Recognition (Details 1)
Revenue Recognition (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 93,463 | $ 66,940 | $ 198,739 | $ 152,865 |
Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 80,199 | 53,063 | 154,686 | 112,443 |
Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,975 | 10,098 | 35,900 | 34,601 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,289 | 3,779 | 8,153 | 5,821 |
Non-Commercial Channel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 71,271 | 50,688 | 152,175 | 120,946 |
Non-Commercial Channel [Member] | Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 65,332 | 44,019 | 125,454 | 94,641 |
Non-Commercial Channel [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5,939 | 6,669 | 26,721 | 26,305 |
Non-Commercial Channel [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Commercial Channel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 17,903 | 12,473 | 38,411 | 26,098 |
Commercial Channel [Member] | Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 14,867 | 9,044 | 29,232 | 17,802 |
Commercial Channel [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,036 | 3,429 | 9,179 | 8,296 |
Commercial Channel [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,289 | 3,779 | 8,153 | 5,821 |
Other [Member] | Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 4,289 | $ 3,779 | $ 8,153 | $ 5,821 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Current assets of discontinued operations | $ 35,865 | $ 38,688 |
Noncurrent assets of discontinued operations | 9,378 | 16,305 |
Liabilities | ||
Current liabilities of discontinued operations | 10,967 | 10,936 |
Noncurrent liabilities of discontinued operations | 686 | 686 |
Lumo Finland and Lumo Sweden [Member] | ||
Assets | ||
Cash | 465 | 1,503 |
Receivables from the settlement of derivative contract—current | 14,976 | 23,351 |
Current assets of discontinued operations | 15,441 | 24,854 |
Receivables from the settlement of derivative contract—noncurrent | 5,822 | 12,689 |
Other noncurrent assets | 3,556 | 3,616 |
Noncurrent assets of discontinued operations | 9,378 | 16,305 |
Liabilities | ||
Income taxes payable | 11,293 | 10,894 |
Accounts payable and other current liabilities | 89 | 42 |
Current liabilities of discontinued operations | 11,382 | 10,936 |
Deferred tax liabilities | 686 | 686 |
Noncurrent liabilities of discontinued operations | $ 686 | $ 686 |
Discontinued Operations (Deta_2
Discontinued Operations (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income from operations | $ 15,035 | $ 11,772 | $ 26,310 | $ 38,734 |
Income before income taxes | 16,031 | 11,250 | 31,436 | 37,029 |
Provision for income taxes | (3,865) | (3,195) | (7,933) | (10,308) |
Net income from discontinued operations, net of tax | 3,173 | 29,318 | 6,227 | 27,388 |
Lumo Finland and Lumo Sweden [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | 8,086 | 20,689 | ||
Cost of revenues | (29,568) | (15,400) | ||
Gross profit | 37,654 | 36,089 | ||
Selling, general and administrative expenses | 951 | 1,915 | ||
Income from operations | 36,703 | 34,174 | ||
Other income | 946 | 1,196 | ||
Income before income taxes | 946 | 36,703 | 1,196 | 34,174 |
Provision for income taxes | (337) | (7,386) | (405) | (6,786) |
Net income from discontinued operations, net of tax | 609 | 29,317 | 791 | 27,388 |
Income before income taxes attributable to Genie Energy Ltd. | $ 946 | $ 34,425 | $ 1,196 | $ 32,051 |
Discontinued Operations (Deta_3
Discontinued Operations (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) | $ 3,173 | $ 29,318 | $ 6,227 | $ 27,388 |
Lumo Finland and Lumo Sweden [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income (loss) | $ 609 | $ 29,317 | 791 | 27,388 |
Non-cash items | (1,198) | 7,421 | ||
Changes in assets and liabilities | 16,078 | (33,172) | ||
Cash flows provided by operating activities of discontinued operations | $ 15,671 | $ 1,637 |
Discontinued Operations (Deta_4
Discontinued Operations (Details 3) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Impairment of assets | $ 19 |
Discontinued Operations (Deta_5
Discontinued Operations (Details Textual) $ in Thousands, € in Millions, £ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
