Genie Energy Ltd (GNE) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Genie Energy Ltd's first-quarter 2026 earnings call. In today's presentation, Genie Energy management will discuss Genie's financial and operational results for the three months ended March 31, 2026.

各位早安，歡迎參加 Genie Energy Ltd 2026 年第一季財報電話會議。在今天的簡報中，Genie Energy 管理團隊將討論截至 2026 年 3 月 31 日止三個月期間的財務與營運成果。

During prepared remarks by Genie's Chief Executive Officer, Michael Stein; and Chief Financial Officer, Avi Goldin. (Operator Instructions) After Avi Goldin's remarks, Michael and Avi will take questions from investors.

本次會議的事先準備發言將由 Genie 執行長 Michael Stein 與財務長 Avi Goldin 進行。（接線員指示）在 Avi Goldin 發言結束後，Michael 與 Avi 將回答投資人提問。

Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to the specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC.

本次電話會議中所作的任何前瞻性陳述，無論是在事先準備的發言或問答環節中，且不論其性質為一般性或特定性，均受風險與不確定性影響，可能導致實際結果與公司預期存在重大差異。此等風險與不確定性包括但不限於 Genie Energy 不時向美國證券交易委員會（SEC）提交之報告中所討論的特定風險與不確定性。

Genie Energy assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they may forecast.

Genie Energy 不承擔更新其已作出或可能作出的任何前瞻性陳述之義務，亦不承擔更新可能導致實際結果與其預測存在重大差異之因素的義務。

In their presentation or in the Q&A session, Genie Energy's management may refer to adjusted EBITDA and other non-GAAP measures. The schedule provided in the Genie Energy earnings release reconciles adjusted EBITDA to the nearest corresponding GAAP measures.

在簡報或問答環節中，Genie Energy 管理層可能會提及經調整 EBITDA 及其他非 GAAP 指標。Genie Energy 財報新聞稿所提供之附表，已將經調整 EBITDA 與最接近之對應 GAAP 指標進行調節。

Please note that the Genie Energy earnings release is available on the Investor Relations page of the Genie website. The earnings release has also been filed on a Form 8-K with the SEC.

請注意，Genie Energy 的財報新聞稿可於 Genie 網站的投資人關係頁面取得。該財報新聞稿亦已以 Form 8-K 形式向 SEC 提交。

I will now turn the conference over to Michael Stein. Sir, you may begin.

現在我將把會議交給 Michael Stein。先生，您可以開始。

Thank you, operator. Genie's first quarter results were mixed as investments in the customer acquisition at GRE and the new business initiatives at GREW, combined with weakness in retail margins negatively impacted our bottom line despite record quarterly revenue.

謝謝接線員。Genie 第一季的結果好壞參半：GRE 在客戶取得方面的投資，以及 GREW 的新業務計畫投入，再加上零售毛利走弱，儘管季度營收創下新高，仍對我們的獲利造成負面影響。

As a result, we are lowering full year 2026 guidance to $32.5 million to $40 million, in adjusted EBITDA from the prior range of $40 million to $50 million.

因此，我們將 2026 全年指引下調至經調整 EBITDA 3,250 萬至 4,000 萬美元，低於先前的 4,000 萬至 5,000 萬美元區間。

At GRE, challenging commodity market conditions in the first two months of the quarter caused by extreme cold compressed margins for both electricity and gas. Thankfully, in March, margins returned to normalized levels in line with our long historical averages. We also increased our customer acquisition spend this quarter to acquire 84,000 new retail customers during the first quarter.

在 GRE，第一季前兩個月因嚴寒造成的大宗商品市場環境嚴峻，使電力與天然氣的利潤率受到擠壓。所幸在 3 月，利潤率回到正常水準，與我們長期歷史平均一致。本季我們也提高客戶取得支出，於第一季新增 84,000 名零售客戶。

At March 31, we had 354,000 RCEs and 364,000 meters, achieving net increases of 25,000 RCEs and 18,000 meters in just the first quarter of the year. And unlike last year at this time, when we held a significant number of meters through municipal aggregation deals, our current meters are at higher value. Over the past 12 months, we have significantly reduced the number of low-margin municipal aggregation customers in our book.

