Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Document Information [Line Items] | ||
Entity Registrant Name | Genie Energy Ltd. | |
Entity Central Index Key | 0001528356 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Document Fiscal Year Focus | 2024 | |
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 $0.01 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 520 Broad Street | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 438-3500 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,574,326 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,556,298 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 106,560 | $ 107,609 |
Restricted cash—short-term | 9,918 | 10,442 |
Marketable equity securities | 372 | 396 |
Trade accounts receivable, net of allowance for doubtful accounts of $7,020 and $6,574 at March 31, 2024 and December 31, 2023, respectively | 60,087 | 61,909 |
Inventory | 18,460 | 14,598 |
Prepaid expenses | 15,049 | 16,222 |
Other current assets | 6,085 | 5,475 |
Current assets of discontinued operations | 11,292 | 13,182 |
Total current assets | 227,823 | 229,833 |
Restricted cash—long-term | 45,541 | 44,945 |
Property and equipment, net | 16,139 | 15,192 |
Goodwill | 9,998 | 9,998 |
Other intangibles, net | 2,643 | 2,735 |
Deferred income tax assets, net | 5,200 | 5,200 |
Other assets | 16,427 | 15,247 |
Noncurrent assets of discontinued operations | 4,533 | 7,405 |
Total assets | 328,304 | 330,555 |
Current liabilities: | ||
Trade accounts payable | 22,407 | 27,881 |
Accrued expenses | 53,821 | 49,389 |
Income taxes payable | 9,614 | 6,699 |
Current liabilities of discontinued operations | 8,516 | 4,858 |
Total current liabilities | 100,585 | 98,252 |
Noncurrent captive insurance liability | 45,541 | 44,945 |
Other liabilities | 2,082 | 2,212 |
Noncurrent liabilities of discontinued operations | 681 | 638 |
Total liabilities | 148,889 | 146,047 |
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 0 shares issued and outstanding at March 31, 2024 and December 31, 2023 | ||
Additional paid-in capital | 157,549 | 156,101 |
Treasury stock, at cost, consisting of 3,300 and 2,944 shares of Class B common stock at March 31, 2024 and December 31, 2023 | (29,285) | (22,661) |
Accumulated other comprehensive income | (1,911) | 3,299 |
Retained earnings | 66,198 | 60,196 |
Total Genie Energy Ltd. stockholders’ equity | 192,856 | 197,239 |
Noncontrolling interests | (13,441) | (12,731) |
Total equity | 179,415 | 184,508 |
Total liabilities and equity | 328,304 | 330,555 |
Related Party [Member] | ||
Current liabilities: | ||
Other current liabilities | 120 | 145 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Other current liabilities | 6,107 | 9,280 |
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 | $ 289 | $ 288 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $ 7,020 | $ 6,574 |
Preferred stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Series 2012-A Preferred Stock | ||
Designated Shares | 8,750 | 8,750 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 28,905 | 28,764 |
Common stock, shares outstanding | 25,605 | 25,820 |
Treasury stock, shares | 3,300 | 2,944 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Total revenues | $ 119,688 | $ 105,276 |
Cost of revenues | 85,902 | 71,990 |
Gross profit | 33,786 | 33,286 |
Operating expenses: | ||
Selling, general and administrative (i) | 22,901 | 22,011 |
Provision for captive insurance liability | 1,036 | |
Income from operations | 9,849 | 11,275 |
Interest income | 1,340 | 974 |
Interest expense | (32) | (19) |
Gain (loss) on marketable equity securities and investments | 117 | (71) |
Other income, net | 80 | 3,246 |
Income before income taxes | 11,354 | 15,405 |
Provision for income taxes | (2,920) | (4,068) |
Net income from continuing operations | 8,434 | 11,337 |
(Loss) income from discontinued operations, net of taxes | (265) | 3,055 |
Net income | 8,169 | 14,392 |
Net income (loss) attributable to noncontrolling interests, net | 46 | (39) |
Net income attributable to Genie Energy Ltd. | 8,123 | 14,431 |
Dividends on preferred stock | (157) | |
Net income attributable to Genie Energy Ltd. common stockholders | 8,123 | 14,274 |
Net income (loss) attributable to Genie Energy Ltd. common stockholders | ||
Continuing operations | 8,388 | 11,218 |
Discontinued operations | (265) | 3,056 |
Net income attributable to Genie Energy Ltd. common stockholders | $ 8,123 | $ 14,274 |
Basic: | ||
Continuing operations | $ 0.31 | $ 0.44 |
Discontinued operations | (0.01) | 0.12 |
Earnings per share attributable to Genie Energy Ltd. common stockholders | 0.3 | 0.56 |
Diluted | ||
Continuing operations | 0.31 | 0.42 |
Discontinued operations | (0.01) | 0.12 |
Earnings per share attributable to Genie Energy Ltd. common stockholders | $ 0.3 | $ 0.54 |
Weighted-average number of shares used in calculation of earnings per share: | ||
Basic | 26,790 | 25,326 |
Diluted | 27,298 | 26,620 |
Dividends declared per common share | $ 0.075 | $ 0.075 |
Electricity [Member] | ||
Revenues: | ||
Total revenues | $ 89,396 | $ 74,487 |
Natural gas [Member] | ||
Revenues: | ||
Total revenues | 22,398 | 26,925 |
Other [Member] | ||
Revenues: | ||
Total revenues | $ 7,894 | $ 3,864 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation included in selling, general and administrative expenses | $ 749 | $ 899 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 8,169 | $ 14,392 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | (5,082) | (28) |
Comprehensive income | 3,087 | 14,364 |
Comprehensive loss attributable to noncontrolling interests | (46) | 36 |
Comprehensive income attributable to Genie Energy Ltd. | $ 3,041 | $ 14,400 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ 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 | Retained Earnings | Noncontrolling Interests |
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 | 983,000 | 1,574,000 | 27,126,000 | ||||||
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 | 33,000 | ||||||||
Restricted Class B common stock purchased from employees | (165) | (165) | |||||||
Redemption of preferred stock | (1,000) | $ (1,000) | |||||||
Redemption of preferred stock, shares | (117,000) | ||||||||
Other comprehensive income (loss) | (28) | (31) | 3 | ||||||
Net income (loss) | 14,392 | 14,431 | (39) | ||||||
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 | 866,000 | 1,574,000 | 27,159,000 | ||||||
Beginning Balance at Dec. 31, 2023 | 184,508 | $ 16 | $ 288 | 156,101 | (22,661) | 3,299 | 60,196 | (12,731) | |
Beginning Balance, shares at Dec. 31, 2023 | 1,574,000 | 28,765,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on common stock | (2,121) | (2,121) | |||||||
Stock Based Compensation | 749 | 749 | |||||||
Stock-based compensation, shares | 14,000 | ||||||||
Restricted Class B common stock purchased from employees | (2,523) | (2,523) | |||||||
Redemption of preferred stock | $ (19,800) | ||||||||
Redemption of preferred stock, shares | (2,322,726) | ||||||||
Exercise of stock options | 1,016 | $ 1 | 1,015 | ||||||
Exercise of stock options, shares | 126,000 | ||||||||
Purchase of equity of subsidiary | (1,200) | (316) | (884) | ||||||
Repurchase of Class B common stock from stock repurchase program | (4,101) | (4,101) | |||||||
Other comprehensive income (loss) | (5,082) | (5,210) | 128 | ||||||
Net income (loss) | 8,169 | 8,123 | 46 | ||||||
Ending Balance at Mar. 31, 2024 | $ 179,415 | $ 16 | $ 289 | $ 157,549 | $ (29,285) | $ (1,911) | $ 66,198 | $ (13,441) | |
Ending Balance, shares at Mar. 31, 2024 | 1,574,000 | 28,905,000 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends on preferred stock | $ 0.1594 |
Dividends on common stock | $ 0.075 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Operating activities | ||
Net income | $ 8,169 | $ 14,392 |
Net (loss) income from discontinued operations, net of tax | (265) | 3,055 |
Net income from continuing operations | 8,434 | 11,337 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for captive insurance liability | 1,036 | |
Depreciation and amortization | 219 | 115 |
Provision for doubtful accounts receivable | 729 | 574 |
Inventory valuation allowance | 417 | |
Unrealized gain on marketable equity securities and investments and others, net | (49) | (124) |
Stock-based compensation | 749 | 899 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 1,093 | (10,643) |
Inventory | (2,191) | (3,631) |
Prepaid expenses | 581 | (1,032) |
Other current assets and other assets | 505 | 1,138 |
Trade accounts payable, accrued expenses and other liabilities | (5,694) | (2,051) |
Due to IDT Corporation, net | (25) | (66) |
Income taxes payable | 2,914 | 5,004 |
Net cash provided by operating activities of continuing operations | 8,718 | 1,520 |
Net cash provided by operating activities of discontinued operations | 4,208 | 9,714 |
Net cash provided by operating activities | 12,926 | 11,234 |
Investing activities | ||
Capital expenditures | (1,206) | (98) |
Purchase of solar system facility | (1,344) | |
Purchases of marketable equity securities and other investments | (2,094) | (4,559) |
Purchase of equity of subsidiary | (1,200) | |
Proceeds from the sale of marketable equity securities and other investments | 343 | |
Proceeds from settlement of equity method investment | 133 | |
Repayment of notes receivable | 19 | |
Net cash used in investing activities | (5,844) | (4,162) |
Financing activities | ||
Dividends paid | (2,121) | (2,108) |
Repurchases of Class B common stock | (4,101) | |
Repurchases of Class B common stock from employees | (1,508) | (165) |
Redemption of preferred stock | (1,000) | |
Net cash used in financing activities | (7,730) | (3,273) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 74 | (10) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (574) | 3,789 |
Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period | 165,479 | 106,080 |
Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period | 164,905 | 109,869 |
