olivLaw · US equity research
Genie Energy Ltd. GNE
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Genie Energy Ltd. (NYSE: GNE) operates mainly through Genie Retail Energy, which sells electricity and natural gas to residential and small business customers in deregulated US markets, and through Genie Renewables, a smaller division covering solar energy, energy brokerage and plastic recycling. In the second quarter of 2026 the company reported net income attributable to common stockholders of about 11.4 million USD, supported by better gross margin, while revenue declined and the business remains sensitive to wholesale energy price volatility.
At the close of 04 Nov 2026, Genie Energy Ltd. (GNE) stock was 17.09 USD (+2.34% on the day), with P/E 18.0 on diluted EPS of 0.95 USD over the last 12 months, dividend yield 1.76%, beta 0.43, 52-week range 13.05–17.09 USD. Latest reported quarter (Q2 2026): revenue of 100.4 m USD (−4.6% YoY), net income of 11.4 m USD (+385.3% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.3
- strong (55–70)
- Bollinger (20, 2)
- 16.35 – 17.07
- above the upper band · %B 1.03 · band width 4.3%
- SMA 50 / 200
- 16.17 / 14.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.16 / 0.18
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.1% | −1.1% | +7.2 pp | — |
| 3 months | +21.0% | −0.5% | +21.5 pp | — |
| 6 months | +19.7% | +4.4% | +15.3 pp | — |
| Year to date | +24.0% | +12.3% | +11.7 pp | — |
| 1 year | +15.9% | +13.5% | +2.4 pp | +4.6% |
| 3 years | −15.8% | +76.4% | −92.2 pp | +32.3% |
| 5 years | +209.6% | +63.7% | +145.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 111.9 m | 102.9 m | 136.8 m | 105.3 m | 138.3 m | 121.3 m | 142.3 m | 100.4 m |
| Cost of revenue | 74.0 m | 69.4 m | 99.4 m | 81.8 m | 108.3 m | 87.8 m | 112.5 m | 66.7 m |
| Gross profit | 37.9 m | 33.5 m | 37.4 m | 23.5 m | 30.0 m | 33.8 m | 29.8 m | 33.7 m |
| SG&A | 25.2 m | 23.3 m | 23.9 m | 21.2 m | 22.6 m | 27.6 m | 27.9 m | 27.1 m |
| Operating income | 11.7 m | -20.8 m | 13.5 m | 2.3 m | 6.9 m | 4.6 m | 1.9 m | 6.5 m |
| Depreciation & amortisation | 231.0 k | 238.0 k | 235.0 k | 236.0 k | 250.0 k | 283.0 k | 356.0 k | 349.0 k |
| Interest expense | 22.0 k | 79.0 k | 189.0 k | 156.0 k | 157.0 k | 168.0 k | 124.0 k | 121.0 k |
| Pre-tax income | 14.2 m | 15.0 m | 15.4 m | 4.2 m | 9.2 m | 8.3 m | 4.1 m | 11.7 m |
| Income tax | 3.9 m | 5.0 m | 5.2 m | 1.8 m | 2.5 m | 334.0 k | 1.6 m | 239.0 k |
| Net income | 10.2 m | -15.5 m | 10.4 m | 2.3 m | 6.7 m | 4.8 m | 2.8 m | 11.4 m |
| Diluted EPS | 0.39 | 0.25 | 0.40 | 0.09 | 0.25 | 0.16 | 0.11 | 0.43 |
| Operating cash flow | 24.4 m ≈ | 13.0 m | 15.3 m | 1.1 m ≈ | 13.9 m ≈ | 15.9 m | -6.5 m | -3.4 m ≈ |
| Capex | 2.5 m ≈ | — | 1.8 m | — | — | — | — | — |
| Dividends paid | 2.0 m ≈ | 2.0 m | 2.0 m | 2.0 m ≈ | 2.0 m ≈ | 2.0 m | 2.0 m | 2.0 m ≈ |
