Here are 1-3 brief analogies for Genie Energy (GNE):

• The Amazon for choosing your electricity and natural gas provider.
• Like a smaller, international Constellation Energy (a major electricity and natural gas supplier) that also has a significant solar panel business.
• A company that's part energy retailer (like NRG Energy) and part solar panel manufacturer/installer (like Sunrun).

• Electricity and Natural Gas Supply: Genie Energy supplies electricity and natural gas to residential and small business customers across various markets.
• Energy Advisory and Brokerage Services: The company offers professional advisory and brokerage services related to energy.
• Solar Panel Manufacturing and Distribution: Genie Energy manufactures and distributes solar panels for various applications.
• Solar Installation Design and Project Management: The company provides services for designing solar installations and managing their projects.

Genie Energy (GNE) primarily serves individuals and small businesses by supplying electricity and natural gas.

Based on the company description, its major customer categories are:

• Residential Customers: Individuals and households that purchase electricity and natural gas for personal use in their homes.
• Small Business Customers: Small commercial enterprises and organizations that procure electricity and natural gas for their operational needs.

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. He also served as Genie's Chief Operating Officer from March until November 2017, Executive Vice President of Genie from May 2014 to March 2017, and Senior Vice President of Operations from January to May 2014. Mr. Stein also serves as Chief Executive Officer of Diversegy LLC and Executive Chairman of Retail Energy Holdings, the operating entity of Town Square Energy. Previously, from July 2012 to January 2014, he was Senior Vice President of Business Development of IDT Telecom, and from June 2007 to January 2009, he was an analyst at Belstar Investment Management. Mr. Stein received his B.A. in Psychology from Yeshiva University.

Avi Goldin

Chief Financial Officer

Avi Goldin has served as Chief Financial Officer of Genie since August 2011. Prior to that, he served as Vice President of Corporate Development of IDT Corporation from May 2009 through October 2011. Mr. Goldin originally joined IDT in January 2004 and held several positions within IDT and its affiliates before leaving in January 2008 to join CayComm Media Holdings, a telecommunications acquisition fund, where he served as Vice President, Finance. He rejoined IDT in May 2009 as Vice President of Corporate Development. Before joining IDT, Mr. Goldin served as an Investment Analyst at Dreman Value Management and an Associate in the Satellite Communications group at Morgan Stanley & Co. Mr. Goldin holds an MBA from the Stern School of Business of New York University and a B.A. in Finance from the Syms School of Business of Yeshiva University, and is a Chartered Financial Analyst (CFA).

Howard S. Jonas

Chairman of the Board

Howard S. Jonas has served as Chairman of the Board of Directors of Genie Energy since January 2011, when it was spun off from IDT, and as Chief Executive Officer of the Company from January 2014 to November 2017. He founded IDT in August 1990 and has served as Chairman of its Board of Directors since its inception. He also served as Chief Executive Officer of IDT from October 2009 through December 2013.

Alan Schwab

President and COO of Genie Retail Energy

Alan Schwab is the President and Chief Operating Officer (COO) of Genie Retail Energy, Inc. He is responsible for the day-to-day operations of the company's retail energy businesses, including sales, marketing, operations, regulatory, compliance, and customer service. Before joining Genie Retail Energy, Mr. Schwab held senior operations positions at IDT, beginning at IDT Telecom in 1996. As SVP at IDT Telecom, he managed routing, provisioning, and switching translations for IDT's global telecommunications network. He was later named COO of IDT Capital, where he directed the development of over a dozen successful start-ups, including IDT Energy. Alan holds an MBA from Barry University.

Joyce J. Mason

Corporate Secretary and Director

Joyce J. Mason has served as a director of Genie since May 2021 and as the Corporate Secretary of the Company since August 2011. Ms. Mason also serves as an Executive Vice President of IDT Corporation since December 1998 and as General Counsel and Corporate Secretary of IDT Corporation from its inception. She also served as a director of IDT Corporation from its inception until December 2006.

Key Risks to Genie Energy (GNE)

Genie Energy Ltd. (GNE) faces several significant risks, with issues related to financial reporting and internal controls being the most prominent. Other key risks include exposure to market volatility in commodity prices and intense competition within a highly regulated energy sector.