Less: Cash held at of discontinued operations at end of period | 2,886 | 858 |
Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period | $ 162,019 | $ 109,011 |
Basis of Presentation and Busin
Basis of Presentation and Business Changes and Development | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and Business Changes and Development | |
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 three March 31, 2024 December 31, 2024 December 31, 2023 December 31, 2023 The Company owns 100% of Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”) and varied interests in entities that comprise the Genie Renewables segment. GRE owns and operates retail energy providers (“ ”), 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 Natural Gas (“ ”). The majority of REP customers are located in the Eastern and Midwestern United States and Texas. Mirabito supplies natural gas to commercial customers in Florida. Genie Renewables consists of a 95.5% interest in Genie Solar, an integrated solar energy company Solar, a marketer of community solar and other sales solutions and a 91.5% interest in , an energy broker. Genie Solar owns Sunlight Energy, a solar energy developer and operator and a 60.0% interest in Prism Solar Technology ("Prism") which designed and manufactures specialized solar panels. One In the first quarter of 2024 one included in other income, net in the accompanying three months ended March 31, 2023 Discontinued Operations in Finland and Sweden Prior to the third quarter of 2022 in the third quarter of 2022 (" Finland") and Lumo Energi AB ("Lumo Sweden") 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. 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 March 31, 2024 December 31, 2023 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 equity 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 the United Kingdom In October 2021 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 November 29, 2021 December 1, 2021 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 Orbit Administrators, the Company has accounted for these businesses as discontinued operations and accordingly, has presented the results of operations and related cash flows as discontinued operations. Since the Company lost control of the management of Orbit in favor of the Orbit Administrators, the accounts of Orbit were deconsolidated effective December 1, 2021 On November 21, 2023 November 28, 2023 November 28, 2023 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 48.1% and 39.7% of GRE’s natural gas revenues for the relevant years were generated in the first quarters 2023 2022 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 32.5 % 30.5 % of 2023 and 2022 , 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 | 3 Months Ended |
Mar. 31, 2024 | |
Cash, Cash Equivalents, and Restricted Cash | |
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: March 31, 2024 December 31, 2023 (in thousands) Cash and cash equivalents $ 106,560 $ 107,609 Restricted cash—short-term 9,918 10,442 Restricted cash—long -term 45,541 44,945 Total cash, cash equivalents, and restricted cash $ 162,019 $ 162,996 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 18 Note 19 Restricted cash—long -term consists of cash of a wholly-owned captive insurance subsidiary (the "Captive"), which is restricted for use to secure the noncurrent portion of the insured liability program (see Note 18 March 31, 2024 December 31, 2023 -term $6.3 mil Included in the cash and cash equivalents as of March 31, 2024 December 31, 2023 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventories | |
Inventories | Note 3—I nventories Inventories consisted of the following: March 31, 2024 December 31, 2023 (in thousands) Natural gas $ 309 $ 1,309 Renewable credits 15,636 12,105 Solar panels, net of a valuation allowance of $1.3 million and $0.8 million at March 31, 2024 December 31, 2023 2,515 1,184 Totals $ 18,460 $ 14,598 In the three months ended March 31, 2024 0.4 no three months ended March 31, 2023 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition | |
Revenue Recognition | Note 4 —Revenue Recognition 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 records 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 receivables, or POR, 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. Genie Solar enters into contracts to identify, develop, and in some cases operate solar generation sites to provide solar electricity to its customers. Obligations under solar project contracts consist of a series of tasks and components and accordingly are accounted for as multiple performance obligations. Because the Company’s performance creates and enhances assets that are controlled by and specific to customers, the Company recognizes construction services revenue over time. Revenue for these performance obligations is recognized using the input method based on the cost incurred as a percentage of total estimated contract costs. Due to the significance of the costs associated with solar panels to the total project, our judgment on when such costs should be included in the measure of progress has a material impact on revenue recognition. Contract costs include all direct material and labor costs related to contract performance. Revenues from sales of solar panels and solar panel projects are included under the Other Revenues in the consolidated statements of operations. Energy generation revenue is earned from both the sale of electricity generated from solar projects and the sale of renewable energy credits which are included in the Other Revenues in the consolidated statement of operations. Revenue from energy generation is recognized when the Company satisfies the performance obligation, which occurs at the time of the delivery of electricity at the contractual rates. The Company applies for and receives Solar Renewable Energy Credits ("SRECs") in certain jurisdictions for power generated by solar energy systems it owns. There are no direct costs allocated to SRECs upon generation. The Company typically sells SRECs to different customers from those purchasing the energy. The sale of each SREC is a distinct performance obligation satisfied at a point in time and that the performance obligation related to each SREC is satisfied when each SREC is delivered to the customer. Revenues from commissions from selling third-party products to customers, entry and other fees from the energy brokerage are recognized at the time the performance obligation is met. The Company's contacts with customers for commission revenue contain a single performance obligation and are satisfied at a point in time. 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 one 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 March 31, 2024 Fixed rate $ 52,097 $ 7,429 $ — $ 59,526 Variable rate 37,299 14,969 — 52,268 Other — — 7,894 7,894 Total $ 89,396 $ 22,398 $ 7,894 $ 119,688 Three Months Ended March 31, 2023 Fixed rate $ 29,505 $ 5,615 $ — $ 35,120 Variable rate 44,982 21,310 — 66,292 Other — — 3,864 3,864 Total $ 74,487 $ 26,925 $ 3,864 $ 105,276 Fixed and variable rate revenues are from GRE. Other revenues are revenues from Genie Renewables which includes revenues from solar panels, solar projects and energy generation by Genie Solar, commissions from marketing energy solutions by CityCom Solar and Diversegy. 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 March 31, 2024 Non-Commercial Channel $ 82,942 $ 16,922 $ — $ 99,864 Commercial Channel 6,454 5,476 — 11,930 Other — — 7,894 7,894 Total $ 89,396 $ 22,398 $ 7,894 $ 119,688 Three Months Ended March 31, 2023 Non-Commercial Channel $ 60,123 $ 20,783 $ — $ 80,906 Commercial Channel 14,364 6,142 — 20,506 Other — — 3,864 3,864 Total $ 74,487 $ 26,925 $ 3,864 $ 105,276 Contract liabilities Certain revenue generating contracts at Renewables include provisions that require advance payment from customers. These advance payments are recognized as revenue as the Company satisfies the performance obligations to the other party. A portion of the transaction price allocated to the performance obligations to be satisfied in future periods is recognized as a contract liability. Contract liabilities are included in other current liabilities account in the consolidated balance sheet. The table below reconciles the change in the carrying amount of contract liabilities : Three Months Ended March 31, 2024 2023 (in thousands) Contract liability, beginning $ 5,582 $ 1,759 Recognition of revenue included in the beginning of the year contract liability (2,560 ) (148 ) Additions during the period, net of revenue recognized during the period 663 476 Contract liability, end $ 3,685 $ 2,087 Allowance for doubtful accounts The change in the allowance for doubtful accounts was as follows: Three Months Ended March 31, 2024 2023 (in thousands) Allowance for doubtful accounts, beginning $ 6,574 $ 4,826 Additions charged (reversals credited) to expense 729 574 Other additions (deductions) (283 ) (17 ) Allowance for doubtful accounts, end $ 7,020 $ 5,383 |
Acquisitions and Discontinued O
Acquisitions and Discontinued Operations | 3 Months Ended |
Mar. 31, 2024 | |
Acquisitions and Discontinued Operations | |