| Share repurchases | 2.0 m ≈ | 2.5 m | 1.9 m | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 32-quarter history (min 0.0, median 6.6, max 27.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 280.3 m | 315.3 m | 356.9 m | 323.3 m | 315.5 m | 428.7 m | 425.2 m | 502.0 m |
| Revenue YoY | +6.1% | +12.5% | +13.2% | −9.4% | −2.4% | +35.9% | −0.8% | +18.1% |
| Net income | 22.8 m | 4.2 m | 13.2 m | 29.2 m | 87.8 m | 52.2 m | 35.5 m | 24.0 m |
| Net income YoY | unavailable | −81.7% | +215.1% | +122.1% | +200.6% | −40.5% | −32.0% | −32.4% |
| Diluted EPS | 0.83 | 0.10 | 0.44 | 1.05 | 3.26 | 1.99 | 1.31 | 0.90 |
| Diluted EPS YoY | unavailable | −88.0% | +340.0% | +138.6% | +210.5% | −39.0% | −34.2% | −31.3% |
| net % | 8.1% | 1.3% | 3.7% | 9.0% | 27.8% | 12.2% | 8.4% | 4.8% |
| Free cash flow | 18.8 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 203.5 m USD
- Financial debt
- 8.7 m USD
- Net debt
- -194.8 m USD
- Equity
- 244.4 m USD
- Total assets
- 389.4 m USD
- Debt / equity
- 0.04x
- Current ratio
- 2.38x
- ROE
- 10.0%
- ROA
- 6.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 356.9 m | 323.3 m | 315.5 m | 428.7 m | 425.2 m | 502.0 m | SEC (XBRL)· 01 May 2026verified |
| Cost of revenue | 261.9 m | 231.6 m | 160.8 m | 282.5 m | 286.7 m | 377.3 m | SEC (XBRL)· 01 May 2026verified |
| Gross profit | 95.1 m | 91.6 m | 154.8 m | 146.2 m | 138.5 m | 124.7 m | SEC (XBRL)· 01 May 2026verified |
| SG&A | 71.8 m | 67.5 m | 75.0 m | 91.1 m | 93.4 m | 95.3 m | SEC (XBRL)· 01 May 2026verified |
| Operating income | 21.9 m | 24.1 m | 77.8 m | 55.1 m | 44.9 m | 27.7 m | SEC (XBRL)· 01 May 2026verified |
| Depreciation & amortisation | 3.0 m | 436.0 k | 385.0 k | 463.0 k | 884.0 k | 1.0 m | SEC (XBRL)· 01 May 2026verified |
| EBITDA | 24.8 m ≈ | 24.5 m ≈ | 78.1 m ≈ | 55.6 m ≈ | 45.8 m ≈ | 28.7 m ≈ | SEC (XBRL)· 01 May 2026derived |
| Interest expense | 328.0 k | 427.0 k | 129.0 k | 99.0 k | 464.0 k | 670.0 k | SEC (XBRL)· 01 May 2026verified |
| Pre-tax income | 22.4 m | 23.7 m | 77.5 m | 63.2 m | 53.5 m | 36.1 m | SEC (XBRL)· 01 May 2026verified |
| Income tax | 7.6 m | 7.5 m | 21.0 m | 16.6 m | 15.4 m | 8.3 m | SEC (XBRL)· 01 May 2026verified |
| Net income | 13.2 m | 29.2 m | 87.8 m | 52.2 m | 35.5 m | 24.0 m | SEC (XBRL)· 01 May 2026verified |
| Diluted EPS | 0.44 | 1.05 | 3.26 | 1.99 | 1.31 | 0.90 | SEC (XBRL)· 01 May 2026verified |
| Weighted average diluted shares | 26.8 m | 26.3 m | 26.4 m | 26.1 m | 27.2 m | 26.5 m | SEC (XBRL)· 01 May 2026verified |
| Dividend per share | 0.33 | — | 0.30 | 0.30 | 0.30 | 0.30 | SEC (XBRL)· 01 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 31.9 m | 93.6 m | 98.6 m | 159.0 m | 192.8 m | 203.5 m | SEC (XBRL)· 01 May 2026verified |
| Receivables | 48.4 m | 41.3 m | 55.1 m | 61.9 m | 61.9 m | 70.1 m | SEC (XBRL)· 01 May 2026verified |
| Inventories | 16.9 m | 17.7 m | 15.7 m | 14.6 m | 12.2 m | 12.4 m | SEC (XBRL)· 01 May 2026verified |
| Current assets | 133.8 m | 200.3 m | 227.6 m | 229.8 m | 297.0 m | 323.4 m | SEC (XBRL)· 01 May 2026verified |
