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Genie Energy (GNE) can be described with the following analogies:

• A smaller, diversified energy company, similar to Constellation Energy but with a strong focus on solar solutions.
• Like NRG Energy's retail electricity and natural gas business, combined with a significant solar panel installation and financing segment.

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• Retail Energy Supply: Genie Energy supplies electricity and natural gas to residential and small business customers in deregulated energy markets across the United States.
• Residential and Commercial Solar Solutions: Through its Genie Solar Energy brand, it designs, installs, and maintains solar energy systems for homes and businesses.
• Commercial Solar Project Development: The company develops and operates large-scale commercial solar energy generation projects.
• Energy Brokerage and Advisory Services: Diversegy, a Genie Renewables subsidiary, provides energy procurement and demand response advisory services for commercial and industrial clients.

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Genie Energy (GNE) primarily operates as a retail energy provider (REP), selling electricity and natural gas directly to end-users in deregulated energy markets in the United States and Puerto Rico.

The company does not have major customers that are other large companies. According to its recent SEC filings, no single customer accounted for 10% or more of its total revenue in recent years. Instead, it serves a diverse base of individuals and small businesses.

The categories of customers Genie Energy serves through its retail energy provider businesses (including brands like Genie Energy Services, IDT Energy, Residents Energy, and Town Square Energy) are:

• Residential Customers: Individuals and households who purchase electricity and natural gas for their homes in various deregulated markets.
• Small Business Customers: Small to medium-sized enterprises (SMEs) that purchase electricity and natural gas for their commercial operations.

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Michael Stein, Chief Executive Officer of Genie Energy; Chief Executive Officer of Genie Retail Energy

Michael Stein has served as Chief Executive Officer of Genie Energy since November 2017 and as Chief Executive Officer of Genie Retail Energy, Inc. since May 2015. Prior to this, he served as Genie's Chief Operating Officer from March to November 2017, Executive Vice President from May 2014 to March 2017, and Senior Vice President of Operations from January to May 2014. Mr. Stein also holds positions as Chief Executive Officer of Diversegy LLC and Executive Chairman of Retail Energy Holdings, the operating entity of Town Square Energy. Diversegy, LLC and Retail Energy Holdings, LLC were acquired by Genie Energy. Earlier in his career, he was Senior Vice President of Business Development of IDT Telecom from July 2012 to January 2014 and an analyst at Belstar Investment Management from June 2007 to January 2009.

Avi Goldin, Chief Financial Officer

Avi Goldin has served as Chief Financial Officer of Genie Energy since August 2011. Before this role, he was Vice President of Corporate Development of IDT Corporation from May 2009 through October 2011. Mr. Goldin initially joined IDT in January 2004, serving in various positions, and then left in January 2008 to join CayComm Media Holdings, a telecommunications acquisition fund, as Vice President, Finance, before rejoining IDT in May 2009. His earlier experience includes working as an Investment Analyst at Dreman Value Management, a $7 billion asset management firm, and as an Associate in the Satellite Communications group at Morgan Stanley & Co.

Alan Schwab, President and COO of Genie Retail Energy

Alan Schwab is the President and Chief Operating Officer (COO) of Genie Retail Energy, Inc., where he is responsible for the day-to-day operations including sales, marketing, regulatory, compliance, and customer service. Before joining Genie Retail Energy, Mr. Schwab held several senior operations roles at IDT, beginning with IDT Telecom in 1996 as Senior Vice President. He later served as COO of IDT Capital, a division of IDT focused on new business initiatives and incubation, where he directed the development of over a dozen successful start-up ventures, including IDT Energy.

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Key Risks to Genie Energy (GNE)

1. Volatile Wholesale Energy Market and Margin Compression: Genie Energy's core Genie Retail Energy (GRE) segment faces significant exposure to the volatile wholesale energy market, which has demonstrably crushed profitability and led to margin compression. This external, market-driven risk directly impacts the company's bottom line and operational profitability, as evidenced by a notable drop in cash flow from operating activities in 2025 despite revenue growth.
2. Revenue Concentration: The company's revenue structure is highly concentrated, with the Genie Retail Energy (GRE) segment contributing the vast majority of its total revenue, approximately 95.7% in Q3 2025. This heavy reliance on a single segment makes Genie Energy particularly vulnerable to adverse developments or underperformance within the retail energy market.
3. Intense Competition and Regulatory Landscape: Genie Energy operates in a highly competitive retail energy provider (REP) market, requiring continuous efforts to attract and retain customers against both incumbent utilities and other REPs. Furthermore, the energy sector is subject to a complex and evolving regulatory environment, with potential impacts from changes in federal and state regulations, including those related to solar generation tax incentives and greenhouse gas emissions.

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Growth of Community Choice Aggregation (CCA): In many deregulated energy markets where Genie Energy operates, local governments are increasingly forming Community Choice Aggregations. These CCAs allow municipalities to procure electricity on behalf of their residents and businesses, often with a focus on competitive pricing and renewable energy. This directly competes with and can significantly diminish the addressable market for traditional retail energy providers like Genie Energy, as customers are automatically enrolled in the CCA unless they opt out, reducing the pool of potential customers for GNE's retail energy segment.

