Genie Energy Announces Third Quarter 2025 Results

Newark, NJ , Nov. 03, 2025 (GLOBE NEWSWIRE) -- : Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the third quarter of 2025.

Michael Stein, Chief Executive Officer of Genie Energy, commented:

"Genie Energy achieved another quarter of double-digit topline growth to attain record third quarter revenue.The revenue increase was fueled by an increase in per meter electricity consumption, rising commodity prices, and RCE base growth at Genie Retail Energy (GRE).However, the challenging market conditions that impacted GRE's second quarter results persisted and again weighed on our bottom-line.

"At GRE, we continued to prioritize acquisition of high consumption electric meters.In the third quarter, we grew our electricity customer base to approximately 318,000 RCEs, representing a year-over-year increase of 5.4%.While our gas book contracted, on a combined basis for both electricity and gas, we increased total RCEs 4.2% to 396,000 while total meters increased 0.8% to 402,000.GRE’s third quarter Adjusted EBITDA1 decreased from the year ago level as increasing commodity costs continued to pressure margins.

"At Genie Renewables (GREW), we should be just days away from turning on Genie Solar's Lansing community solar project, and we expect it to begin generating revenue in the fourth quarter.In addition, we made good progress on the build-out of our Perry, NY array. For the remainder of Genie Solar's generation pipeline, we continue to evaluate potential paths forward in light of the changes in federal energy policy enacted earlier this year.Meanwhile, our portfolio of operating solar projects is performing well.

"Diversegy, our energy advisory and brokerage business, continued its impressive revenue and bottom-line expansion for the third straight quarter, and we expect that trend will continue. GREW’s financial results were also significantly impacted by our investments in several exciting early-stage growth initiatives.

"During the third quarter, we continued to return value to our stockholders, repurchasing approximately 124,000 shares for $2.0 million and paying our regular quarterly dividend of $0.075 per share while further strengthening our balance sheet.

"Looking ahead, we expect that GRE’s margin environment will gradually become more favorable in the fourth quarter and into 2026.For the full year 2025, we expect to achieve our annual guidance range of $40 million to $50 million in Adjusted EBITDA, albeit at the low end of the range."

Third Quarter 2025 Highlights

(Unless otherwise noted, 3Q25 results are compared to 3Q24).

Revenue increased 23.6% to $138.3 million from $111.9 million;Gross profit decreased 20.8% to $30.0 million from $37.9 million; Gross margin decreased to 21.7% from 33.9%;Income from operations decreased to $6.9 million from $11.7 million;Adjusted EBITDA1 decreased to $8.2 million from $13.6 million;Net income attributable to Genie common stockholders and income per diluted share (EPS) attributable to Genie common stockholders of $6.7 million and $ 0.26 compared to $10.2 million and $ 0.38, respectively;Non-GAAP net income attributable to Genie common stockholders1 and non-GAAP EPS attributable to Genie common stockholders1 of $7.1 million and $0.27 compared to $10.9 million and $0.41, respectively;Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $206.6 million at September 30, 2025;Genie repurchased approximately 124 thousand shares of its Class B Common stock for $2.0 million during 3Q25;Genie will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on or about November 19, 2025, with a record date of November 10th.

1Adjusted EBITDA, Non-GAAP net income attributable to Genie common stockholders, and Non-GAAP EPS attributable to Genie common stockholders for all periods presented are non-GAAP measures intended to provide useful information that supplements the core operating results in accordance with GAAP for Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these non-GAAP metrics, as well as reconciliations to its most directly comparable GAAP measures.