| Property, plant & equipment, net | 247.0 k | 297.0 k | 891.0 k | 15.2 m | 25.2 m | 28.3 m | SEC (XBRL)· 01 May 2026verified |
| Goodwill | 10.0 m | 10.0 m | 10.0 m | 10.0 m | 12.7 m | 13.0 m | SEC (XBRL)· 01 May 2026verified |
| Intangibles (excl. goodwill) | 4.7 m | 3.5 m | 3.1 m | 2.7 m | 2.4 m | 1.8 m | SEC (XBRL)· 01 May 2026verified |
| Total assets | 187.3 m | 229.5 m | 277.6 m | 330.6 m | 369.8 m | 389.4 m | SEC (XBRL)· 01 May 2026verified |
| Accounts payable | 35.0 m | 38.0 m | 35.7 m | 49.4 m | 31.2 m | 41.1 m | SEC (XBRL)· 01 May 2026verified |
| Short-term debt | — | — | — | — | 357.0 k | 2.1 m | SEC (XBRL)· 01 May 2026verified |
| Long-term debt | — | — | — | — | 8.7 m | 6.5 m | SEC (XBRL)· 01 May 2026verified |
| Current liabilities | 97.5 m | 116.3 m | 99.2 m | 98.3 m | 122.3 m | 136.0 m | SEC (XBRL)· 01 May 2026verified |
| Total liabilities | 101.3 m | 118.7 m | 104.0 m | 146.0 m | 134.7 m | 144.9 m | SEC (XBRL)· 01 May 2026verified |
| Equity | 86.1 m | 110.8 m | 173.6 m | 217.2 m | 235.2 m | 244.4 m | SEC (XBRL)· 01 May 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 23.1 m | 68.4 m | 80.7 m | 62.5 m | 70.7 m | 46.3 m | SEC (XBRL)· 01 May 2026verified |
| Investing cash flow | -3.0 m | 2.7 m | -49.3 m | 13.6 m | -16.0 m | -15.3 m | SEC (XBRL)· 01 May 2026verified |
| Financing cash flow | -15.2 m | -5.7 m | -25.5 m | -15.2 m | -15.8 m | -19.1 m | SEC (XBRL)· 01 May 2026verified |
| Dividends paid | 10.1 m | 1.5 m | 9.2 m | 8.9 m | 8.2 m | 8.0 m | SEC (XBRL)· 01 May 2026verified |
| Share repurchases | 1.7 m | 3.8 m | 4.4 m | 37.0 k | 10.4 m | — | SEC (XBRL)· 14 Mar 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation80
- Quality56
- Growth43
- Returns35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.94 – 20.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Dividend discount (DDM)3.94 – 5.30 (Mid 4.52)
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.39 – 20.35 (Mid 18.90)13 companies used · median multiple 19.9x · quartiles 18.3x – 21.4xAEE, AVA, CMS, DUK, ED, EVRG, EXC, LNT, NI, PEG, UTL, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.4% | 100 (vs peers) | 7% |
| Net margin · Quality | 5.1% | 13 (vs peers) | 7% |
| Revenue CAGR 3Y · Growth | 16.7% | 100 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | -34.9% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | -8.4x | 100 (vs peers) | 14% |
| Interest coverage · Balance sheet | 34.9x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.0x | 80 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 1.8% | 7 (vs peers) | 17% |
| Payout ratio (EPS) · Returns | 31.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth43/100 · 2/2 factors with a value
- Quality56/100 · 2/2 factors with a value
- Returns35/100 · 2/2 factors with a value
- Valuation· partial80/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Genie Energy Ltd. (GNE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 502.0 m USD in 2025; YoY growth 18.1%; net margin 5.1%; ROE 11.2%; net debt/EBITDA -8.4x.