Discontinued Operations | Note 5 Acquisition of Solar System Facilities On November 3, 2023 The acquisition has been accounted for as asset acquisition and the Company recorded $7.7 million in total purchase price, including $0.2 million of direct transaction cost allocated to solar arrays assets included in the property and equipment account in the consolidated balance sheet with estimated useful lives of 14 to 30 years. On November 3, 2023 February 2024 The acquisition has been accounted for as asset acquisition the Company recorded $ 1.3 million to solar arrays assets included in the property and equipment account in the consolidated balance sheet with estimated useful lives of 30 years. The acquired assets are allocated to the Renewables segment. Lumo Fin la As a result of the sustained volatility of the energy market in Europe, in the third quarter of 2022 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 March 31, 2024 December 31, 2023 In November 2022 Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to an administrator (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: March 31, 2024 December 31, 2023 (in thousands) Assets Cash $ 2,886 $ 2,483 Receivables from the settlement of derivative contract—current 8,406 10,699 Current assets of discontinued operations $ 11,292 $ 13,182 Receivables from the settlement of derivative contract —noncurrent $ 426 $ 2,362 Other noncurrent assets 4,107 5,078 Noncurrent assets of discontinued operations $ 4,533 $ 7,440 Liabilities Income taxes payable 1,721 1,399 Accounts payable and other current liabilities 31 91 Current liabilities of discontinued operations $ 1,752 $ 1,490 Deferred tax liabilities 681 698 Noncurrent liabilities of discontinued operations $ 681 $ 698 The summary of the results of operations of the discontinued operations of Lumo Finland and Lumo Sweden were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Income from operations $ — $ — Other income, net 551 250 Income before income taxes 551 250 Provision for income taxes (816 ) (68 ) Net (loss) income from discontinued operations, net of taxes $ (265 ) $ 182 Income before income taxes attributable to Genie Energy Ltd. $ 551 $ 250 The following table presents a summary of cash flows of the discontinued operations of Three Months Ended March 31, 2024 2023 (in thousands) Net (loss) income $ (265 ) $ 182 Non-cash items 541 62 Changes in assets and liabilities 3,932 9,470 Cash flows provided by operating activities of discontinued operations $ 4,208 $ 9,714 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. On November 8, 2023 March 31, 2024 Genie was also notified that the Lumo Administrators filed a claim against one March 31, 2024 March 31, 2024 € € The Lumo Administrators allege that the payments represented preferential payments and therefore belong to the bankruptcy estate which are recoverable under the laws of Finland. The Company intends to challenge the Lumo Administrators' claims. Should the Lumo Administrators succeed in clawing back the funds from the supplier, it is possible that the supplier may seek to recover its losses against the Company, under terms of the parental guarantee. At this time, there is insufficient basis to assess an amount of any probable loss. U.K. Operations In the third quarter of 2021 October 2021 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 November 29, 2021 December 1, 2021 December 1, 2021 As a result of loss of control, the Company deconsolidated Orbit effective December 1, 2021 and estimated the remaining liability related to its ownership of Orbit. 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 effective December 1, 2021 On November 21, 2023 November 28, 2023 November 28, 2023 2023 £ 18.8 million (equivalent to $ 23.7 million Upon reconsolidation of the accounts of Orbit, the Company recorded cash and accrued expenses of $ 21.1 0.8 At March 31, 2024 $ 6.8 , included in current liabilities of discontinued operations in the consolidated balance sheet. December 31, 2023 2.6 0.8 There were no income or loss from discontinued operations recognized in the three months ended March 31, 2024 . In the three months ended March 31, 2023 2.9 Prior to being treated as discontinued operations and deconsolidation, the assets and liabilities of Orbit were included in the Company's former GRE International segment. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements | |
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) March 31, 2024 Assets: Marketable equity securities $ 372 $ — $ — $ 372 Derivative contracts $ 784 $ — $ — $ 784 Liabilities: Derivative contracts $ 145 $ — $ — $ 145 December 31, 2023 Assets: Marketable equity securities $ 396 $ — $ — $ 396 Derivative contracts $ 673 $ — $ — $ 673 Liabilities: Derivative contracts $ 1,724 $ — $ — $ 1,724 ( 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 2 3 three months ended March 31, 2024 2023 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 March 31, 2024 December 31, 2023 1 approximated fair value Other assets. At March 31, 2024 December 31, 2023 March 31, 2024 3 The primary non-recurring fair value estimates typically are in the context of goodwill impairment testing, which involves Level 3 9 3 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 The following table summarizes the percentage of consolidated trade receivable by customers that equal or exceed 10.0 receivables at March 31, 2024 December 31, 2023 10.0 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Customer A 19.9 % 21.4 % na — ess than 10.0 % of consolidated net trade receivables at the relevant date The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 of consolidated revenues for the three March 31, 2024 2023 (no other single customer accounted for 10.0 or greater of our consolidated revenues in these periods): Three Months Ended March 31, 2024 2023 Customer A 21.8 % na % na — |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments | |
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 instruments March 31, 2024 The summarized volume of GRE’s outstanding contracts and options at March 31, 2024 Settlement Dates Volume Electricity (in MWH) Gas (in Dth) Second quarter 2024 — 77,500 Third quarter of 2024 24,208 — 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 March 31, 2024 December 31, 2023 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 448 $ 321 Energy contracts and options Other assets 336 352 Total derivatives not designated or not qualifying as hedging instruments — $ 784 $ 673 Liability Derivatives Balance Sheet Location March 31, 2024 December 31, 2023 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 125 $ 1,716 Energy contracts and options Other liabilities 20 8 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 145 $ 1,724 ( 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 Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain Recognized Three Months Ended March 31, hedging instruments on Derivatives 2024 2023 (in thousands) Energy contracts and options Cost of revenues $ 5,532 $ 11,175 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets | |
Other Assets | Note 8—Other Assets Other assets consisted of the following: March 31, 2024 December 31, 2023 (in thousands) Security deposit $ 8,097 $ 7,950 Right-of-use assets, net of amortization 2,045 2,138 Fair value of derivative contracts — noncurrent 329 352 Other assets 5,956 4,807 Total other assets $ 16,427 $ 15,247 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Other Intangible Assets | |
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, 2024 March 31, 2024 GRE Genie Renewables Total (in thousands) Balance at January 1, 2024 $ 9,998 $ — $ 9,998 Additions/deductions during the period — — — Balance at March 31, 2024 $ 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) March 31, 2024 Patents and trademarks 18.1 years $ 3,510 $ (1,431 ) $ 2,079 Customer relationships 9.0 1,100 (805 ) 295 Licenses 10.0 479 (210 ) 269 Total $ 5,089 $ (2,446 ) $ 2,643 December 31, 2023 Patent and trademark 18.1 years $ 3,510 $ (1,383 ) $ 2,127 Customer relationships 9.0 years 1,100 (774 ) 326 Licenses 10.0 years 479 (198 ) 281 Total $ 5,089 $ (2,355 ) $ 2,734 Amortization expense of intangible assets was $0.1 million three months ended March 31, 2024 2023 $0.2 million 2024 2025 2026 2027 2028 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | Note 10 Accrued expenses consisted of the following: March 31, 2024 December 31, 2023 (in thousands) Renewable energy $ 39,379 $ 31,662 Liability to customers related to promotions and retention incentives 9,439 9,493 Payroll and employee benefit 1,807 5,095 Other accrued expenses 3,196 3,139 Total accrued expenses $ 53,821 $ 49,389 Other current liabilities March 31, 2024 December 31, 2023 (in thousands) Contract liabilities $ 3,685 $ 5,582 Current hedge liabilities 125 1,716 Current lease liabilities 231 309 Current captive insurance liability 583 143 Others 1,483 1,530 Total other current liabilities $ 6,107 $ 9,280 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | Note 11 The Company is the lessee under 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 2024 2052 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 March 31, 2024 December 31, 2023 (in thousands) ROU Assets $ 2,045 $ 2,138 Current portion of operating lease liabilities 232 309 Noncurrent portion of operating lease liabilities 1,879 1,952 Total $ 2,111 $ 2,261 At March 31, 2024 13.7 Supplemental cash flow information for ROU assets and operating lease liabilities are as follows: Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 144 $ 130 ROU assets obtained in the exchange for lease liabilities Operating leases $ — $ — Future lease payments under operating leases as of March 31, 2024 (in thousands) Remainder of 2024 $ 330 2025 400 2026 301 2027 306 2028 312 Thereafter 2,240 Total future lease payments 3,889 Less imputed interest 1,778 Total operating lease liabilities $ 2,111 Rental expenses under operating leases were $0.1 million for each of the three months ended March 31, 2024 2023 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity | |
Equity | Note 12—Equity Dividend Payments The following table summarizes the quarterly dividends declared by the Company on its Class A and Class B common stock during the three March 31, 2024 Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date February 8, 2024 $ 0.0750 $ 2,121 February 20, 2024 February 28, 2024 On May 2, 2024 first quarter of 2024 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. In the three months ended March 31, 2024 There were three March 31, 2023 . At March 31, 2024 4.4 As of March 31, 2024 2023 treasury, respectively, with a cost basis of $29.3 million and $ 22.7 On February 7, 2022 In 2023 and 2022 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. Exercise of Stock Options In February 2024 126,176 49,632 76,544 In May 2023 256,818 98,709 158,109 At March 31, 2024 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 . As of March 31, 2024 , there were no Purchase of Equity of Subsidiaries In February 2024 pany purchased from a certain investor a 0.5 1.2 Stock-Based Compensation On March 8, 2021 2021 2021 2021 2011 Plan . The 2021 provides incentives to executives, employees, directors and consultants of the Company. Incentives available under the 2021 The maximum number of shares reserved for the grant of awards under the 2021 million shares of Class B Common Stock. On May 10, 2023 an amendment to the 2021 In February 2022 two thirty 2022 two second quarter of 2022 2022 In February 2023 2022 290,000 May 2023 As of March 31, 2024 , there were approximately $ 0.8 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 0.8 years. |
Variable Interest Entity
Variable Interest Entity | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entity | |
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 Net loss related to CCE and aggregate net funding provided by the Company were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Net loss $ 26 $ 92 Aggregate funding (provided by) paid to the Company, net $ 92 $ 79 Summarized combined balance sheet amounts related to CCE was as follows: March 31, 2024 December 31, 2023 (in thousands) Assets Cash, cash equivalents and restricted cash $ 264 $ 265 Trade accounts receivable 260 275 Prepaid expenses and other current assets 308 323 Other assets 360 360 Total assets $ 1,192 $ 1,223 Liabilities and noncontrolling interests Current liabilities $ 651 $ 611 Due to IDT Energy 4,801 4,893 Noncontrolling interests (4,260 ) (4,281 ) Total liabilities and noncontrolling interests $ 1,192 $ 1,223 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 | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes | |
Income Taxes | Note 14 The following table provides a summary of Company's effective tax rate: Three Months Ended March 31, 2024 2023 Reported tax rate 25.7 % 26.4 % The reported tax rates for the three March 31, 2024 decreased 2023 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
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 March 31, 2024 2023 (in thousands) Basic weighted-average number of shares 26,790 25,326 Effect of dilutive securities: Non-vested restricted Class B common stock 508 441 Stock options and warrants — 805 Unissued vested deferred stock units — 48 Diluted weighted-average number of shares 27,298 26,620 Unissued vested deferred stock units in three months ended March 31, 2023 2022 Note 12 to the vesting of certain then outstanding deferred stock units. There were no other instruments excluded from the computation of diluted earnings per share for each of the three months ended March 31, 2024 2023 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions | |
Related Party Transactions | Note 16—Related Party Transactions On November 2, 2023 50,000 1.0 On December 7, 2020 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 million. In March 2023 the Company sold 195,501 0.3 2023 For the three March 31, 2024 minimal in connection with the investment. At March 31, 2024 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 charges for services provided by IDT to the Company, 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 March 31, 2024 2023 (in thousands) Amount IDT charged the Company $ 218 $ 322 Amount the Company charged IDT $ 36 $ 37 The following table presents the balance of receivables and payables to IDT: March 31, 2024 December 31, 2023 (in thousands) Due to IDT $ 144 $ 165 Due from IDT $ 24 $ 20 The Company obtains insurance policies from several insurance brokers, one 2023 March 31, 2024 Investments in Atid 613 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 In March 2023 613 613 three months ended March 31, 2024 The Company did not recognize any equity in net loss from 613 three months ended March 31, 2023 . |
Business Segment Information
Business Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Business Segment Information | |
Business Segment Information | Note 17 The Company has two reportable business segments: GRE and Genie Renewables. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. Genie 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 March 31, 2024 Revenues $ 112,465 $ 7,223 $ — $ 119,688 Income (loss) from operations 14,248 (645 ) (3,754 ) 9,849 Depreciation and amortization 105 114 — 219 Stock-based compensation 247 9 493 749 Provision for doubtful accounts receivables 729 — — 729 Provision for (benefit from) income taxes 4,089 (611 ) (558 ) 2,920 Three Months Ended March 31, 2023 Revenues $ 101,412 $ 3,864 $ — $ 105,276 Income (loss) from operations 16,445 (1,148 ) (4,022 ) 11,275 Depreciation and amortization 83 13 — 96 Stock-based compensation 273 1 575 849 Provision for (benefit from) income taxes 4,650 (315 ) (267 ) 4,068 Provision for doubtful accounts receivables 574 — — 574 Total assets for the business segments of the Company were as follows (in thousands) GRE Genie Renewables Corporate Total Total assets: March 31, 2024 $ 212,230 $ 30,593 $ 85,481 $ 328,304 December 31, 2023 214,121 28,912 87,522 330,555 The total assets of corporate segment includes total assets of discontinued operations of Lumo Finland and Lumo Sweden with aggregate net book value of $15.8 million and $20.6 million at March 31, 2024 December 31, 2023 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 18 Legal Proceedings On September 29, 2023, the Attorney General of the State of Illinois filed a complaint against Residents Energy in the Circuit Court of Cook County, Illinois, Chancery Division. 815 505 1 815 413 1 t of $50.0 thous three months ended March 31, 2024 2023 , 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 —Acquisitions and 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. Other Commitments Purchase Commitments The Company had future purchase commitments of $ 130.3 March 31, 2024 116.1 March 31, 2024 are expected to be paid as follows: (in thousands) Remainder of 2024 $ 83,983 2025 40,089 2026 6,219 2027 — Thereafter — Total payments $ 130,291 In the three months ended March 31, 2024 , the Company purchased $ 34.0 million and $ 4.9 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the three months ended March 31, 2023 , the Company purchased $ 15.8 million and $8.2 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 March 31, 2024 14.2 Captive Insurance Subsidiary In December 2023 the Captive insurance company with the primary purpose of enhancing the Company's risk financing strategies. The Company, with input from external experts, estimated the expected ultimate cost of: 1) claims defense cost, settlements and penalties resulting from insured risk, and 2) stranded risk which includes economic losses due to regulatory restrictions or unanticipated reduction of demand, as well as the level cost associated with contesting such restrictions. The amount of the expected loss liability for each risk is based on an analysis performed by a third-party actuary which assumed historical patterns. The key assumptions used in developing these estimates are subject to variability. In December 2023 March 31, 2024 three months ended March 31, 2024 March 31, 2024 The table below reconciles the change in the current and noncurrent captive insurance liabilities for three months ended March 31, 2024 : Current and noncurrent captive insurance liabilities, beginning $ 45,088 Changes for the provision of prior year claims (564 ) Changes for the provision for current year claims 1,600 Payment of claims — Current and noncurrent captive insurance liabilities, end $ 46,124 The captive insurance liability outstanding at March 31, 2024 2024 $ 269 2025 1,257 2026 2,518 2027 3,497 2028 3,878 Thereafter 34,705 Total payments $ 46,124 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 March 31, 2024 21.5 ers of credit. 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, 2026 March 31, 2024 March 31, 2024 0.4 64.2 16.0 March 31, 2024 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt | |
Debt | Note 19 On December 13, 2018 , the Company entered into a Credit Agreement with JPMorgan Chase Bank (the “Credit Agreement”). On February 14, 2024 December 31, 2024 March 31, 2024 March 31, 2024 of $3.3 millio |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Recently Issued Accounting Standards | |
Recently Issued Accounting Standards | Note 20 In December 2023 2023 09 Income Taxes (Topic 740 2023 09 2023 09 5 5 December 15, 2024 In November 2023 2023 07 Segment Reporting (Topic 280 2023 07 2023 07 280 Segment Reporting 280 December 15, 2023 December 15, 2024 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual [Table] | |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash, Cash Equivalents, and Restricted Cash | |
Schedule of reconciliation of cash, cash equivalents, and restricted cash | March 31, 2024 December 31, 2023 (in thousands) Cash and cash equivalents $ 106,560 $ 107,609 Restricted cash—short-term 9,918 10,442 Restricted cash—long -term 45,541 44,945 Total cash, cash equivalents, and restricted cash $ 162,019 $ 162,996 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventories | |
Schedule of Inventories | March 31, 2024 December 31, 2023 (in thousands) Natural gas $ 309 $ 1,309 Renewable credits 15,636 12,105 Solar panels, net of a valuation allowance of $1.3 million and $0.8 million at March 31, 2024 December 31, 2023 2,515 1,184 Totals $ 18,460 $ 14,598 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition | |
Schedule of revenues disaggregated | Electricity Natural Gas Other Total (in thousands) Three Months Ended March 31, 2024 Fixed rate $ 52,097 $ 7,429 $ — $ 59,526 Variable rate 37,299 14,969 — 52,268 Other — — 7,894 7,894 Total $ 89,396 $ 22,398 $ 7,894 $ 119,688 Three Months Ended March 31, 2023 Fixed rate $ 29,505 $ 5,615 $ — $ 35,120 Variable rate 44,982 21,310 — 66,292 Other — — 3,864 3,864 Total $ 74,487 $ 26,925 $ 3,864 $ 105,276 Electricity Natural Gas Other Total (in thousands) Three Months Ended March 31, 2024 Non-Commercial Channel $ 82,942 $ 16,922 $ — $ 99,864 Commercial Channel 6,454 5,476 — 11,930 Other — — 7,894 7,894 Total $ 89,396 $ 22,398 $ 7,894 $ 119,688 Three Months Ended March 31, 2023 Non-Commercial Channel $ 60,123 $ 20,783 $ — $ 80,906 Commercial Channel 14,364 6,142 — 20,506 Other — — 3,864 3,864 Total $ 74,487 $ 26,925 $ 3,864 $ 105,276 |
Schedule of contract liability | Three Months Ended March 31, 2024 2023 (in thousands) Contract liability, beginning $ 5,582 $ 1,759 Recognition of revenue included in the beginning of the year contract liability (2,560 ) (148 ) Additions during the period, net of revenue recognized during the period 663 476 Contract liability, end $ 3,685 $ 2,087 |
Schedule of change in allowance for doubtful accounts | Three Months Ended March 31, 2024 2023 (in thousands) Allowance for doubtful accounts, beginning $ 6,574 $ 4,826 Additions charged (reversals credited) to expense 729 574 Other additions (deductions) (283 ) (17 ) Allowance for doubtful accounts, end $ 7,020 $ 5,383 |
Acquisitions and Discontinued_2
Acquisitions and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of assets and liabilities | March 31, 2024 December 31, 2023 (in thousands) Assets Cash $ 2,886 $ 2,483 Receivables from the settlement of derivative contract—current 8,406 10,699 Current assets of discontinued operations $ 11,292 $ 13,182 Receivables from the settlement of derivative contract —noncurrent $ 426 $ 2,362 Other noncurrent assets 4,107 5,078 Noncurrent assets of discontinued operations $ 4,533 $ 7,440 Liabilities Income taxes payable 1,721 1,399 Accounts payable and other current liabilities 31 91 Current liabilities of discontinued operations $ 1,752 $ 1,490 Deferred tax liabilities 681 698 Noncurrent liabilities of discontinued operations $ 681 $ 698 |
Schedule of operations of discontinued operations | Three Months Ended March 31, 2024 2023 (in thousands) Income from operations $ — $ — Other income, net 551 250 Income before income taxes 551 250 Provision for income taxes (816 ) (68 ) Net (loss) income from discontinued operations, net of taxes $ (265 ) $ 182 Income before income taxes attributable to Genie Energy Ltd. $ 551 $ 250 |
Schedule of cash flows of discontinued operations | Three Months Ended March 31, 2024 2023 (in thousands) Net (loss) income $ (265 ) $ 182 Non-cash items 541 62 Changes in assets and liabilities 3,932 9,470 Cash flows provided by operating activities of discontinued operations $ 4,208 $ 9,714 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, 2024 Assets: Marketable equity securities $ 372 $ — $ — $ 372 Derivative contracts $ 784 $ — $ — $ 784 Liabilities: Derivative contracts $ 145 $ — $ — $ 145 December 31, 2023 Assets: Marketable equity securities $ 396 $ — $ — $ 396 Derivative contracts $ 673 $ — $ — $ 673 Liabilities: Derivative contracts $ 1,724 $ — $ — $ 1,724 ( 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 March 31, 2024 2023 (no other single customer accounted for 10.0 or greater of our consolidated revenues in these periods): Three Months Ended March 31, 2024 2023 Customer A 21.8 % na % na — |
Consolidated revenues [Member] | Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | March 31, 2024 December 31, 2023 Customer A 19.9 % 21.4 % na — ess than 10.0 % of consolidated net trade receivables at the relevant date |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments | |
Schedule of volume of GRE's outstanding contracts and options | Settlement Dates Volume Electricity (in MWH) Gas (in Dth) Second quarter 2024 — 77,500 Third quarter of 2024 24,208 — 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 March 31, 2024 December 31, 2023 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 448 $ 321 Energy contracts and options Other assets 336 352 Total derivatives not designated or not qualifying as hedging instruments — $ 784 $ 673 Liability Derivatives Balance Sheet Location March 31, 2024 December 31, 2023 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 125 $ 1,716 Energy contracts and options Other liabilities 20 8 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 145 $ 1,724 ( 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 Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain Recognized Three Months Ended March 31, hedging instruments on Derivatives 2024 2023 (in thousands) Energy contracts and options Cost of revenues $ 5,532 $ 11,175 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets | |
Schedule of Other Assets | March 31, 2024 December 31, 2023 (in thousands) Security deposit $ 8,097 $ 7,950 Right-of-use assets, net of amortization 2,045 2,138 Fair value of derivative contracts — noncurrent 329 352 Other assets 5,956 4,807 Total other assets $ 16,427 $ 15,247 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Other Intangible Assets | |
Schedule of goodwill | GRE Genie Renewables Total (in thousands) Balance at January 1, 2024 $ 9,998 $ — $ 9,998 Additions/deductions during the period — — — Balance at March 31, 2024 $ 9,998 $ — $ 9,998 |
Schedule of other intangible assets | Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance (in thousands) March 31, 2024 Patents and trademarks 18.1 years $ 3,510 $ (1,431 ) $ 2,079 Customer relationships 9.0 1,100 (805 ) 295 Licenses 10.0 479 (210 ) 269 Total $ 5,089 $ (2,446 ) $ 2,643 December 31, 2023 Patent and trademark 18.1 years $ 3,510 $ (1,383 ) $ 2,127 Customer relationships 9.0 years 1,100 (774 ) 326 Licenses 10.0 years 479 (198 ) 281 Total $ 5,089 $ (2,355 ) $ 2,734 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses | March 31, 2024 December 31, 2023 (in thousands) Renewable energy $ 39,379 $ 31,662 Liability to customers related to promotions and retention incentives 9,439 9,493 Payroll and employee benefit 1,807 5,095 Other accrued expenses 3,196 3,139 Total accrued expenses $ 53,821 $ 49,389 |
Schedule of other current liabilities | March 31, 2024 December 31, 2023 (in thousands) Contract liabilities $ 3,685 $ 5,582 Current hedge liabilities 125 1,716 Current lease liabilities 231 309 Current captive insurance liability 583 143 Others 1,483 1,530 Total other current liabilities $ 6,107 $ 9,280 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of operating lease expense | March 31, 2024 December 31, 2023 (in thousands) ROU Assets $ 2,045 $ 2,138 Current portion of operating lease liabilities 232 309 Noncurrent portion of operating lease liabilities 1,879 1,952 Total $ 2,111 $ 2,261 |
Schedule of supplemental cash flow information | Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 144 $ 130 ROU assets obtained in the exchange for lease liabilities Operating leases $ — $ — |
Schedule of future operating lease | (in thousands) Remainder of 2024 $ 330 2025 400 2026 301 2027 306 2028 312 Thereafter 2,240 Total future lease payments 3,889 Less imputed interest 1,778 Total operating lease liabilities $ 2,111 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity | |
Schedule of dividend paid | Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date February 8, 2024 $ 0.0750 $ 2,121 February 20, 2024 February 28, 2024 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entity | |
Schedule of net loss related to CCE and aggregate net funding | Three Months Ended March 31, 2024 2023 (in thousands) Net loss $ 26 $ 92 Aggregate funding (provided by) paid to the Company, net $ 92 $ 79 |
Schedule of combined balance sheet amounts related to CCE | March 31, 2024 December 31, 2023 (in thousands) Assets Cash, cash equivalents and restricted cash $ 264 $ 265 Trade accounts receivable 260 275 Prepaid expenses and other current assets 308 323 Other assets 360 360 Total assets $ 1,192 $ 1,223 Liabilities and noncontrolling interests Current liabilities $ 651 $ 611 Due to IDT Energy 4,801 4,893 Noncontrolling interests (4,260 ) (4,281 ) Total liabilities and noncontrolling interests $ 1,192 $ 1,223 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes | |
Schedule of company's effective tax rate | Three Months Ended March 31, 2024 2023 Reported tax rate 25.7 % 26.4 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share | |
Schedule of weighted-average number of shares used in the calculation of basic and diluted earnings per share | Three Months Ended March 31, 2024 2023 (in thousands) Basic weighted-average number of shares 26,790 25,326 Effect of dilutive securities: Non-vested restricted Class B common stock 508 441 Stock options and warrants — 805 Unissued vested deferred stock units — 48 Diluted weighted-average number of shares 27,298 26,620 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions | |
Schedule of related party transactions | Three Months Ended March 31, 2024 2023 (in thousands) Amount IDT charged the Company $ 218 $ 322 Amount the Company charged IDT $ 36 $ 37 |
Schedule of receivables and payables | March 31, 2024 December 31, 2023 (in thousands) Due to IDT $ 144 $ 165 Due from IDT $ 24 $ 20 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Segment Information | |
Schedule of operating results for the business segments | (in thousands) GRE Genie Renewables Corporate Total Three Months Ended March 31, 2024 Revenues $ 112,465 $ 7,223 $ — $ 119,688 Income (loss) from operations 14,248 (645 ) (3,754 ) 9,849 Depreciation and amortization 105 114 — 219 Stock-based compensation 247 9 493 749 Provision for doubtful accounts receivables 729 — — 729 Provision for (benefit from) income taxes 4,089 (611 ) (558 ) 2,920 Three Months Ended March 31, 2023 Revenues $ 101,412 $ 3,864 $ — $ 105,276 Income (loss) from operations 16,445 (1,148 ) (4,022 ) 11,275 Depreciation and amortization 83 13 — 96 Stock-based compensation 273 1 575 849 Provision for (benefit from) income taxes 4,650 (315 ) (267 ) 4,068 Provision for doubtful accounts receivables 574 — — 574 |