Select Financial Metrics

(in millions except for EPS. Numbers may not add due to rounding) 3Q25 3Q24 Change Total revenue $138.3 $111.9 23.6 % Genie Retail Energy $132.4 $105.8 25.1 % Electricity $126.6 $100.7 25.7 % Natural gas $5.8 $5.1 14.7 % Others $— $0.1 (100.0 )% Genie Renewables $6.0 $6.1 (2.7 )% Gross profit $30.0 $37.9 (20.8 )% Gross margin 21.7% 33.9% (1,220 ) bps Genie Retail Energy 20.8% 33.8% (1,300 ) bps Genie Renewables 41.3% 34.9% 640 bps Income from operations $6.9 $11.7 (40.6 )% Operating margin 5.0% 10.4% (540) bps Net income from continuing operations $6.7 $10.3 (34.3 )% Net income attributable to Genie common stockholders $6.7 $10.2 (33.9 )% Diluted earnings per share $0.26 $0.38 $(0.12 ) Non-GAAP net income attributable to Genie common stockholders $7.1 $10.9 (35.0 )% Non-GAAP diluted earnings per share $0.27 $0.41 $(0.14 ) Adjusted EBITDA $8.2 $13.6 (39.5 )% Cash flow from continuing operating activities $13.9 $22.9 (39.2 )%

Segment Highlights

Genie Retail Energy (GRE)
GRE's 3Q25 revenue increased 25.1% to $132.4 million from $105.8 million in 3Q24 primarily reflecting increased consumption from customer base growth. Income from operations decreased 32.4% to $10.2 million from $15.0 million, and Adjusted EBITDA decreased 32.2% to $10.5 million from $15.5 million. The decreases primarily reflect increased commodity costs absorbed by GRE compared to 3Q24 driven by increased wholesale commodity prices, and amplified by unseasonably hot weather in some service markets during the quarter, and by the impacts of a twelve-month, lower-margin municipal aggregation deal that will expire in 4Q25.

GRE Operational Metrics

(RCEs and Meters in thousands at end of period)* 3Q25 3Q24 Change RCEs 396 380 4.2%Electricity 318 302 5.4%Natural gas 78 79 (0.7)%Meters 402 399 0.8%Electricity 316 311 1.5%Natural gas 86 87 (1.6)%Gross meter additions during the period 47 104 (54.7)%Churn** 5.1% 5.6% (8.9)%

*Numbers may not add due to rounding**Excludes the impacts of aggregation deal expirations

Genie Renewables (GREW)

GREW's third quarter revenue decreased 2.7% to $6.0 million from $6.1 million in 3Q24, as continued strong growth at Diversegy was offset by last year's move away from commercial project development at Genie Solar. Diversegy, Genie's energy brokerage and advisory business, increased revenue by 35% year-over-year. GREW's loss from operations increased to $0.3 million from $0.2 million in 3Q24 reflecting increased investment in new business initiatives.

Following recent changes accelerating the phaseout of the federal investment tax credits for solar projects, Genie Solar has removed some early-stage projects from its pipeline, and has paused new project development.

Balance Sheet Highlights

As of September 30, 2025, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $206.6 million.

Total assets as of September 30, 2025 were $394.1 million. Liabilities totaled $205.3 million, and working capital (current assets less current liabilities) totaled $113.3 million.

Trended Financial Information*

(in millions except EPS)** 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2023 2024 Total Revenue $119.7 $90.7 $111.9 $102.9 $136.8 $105.3 $138.3 $428.7 $447.1 Genie Retail Energy $112.5 $86.7 $105.8 $98.4 $132.5 $99.0 $132.4 $409.9 $425.2 Electricity $89.4 $78.3 $100.7 $82.1 $104.1 $89.9 $126.6 $350.8 $350.5 Natural gas $22.4 $8.4 $5.1 $16.2 $28.4 $9.1 $5.8 $56.0 $52.1 Others $0.7 $0.0 $0.1 $0.0 $0.0 $— $— $3.1 $0.7 Genie Renewables $7.2 $4.0 $6.1 $4.5 $4.3 $6.3 $6.0 $18.8 $21.9 Gross Profit $33.8 $33.3 $37.9 $33.5 $37.4 $23.5 $30.0 $146.2 $138.5 Genie Retail Energy $32.2 $32.3 $35.8 $31.9 $35.9 $21.3 $27.6 $143.4 $132.2 Genie Renewables $1.6 $1.1 $2.1 $1.5 $1.5 $2.2 $2.5 $2.8 $6.3 Gross Margin 28.2% 36.8% 33.9% 32.5% 27.3% 22.3% 21.7% 34.1% 31.0%Genie Retail Energy 28.6% 37.2% 33.8% 32.4% 27.1% 21.5% 20.8% 35.0% 31.1%Genie Renewables 22.0% 26.8% 34.9% 33.9% 33.7% 34.5% 41.3% 15.1% 29.0%Income (loss) from operations $9.8 $10.6 $11.7 $(20.8) $12.8 $2.0 $6.9 $10.0 $11.3 Operating margin 8.2% 11.6% 10.4% (20.2)% 9.4% 1.9% 5.0% 2.3% 2.5%Net income (loss) attributable to Genie common stockholders $8.1 $9.6 $10.2 $(15.3) $10.6 $2.8 $6.7 $13.9 $12.6 Diluted earnings (loss) per share $0.30 $0.36 $0.38 $(0.58) $0.40 $0.11 $0.26 $0.74 $0.3 Adjusted EBITDA $11.7 $12.0 $13.6 $11.1 $14.41 $3.0 $8.2 $58.2 $48.5