The estimated value range is 10.66–12.82 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.71 USD, the price of 17.09 USD leaves a potential of -31.5% (value / price − 1) and a margin of safety of -45.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.4%
- Revenue CAGR 3Y: 16.7%
- Net debt / EBITDA: -8.4x
- Interest coverage: 34.9x
- Current ratio: 2.9x
- P/E (TTM): 18.0x
- Payout ratio (EPS): 31.6%
What contradicts it
- Net margin: 5.1%
- EPS CAGR 3Y: -34.9%
- Dividend yield: 1.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EV/EBITDA.
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +6% / +46% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
| NWENorthwestern Energy Group, Inc. | 5.0 bn | 29.6 | 5.9% | 10.1% | +6.4% | +19% / +63% |
| AVAAvista Corp | 3.4 bn | 13.5 | 9.0% | 12.8% | +1.3% | −3% / +18% |
| UTLUnitil Corporation | 1.0 bn | 18.3 | 9.0% | 9.1% | +8.3% | +13% / +17% |
| VIVOVivopower PLC | 46.7 m | — | — | -20,970.5% | +281.3% | −42% / −16% |
| GRDXGridAI Technologies Corp. | 38.7 m | — | -480.5% | -56,864.0% | unavailable | +82% / −67% |
| GNEGenie Energy Ltd. | — | 18.0 | 11.2% | 5.1% | +18.1% | +16% / −16% |
1- and 3-year price returns: for GNE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Genie Energy Ltd. (NYSE: GNE) operates mainly through Genie Retail Energy, which sells electricity and natural gas to residential and small business customers in deregulated US markets, and through Genie Renewables, a smaller division covering solar energy, energy brokerage and plastic recycling. In the second quarter of 2026 the company reported net income attributable to common stockholders of about 11.4 million USD, supported by better gross margin, while revenue declined and the business remains sensitive to wholesale energy price volatility.
SWOT
Strengths
- A profitable core business with rising gross margins and improved net results in the first half of 2026, together with a solid liquidity position for a company of its size 3.
- Diversification into energy brokerage and solar offers complementary revenue streams, and Diversegy reported strong cash generation in the second quarter 3.
- POR mechanisms, under which utilities buy customer receivables and take on non-payment risk, reduce the company's credit exposure 1.
Weaknesses
- Revenue concentration in the GRE segment, which accounts for almost all sales, makes the company sensitive to a single business model and market conditions 1.
- Customer churn rose in the second quarter of 2026, and meters and RCEs fell as aggregation contracts expired 3.
- The GREW segment has posted negative operating results in the past, and investments in Roded and other early-stage initiatives still weigh on results 3.
Opportunities
- Expansion into new deregulated markets and completion of community solar projects could add customers and revenue in the coming years 13.
- Growth in high-value customers in Texas and California, where the company gained customers in the second quarter of 2026, could improve margins 3.
- Demand for renewable energy and for advisory procurement contracts could support growth at Diversegy and Genie Solar 1.
Threats
- Competition from utilities and larger suppliers could force price cuts or loss of market share 1.
- Wholesale price volatility and extreme weather could cause sudden losses, as happened in Texas in 2021 1.
- Claims by the Finnish Lumo bankruptcy administrators concerning gains on swap instruments could create additional costs if upheld 2.
Risks
- Wholesale price volatilityhigh
Sudden increases in electricity and gas prices can reduce margins, especially on fixed-price contracts where the company cannot pass costs on immediately 1.
- Competition from utilitiesmedium
Utilities and their REP affiliates have advantages in recognition and customer relationships, which could lead to lost market share or lower prices 1.