1. Financial Statement Restatement and Internal Control Weaknesses: Genie Energy has determined that its previously issued financial statements for 2023, 2024, and related interim periods should not be relied upon due to errors in accounting for a captive insurance liability. Management has also identified material weaknesses in the company's internal control over financial reporting and concluded that internal and disclosure controls were not effective as of December 31, 2025. This situation is compounded by the revocation of the previous auditor's registration by the Public Company Accounting Oversight Board (PCAOB), necessitating a re-audit of the 2023 and 2024 financial statements. This fundamental challenge impacts the reliability of the company's financial information and can lead to investor uncertainty and potential regulatory scrutiny.
2. Market Volatility and Commodity Price Risk: As a retail energy supplier, Genie Energy purchases electricity and natural gas for resale to its customers. The company's business model exposes it to significant risks from fluctuating wholesale energy prices, as its revenues are often fixed (especially with fixed-price contracts) while its costs can vary considerably. This can lead to pressure on profit margins, as evidenced by declining net income in Q3 2025 despite increased revenue, due to rising energy commodity prices. Managing this price risk often involves hedging strategies, but these do not eliminate the risk entirely.
3. Intense Competition and Regulatory Changes: Genie Energy operates in a highly competitive and regulated commodity industry. The retail energy market is characterized by numerous suppliers, and new entrants, including other service companies, continuously increase competition. This competitive environment, coupled with a constantly evolving regulatory framework, necessitates that the company continually adapt and offer value beyond just price to attract and retain customers. Small companies in this sector often face challenges in generating adequate returns.

The clear emerging threat to Genie Energy is the increasing adoption of decentralized energy generation and storage solutions by residential and small business customers. As solar panel technology becomes more efficient and affordable, coupled with advancements and decreasing costs in battery storage solutions, customers are increasingly able to generate their own electricity and store it for later use. This trend empowers customers to become "prosumers," significantly reducing their reliance on purchasing electricity and natural gas from traditional retail energy suppliers like Genie Energy's GRE segment. This shift in consumer behavior, driven by technological progress in renewables and storage, poses a direct threat to the sales volume and revenue of Genie's core energy retail business.

Genie Energy (symbol: GNE) operates in several addressable markets related to electricity, natural gas, and renewable energy. The estimated market sizes for their main products and services are detailed below:

Genie Retail Energy (Electricity and Natural Gas Supply)

• United States Retail Electricity Market: The market size for retail electricity in the United States is estimated at USD 575.49 billion in 2025. U.S. retail electricity sales to end-use customers were approximately 3,861 billion kWh (or about 3.9 trillion kWh) in 2023.
• United States Natural Gas Distribution Market: The U.S. natural gas distribution market was valued at USD 222.5 billion in 2025. It was valued at USD 170.0 billion in 2024 and is projected to reach USD 186.0 billion by 2032.
• Japan Retail Electricity Market: The Japanese electricity retailing market recorded revenues of USD 152 billion in 2023.
• Finland Retail Electricity Market: Unable to size the market in monetary terms. In 2022, there were 3,590,000 total electricity customers in Finland. In 2024, Finland imported $415M of electricity and exported $198M.
• Finland Natural Gas Market: Unable to size the market in monetary terms. The total natural gas supply in Finland was 7,864 TJ in 2024.
• Sweden Retail Electricity Market: Unable to size the market in monetary terms. Sweden's electricity use averages 140 TWh, with 169 TWh of electricity produced in 2024.
• Sweden Natural Gas Market: Unable to size the market in monetary terms. The natural gas market in Sweden is limited, covering only about 3.5% of the country's total energy needs, with a consumption of approximately 15 TWh/year.

Genie Renewables (Energy Advisory and Brokerage Services; Solar Panel Manufacturing, Distribution, Installation Design, and Project Management)

• Global Energy Consulting Market (for Energy Advisory and Brokerage Services): The global energy consulting market size was recorded at USD 15.4074 billion in 2021 and is expected to reach USD 19.2271 billion by the end of 2025. Advisory services constitute approximately 45% of this market.
• Global Solar Panel Market (for Solar Panel Manufacturing, Distribution, Installation Design, and Project Management): The global solar panel market size was valued at USD 284.6 billion in 2025 and is projected to grow to USD 696.99 billion by 2034. Other estimates place the global solar PV panels market size at USD 183.6 billion in 2024, projected to reach USD 462.43 billion by 2030.

Share Repurchases

• Genie Energy repurchased approximately 124,000 shares of its Class B common stock for $2.0 million during Q3 2025.
• In Q2 2025, the company repurchased approximately 159,000 shares of its Class B common stock for $2.7 million.
• Approximately $25 million was returned to shareholders in Q4 2022 through preferred redemptions, dividends, and buybacks.

Outbound Investments

• In Q4 2021, Genie Energy made a small acquisition in Scandinavia to take advantage of market consolidation.
• During 2023, the Sunlight Energy subsidiary acquired a 9.4MW portfolio of operating assets.
• Genie Solar closed a $7.4 million term loan in November 2024 to finance a portfolio of operating solar generation assets.

Capital Expenditures

• Year-to-date Q2 2025 capital expenditures were $3.7 million.
• The company's capital expenditures include investments in developing vertically integrated solar power projects within its Genie Renewables segment.
• Management anticipates the completion and commissioning of a community solar project in 2025 and plans to begin construction on two to three additional projects during the year.