*Some Genie Retail Energy International (GREI) operations have been classified as a discontinued operation and their results excluded from current and historical results

**Numbers may not add due to rounding

Earnings Announcement and Supplemental Information

At 8:30 AM Eastern this morning, Genie Energy’s management will host a conference call to discuss the Company's financial and operational results, business outlook, and strategy. The call will begin with management’s remarks, followed by Q&A with investors.

To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 350498.

Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 53115. The replay will remain available through Monday, November 17, 2025. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website.

About Genie Energy Ltd.

Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division's (GREW) holdings include Genie Solar, a vertically-integrated provider of community and utility-scale solar energy solutions, and Diversegy, an energy procurement advisor. For more information, visit Genie.com.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contact

Bill Ulrey
Investor Relations
Genie Energy, Ltd.
[email protected]

GENIE ENERGY LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

September 30, December 31, 2025 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $109,280 $104,456 Restricted cash—short-term 26,194 26,608 Marketable equity securities 472 357 Trade accounts receivable, net of allowance for credit losses of $7,451 and $8,086 at September 30, 2025 and December 31, 2024, respectively 58,983 61,858 Inventory 20,865 12,188 Prepaid expenses 11,136 9,893 Other current assets 9,831 8,493 Current assets of discontinued operations 1,410 3,594 Total current assets 238,171 227,447 Restricted cash—long-term 70,678 69,580 Property and equipment, net 30,536 25,246 Goodwill 12,866 12,749 Other intangibles, net 2,092 2,367 Deferred income tax assets, net 7,055 7,055 Other assets 27,197 22,365 Noncurrent assets of discontinued operations 5,527 4,466 Total assets $394,122 $371,275 Liabilities and equity Current liabilities: Trade accounts payable $28,082 $31,233 Accrued expenses 59,682 48,793 Income taxes payable 10,259 9,196 Current captive insurance liability 9,392 9,120 Current debt, net 2,134 357 Due to IDT Corporation, net 317 135 Other current liabilities 11,310 6,393 Current liabilities of discontinued operations 3,743 4,585 Total current liabilities 124,919 109,812 Noncurrent captive insurance liability 70,678 69,580 Noncurrent debt, net 6,715 8,668 Other liabilities 2,246 2,959 Noncurrent liabilities of discontinued operations 741 705 Total liabilities 205,299 191,724 Commitments and contingencies — — Equity: 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 September 30, 2025 and December 31, 2024 — — Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at September 30, 2025 and December 31, 2024 16 16 Class B common stock, $0.01 par value; authorized shares—200,000; 29,323 and 29,310 shares issued and 24,970 and 25,482 shares outstanding at September 30, 2025 and December 31, 2024, respectively 293 293 Additional paid-in capital 161,180 159,192 Treasury stock, at cost, consisting of 4,353 and 3,828 shares of Class B common stock at September 30, 2025 and December 31, 2024 (46,217) (37,486)Accumulated other comprehensive income 4,801 3,919 Retained earnings 78,734 64,574 Total Genie Energy Ltd. stockholders’ equity 198,807 190,508 Noncontrolling interests: Noncontrolling interests (9,560) (10,174)Receivable from issuance of equity (424) (783)Total noncontrolling interests (9,984) (10,957)Total equity 188,823 179,551 Total liabilities and equity $394,122 $371,275

GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in thousands, except per share data) (in thousands, except per share data) Revenues: Electricity $126,575 $100,694 $320,523 $268,390 Natural gas 5,795 5,055 43,312 35,867 Other 5,954 6,168 16,547 18,043 Total revenues 138,324 111,917 380,382 322,300 Cost of revenues 108,305 74,010 289,520 217,271 Gross profit 30,019 37,907 90,862 105,029 Operating expenses: Selling, general and administrative (i) 22,615 25,160 67,684 70,076 Provision for captive insurance liability 465 991 1,370 2,667 Impairment of assets 5 80 40 199 Income from operations 6,934 11,676 21,768 32,087 Interest income 1,847 2,346 5,826 5,049 Interest expense (157) (22) (502) (385)Gain on marketable equity securities and other investments 398 122 1,071 349 Other income (loss), net 182 56 (274) 1,398 Income before income taxes 9,204 14,178 27,889 38,498 Provision for income taxes (2,469) (3,924) (7,928) (10,309)Net income from continuing operations 6,735 10,254 19,961 28,189 Loss from discontinued operations, net of taxes (5) (25) (62) (435)Net income 6,730 10,229 19,899 27,754 Net (loss) income attributable to noncontrolling interests, net (13) 30 (297) (179)Net income attributable to Genie Energy Ltd. common stockholders $6,743 $10,199 $20,196 $27,933 Net income (loss) attributable to Genie Energy Ltd. common stockholders Continuing operations $6,748 $10,224 $20,258 $28,368 Discontinued operations (5) (25) (62) (435)Net income attributable to Genie Energy Ltd. common stockholders $6,743 $10,199 $20,196 $27,933 Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders: Basic: Continuing operations $0.26 $0.38 $0.77 $1.06 Discontinued operations — — — (0.02)Earnings per share attributable to Genie Energy Ltd. common stockholders $0.26 $0.38 $0.77 $1.04 Diluted Continuing operations $0.26 $0.38 $0.76 $1.04 Discontinued operations — — — (0.01)Earnings per share attributable to Genie Energy Ltd. common stockholders $0.26 $0.38 $0.76 $1.03 Weighted-average number of shares used in calculation of earnings per share: Basic 26,149 26,526 26,297 26,771 Diluted 26,389 26,868 26,549 27,161 Dividends declared per common share $0.075 $0.075 $0.225 $0.225 (i) Stock-based compensation included in selling, general and administrative expenses $593 $567 $1,938 $1,774

GENIE ENERGY LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30, 2025 2024 (in thousands) Operating activities Net income $19,899 $27,754 Net loss from discontinued operations, net of tax (62) (435)Net income from continuing operations 19,961 28,189 Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: Stock-based compensation 1,938 1,723 Provision for captive insurance liability 1,370 2,667 Provision for credit losses 1,275 1,651 Depreciation and amortization 722 646 Impairment of assets 40 199 Unrealized gain on marketable equity securities and investments and others, net (1,109) (637)Inventory valuation allowance — 417 Changes in assets and liabilities: Trade accounts receivable 1,599 10,016 Inventory (8,677) 4,593 Prepaid expenses (1,284) 4,033 Other current assets and other assets (619) 1,796 Trade accounts payable, accrued expenses and other liabilities 11,661 (12,379)Due to IDT Corporation, net 182 (29)Income taxes payable 1,064 6,289 Net cash provided by operating activities of continuing operations 28,123 49,174 Net cash provided by operating activities of discontinued operations 2,274 8,570 Net cash provided by operating activities 30,397 57,744 Investing activities Capital expenditures (5,763) (4,025)Purchases of marketable equity securities and other investments (3,917) (4,042)Improvements in investment property (1,876) (934)Purchase of solar system facility — (1,344)Purchase of equity of subsidiary — (1,200)Proceeds from return of investments 1,173 — Net cash used in investing activities (10,383) (11,545)Financing activities Dividends paid (6,035) (6,171)Repurchases of Class B common stock (6,605) (7,908)Repurchases of Class B common stock from employees (2,126) (3,614)Repurchase of Class B common stock from Genie Foundation — (768)Net cash used in financing activities (14,766) (18,461)Effect of exchange rate changes on cash, cash equivalents, and restricted cash (69) (120)Net increase in cash, cash equivalents, and restricted cash 5,179 27,618 Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period 201,958 165,479 Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period 207,137 193,097 Less: Cash of discontinued operations at end of period 985 1,845 Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period $206,152 $191,252