- State regulationmedium
Legislative changes in states such as New York and Maryland could limit marketing and the POR model, which could affect customer acquisition 1.
- Finnish litigationmedium
The Lumo bankruptcy administrators contest gains on swap instruments and payments made before the bankruptcy, and the outcome could generate unforeseen costs 2.
- Climate and extreme weatherlow
Unusual weather can increase demand or supply costs and affect operations, and the need to adapt to climate change is growing 1.
Investment thesis
What would need to be true (bull case)
- If GRE margins stay near the historical average and customer acquisition costs are managed, results in 2026 could go beyond the second quarter, supported by stronger contributions from Diversegy and Genie Solar 3.
- The liquidity position and the share repurchase program could provide flexibility for investment and dividends if the business keeps generating cash 3.
- POR mechanisms in most states reduce credit risk, which could make retail revenue more predictable if the market stays stable 1.
What would break the thesis
- Total revenue fell in the second quarter of 2026, and dependence on one segment with margins sensitive to wholesale prices can make results volatile 3.
- Customer churn has risen, and the expiry of low-margin aggregation contracts could further reduce meters and recurring revenue 3.
- The Lumo litigation and regulatory risks in key states could generate costs or customer losses that have not yet been quantified 12.
What to watch
- Delivery of the 2026 Adjusted EBITDA guidance of 32.5 to 40 million USDQ4 2026
- Trend in GRE customer churn compared with the 5.9% level of the second quarterQ3 2026
- Contribution of Diversegy and Genie Solar to GREW Adjusted EBITDA as the second solar project ramps upQ3 2026
- Progress of the Finnish proceedings on gains from the sale of Lumo Sweden swap instrumentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Genie Renewables (GREW) combines Genie Solar, an integrated solar energy company, CityCom Solar, which markets community solar, Diversegy, an energy procurement advisor for industrial, commercial and municipal customers, and Roded, which produces plastic pallets from recycled material 1. The segment is smaller, but in the second quarter of 2026 it was positive on an Adjusted EBITDA basis 3.
The company has exited its European operations (Lumo in Finland and Sweden and Orbit in the United Kingdom), which are now treated as discontinued operations, and the Finnish bankruptcy proceedings still generate legal claims that Genie is contesting 12.
Segments
Genie Retail Energy
The main segment, which accounts for almost all revenue. In the second quarter of 2026 gross margin rose to 32.2%, while the number of RCEs fell as low-margin aggregation contracts expired 3.
Genie Renewables
The segment includes the Diversegy brokerage, the Genie Solar assets and early-stage investments such as Roded and Able Minds. Revenue was roughly flat in the second quarter of 2026, but the segment produced positive Adjusted EBITDA, supported by Diversegy and Genie Solar 3.
Market context
Retail energy activity takes place in US states with deregulated markets, where consumers can choose their supplier while distribution remains with local utilities. At the end of 2025 thirty-two states had some level of energy deregulation 1. The company operates in nineteen states and Washington D.C. 1.
The market is competitive, with local utilities, their REP affiliates and independent suppliers competing, and customer acquisition depends on marketing and relative prices 1. Geographic concentration matters: New York represented 12.5% of GRE meters at the end of 2025 1.
Trends
- Normalizing wholesale pricestailwind
More normal wholesale conditions allowed GRE to achieve a gross margin close to its long-term historical average in the second quarter of 2026, which significantly improved bottom-line results 3. If volatility returns, margins could again be affected.
- Customer churnheadwind
Churn rose to 5.9% per month in the second quarter of 2026, compared with 4.8% a year earlier, while the company's typical range is four to seven percent per month 31. Higher acquisition spending aimed at high-value segments puts pressure on profitability.
- Regulation and climate policyheadwind
State legislation in places such as New York and Maryland could restrict POR programs or marketing, and policies on greenhouse gas emissions could raise costs or reduce demand for energy from carbon-emitting fuels 1. The effect depends on the final form of the legislation.