Jun. 30, 2023 USD ($) | Nov. 03, 2022 shares | Nov. 30, 2022 | Feb. 28, 2022 USD ($) | Aug. 31, 2018 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Aug. 31, 2022 GBP (£) | Aug. 31, 2022 EUR (€) | Aug. 31, 2022 USD ($) | Jul. 19, 2022 EUR (€) | Jul. 19, 2022 USD ($) | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Gross aggregate amount | € 41.1 | $ 41,400 | ||||||||||||||
Variable rate customers to a third party | € 1.9 | $ 2,000 | ||||||||||||||
Finite-Lived Intangible Assets, Net | $ 2,934 | $ 2,934 | $ 2,934 | $ 3,133 | ||||||||||||
Net liabilities | 89,972 | 89,972 | 89,972 | 103,971 | ||||||||||||
New note payment terms, description | December 31, 2020 to December 2052. | |||||||||||||||
Loss from discontinued operations, net of taxes | 3,173 | $ 29,318 | 6,227 | $ 27,388 | ||||||||||||
Class B common stock [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Description of Vested Period | May 2023 and up to May 2025 | |||||||||||||||
Lumo Finland and Lumo Sweden [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Loss from discontinued operations, net of taxes | 609 | $ 29,317 | $ 791 | $ 27,388 | ||||||||||||
Lumo Finland and Lumo Sweden [Member] | Class B common stock [Member] | Employee [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Number of noncontrolling interest restricted shares acquired | shares | 132,302 | |||||||||||||||
Description of Vested Period | November 2022 to May 2025 | |||||||||||||||
United Kingdom Operations [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Contract Termination Claims, Description | In the fourth quarter of 2021, Orbit transferred to GEIC a net amount of $49.7 million from the proceeds of the settlement of the contract with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, the Company transferred $21.5 million to the Administrators of Orbit Energy to fund the settlement of the expected remaining liabilities of Orbit of $30.8 million, which were included in the current liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2021. | |||||||||||||||
Company deposite | $ 28,300 | |||||||||||||||
Amount transferred to court's registry | 28,300 | |||||||||||||||
Administrator paid | £ 4.6 | $ 5,400 | ||||||||||||||
Net investments | $ 20,400 | 20,400 | $ 20,400 | $ 13,800 | ||||||||||||
Loss from discontinued operations, net of taxes | $ 2,600 | $ 5,400 | ||||||||||||||
Lumo Sweden [Member] | Electricity Swap Instruments [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
New note payment terms, description | settled monthly based on the monthly commodity volume specified in the instruments from September 2022 to March 2025 | |||||||||||||||
Maximum [Member] | Lumo Finland [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 96.60% | |||||||||||||||
Maximum [Member] | Lumo Sweden [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 100% | |||||||||||||||
Minimum [Member] | Lumo Finland [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 91.60% | |||||||||||||||
Minimum [Member] | Lumo Sweden [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 98.80% | |||||||||||||||
Other Investments [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Outstanding equity percentage | 37.50% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets: | |||
Marketable equity securities | $ 452 | $ 490 | |
Investments in total return swap | 502 | ||
Recurring [Member] | |||
Assets: | |||
Marketable equity securities | 452 | 490 | |
Derivative contracts | 2,472 | 4,060 | |
Liabilities: | |||
Derivative contracts | 3,198 | 2,857 | |
Level 1 [Member] | |||
Assets: | |||
Investments in total return swap | [1] | ||
Level 1 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [1] | 452 | 490 |
Derivative contracts | [1] | 2,472 | 4,060 |
Liabilities: | |||
Derivative contracts | [1] | 3,198 | 2,857 |
Level 2 [Member] | |||
Assets: | |||
Investments in total return swap | [2] | 502 | |
Level 2 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [2] | ||
Derivative contracts | [2] | ||
Liabilities: | |||
Derivative contracts | [2] | ||
Level 3 [Member] | |||
Assets: | |||
Investments in total return swap | [3] | ||
Level 3 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [3] | ||
Derivative contracts | [3] | ||
Liabilities: | |||
Derivative contracts | [3] | ||