Reconciliation of Non-GAAP Financial Measures for the Third Quarter of 2025

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed Adjusted EBITDA for GRE and on a consolidated basis, Non-GAAP Net Income Attributable to Genie Common Stockholders (Non-GAAP Net Income) and Non-GAAP Diluted Earnings per Share Attributable to Genie Common Stockholders (Non-GAAP EPS). Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are non-GAAP financial measures.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the net loss of equity method investees, net.

Genie's measures of Non-GAAP Net Income and Non-GAAP EPS start with net income attributable to Genie Energy Ltd. Common Stockholders in accordance with GAAP and add captive insurance liability and the tax effect of this adjustment. These additions are non-cash and/or non-routine items in the relevant periods.

Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

Management believes that Genie’s measure of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS provide useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, non-GAAP Net Income and Non-GAAP EPS, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making.

Management also uses Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to evaluate operating performance in relation to Genie’s competitors. Disclosure of these non-GAAP financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

Management refers to Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions, and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Impairment of assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie's continuing operations.

Captive insurance liability is a non-cash charge incurred by Genie's insurance operations. While there may be related charges in other periods, the magnitude of these changes can fluctuate markedly and do not reflect the performance of Genie's continuing operations. Captive insurance losses are excluded from Genie's calculation of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies.

Following are the reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to income from operations for Genie Energy on a consolidated basis as well as for GRE.

Non-GAAP Reconciliation - Consolidated Adjusted EBITDA

(in millions) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 2023 2024 Income (loss) from operations $9.8 $10.6 $11.7 $(20.8) $12.8 $2.0 $6.9 $11.3 $11.3 Add back Captive insurance liability $1.0 $0.6 $1.0 $30.9 $0.6 $0.3 $0.5 $33.6 $33.6 Depreciation and amortization $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.3 $0.9 $0.9 Non-cash compensation $0.7 $0.5 $0.6 $0.6 $0.7 $0.6 $0.6 $2.3 $2.3 Impairment $0.0 $0.1 $0.1 $(0.0) $0.0 $0.0 $0.0 $0.2 $0.2 Equity in net loss (income) of equity method investees $(0.1) $0.0 $0.0 $0.1 $(0.0) $(0.1) $(0.0) $0.1 $0.1 Adjusted EBITDA $11.7 $12.0 $13.6 $11.1 $14.4 $3.0 $8.2 $48.5 $48.5

Non-GAAP Reconciliation - GRE Adjusted EBITDA

(in millions) 3Q25 3Q24 2023 2024 Income from operations $10.2 $15.0 $71.9 $56.5 Add back Depreciation and amortization $0.1 $0.1 $0.3 $0.3 Stock-based compensation $0.3 $0.3 $1.1 $1.1 Impairment $— $— $— $— Equity in the income of equity method investees $— $0.1 $— $0.5 Adjusted EBITDA $10.5 $15.5 $73.3 $58.4

Non-GAAP Reconciliation - Consolidated Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders and Non-GAAP Diluted Income Per Share

(in millions except for EPS) 3Q25 3Q24 2023 2024 Net income attributable to Genie Energy Ltd. common stockholders $6.7 $10.2 $19.2 $12.6 Add back Captive insurance liability $0.5 $1.0 $45.1 $33.6 Income tax effect of adjustment $(0.1) (0.3) $(10.5) $(8.8)Non-GAAP net income attributable to Genie Energy Ltd. common stockholders $7.1 $10.9 $53.7 $37.4 Diluted earnings per share $0.26 $0.38 $0.74 $0.46 Total adjustments $0.01 $0.03 $1.33 $0.91 Non-GAAP diluted earnings per share $0.27 $0.41 $2.06 $1.38 Weighted average number of shares used in the calculation of diluted earnings per share 26.4 26.9 26.1 27.2

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