Schedule of total assets for the business segments | (in thousands) GRE Genie Renewables Corporate Total Total assets: March 31, 2024 $ 212,230 $ 30,593 $ 85,481 $ 328,304 December 31, 2023 214,121 28,912 87,522 330,555 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies | |
Schedule of purchase commitments outstanding | (in thousands) Remainder of 2024 $ 83,983 2025 40,089 2026 6,219 2027 — Thereafter — Total payments $ 130,291 |
Schedule of change in the current and noncurrent captive insurance liabilities | Current and noncurrent captive insurance liabilities, beginning $ 45,088 Changes for the provision of prior year claims (564 ) Changes for the provision for current year claims 1,600 Payment of claims — Current and noncurrent captive insurance liabilities, end $ 46,124 |
Schedule of captive insurance liability outstanding | 2024 $ 269 2025 1,257 2026 2,518 2027 3,497 2028 3,878 Thereafter 34,705 Total payments $ 46,124 |
Basis of Presentation and Bus_2
Basis of Presentation and Business Changes and Development (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | |
Subsidiary or Equity Method Investee [Line Items] | |||||
Percentage of gas revenue generated in given period | 32.50% | 30.50% | |||
Other nonoperating income | $ 3.1 | ||||
Genie Retail Energy [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Company's investment, ownership percentage in subsidiary | 100% | ||||
Percentage of gas revenue generated in given period | 48.10% | 39.70% | |||
Genie Energy International Corporation [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Company's investment, ownership percentage in subsidiary | 100% | ||||
CityCom Solar [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Company's investment, ownership percentage in subsidiary | 92.80% | ||||
Genie Solar Energy [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Company's investment, ownership percentage in subsidiary | 95.50% | ||||
Diversegy [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Company's investment, ownership percentage in subsidiary | 91.50% | ||||
Genie Solar Energy [Member] | Prism Solar Technology [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Company's investment, ownership percentage in subsidiary | 60% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Cash, Cash Equivalents, and Restricted Cash | |||
Cash and cash equivalents | $ 106,560 | $ 107,609 | |
Restricted cash—short-term | 9,918 | 10,442 | |
Restricted cash—long-term | 45,541 | 44,945 | |
Total cash, cash equivalents, and restricted cash | $ 162,019 | $ 162,996 | $ 109,011 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Captive Insurance Company [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Restricted Cash, Current | $ 6.3 | $ 6.3 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventories | ||
Natural gas | $ 309 | $ 1,309 |
Renewable credits | 15,636 | 12,105 |
Solar panels, net of a valuation allowance of $1.3 million and $0.8 million at March 31, 2024 and December 31, 2023, respectively | 2,515 | 1,184 |
Totals | $ 18,460 | $ 14,598 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Inventories | |||
Solar panels, valuation allowance | $ 1.3 | $ 0.8 | |
Inventory valuation allowance | $ 0.4 | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 119,688 | $ 105,276 |
Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 89,396 | 74,487 |
Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,398 | 26,925 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,894 | 3,864 |
Fixed rate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 59,526 | 35,120 |
Fixed rate [Member] | Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 52,097 | 29,505 |
Fixed rate [Member] | Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,429 | 5,615 |
Fixed rate [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Variable rate [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 52,268 | 66,292 |
Variable rate [Member] | Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 37,299 | 44,982 |
Variable rate [Member] | Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 14,969 | 21,310 |
Variable rate [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,894 | 3,864 |
Other [Member] | Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Other [Member] | Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Other [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 7,894 | $ 3,864 |
Revenue Recognition (Details 1)
Revenue Recognition (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 119,688 | $ 105,276 |
Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 89,396 | 74,487 |
Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22,398 | 26,925 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,894 | 3,864 |
Non-Commercial Channel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 99,864 | 80,906 |
Non-Commercial Channel [Member] | Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 82,942 | 60,123 |
Non-Commercial Channel [Member] | Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 16,922 | 20,783 |
Non-Commercial Channel [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Commercial Channel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 11,930 | 20,506 |
Commercial Channel [Member] | Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,454 | 14,364 |
Commercial Channel [Member] | Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5,476 | 6,142 |
Commercial Channel [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,894 | 3,864 |
Other [Member] | Electricity [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Other [Member] | Natural gas [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | ||
Other [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 7,894 | $ 3,864 |
Revenue Recognition (Details 2)
Revenue Recognition (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Recognition | ||
Contract liability, beginning | $ 5,582 | $ 1,759 |
Recognition of revenue included in the beginning of the year contract liability | (2,560) | (148) |
Additions during the period, net of revenue recognized during the period | 663 | 476 |
Contract liability, end | $ 3,685 | $ 2,087 |
Revenue Recognition (Details 3)
Revenue Recognition (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for doubtful accounts, beginning | $ 6,574 | $ 4,826 |
Additions charged (reversals credited) to expense | 729 | 574 |
Other additions (deductions) | (283) | (17) |
Allowance for doubtful accounts, end | $ 7,020 | $ 5,383 |
Acquisitions and Discontinued_3
Acquisitions and Discontinued Operations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Current assets of discontinued operations | $ 11,292 | $ 13,182 |
Noncurrent assets of discontinued operations | 4,533 | 7,405 |
Liabilities | ||
Current liabilities of discontinued operations | 8,516 | 4,858 |
Noncurrent liabilities of discontinued operations | 681 | 638 |
Lumo Finland and Lumo Sweden [Member] | ||
Assets | ||
Cash | 2,886 | 2,483 |
Receivables from the settlement of derivative contract—current | 8,406 | 10,699 |
Current assets of discontinued operations | 11,292 | 13,182 |
Receivables from the settlement of derivative contract—noncurrent | 426 | 2,362 |
Other noncurrent assets | 4,107 | 5,078 |
Noncurrent assets of discontinued operations | 4,533 | 7,440 |
Liabilities | ||
Income taxes payable | 1,721 | 1,399 |
Accounts payable and other current liabilities | 31 | 91 |
Current liabilities of discontinued operations | 1,752 | 1,490 |
Deferred tax liabilities | 681 | 698 |
Noncurrent liabilities of discontinued operations | $ 681 | $ 698 |
Acquisitions and Discontinued_4
Acquisitions and Discontinued Operations (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Discontinued Operations [Line Items] | ||
Net (loss) income from discontinued operations, net of taxes | $ (265) | $ 3,055 |
Lumo Finland and Lumo Sweden [Member] | ||
Discontinued Operations [Line Items] | ||
Income from operations | ||
Other income, net | 551 | 250 |
Income before income taxes | 551 | 250 |
Provision for income taxes | (816) | (68) |
Net (loss) income from discontinued operations, net of taxes | (265) | 182 |
Income before income taxes attributable to Genie Energy Ltd. | $ 551 | $ 250 |
Acquisitions and Discontinued_5
Acquisitions and Discontinued Operations (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Discontinued Operations [Line Items] | ||
Net (loss) income | $ (265) | $ 3,055 |
Lumo Finland and Lumo Sweden [Member] | ||
Discontinued Operations [Line Items] | ||
Net (loss) income | (265) | 182 |
Non-cash items | 541 | 62 |
Changes in assets and liabilities | 3,932 | 9,470 |
Cash flows provided by operating activities of discontinued operations | $ 4,208 | $ 9,714 |
Acquisitions and Discontinued_6
Acquisitions and Discontinued Operations (Details Textual) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | ||||||
Nov. 08, 2023 EUR (€) | Nov. 03, 2023 USD ($) Entities | Feb. 29, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Income from discontinued operations, net of taxes | $ (265) | $ 3,055 | ||||||
Loss Contingency, Receivable | € 18.8 | $ 23,700 | ||||||
Lumo Finland Grant [Member] | Recovery of payments [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Settlement payment amount | 4.2 | 4,500 | ||||||
Lumo Finland Grant [Member] | Recovery Of Payments Under Parental Guarantee [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Settlement payment amount | € 1.6 | 1,700 | ||||||
Lumo Finland and Lumo Sweden [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Income from discontinued operations, net of taxes | (265) | 182 | ||||||
Cash | 2,886 | $ 2,483 | ||||||
Income taxes payable | 1,721 | 1,399 | ||||||
United Kingdom Operations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Income from discontinued operations, net of taxes | 0 | $ 2,900 | ||||||
Cash | 21,100 | |||||||