截至 3 月 31 日，我們擁有 354,000 個 RCE 與 364,000 個電表，僅在今年第一季就分別淨增加 25,000 個 RCE 與 18,000 個電表。且不同於去年此時我們透過市政聚合（municipal aggregation）交易持有大量電表，我們目前的電表價值更高。過去 12 個月，我們已大幅降低帳冊中低毛利的市政聚合客戶數量。

At GREW, our performance in the first quarter reflected increased investment in several early-stage growth initiatives and a further write-down of our solar panel inventory. Despite the tough first quarter, we expect to see significant improvement throughout 2026. GRE is a resilient, strongly cash-generative business that by its nature, will have episodes of margin compression like this one, but also opportunities for exceptional profitability.

在 GREW，我們第一季的表現反映了對多項早期成長計畫的投資增加，以及對太陽能板庫存的進一步減記。儘管第一季艱難，我們預期 2026 年全年將出現顯著改善。GRE 是一項具韌性且強勁產生現金的業務，其本質上會出現像本次一樣的利潤率擠壓時期，但也同時存在獲利表現特別突出的機會。

Assuming normal wholesale market conditions and with our proven customer acquisition engine, we expect strong performance from GRE for the rest of the year. At GREW, all three strategic areas of our business are in good shape. Diversity continues to grow its book of business and generate cash.

在假設批發市場條件正常，且憑藉我們經驗證的客戶取得引擎之下，我們預期 GRE 在今年剩餘期間將有強勁表現。在 GREW，我們三大策略業務領域皆維持良好狀態。Diversity 持續擴大其業務組合並創造現金。

Genie Solar is on track to be profitable for the remainder of the year and beyond, and we expect that our key early-stage initiatives collectively will gradually pivot towards profitability as they gain scale in the coming quarters. Among these initiatives, I'm particularly excited by the potential of Roded, our majority-owned venture that has pioneered new techniques for transforming agricultural waste plastics into commercial plastic products with an initial focus on plastic pallet production.

Genie Solar 預計在今年剩餘期間及未來持續走向獲利；我們也預期關鍵的早期計畫在未來幾季隨著規模擴大，整體將逐步轉向獲利。在這些計畫中，我尤其看好 Roded 的潛力；Roded 是我們持有多數股權的投資案，已率先開發將農業廢棄塑膠轉化為商用塑膠產品的新技術，初期聚焦於塑膠棧板生產。

Roded has begun to sell its recycled pallets in Israel and has already maxed out the capacity of its first production line. We are building a second line on the same site, and that line is expected to start production in the current quarter, Q2.

Roded 已開始在以色列銷售其回收棧板，並且第一條產線的產能已經滿載。我們正在同一場址建置第二條產線，預計將於本季第二季（Q2）開始投產。

Meanwhile, we are also evaluating expansion opportunities to add production capacity, both here in the US and in Europe. Collectively, Roded and our other early-stage ventures are gaining scale. By year-end, we plan for them to be at the point they will require lower levels of further investment.

同時，我們也在評估擴張機會，以增加產能，包括在美國本土與歐洲。整體而言，Roded 與我們其他早期投資案正在擴大規模。到年底，我們計畫讓它們達到需要較低後續投資水準的階段。

Across Genie, we are working hard to maximize the potential in each of our businesses. We are very excited by the opportunities to build both our established and nascent units, and we expect to drive improved performance for the remainder of the year and beyond.

在 Genie 全體業務中，我們正努力最大化各項業務的潛力。我們對於同時擴建既有與新興事業單位的機會感到非常振奮，並預期在今年剩餘期間及未來推動表現改善。

Now I will turn the call over to Avi for his discussion of our financial results.

接下來我將把電話會議交給 Avi，由他說明我們的財務結果。

Thank you, Michael, and thanks to everyone on the call for joining us this morning. My remarks today cover our financial results for the three months ended March 31, 2026. In my commentary, I'll compare the results for first quarter of 2026 to the first quarter of 2025 to remove from consideration the seasonal factors that impact our results, particularly within our retail energy business.

謝謝你，Michael，也感謝今天早上加入電話會議的各位。今天我的發言將涵蓋截至 2026 年 3 月 31 日止三個月期間的財務結果。在我的說明中，我將把 2026 年第一季與 2025 年第一季進行比較，以排除影響我們結果的季節性因素，特別是零售能源業務中的季節性影響。

The first quarter is typically characterized by relatively high levels of per meter electric power and gas consumption as it includes most of the winter's peak heating period in our service areas. Our first quarter's financial results were weaker than usual as volatility within the power markets hurt margins from Genie Retail in the first two months of the quarter. This was compounded by higher levels of investment spending in customer acquisition and GRE and in growing our new business initiatives at GREW.