Accelerating Adoption of Distributed Energy Resources (DERs): The ongoing and accelerating decline in costs, coupled with increasing incentives, for residential and small commercial rooftop solar and battery storage systems poses a threat. As more customers generate and store their own electricity, their reliance on purchasing power from the grid, and thus from retail energy suppliers like Genie Energy, decreases. This trend reduces the overall demand for GNE's core retail energy supply services by shrinking the electricity consumption of individual customers or removing them from the traditional retail supply market altogether.

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Genie Energy (GNE) operates primarily in two main segments: Genie Retail Energy and Genie Renewables. The addressable markets for these services are detailed below:

Genie Retail Energy

This segment focuses on supplying electricity and natural gas to residential and small business customers in deregulated energy markets. Genie Retail Energy operates in the Eastern and Midwestern United States, Texas, the United Kingdom, and Japan.

• United States: The overall electricity retailing market in the United States is part of a larger electricity sector that generated $491 billion in revenue in 2023. More than 15.9 million residential customers in the U.S. received power from competitive retail suppliers in 2023.
• Global: The global retail electricity market was valued at approximately $3.04 trillion in 2025 and is projected to reach $3.9 trillion by 2030, growing at a compound annual growth rate (CAGR) of 5.10%. North America is anticipated to hold a significant share of this market.

Genie Renewables

This segment is dedicated to commercial, community, and utility-scale solar energy solutions, including the development, construction, and operation of solar projects, as well as the distribution of solar panels and energy advisory services.

• United States: The U.S. renewable energy market was valued at $237.2 billion in 2024 and is projected to grow to $549.7 billion by 2033, with a CAGR of 9.79% from 2025 to 2033. Another estimate places the U.S. market size at $127.59 billion in 2025. Specifically, the U.S. solar energy market accounted for 41.2% of the renewable energy market share in 2024 and is projected to grow at a 12.3% CAGR through 2030, reaching an installed capacity of 303 gigawatts (GW) by 2030.

Oil and Gas Exploration (International Energy Ventures)

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1. Growth in Customer Base for Retail Energy (Genie Retail Energy - GRE): Genie Energy is focused on acquiring new customers in deregulated energy markets. The company has demonstrated consistent growth in its customer base, adding over 60,000 net meters in 2024, representing a 17% increase, and a 4.2% increase in Q3 2025, bringing the total to 396,000 RCEs. Continued expansion of its customer base for electricity and natural gas supply is a key driver.
2. Expansion and Development of Renewable Energy Projects (Genie Renewables - GREW): Genie Energy is significantly investing in and expanding its renewable energy sector, particularly in solar energy. This includes the development of community and utility-scale solar projects, expanding its project pipeline, and increasing revenue through its energy advisory services unit, Diversegy. Genie Renewables has shown strong revenue growth, with a 57.3% year-over-year increase in Q2 2025 and 29.2% in Q3 2024.
3. Geographic Market Expansion: The company aims to target new geographic regions and customer segments to unlock fresh opportunities. Specific mentions include expansion into markets like California and Kentucky, which are expected to generate future energy opportunities. Genie Energy also has an international presence, supplying energy to countries such as Finland, Sweden, and Japan.
4. Growth in Energy Advisory and Brokerage Services (Diversegy): Within the Genie Renewables segment, Diversegy, the energy advisory and brokerage unit, has been a significant contributor to revenue growth. It nearly doubled its revenue in Q3 2024 and continued its strong momentum with a 35% year-over-year revenue increase in Q3 2025. This segment's sustained growth is expected to drive overall revenue.
5. Increased Electricity Consumption and Favorable Commodity Prices: While subject to market volatility, higher electricity consumption per meter and increasing commodity prices have been identified as drivers of revenue growth, as seen in the 23.6% revenue increase in Q3 2025. Genie Energy anticipates a more favorable margin environment in the coming quarters, which could translate to higher revenues as wholesale costs are better managed or passed on to customers.

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Share Repurchases

• Genie Energy repurchased 660,794 shares of its Class B common stock for an aggregate amount of $10.4 million in 2024.
• In the second quarter of 2025, the company repurchased approximately 159,000 shares for $2.7 million.
• The company expects to continue opportunistic stock buybacks in 2025.

Outbound Investments

• Genie Energy made strategic investments in 2024, including the purchase of solar system facilities in Ohio, Michigan, and Indiana, and the consolidation of Roded Recycling Industries Ltd.
• The company is focused on investing in growth initiatives, particularly in its renewables segment, including developing and acquiring community and utility-scale solar projects.

Capital Expenditures

• Genie Energy's capital expenditures were approximately $7.47 million in the last 12 months.
• The company made significant investments in growth initiatives in 2024, particularly in its renewables businesses.
• Management anticipates significant developments in the renewables segment for 2025, including the completion and commissioning of a community solar project and plans to begin construction on two to three additional projects.