[1]quoted prices in active markets for identical assets or liabilities[2]observable inputs other than quoted prices in active markets for identical assets and liabilities[3]no observable pricing inputs in the market |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 2) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Sales Revenue, Net [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 18.70% | 13.20% | |||
Sales Revenue, Net [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.40% | 10.20% | |||
Consolidated gross trade accounts receivable [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 26.60% | ||||
Consolidated gross trade accounts receivable [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.20% |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Fair Value Measurements (Textual) | |||||
Concentration risk, percentage | 10% | 10% | 10% | 10% | |
Customer A [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Fair Value Measurements (Textual) | |||||
Concentration risk, percentage | 10% | ||||
Customer A [Member] | Revenue from Rights Concentration Risk [Member] | Revenues [Member] | |||||
Fair Value Measurements (Textual) | |||||
Concentration risk, percentage | 10% |
Derivative Instruments (Details
Derivative Instruments (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Electricity (in MWH) [Member] | Third quarter 2023 | |
Derivative [Line Items] | |
Volume | 71,696 |
Electricity (in MWH) [Member] | Fourth quarter 2023 | |
Derivative [Line Items] | |
Volume | 30,832 |
Electricity (in MWH) [Member] | First quarter 2024 | |
Derivative [Line Items] | |
Volume | 13,040 |
Electricity (in MWH) [Member] | Second quarter 2024 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2024 | |
Derivative [Line Items] | |
Volume | 16,592 |
Electricity (in MWH) [Member] | Fourth quarter of 2024 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | First quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Second quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Fourth quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | First quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Second quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2026 | |
Derivative [Line Items] | |
Volume | 3,520 |
Gas (in Dth) [Member] | Third quarter 2023 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Fourth quarter 2023 | |
Derivative [Line Items] | |
Volume | 765,000 |
Gas (in Dth) [Member] | First quarter 2024 | |
Derivative [Line Items] | |
Volume | 910,000 |
Gas (in Dth) [Member] | Second quarter 2024 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Third quarter of 2024 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Fourth quarter of 2024 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | First quarter of 2025 | |
Derivative [Line Items] | |
Volume | 225,000 |
Gas (in Dth) [Member] | Second quarter of 2025 | |
Derivative [Line Items] | |
Volume | 227,500 |
Gas (in Dth) [Member] | Third quarter of 2025 | |
Derivative [Line Items] | |
Volume | 230,000 |
Gas (in Dth) [Member] | Fourth quarter of 2025 | |
Derivative [Line Items] | |
Volume | 230,000 |
Gas (in Dth) [Member] | First quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Second quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Third quarter of 2026 | |
Derivative [Line Items] | |
Volume |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - Energy contracts and options [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | $ 2,472 | $ 4,060 | |
Liability Derivatives not designated or not qualifying as hedging instruments | 3,198 | 2,857 | |
Other current assets [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | [1] | 1,683 | 2,799 |
Other assets [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | 789 | 1,261 | |
Other current liabilities [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Liability Derivatives not designated or not qualifying as hedging instruments | [1] | 3,035 | 1,800 |
Other liabilities [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Liability Derivatives not designated or not qualifying as hedging instruments | $ 163 | $ 1,057 | |
[1] The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Energy contracts and options [Member] | Cost of revenues [Member] | ||||
Effects of derivative instruments on the consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized on Derivatives | $ (5,954) | $ 22,643 | $ (17,129) | $ 60,155 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Security deposit | $ 7,341 | $ 7,341 |
