Genie Energy Ltd.

Corporate structure

Genie Energy Ltd. operates as an end-to-end energy services company with two reportable segments:

• GRE (Genie Retail Energy): Retail energy provider selling electricity and natural gas to residential and small business customers in deregulated U.S. markets.
• GREW (Genie Renewables): Renewable and related energy solutions, organized into four lines of business:
  • Genie Solar: Development, construction, operation, and management of solar generation projects, including some company-owned projects and a portfolio of operating assets (Genie Solar ownership: 95.5%).
  • CityCom Solar: Marketing and customer acquisition solutions for community solar and related products/services (CityCom ownership: 93.8%).
  • Diversegy: Energy procurement advisor for industrial, commercial, and municipal customers; intermediary services and ancillary energy solutions (Diversegy ownership: 91.5%).
  • Roded Recycling Industries: Pre-revenue startup developing processes to convert plastic waste into commercial plastic products, initially focusing on recycled pallets in Israel (Roded ownership: 72.2%).
  • Prism: A Genie Solar subsidiary that sells solar panels (Genie Solar holds 60% of Prism).

Discontinued operations (GRE International) previously included Orbit Energy (UK) and Lumo Finland/Sweden. Orbit entered insolvency in 2021 and administration concluded in 2023. Lumo Finland/Sweden exit and related Finnish bankruptcy claims were partially resolved; ongoing claims related to the Finnish exit carry an estimated €2.0–€4.0 million potential exposure for 2024–2025, with €2.5 million recognized as a loss in Q4 2024 (included in discontinued operations).

GRE — Retail Energy

• Markets: Operates in deregulated U.S. markets across 19 states plus Washington, D.C., under multiple REP brands including IDT Energy, Residents Energy, Town Square Energy, Southern Federal Power, Evergreen, and Mirabito.
• Product offerings: Fixed-rate and variable-rate electricity and natural gas; green electricity and green natural gas options backed by RECs and carbon offsets.
• 2025 revenue (GRE): $478.5 million total, comprised of approximately $412.8 million from electricity sales, $65.7 million from natural gas sales, and a nominal amount from other sources.
• Customer and meter counts:
  • As of December 31, 2025: 346,000 meters (258,000 electric; 88,000 natural gas) and 329,000 residential customer equivalents (RCEs) (250,000 electric; 79,000 natural gas).
  • As of December 31, 2024: 423,000 meters (333,000 electric; 90,000 natural gas) and 399,000 RCEs (319,000 electric; 80,000 natural gas).
• Operations and risk management:
  • REPs hedge a portion of energy purchases using forward contracts and options.
  • A large share of receivables are sold under purchase of receivables (POR) programs to mitigate credit risk; about 86.6% of GRE’s net accounts receivable were under POR at year-end 2025 (some utilities offer POR without recourse in certain states).
  • GRE has a Preferred Supplier Agreement with BP Energy Company through November 30, 2026 (subject to covenants and renewal).
  • Operations rely on independent system operators and utilities (for example NYISO, PJM, ISO New England, ERCOT) for load balancing and market access.
  • Revenue is seasonal: natural gas revenue is typically higher in Q1 due to heating demand, while electricity revenue often peaks in Q3 with cooling demand.

GREW — Renewables and related

• Overall contribution: GREW represented approximately 4.7% of consolidated revenue in 2025.
• Business lines and 2025 contribution to GREW revenue:
  • Diversegy: 75.1% — energy procurement advisory and related services.
  • Genie Solar: 18.3% — development, construction, operation of solar projects, including community solar. Genie Solar’s portfolio includes operating and in-progress assets and a company-owned community solar project in Lansing, NY that began power generation in November 2025. Operating portfolio highlights include 9.4 MW in Ohio and Michigan, 6 MW of operating community solar in New York, 4 MW in construction in New York, and 6 MW in permitting.
  • CityCom Solar: 5.9% — direct-to-consumer customer acquisition for community solar and related products/services.
  • Roded Recycling Industries: ~0.7% — pre-revenue startup focused on recycled pallets; planned initial commercial activity in Israel in 2026.
• Prism: A 60%-owned solar panel sales business through Genie Solar.

Financial mix and historical revenue

• GRE accounted for approximately 95.3% of consolidated revenue in 2025; GREW accounted for the remaining 4.7%.
• Revenue by category (GRE, 2025): Electricity ~$412.8 million; Natural gas ~$65.7 million; Other nominal.
• Consolidated revenue:
  • 2025: (as above) GRE $478.5 million total.
  • 2024: Total consolidated revenue ~$403.3 million (electric $350.5 million; natural gas $52.1 million; other $0.7 million).
  • 2023: Total consolidated revenue ~$409.9 million (electric $350.8 million; natural gas $56.0 million; other $3.1 million).

Employees and dividends

• Employees (as of April 10, 2026): 202 full-time employees total.
  • GRE: 139 employees (56 in NJ, 52 in NY, 20 in AZ, 11 in TX).
  • GREW: 51 employees (20 in NJ, 18 in FL, 13 in Israel).
• Dividends (2025): Quarterly dividends on Class A and Class B common stock totaled $8.0 million for the year ended December 31, 2025. Examples of cash dividends per share in 2025 and early 2026 include $0.0750 per share on several dates and an additional $0.075 per share paid on February 26, 2026 for Q4 2025.

Recent developments

• November 2025: Genie Solar completed its first company-owned community solar project in Lansing, NY and began power generation.
• Late 2023–early 2024: Genie Solar acquired a portfolio of operating solar facilities in Ohio, Michigan, and Indiana.
• 2025–2026: GREW continued project development and expanded through multiple projects and partnerships across Genie Solar, CityCom, Diversegy, Roded, and Prism.

Markets and geography

• GRE serves residential and small business customers in deregulated markets across 19 states plus Washington, D.C., operating under multiple REP brands.
• GREW operates primarily within the U.S. renewable energy ecosystem (solar development, community solar, and energy procurement). Roded plans initial commercialization in Israel for recycled plastic pallets, and Prism sells solar panels.