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 800 | 800 | ||||||
Income taxes payable | $ 6,800 | $ 2,600 | ||||||
OCH Holding Company and Entrust Green Initiative Fund, LLC [Member] | Special purpose entities Which Operates in Ohio and Michigan [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of special purpose entities acquired | Entities | 10 | |||||||
Business acquisition, amount held in escrow | $ 1,000 | |||||||
OCH Holding Company and Entrust Green Initiative Fund, LLC [Member] | Special purpose entities Which Operates in Ohio and Michigan [Member] | Solar System Facilities [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset Acquisition, Purchase Price | 7,700 | |||||||
Asset Acquisition, Consideration Transferred, Transaction Cost | 200 | |||||||
OCH Holding Company and Entrust Green Initiative Fund, LLC [Member] | Special purpose entity Which Operates in Indiana [Member] | Solar System Facilities [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset Acquisition, Purchase Price | $ 1,300 | |||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||
Lumo Sweden [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Sale of Derivatives | € 35.2 | $ 38,000 | ||||||
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 | |||||||
OCH Holding Company and Entrust Green Initiative Fund, LLC [Member] | Special purpose entities Which Operates in Ohio and Michigan [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Business acquisition, purchase price | 7,500 | |||||||
OCH Holding Company and Entrust Green Initiative Fund, LLC [Member] | Special purpose entity Which Operates in Indiana [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Business acquisition, purchase price | $ 1,300 | |||||||
Maximum [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||
Minimum [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 14 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets: | |||
Marketable equity securities | $ 372 | $ 396 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Liabilities: | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | Total other liabilities | |
Recurring [Member] | |||
Assets: | |||
Marketable equity securities | $ 372 | $ 396 | |
Derivative contracts | 784 | 673 | |
Liabilities: | |||
Derivative contracts | 145 | 1,724 | |
Level 1 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [1] | 372 | 396 |
Derivative contracts | [1] | 784 | 673 |
Liabilities: | |||
Derivative contracts | [1] | 145 | 1,724 |
Level 2 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [2] | ||
Derivative contracts | [2] | ||
Liabilities: | |||
Derivative contracts | [2] | ||
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 observable inputs other than quoted prices in active markets for identical assets and liabilities no observable pricing inputs in the market |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Sales Revenue, Net [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 21.80% | ||
Consolidated gross trade accounts receivable [Member] | Customer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.90% | 21.40% | |
Consolidated gross trade accounts receivable [Member] | Customer Concentration Risk [Member] | Con Edison [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | 10% |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Textual) - Accounts Receivable [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Customer [Member] | Customer Concentration Risk [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk, percentage | 10% | 10% |
Customer A [Member] | Customer Concentration Risk [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk, percentage | 10% | |
Customer A [Member] | Credit Concentration Risk [Member] | Maximum [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk, percentage | 10% |
Derivative Instruments (Details
Derivative Instruments (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Electricity (in MWH) [Member] | Second quarter 2024 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2024 | |
Derivative [Line Items] | |
Volume | 24,208 |
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] | Second quarter 2024 | |
Derivative [Line Items] | |
Volume | 77,500 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | $ 784 | $ 673 | |
Liability Derivatives not designated or not qualifying as hedging instruments | 145 | 1,724 | |
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] | 448 | 321 |
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 | 336 | 352 | |
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] | 125 | 1,716 |
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 | $ 20 | $ 8 | |
[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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | $ 5,532 | $ 11,175 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets | ||
Security deposit | $ 8,097 | $ 7,950 |
Right-of-use assets, net of amortization | 2,045 | 2,138 |
Fair value of derivative contracts—noncurrent | 329 | 352 |
Other assets | 5,956 | 4,807 |
Total other assets | $ 16,427 | $ 15,247 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 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 |
GRE International Corporation [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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,089 | $ 5,089 |
Accumulated Amortization | (2,446) | (2,355) |
Net Balance | $ 2,643 | $ 2,734 |
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 | (1,431) | (1,383) |
Net Balance | $ 2,079 | $ 2,127 |
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 | (805) | (774) |
Net Balance | $ 295 | $ 326 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 10 years | 10 years |
Gross Carrying Amount | $ 479 | $ 479 |
Accumulated Amortization | (210) | (198) |
Net Balance | $ 269 | $ 281 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Other Intangible Assets | ||
Amortization expense of intangible assets | $ 0.1 | $ 0.1 |
Amortization expense of finite lives intangible assets, remainder of 2024 | 0.3 | |
Amortization expense of finite lives intangible assets, 2025 | 0.4 | |
Amortization expense of finite lives intangible assets, 2026 | 0.3 | |
Amortization expense of finite lives intangible assets, 2027 | 0.3 | |
Amortization expense of finite lives intangible assets, 2028 | 0.2 | |
Amortization expense of finite lives intangible assets, thereafter | $ 1.2 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued expenses | ||
Renewable energy | $ 39,379 | $ 31,662 |
Liability to customers related to promotions and retention incentives | 9,439 | 9,493 |
Payroll and employee benefit | 1,807 | 5,095 |
Other accrued expenses | 3,196 | 3,139 |
Total accrued expenses | $ 53,821 | $ 49,389 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Schedule of accrued expenses (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other current liabilities | ||
Current lease liabilities | $ 232 | $ 309 |
Nonrelated Party [Member] | ||
Other current liabilities | ||
Contract liabilities | 3,685 | 5,582 |
Current hedge liabilities | 125 | 1,716 |
Current lease liabilities | 231 | 309 |
Current captive insurance liability | 583 | 143 |
Others | 1,483 | 1,530 |
Total other current liabilities | $ 6,107 | $ 9,280 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases | ||
ROU Assets | $ 2,045 | $ 2,138 |
Current portion of operating lease liabilities | 232 | 309 |
Noncurrent portion of operating lease liabilities | 1,879 | 1,952 |
Total operating lease liabilities | $ 2,111 | $ 2,261 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating activities | $ 144 | $ 130 |
ROU assets obtained in the exchange for lease liabilities | ||
Operating leases |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases | ||
Remainder of 2024 | $ 330 | |
2025 | 400 | |
2026 | 301 | |
2027 | 306 | |
2028 | 312 | |
Thereafter | 2,240 | |
Total future lease payments | 3,889 | |
Less imputed interest | 1,778 | |
Total operating lease liabilities | $ 2,111 | $ 2,261 |
Leases (Details Textual)
Leases (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Leases | |
Weighted average remaining lease term | 13 years 8 months 12 days |
Weighted average discount rate | 5.80% |
Operating leases, rent expense | $ 100 |
Finance leases | $ 0 |
Equity (Details)
Equity (Details) - Class A Common Stock and Class B Common Stock [Member] - February 9, 2023 [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares | |
Equity | |
Declaration Date | Feb. 08, 2024 |
Dividend Per Share | $ / shares | $ 0.075 |
Aggregate Dividend Amount | $ | $ 2,121 |
Record Date | Feb. 20, 2024 |
Payment Date | Feb. 28, 2024 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
May 02, 2024 | May 31, 2023 | Mar. 08, 2021 | Jun. 08, 2018 | Feb. 29, 2024 | Feb. 28, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Feb. 28, 2022 | Feb. 07, 2022 | Mar. 11, 2013 | |
Equity | |||||||||||||
Dividends on preferred stock | $ 157 | ||||||||||||
Dividends on common stock | $ 0.075 | $ 0.075 | |||||||||||
Unrecognized compensation cost | $ 800 | ||||||||||||
Weighted-average period | 9 months 18 days | ||||||||||||
Deferred stock units granted | 290,000 | ||||||||||||
Cash dividend paid | $ 0.075 | $ 0.075 | |||||||||||
Redemption of preferred stock | $ 1,000 | ||||||||||||
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 | 0.50% | ||||||||||||
Preferred Stock [Member] | |||||||||||||
Equity | |||||||||||||
Preferred stock, liquidation preference per share | $ 8.5 | ||||||||||||
Redemption of preferred stock, shares | 2,322,726 | 117,000 | |||||||||||
Redemption of preferred stock | $ 19,800 | $ 1,000 | |||||||||||
Class B common stock [Member] | |||||||||||||
Equity | |||||||||||||
Number of stock authorized to be repurchased | 7,000,000 | ||||||||||||
Number of shares repurchased, shares | 0 | ||||||||||||
Remaining number of shares available for repurchase | 4,400,000 | ||||||||||||
Treasury Stock, Common, Shares | 3,300,000 | 2,944,000 | |||||||||||