Right-of-use assets, net of amortization | 1,963 | 1,892 |
Fair value of derivative contracts—noncurrent | 789 | 1,261 |
Other assets | 3,090 | 3,362 |
Total other assets | $ 13,183 | $ 13,856 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 9,998 |
Additions/deductions during the period | |
Ending balance | 9,998 |
GRE [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 9,998 |
Additions/deductions during the period | |
Ending balance | 9,998 |
Genie Renewables [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | |
Additions/deductions during the period | |
Ending balance |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,089 | $ 5,089 |
Accumulated Amortization | (2,155) | (1,956) |
Net Balance | $ 2,934 | $ 3,133 |
Patents and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 18 years 1 month 6 days | 18 years 1 month 6 days |
Gross Carrying Amount | $ 3,510 | $ 3,510 |
Accumulated Amortization | (1,268) | (1,154) |
Net Balance | $ 2,242 | $ 2,356 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 9 years | 9 years |
Gross Carrying Amount | $ 1,100 | $ 1,100 |
Accumulated Amortization | (713) | (652) |
Net Balance | $ 387 | $ 448 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 10 years | 10 years |
Gross Carrying Amount | $ 479 | $ 479 |
Accumulated Amortization | (174) | (150) |
Net Balance | $ 305 | $ 329 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill And Other Intangible Assets (Textual) | ||||
Amortization expense of intangible assets | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Amortization expense of finite lives intangible assets, remainder of 2023 | 0.2 | 0.2 | ||
Amortization expense of finite lives intangible assets, 2024 | 0.4 | 0.4 | ||
Amortization expense of finite lives intangible assets, 2025 | 0.4 | 0.4 | ||
Amortization expense of finite lives intangible assets, 2026 | 0.3 | 0.3 | ||
Amortization expense of finite lives intangible assets, 2027 | 0.3 | 0.3 | ||
Amortization expense of finite lives intangible assets, thereafter | $ 1.4 | $ 1.4 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Liabilities [Abstract] | ||
Renewable energy | $ 17,135 | $ 18,444 |
Liability to customers related to promotions and retention incentives | 9,360 | 9,111 |
Payroll and employee benefit | 3,619 | 4,251 |
Other accrued expenses | 3,764 | 3,853 |
Total accrued expenses | $ 33,878 | $ 35,659 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
ROU Assets | $ 1,963 | $ 1,892 |
Current portion of operating lease liabilities | 333 | 250 |
Noncurrent portion of operating lease liabilities | 1,713 | 1,699 |
Total operating lease liabilities | $ 2,046 | $ 1,949 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating activities | $ 331 | $ 254 |
ROU assets obtained in the exchange for lease liabilities | ||
Operating leases | $ 237 | $ 98 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 251 | |
2024 | 441 | |
2025 | 371 | |
2026 | 272 | |
2027 | 277 | |
Thereafter | 1,616 | |
Total future lease payments | 3,228 | |
Less imputed interest | (1,182) | |
Total operating lease liabilities | $ 2,046 | $ 1,949 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Weighted average remaining lease term | 10 years 6 months | 10 years 6 months | ||
Weighted average discount rate | 7.40% | 7.40% | ||
Operating leases, rent expense | $ 200 | $ 100 | $ 300 | $ 300 |
Finance leases | $ 0 | $ 0 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares | |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | January 12, 2023 [Member] | |
Equity | |
Declaration Date | Jan. 12, 2023 |
Dividend Per Share | $ / shares | $ 0.1594 |
Aggregate Dividend Amount | $ | $ 157 |
Record Date | Feb. 07, 2023 |
Payment Date | Feb. 15, 2023 |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | April 17, 2023 [Member] | |
Equity | |
Declaration Date | Apr. 17, 2023 |
Dividend Per Share | $ / shares | $ 0.6895 |
Aggregate Dividend Amount | $ | $ 370 |
Record Date | May 05, 2023 |
Payment Date | May 15, 2023 |
Class A Common Stock and Class B Common Stock [Member] | February 9, 2023 [Member] | |
Equity | |
Declaration Date | Feb. 09, 2023 |
Dividend Per Share | $ / shares | $ 0.075 |
Aggregate Dividend Amount | $ | $ 1,951 |
Record Date | Feb. 21, 2023 |
Payment Date | Mar. 01, 2023 |
Class A Common Stock and Class B Common Stock [Member] | May 3, 2023 [Member] | |
