Genie Energy Ltd. (NYSE:GNE) Q3 2023 Earnings Call Transcript

Genie Energy’s balance sheet continued to strengthen during the quarter. Cash, restricted cash and marketable securities increased by $28.7 million sequentially to $143.8 million. Working capital was $164.4 million and non-current liabilities totaled just $2.5 million. Wrapping up, in the third quarter a year ago, we capitalized on the unprecedented market volatility to achieve exceptional margins in our retail business. This quarter’s results represent solid performance under more normalized market conditions. GRE benefited significantly from the investments we’ve made this year to build our customer base and is well positioned for a strong finish to 2023 and beyond. At Genie Renewables, we continue to advance our pipeline of utility-scale solar projects while building out our capabilities for commercial solar development.

From a financial standpoint, we are particularly well positioned for a high interest rate environment. With our strong business performance and unlevered balance sheet, we continue to put robust cash flows from our retail business to work to expand that business as market conditions permit while prudently investing in promising solar development projects that will accrete significantly to our bottom line results in the coming years, and accomplish this while continuing to return value to our stockholders. Now Operator, back to you for Q&A.

Operator:

Operator: This concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.