第一季通常因涵蓋我們服務區域冬季供暖需求高峰期的大部分時間，而呈現每表電力與天然氣用量相對較高的特徵。本季財務結果較往常疲弱，原因是電力市場波動在本季前兩個月壓縮了 Genie Retail 的利潤率；此外，GRE 的客戶取得投資支出增加，以及 GREW 新業務計畫的擴張投入，也使情況更加惡化。

As Michael discussed, we already saw improvement in the operating environment in March and are expecting the balance of the year to be more in line with historical performance. Consolidated revenue in the first quarter increased 4% to $142 million, driven by the commodity price environment in our retail business and increased sales of our remaining inventory of solar panels at Genie Solar, although at reduced margins.

如 Michael 所討論的，我們在 3 月已經看到營運環境改善，並預期今年剩餘期間將更貼近歷史表現。第一季合併營收成長 4% 至 1.42 億美元，主要受我們零售業務的商品價格環境帶動，以及 Genie Solar 出售剩餘太陽能板庫存的銷售增加所推動，儘管毛利率有所下降。

GRE revenue increased 2% to $134.8 million in the first quarter, driven by a 24% increase in gas sales, partially offset by a 4% decrease in electricity sales. Although we acquired a large number of customers in this quarter, our customer base was still below the year ago level as we did not renew some municipal aggregation deals that expired during the year.

GRE 第一季營收成長 2% 至 1.348 億美元，主要由天然氣銷售成長 24% 所帶動，但部分被電力銷售下滑 4% 所抵銷。雖然本季我們取得了大量客戶，但由於我們未續約今年到期的部分市政聚合（municipal aggregation）合約，客戶基礎仍低於去年同期水準。

At GREW, revenue increased 74% to $7.5 million, primarily reflecting the partial liquidation of Genie Solar panel inventory and the completion of certain legacy projects as we wind down noncore operations there. Consolidated gross profit decreased 20% to $29.8 million for a gross profit margin of 21%, a decrease of 640 basis points compared to the year ago quarter.

在 GREW，營收大增 74% 至 750 萬美元，主要反映 Genie Solar 太陽能板庫存的部分出清，以及在我們逐步縮減當地非核心業務之際完成若干既有（legacy）專案。合併毛利下滑 20% 至 2,980 萬美元，毛利率為 21%，較去年同期下降 640 個基點。

At GRE, gross profit dipped 19% to $29.1 million and gross profit margin decreased 550 basis points to 21.6%. The decrease resulted from volatility in both our average power and gas costs, driven by the severe winter weather in the earlier part of the quarter. Power and gas costs increased by 28% and 55% per unit, respectively, in the first quarter.

在 GRE，毛利下滑 19% 至 2,910 萬美元，毛利率下降 550 個基點至 21.6%。下降主因為本季前段嚴寒冬季天候所帶來的平均電力與天然氣成本波動。第一季電力與天然氣的單位成本分別上升 28% 與 55%。

We were able to partially mitigate the impact on our results through our hedging and pricing strategies. At GREW, gross profit decreased 49% to $745,000. The decrease primarily reflected the write-down in value and sell-off of our solar panel inventory that Michael mentioned and the impact of our continued wind down of legacy solar operations.

我們透過避險與定價策略，得以部分緩解對業績的影響。在 GREW，毛利下降 49% 至 74.5 萬美元。下降主要反映 Michael 提到的太陽能板庫存價值減記與出清，以及我們持續縮減既有太陽能業務所帶來的影響。

Consolidated SG&A expense increased 17% to $27.9 million, driven primarily by the increased customer acquisition expense at GRE and investment in new initiatives in GREW. Consolidated income from operations and adjusted EBITDA, which totaled $1.9 million and $2.8 million on a consolidated basis, respectively, were below our expectations for the quarter for the reasons previously outlined.

合併銷售、一般及行政（SG&A）費用增加 17% 至 2,790 萬美元，主要由 GRE 客戶取得成本上升，以及 GREW 對新計畫的投資所驅動。合併營業利益與調整後 EBITDA 分別為 190 萬美元與 280 萬美元（合併口徑），基於前述原因，本季表現低於我們的預期。

Diluted EPS for the quarter was $0.11 versus $0.40 a year ago. GRE contributed $6.6 million of income from operations and $7 million in adjusted EBITDA compared to $16.8 million and $17.1 million, respectively, in the year ago quarter. GREW's loss from operations increased to $2.4 million from $855,000 a year ago. GREW's adjusted EBITDA loss increased to $2.3 million from $673,000. The increased loss reflected the impact of the Genie Solar wind down and increased investment in Roded and other early-stage business initiatives.