Equity | |
Declaration Date | May 03, 2023 |
Dividend Per Share | $ / shares | $ 0.075 |
Aggregate Dividend Amount | $ | $ 1,958 |
Record Date | May 20, 2023 |
Payment Date | May 31, 2023 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Aug. 02, 2023 | Jun. 16, 2023 | Jun. 13, 2023 | May 31, 2023 | May 16, 2023 | Mar. 08, 2023 | Jun. 12, 2018 | Jun. 08, 2018 | Feb. 28, 2023 | Nov. 30, 2022 | May 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 03, 2022 | Feb. 28, 2022 | Feb. 07, 2022 | Mar. 08, 2021 | Mar. 11, 2013 | |
Equity | |||||||||||||||||||||||
Dividends on preferred stock | $ 176 | $ 157 | $ 624 | $ 370 | |||||||||||||||||||
Dividends on common stock | $ 0.075 | $ 0.075 | $ 0.15 | $ 0.15 | |||||||||||||||||||
Amount of warrants aggregate exercise price | $ 5,000 | ||||||||||||||||||||||
Unrecognized compensation cost | $ 2,300 | $ 2,300 | |||||||||||||||||||||
Weighted-average period | 1 year 2 months 12 days | ||||||||||||||||||||||
Deferred stock units granted | 290,000 | ||||||||||||||||||||||
Cash dividend paid | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | |||||||||||||||||||
Redemption of preferred stock | $ 7,359 | $ 1,000 | $ 2,000 | ||||||||||||||||||||
Board of Directors [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||||||||||||||||||||||
Preferred stock, liquidation preference per share | $ 8.5 | ||||||||||||||||||||||
Employee [Member] | Lumo Finland Grant [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Percentage of ownership | 5.10% | ||||||||||||||||||||||
Employee [Member] | Lumo Sweden [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Percentage of ownership | 2.30% | ||||||||||||||||||||||
Dividend Paid [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Preferred stock dividend rate | $ 0.5301 | ||||||||||||||||||||||
Dividends on preferred stock | $ 500 | ||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Redemption of preferred stock, shares | 866,000 | (117,000) | (235,000) | ||||||||||||||||||||
Redemption of preferred stock | $ 7,359 | $ 1,000 | $ 2,000 | ||||||||||||||||||||
Preferred Stock [Member] | Stock Repurchase Program [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Redemption of preferred stock, shares | 117,647 | 235,294 | |||||||||||||||||||||
Redemption of preferred stock | $ 1,000 | $ 2,000 | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Number of common stock shares issued | 72,657 | ||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 136,987 | ||||||||||||||||||||||
Class B common stock [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Number of stock authorized to be repurchased | 7,000,000 | ||||||||||||||||||||||
Number of shares repurchased, shares | 0 | 0 | 0 | 0 | |||||||||||||||||||
Remaining number of shares available for repurchase | 4,700,000 | 4,700,000 | |||||||||||||||||||||
Treasury Stock, Common, Shares | 2,900,000 | 2,900,000 | 2,700,000 | ||||||||||||||||||||
Treasury stock cost | $ 21,613 | $ 19,000 | |||||||||||||||||||||
Weighted average cost per share | $ 7.5 | $ 7.03 | |||||||||||||||||||||
Warrants to purchase shares | 0 | 0 | |||||||||||||||||||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 290,000 | 123,302 | 290,000 | ||||||||||||||||||||
Description of vested period | May 2023 and up to May 2025 | ||||||||||||||||||||||
Class B common stock [Member] | 2021 Plan | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Maximum number of shares reserved for the grant of awards | 1,000,000 | ||||||||||||||||||||||
Class B common stock [Member] | Stock Repurchase Program [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Number of shares repurchased, shares | 639,393 | 639,393 | |||||||||||||||||||||
Aggregate amount of shares repurchased | $ 4,400 | $ 4,400 | |||||||||||||||||||||
Class B common stock [Member] | Stock-Based Compensation [Member] | 2021 Plan | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Stock option and incentive plan to reserve | 500,000 | ||||||||||||||||||||||
Class B common stock [Member] | Howard S. Jonas [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Warrants to purchase shares | 1,048,218 | ||||||||||||||||||||||
Amount of warrants aggregate exercise price | $ 5,000 | ||||||||||||||||||||||
Warrants exercise price per share | $ 4.77 | ||||||||||||||||||||||