Treasury stock cost | $ 29,300 | $ 22,700 | |||||||||||
Weighted average cost per share | $ 8.88 | $ 7.75 | |||||||||||
Warrants to purchase shares | 0 | ||||||||||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 1,200 | 290,000 | 290,000 | ||||||||||
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 | 250,000 | ||||||||||||
Aggregate amount of shares repurchased | $ 4,100 | ||||||||||||
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 | 76,544 | |||||||||||
Exercise of stock options, shares | 256,818 | 126,176 | |||||||||||
Stock issued during period, shares, issued for cashless exercise | 98,709 | 49,632 | |||||||||||
Class B common stock [Member] | Warrant [Member] | |||||||||||||
Equity | |||||||||||||
Warrants to purchase shares | 1,048,218 | ||||||||||||
Stock issued, value, warrants exercised | $ 5,000 | ||||||||||||
Series 2012-A Preferred Stock [Member] | |||||||||||||
Equity | |||||||||||||
Preferred stock, shares outstanding | 0 | ||||||||||||
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 | May 31, 2024 | ||||||||||||
Record date of declared dividend | May 20, 2024 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Variable Interest Entity | ||
Net loss | $ 26 | $ 92 |
Aggregate funding (provided by) paid to the Company, net | $ 92 | $ 79 |
Variable Interest Entity (Det_2
Variable Interest Entity (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | $ 328,304 | $ 330,555 |
CCE [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 1,192 | 1,223 |
Total liabilities and noncontrolling interests | 1,192 | 1,223 |
CCE [Member] | Cash, cash equivalents and restricted cash [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 264 | 265 |
CCE [Member] | Trade accounts receivable [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 260 | 275 |
CCE [Member] | Prepaid expenses and other current assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 308 | 323 |
CCE [Member] | Other assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 360 | 360 |
CCE [Member] | Current liabilities [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 651 | 611 |
CCE [Member] | Due to IDT Energy [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 4,801 | 4,893 |
CCE [Member] | Noncontrolling interests [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | $ (4,260) | $ (4,281) |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes | ||
Reported tax rate | 25.70% | 26.40% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share | ||
Basic weighted-average number of shares | 26,790 | 25,326 |
Effect of dilutive securities: | ||
Non-vested restricted Class B common stock | 508 | 441 |
Stock options and warrants | 805 | |
Unissued vested deferred stock units | 48 | |
Diluted weighted-average number of shares | 27,298 | 26,620 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 0 | 0 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Amount charged the Company | $ 22,901 | $ 22,011 |
IDT [Member] | Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Amount charged the Company | 218 | 322 |
Amount the Company charged IDT | $ 36 | $ 37 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - IDT [Member] - Related Party [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Due to Related Parties | $ 144 | $ 165 |
Due from Related Parties | $ 24 | $ 20 |
Related Party Transactions (D_3
Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Nov. 02, 2023 | Dec. 07, 2020 | Mar. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |||||||||
Unrealized gain (loss) on investment | $ 117 | $ (71) | |||||||
Proceeds from equity method investments | 133 | ||||||||
Class B common stock [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Warrants to purchase shares | 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 | $ 100 | $ 100 | |||||||
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 | 218,245 | ||||||||
Warrants to purchase shares | 43,649 | ||||||||
Warrants exercise price per share | $ 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 | 195,501 | ||||||||
Amount of subsidiary shares sold | $ 300 | ||||||||
Number of subsidiary shares acquired | 150,000 | ||||||||
Amount of subsidiary shares acquired | $ 300 | ||||||||
Number of outstanding shares of subsidiary held by reporting entity | 216,393 | ||||||||
Carrying value of investment in equity method investees | $ 400 | ||||||||
IGM Brokerage Corp. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payment of insurance premium | $ 400 | ||||||||
Atid 613 [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from equity method investments | $ 100 | ||||||||
Related Party [Member] | IGM Brokerage Corp. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Related Parties | $ 0 | ||||||||
Genie Energy Charitable Foundation [Member] | Class B common stock [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fair value of common stock | $ 1,000 | ||||||||
Number of common stock shares issued | 50,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 119,688 | $ 105,276 |
Income (loss) from operations | 9,849 | 11,275 |
Depreciation and amortization | 219 | 96 |
Stock-based compensation | 749 | 849 |
Provision for doubtful accounts receivables | 729 | 574 |
Provision for (benefit from) income taxes | 2,920 | 4,068 |
GRE [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 112,465 | 101,412 |
Income (loss) from operations | 14,248 | 16,445 |
Depreciation and amortization | 105 | 83 |
Stock-based compensation | 247 | 273 |
Provision for doubtful accounts receivables | 729 | 574 |
Provision for (benefit from) income taxes | 4,089 | 4,650 |
Genie Renewables [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 7,223 | 3,864 |
Income (loss) from operations | (645) | (1,148) |
Depreciation and amortization | 114 | 13 |
Stock-based compensation | 9 | 1 |
Provision for doubtful accounts receivables | ||
Provision for (benefit from) income taxes | (611) | (315) |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | ||
Income (loss) from operations | (3,754) | (4,022) |
Depreciation and amortization | ||
Stock-based compensation | 493 | 575 |
Provision for doubtful accounts receivables | ||
Provision for (benefit from) income taxes | $ (558) | $ (267) |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 328,304 | $ 330,555 |
GRE [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 212,230 | 214,121 |
Genie Renewables [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 30,593 | 28,912 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 85,481 | $ 87,522 |
Business Segment Information _3
Business Segment Information (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) Segment | Dec. 31, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Orbit Energy Lumo Finland and Lumo Sweden [Member] | ||
Segment Reporting Information [Line Items] | ||
Aggregate net assets | $ | $ 15.8 | $ 20.6 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments and Contingencies | |
Remainder of 2024 | $ 83,983 |
2025 | 40,089 |
2026 | 6,219 |
2027 | |
Thereafter | |
Total payments | $ 130,291 |
Commitments and Contingencies_3
Commitments and Contingencies (Details 1) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments and Contingencies | |
2024 | $ 269 |
2025 | 1,257 |
2026 | 2,518 |
2027 | 3,497 |
2028 | 3,878 |
Thereafter | 34,705 |
Total payments | $ 46,124 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of change in the current and noncurrent captive insurance liabilities (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Schedule of change in the current and noncurrent captive insurance liabilities | |
Current and noncurrent captive insurance liabilities, beginning | $ 45,088 |
Changes for the provision of prior year claims | (564) |
Changes for the provision for current year claims | 1,600 |
Payment of claims | |
Current and noncurrent captive insurance liabilities, end | $ 46,124 |
Commitments and Contingencies_4
Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 29, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitments and Contingencies | ||||
Future purchase commitments | $ 130,291,000 | |||
Purchase of renewable energy credit | 14,200,000 | |||
Future purchase commitments | 130,300,000 | |||
Restricted Cash, Noncurrent | 45,541,000 | $ 44,945,000 | ||
Genie Retail Energy [Member] | ||||
Commitments and Contingencies | ||||
Aggregate performance bond outstanding | 21,500,000 | |||
Electricity [Member] | ||||
Commitments and Contingencies | ||||
Future purchase commitments | 116,100,000 | |||
Purchase of Electricity expenses | 34,000,000 | $ 15,800,000 | ||
Renewable energy credits [Member] | ||||
Commitments and Contingencies | ||||
Purchase of renewable energy credit | 4,900,000 | 8,200,000 | ||
BP [Member] | ||||
Commitments and Contingencies | ||||
Trade accounts payable | 16,000,000 | |||
Trade Accounts Receivable [Member] | ||||
Commitments and Contingencies | ||||
Assets pledged as collateral to BP Energy | 64,200,000 | |||
Restricted Cash [Member] | ||||
Commitments and Contingencies | ||||
Assets pledged as collateral to BP Energy | 400,000 | |||
Office of the Attorney General of the State of Illinois [Member] | Residents Energy [Member] | ||||
Commitments and Contingencies | ||||
Gross revenue | 12,500,000 | $ 13,600,000 | ||
Office of the Attorney General of the State of Illinois [Member] | Residents Energy [Member] | Settlement Agreement [Member] | ||||
Commitments and Contingencies | ||||
Loss contingency damages sought, value | $ 50,000 | |||
Captive Insurance Company [Member] | ||||
Commitments and Contingencies | ||||
Payment of insurance premium | 51,200,000 | |||
Restricted Cash, Current | 6,300,000 | $ 6,300,000 | ||
Restricted Cash, Noncurrent | 45,500,000 | |||
Provision For Insurance Liability | 1,000,000 | |||
Other current liabilities | $ 600,000 |
Debt (Details)
Debt (Details) - JPMorgan [Member] - USD ($) | Dec. 13, 2018 | Mar. 31, 2024 |
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 | $ 3,300,000 |