- Solar and renewable investmentsmixed
Genie Solar brought its first community solar project in New York online at the end of 2025 and its second in late in the second quarter of 2026, which could support GREW revenue in the coming quarters 13.
Competitive position
Genie faces local utilities and their REP affiliates, which have advantages in name recognition, financial strength and long-standing customer relationships. Besides other REPs, competition is on service, customer care and price, and larger competitors could have greater financial resources 1.
Diversegy and Genie Solar compete with energy consultants and community solar developers, a fragmented field where the company holds more modest positions 1. The company has said it is expanding its markets through REP acquisitions in new states 2.
- Local utilities and their REP affiliates
Distribution companies in each territory that also sell energy through affiliates, with advantages in recognition and customer relationships 1.
- Independent REP suppliers
Retail suppliers in deregulated markets that compete on price, service and customer acquisition 1.
- Larger retail energy competitors
The sources refer to competitors with greater financial and technical resources without naming them 1.
- Community solar providers
Developers and marketers of community solar that compete with Genie Solar and CityCom Solar for the same type of customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- SAP promises to open out data flows in both directionsThe Register · 05 Nov 2026 · EN
- Import AI 479: Spacewar; low-latency tasks versus LLMs; Genie 4Import AI · 02 Nov 2026 · EN
- [AINews] Google admits AI Mode hurts Search revenue; -15% $500B drop worst since 2004 IPO. AI Bear Market coming?Latent Space Newsletter · 31 Oct 2026 · EN
- Insights into early-onset colorectal cancer from a single-nucleus RNA-seq atlas of colorectal cancer across the age continuumNature Medicine · 29 Oct 2026 · EN
- Can Frontier Models See Past a Decoy? Elorian Tests Visual ReasoningLatent Space Newsletter · 28 Oct 2026 · EN
- [AINews] Anthropic ends Coding Interviews: "Hunger beats tenure"Latent Space Newsletter · 28 Oct 2026 · EN
- Meet Google DeepMind’s Genie 4: Real-Time World Model With Native AudioMarkTechPost (Asia AI) · 28 Oct 2026 · EN
- Genie 4: A new generation of world simulationGoogle DeepMind Blog · 27 Oct 2026 · EN
- DeepMind unveils Genie 4 world model promising more realistic physics and humansArs Technica — AI · 27 Oct 2026 · EN
- Google’s next Genie AI model generates more realistic experiencesThe Verge · 27 Oct 2026 · EN
- I Want Better Reporting on AI Genie BehaviorSchneier on Security · 30 Sept 2026 · EN
- Research on Models Engaging in Genie-Like BehaviorSchneier on Security · 23 Sept 2026 · EN
- ‘The Genie’s Out of the Bottle’ on AI Risks, Creating a Buying Opportunity in CrowdStrike StockYahoo Finance — News · 18 Sept 2026 · EN
- The inflation genie could be out of the bottle — and bond markets are sounding the alarmCNBC World · 04 Sept 2026 · EN
- To keep the AI hacking genie bottled up, try one-way networksThe Register · 03 Sept 2026 · EN
- The OpenAI Hack Shows the Genie Is Out of the BottleForeign Policy · 30 Jul 2026 · EN
- Genie Out of the Lamp: Fedorov Won’t Return, Protesters Hold Their GroundKyiv Post · 25 Jul 2026 · RO
- Frontier AI: The Genie's Out of the Bottle, but Where's the Rulebook?Dark Reading · 14 Jul 2026 · RO
- Frontier AI: The Genie's Out of the Bottle, But Where's the Rulebook?Dark Reading · 10 Jul 2026 · RO
- Japan's corporate reform genie will not go back in the bottleNikkei Asia · 03 Jul 2026 · RO
SEC filings
- Current report05 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote
- Quarterly report15 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Proxy statement01 May 2026
- Annual report01 May 2026
- Current report07 Apr 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Mar 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Genie Energy Ltd. · 01 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Genie Energy Ltd. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Genie Energy Ltd. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.