Shares repurchased for withholding tax obligations in connection to the exercise of the options | 158,109 | ||||||||||||||||||||||
Exercise of stock options, shares | 256,818 | ||||||||||||||||||||||
Stock issued during period, shares, issued for cashless exercise | 98,709 | ||||||||||||||||||||||
Class B common stock [Member] | Investor [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Amount of aggregate sales price | $ 1,000 | ||||||||||||||||||||||
Warrants to purchase shares | 209,644 | ||||||||||||||||||||||
Amount of warrants aggregate exercise price | $ 1,000 | ||||||||||||||||||||||
Warrants exercise price per share | $ 4.77 | ||||||||||||||||||||||
Class B common stock [Member] | Common Stock | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Stockholders grant of options purchase | 300,000 | 33,000 | 9,000 | ||||||||||||||||||||
Exercise of stock options, shares | 257,000 | ||||||||||||||||||||||
Class B common stock [Member] | Warrant [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Warrants to purchase shares | 1,048,218 | ||||||||||||||||||||||
Exercise of stock options, shares | 209,644 | ||||||||||||||||||||||
Stock issued, value, warrants exercised | $ 5,000 | ||||||||||||||||||||||
Series 2012-A Preferred Stock [Member] | Preferred Stock [Member] | Stock Repurchase Program [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Preferred stock dividend rate | $ 0.1349 | ||||||||||||||||||||||
Redemption of preferred stock, shares | 748,064 | 235,294 | |||||||||||||||||||||
Redemption Date | Jun. 16, 2023 | ||||||||||||||||||||||
Price per share | $ 8.5 | ||||||||||||||||||||||
Preferred stock, shares outstanding | 0 | ||||||||||||||||||||||
Redemption of preferred stock, authorized amount | $ 2,000 | ||||||||||||||||||||||
Preferred stock dividend redeemable | $ 100 | ||||||||||||||||||||||
Redemption of preferred stock | $ 6,500 | $ 2,000 | |||||||||||||||||||||
Class A Common Stock and Class B Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Dividends on common stock | $ 0.075 | ||||||||||||||||||||||
Paid date of declared dividend | Aug. 21, 2023 | ||||||||||||||||||||||
Record date of declared dividend | Aug. 14, 2023 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Variable Interest Entity [Abstract] | ||||
Net income (loss) | $ 73 | $ 622 | $ (19) | $ (364) |
Aggregate funding paid to (provided by) the Company, net | $ 113 | $ 1,381 | $ (79) | $ (77) |
Variable Interest Entity (Det_2
Variable Interest Entity (Details 1) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | $ 285,957 | $ 277,615 |
CCE [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 1,318 | 1,566 |
Total liabilities and noncontrolling interests | 1,318 | 1,566 |
CCE [Member] | Cash, cash equivalents and restricted cash [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 337 | 295 |
CCE [Member] | Trade accounts receivable [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 240 | 549 |
CCE [Member] | Prepaid expenses and other current assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 382 | 363 |
CCE [Member] | Other assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 359 | 359 |
CCE [Member] | Current liabilities [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 510 | 700 |
CCE [Member] | Due to IDT Energy [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 5,963 | 5,997 |
CCE [Member] | Noncontrolling interests [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | $ (5,155) | $ (5,131) |
Variable Interest Entity (Det_3
Variable Interest Entity (Details Textual) - CCE [Member] $ in Millions | 1 Months Ended |
Oct. 31, 2015 USD ($) | |
Variable Interest Entity (Textual) | |
Percentage of option to purchase | 100% |
Forgiveness of loan | $ 0.5 |
Expiration date of the option | Oct. 22, 2023 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||||
Reported tax rate | 24.10% | 28.40% | 25.20% | 27.80% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||||
Reported tax rate | 24.10% | 28.40% | 25.20% | 27.80% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings (Loss) Per Share [Abstract] | ||||
Basic weighted-average number of shares | 25,708 | 25,463 | 25,516 | 25,613 |
Effect of dilutive securities: | ||||
Stock options and warrants | 58 | 475 | 49 | 384 |
Non-vested restricted Class B common stock | 555 | 132 | 508 | 91 |