本季稀釋每股盈餘（EPS）為 0.11 美元，去年同期為 0.40 美元。GRE 貢獻營業利益 660 萬美元與調整後 EBITDA 700 萬美元，去年同期分別為 1,680 萬美元與 1,710 萬美元。GREW 的營業虧損由去年同期的 85.5 萬美元擴大至 240 萬美元。GREW 的調整後 EBITDA 虧損由 67.3 萬美元擴大至 230 萬美元。虧損擴大反映 Genie Solar 縮減營運的影響，以及對 Roded 與其他早期階段業務計畫投資增加。

Turning now to the balance sheet. At March 31, 2026, cash, cash equivalents, restricted cash and marketable securities totaled $199.8 million and working capital was $188.4 million. Our debt current and noncurrent totaled $6.8 million, the largest component of which was financing for our portfolio of operational solar arrays.

接著看資產負債表。截至 2026 年 3 月 31 日，現金、約當現金、受限制現金與有價證券合計 1.998 億美元，營運資金為 1.884 億美元。我們的流動與非流動負債合計 680 萬美元，其中最大項目為我們營運中太陽能電站組合的融資。

To wrap up, this was a tough financial quarter whose impact was reflected in our revised 2026 guidance. Looking forward, we expect margins to strengthen within retail and the investments they are making in growth to drive strong results. We remain in a solid financial position with a strong balance sheet and adequate capitalization to continue returning value to shareholders while executing on our growth plan.

總結來說，這是一個艱難的財務季度，其影響反映在我們修訂後的 2026 年指引中。展望未來，我們預期零售業務的利潤率將走強，而他們在成長上的投資將帶動強勁成果。我們仍維持穩健的財務狀況，擁有強健的資產負債表與充足資本，在執行成長計畫的同時，持續為股東創造價值。

Operator, back to you for Q&A.

主持人，接下來交給您進行問答。

(Operator Instructions) [Matvey Tayts].

（主持人指示）[Matvey Tayts]。

Can you hear me?

聽得到我嗎？

Yes, we hear you.

是的，我們聽得到。

Okay. Great. So my question is about SG&A. To what extent it's related to the number of acquisitions that you have? And how do you see it going forward towards the end of the year? Will it be as expensive as in first quarter or probably there is some other like additional factor, which I have to take into consideration for looking forward?

好的。太好了。我的問題是關於 SG&A。它在多大程度上與你們的收購數量有關？以及你們如何看待今年接近年底時的走勢？它會像第一季一樣昂貴嗎？還是可能有其他額外因素，是我在往前看時需要納入考量的？

Yes. So the additional sales expense is somewhere in the neighborhood of $3 million for the quarter for the additional meters that we were able to acquire. Whether or not it will continue throughout the year is dependent on if we can continue the accelerated pace of acquisition. So I can't answer that yet. But we believe, if it does, we believe it's a good investment in the future of the company.

是的。本季因新增我們得以取得的額外電表（meters）所帶來的額外銷售費用，大約在 300 萬美元左右。是否會在全年持續，取決於我們能否持續維持加速的取得速度，所以我現在還無法回答。但我們相信，如果確實持續，這會是對公司未來的一項良好投資。

(Operator Instructions) Jim Harden.

（主持人指示）Jim Harden。

I'm a personal investor. Just a quick question on the insurance subsidiary side. Just wondered if you had any sort of update on the operations there.

我是個人投資人。關於保險子公司的部分想快速問一下，不知道你們是否有任何營運方面的最新進展可以更新？

Yes. So the operation has definitely grown primarily in the fourth quarter and the first quarter. A lot of the sales activity happened in the fourth quarter, and we're starting to recognize revenue. We started to recognize revenue in the first quarter. We think that the revenues will continue to grow there. We're excited about the prospects.

是的。該業務的營運確實成長了，主要是在第四季與第一季。許多銷售活動發生在第四季，而我們開始認列營收；我們在第一季開始認列營收。我們認為那邊的營收將持續成長。我們對其前景感到振奮。

We have a question from Ibrahim Khan. -- Ibrahim, can you hear us? It appears we have lost Ibrahim's line for now.

我們有一個來自 Ibrahim Khan 的問題。——Ibrahim，你聽得到我們嗎？看起來我們目前暫時失去了 Ibrahim 的線路。

Okay. As we have -- as there are no further questions, this will conclude today's question-and-answer session and conference call.

好的。由於沒有進一步的問題，今天的問答環節與電話會議到此結束。

We thank you for attending today's presentation, and you may now disconnect.

感謝各位參加今天的簡報，您現在可以掛線。