Diluted weighted-average number of shares | 26,321 | 26,070 | 26,073 | 26,088 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 126 | 126 | ||
Non-vested Deferred Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 580 | 580 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
IDT [Member] | ||||
Summary of related party transactions | ||||
Amount charged the Company | $ 310 | $ 387 | $ 634 | $ 780 |
Amount the Company charged IDT | 30 | 30 | 61 | 67 |
Rafael [Member] | ||||
Summary of related party transactions | ||||
Amount charged the Company | $ 58 | $ 115 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
IDT [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 144 | $ 185 |
Due from related parties | 20 | |
Rafael [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties |
Related Party Transactions (D_3
Related Party Transactions (Details Textual) $ / shares in Units, $ in Thousands, ₪ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 07, 2020 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Aug. 31, 2018 USD ($) | Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Feb. 21, 2022 ILS (₪) | Feb. 21, 2022 USD ($) | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |||||||||||||||
Amount of warrants aggregate exercise price | $ 5,000 | ||||||||||||||
Unrealized gain (loss) on investment | $ 122 | $ (146) | 51 | (799) | |||||||||||
Outstanding balance | $ 100 | ||||||||||||||
New note payment terms, description | December 31, 2020 to December 2052. | ||||||||||||||
Accrued interest | 100 | ||||||||||||||
Proceeds from equity method investments | $ 282 | ||||||||||||||
Class B common stock [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Warrants to purchase shares | shares | 0 | 0 | |||||||||||||
Other Investments [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Percentage of ownership | 37.50% | ||||||||||||||
Rafael [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Unrealized gain (loss) on investment | $ 200 | $ 800 | |||||||||||||
Outstanding payable | |||||||||||||||
Rafael [Member] | Class B common stock [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Fair value of common stock | $ 5,000 | ||||||||||||||
Number of common stock shares issued | shares | 218,245 | ||||||||||||||
Warrants to purchase shares | shares | 43,649 | ||||||||||||||
Warrants exercise price per share | $ / shares | $ 22.91 | ||||||||||||||
Warrants expiry date | Jun. 06, 2022 | ||||||||||||||
Amount of warrants aggregate exercise price | $ 1,000 | ||||||||||||||
Rafael [Member] | Other Investments [Member] | Class B common stock [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Sale of shares | shares | 195,501 | ||||||||||||||
Amount of subsidiary shares sold | $ 300 | ||||||||||||||
Number of subsidiary shares acquired | shares | 150,000 | ||||||||||||||
Amount of subsidiary shares acquired | $ 300 | ||||||||||||||
Recognized gains on investment | $ 10 | ||||||||||||||
Number of outstanding shares of subsidiary held by reporting entity | shares | 216,393 | 216,393 | |||||||||||||
Carrying value of investment in equity method investees | $ 500 | $ 500 | |||||||||||||
IGM Brokerage Corp. [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Payment of insurance premium | $ 500 | ||||||||||||||
Outstanding payable | $ 0 | $ 0 | |||||||||||||
Atid 613 [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Carrying value of investment in equity method investees | 100 | ||||||||||||||
Proceeds from equity method investments | $ 100 | ||||||||||||||
Ohayon Loan [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Additional loan amount | ₪ 0.7 | 200 | |||||||||||||
Debt Instrument, Face Amount | ₪ 5.5 | $ 1,500 | |||||||||||||
Maturity date | Dec. 31, 2023 | ||||||||||||||
Ohayon Loan [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Agreed to loan amount | $ 2,100 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 93,463 | $ 66,940 | $ 198,739 | $ 152,865 |
Income (loss) from operations | 15,035 | 11,772 | 26,310 | 38,734 |
Depreciation and amortization | 96 | 95 | 191 | 191 |
Stock-based compensation | 756 | 730 | 1,605 | 1,570 |
Provision for doubtful accounts receivables | 798 | 1,372 | 1,290 | |
Provision for (benefit from) income taxes | 3,865 | 3,195 | 7,933 | 10,308 |
GRE [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 89,733 | 63,161 | 191,145 | 147,044 |
Income (loss) from operations | 18,417 | 14,413 | 34,864 | 44,589 |
Depreciation and amortization | 83 | 84 | 165 | 169 |
Stock-based compensation | 275 | 230 | 548 | 476 |
Provision for doubtful accounts receivables | 798 | 1,372 | ||
Provision for (benefit from) income taxes | 5,369 | 3,705 | 10,019 | 11,538 |
Genie Renewables [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,730 | 3,779 | 7,594 | 5,821 |
Income (loss) from operations | (1,276) | (517) | (2,425) | (997) |
Depreciation and amortization | 13 | 11 | 26 | 21 |
Stock-based compensation | 9 | 35 | 10 | |
Provision for doubtful accounts receivables | ||||
Provision for (benefit from) income taxes | (474) | (789) | ||
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | ||||
Income (loss) from operations | (2,106) | (2,124) | (6,129) | (4,858) |
Depreciation and amortization | 1 | |||
Stock-based compensation | 472 | 465 | 1,047 | 1,094 |
Provision for doubtful accounts receivables | ||||
Provision for (benefit from) income taxes | $ (1,030) | $ (510) | $ (1,297) | $ (1,230) |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 285,957 | $ 277,615 |
GRE [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 202,627 | 191,839 |
Genie Renewables [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 21,565 | 12,191 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 61,765 | $ 73,585 |
Business Segment Information _3
Business Segment Information (Details Textual) $ in Millions | Jun. 30, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) |
Business Segment Information (Textual) | ||
Number of reportable segments | Segment | 2 | |
Lumo Finland and Lumo Sweden [Member] | ||
Business Segment Information (Textual) | ||
Aggregate net assets | $ | $ 45.2 | $ 55 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Commitments and Contingencies [Abstract] | |
Remainder of 2023 | $ 56,563 |
2024 | 46,658 |
2025 | 16,701 |
2026 | 2,964 |
2027 | |
Thereafter | |
Total payments | $ 122,886 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2022 EUR (€) | Aug. 31, 2022 USD ($) | Mar. 12, 2021 USD ($) | |
Commitments and Contingencies (Textual) | |||||||||
Variable rate customers to a third party | € 1.9 | $ 2,000 | |||||||
Future purchase commitments | $ 122,886 | $ 122,886 | |||||||
Future purchase commitments | 122,900 | 122,900 | |||||||
Genie Retail Energy [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Aggregate performance bond outstanding | 19,000 | 19,000 | |||||||
Electricity [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | 108,100 | 108,100 | |||||||
Purchase of Electricity expenses | 15,200 | $ 12,100 | 24,300 | $ 25,400 | |||||
Renewable energy credits [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | 14,800 | 14,800 | |||||||
Purchase of renewable energy credit | 5,700 | 7,000 | 12,200 | 10,500 | |||||
BP [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Trade accounts payable | 19,600 | 19,600 | |||||||
Trade Accounts Receivable [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Assets pledged as collateral to BP Energy | 61,400 | 61,400 | |||||||
Restricted Cash [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Assets pledged as collateral to BP Energy | 600 | 600 | |||||||
State of Connecticut Public Utilities Regulatory Authority [Member] | Residents Energy [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | $ 200 | ||||||||
Accrued payables for customer complaints | $ 300 | ||||||||
Loss Contingency, Penalty period for marketing activities | 36 months | ||||||||
Settlement payment amount | $ 1,500 | ||||||||
Office of the Attorney General of the State of Illinois [Member] | Residents Energy [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | 10,400 | 6,100 | 24,000 | 14,400 | |||||
State of Maine Public Utility Commission [Member] | Town Square [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | $ 800 | $ 400 | $ 1,600 | $ 800 |
Debt (Details)
Debt (Details) - JPMorgan [Member] - USD ($) | Dec. 13, 2018 | Jun. 30, 2023 |
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | $ 3,000,000 | |
Quarterly unused commitment fee | 0.10% | |
Effective interest rate | 1% | |
Maximum amount of collateral under condition one | $ 500 | |
Percentage of fees for each letter of credit | 1% | |
Maximum principal amount on revolving line of credit | $ 3,100,000 | |
Cash collateral released | $ 3,800,000 |