{"url_path":"/sec/gne/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1528356/0001437749-26-017292-index.html","accession_number":"0001437749-26-017292","cik":"0001528356","ticker":"GNE","issuer_name":"Genie Energy Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1528356/0001437749-26-017292-index.html","primary_entity_key":"0001528356","primary_entity_name":"Genie Energy Ltd."},"word_count":18673,"has_tables":true,"body_markdown":"gne20260331_10q.htm\n\n0001528356\nGenie Energy Ltd.\nfalse\n--12-31\nQ1\n2026\n8,259\n7,876\n\n0.01\n0.01\n10,000\n10,000\n8,750\n8,750\n0\n0\n0\n0\n0.01\n0.01\n35,000\n35,000\n1,574\n1,574\n1,574\n1,574\n0.01\n0.01\n200,000\n200,000\n29,356\n29,339\n24,826\n24,847\n4,530\n4,492\n0.075\n0.075\n35.2\n4.8\n40.0\n4.2\n1.6\n2.0\n4.0\n2.5\n20.0\n9.0\n10.0\n20.0\n9.0\n10.0\n0.1\nFebruary 5, 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10-Q**\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n \n\n**FORM 10-Q**\n\n \n\n \n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**FOR THE QUARTERLY PERIOD ENDED March 31, 2026**\n\n \n\n**or**\n\n \n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**Commission File Number: 1-35327**\n\n \n\n \n\n**GENIE ENERGY LTD.**\n\n**(Exact Name of Registrant as Specified in its Charter)**\n\n \n\n \n\n**Delaware**\n\n \n\n**45-2069276**\n\n**(State or other jurisdiction of incorporation or organization)**\n\n \n\n**(I.R.S. Employer Identification Number)**\n\n \n\n \n\n \n\n**520 Broad Street,** **Newark, New Jersey**\n\n \n\n**07102**\n\n**(Address of principal executive offices)**\n\n \n\n**(Zip Code)**\n\n \n\n**(973) 438-3500**\n\n**(Registrant**’**s telephone number, including area code)**\n\n \n\n \n\n**Securities registered pursuant to Section 12(b)-2 of the Exchange Act:**\n\n \n\n**Title** **of each Class**\n\n**Trading** **Symbol**\n\n**Name of exchange of which registered**\n\nClass B common stock, par value $0.01 per share\n\nGNE\n\nNew York Stock Exchange\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  \n\n \n\nLarge accelerated filer\n\n☐ \n\nAccelerated filer\n\n☒ \n\nNon-accelerated filer\n\n☐ \n\nSmaller reporting company\n\n☐ \n\nEmerging growth company\n\n☐ \n\n \n\n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.):    Yes  ☐    No  ☒\n\n \n\n \n\nAs of May 13, 2026, the registrant had the following shares outstanding:\n\n \n\nClass A common stock, $0.01 par value:\n\n1,574,326 shares\n\nClass B common stock, $0.01 par value:\n\n24,829,375 shares (excluding 4,529,558 treasury shares)\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n  \n\n \n\n \n\n**GENIE ENERGY LTD.**\n**TABLE OF CONTENTS**\n\n \n\n \n\n[PART I. FINANCIAL INFORMATION](#part1)\n\n[1](#part1)\n\n \n \n\n \n\n[Item 1.](#finstmts)\n\n[Financial Statements](#finstmts)\n\n[1](#finstmts)\n\n \n \n \n \n\n \n \n\n[CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025](#bs)\n\n[1](#bs)\n\n \n \n \n \n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#ops)\n\n[2](#ops)\n\n \n \n \n \n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#compinc)\n\n[3](#compinc)\n\n \n \n \n \n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#equity) \n\n[4](#equity)\n\n \n \n \n \n\n \n \n\n[CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)](#cf) \n\n[6](#cf)\n\n \n \n \n \n\n \n \n\n[NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED](#notes)\n\n[7](#notes)\n\n \n \n \n \n\n \n\n[Item 2.](#mda)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n[32](#mda)\n\n \n \n \n \n\n \n\n[Item 3.](#quant)\n\n[Quantitative and Qualitative Disclosures About Market Risks](#quant)\n\n[47](#quant)\n\n \n \n \n \n\n \n\n[Item 4.](#controls)\n\n[Controls and Procedures](#controls)\n\n[47](#controls)\n\n \n \n \n \n\n[PART II. OTHER INFORMATION](#part2)\n\n[48](#part2)\n\n \n \n \n \n\n \n\n[Item 1.](#legal)\n\n[Legal Proceedings](#legal)\n\n[48](#legal)\n\n \n \n \n \n\n \n\n[Item 1A.](#risk)\n\n[Risk Factors](#risk)\n\n[48](#risk)\n\n \n \n \n \n\n \n\n[Item 2.](#unregistered)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#unregistered)\n\n[48](#unregistered)\n\n \n \n \n \n\n \n\n[Item 3.](#defaults)\n\n[Defaults upon Senior Securities](#defaults)\n\n[48](#defaults)\n\n \n \n \n \n\n \n\n[Item 4.](#mine)\n\n[Mine Safety Disclosures](#mine)\n\n[48](#mine)\n\n \n \n \n \n\n \n\n[Item 5.](#otherinfo)\n\n[Other Information](#otherinfo)\n\n[48](#otherinfo)\n\n \n \n \n \n\n \n\n[Item 6.](#exhibits)\n\n[Exhibits](#exhibits)\n\n[49](#exhibits)\n\n \n \n \n \n\n[SIGNATURES](#sigs)\n\n[50](#sigs)\n\n \n\ni\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**PART I. FINANCIAL INFORMATION**\n\n**Item**** 1.**\n\n**Financial Statements (Unaudited)**\n\n \n\n**GENIE ENERGY LTD.**\n\n**CONDENSED CONSOLIDATED BALANCE SHEETS**\n\n**(in thousands, except per share amounts)**\n\n \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(Unaudited)**\n    \n\n**Assets**\n   ** **   ** **\n\nCurrent assets:\n        \n\nCash and cash equivalents\n $**185,876**  $203,516 \n\nRestricted cash—short-term\n  **8,735**   7,936 \n\nMarketable equity securities\n  **5,219**   409 \n\nTrade accounts receivable, net of allowance for credit losses of $8,259 and $7,876 at March 31, 2026 and December 31, 2025, respectively\n  **65,637**   70,062 \n\nInventory\n  **12,140**   12,370 \n\nPrepaid expenses\n  **14,444**   10,567 \n\nOther current assets\n  **17,265**   17,154 \n\nCurrent assets of discontinued operations\n  **1,332**   1,419 \n\nTotal current assets\n  **310,648**   323,433 \n\nProperty and equipment, net\n  **27,075**   28,303 \n\nGoodwill\n  **13,173**   12,978 \n\nOther intangibles, net\n  **1,730**   1,804 \n\nDeferred income tax assets, net\n  **2,309**   2,309 \n\nOther assets\n  **21,522**   20,553 \n\nTotal assets\n $**376,457**  $389,380 \n\n**Liabilities and equity**\n   ** **   ** **\n\nCurrent liabilities:\n        \n\nTrade accounts payable\n $**26,427**  $41,094 \n\nAccrued expenses\n  **54,466**   50,782 \n\nIncome taxes payable\n  **30,401**   28,851 \n\nCurrent debt, net\n  **370**   2,139 \n\nDue to IDT Corporation, net\n  **168**   112 \n\nOther current liabilities\n  **7,489**   10,052 \n\nCurrent liabilities of discontinued operations\n  **2,970**   2,996 \n\nTotal current liabilities\n  **122,291**   136,026 \n\nNoncurrent debt, net\n  **6,468**   6,529 \n\nOther liabilities\n  **2,393**   2,379 \n\nTotal liabilities\n  **131,152**   144,934 \n\nCommitments and contingencies (Note 19)\n          \n\nEquity:\n        \n\nGenie Energy Ltd. stockholders’ equity:\n        \n\nPreferred stock, $0.01 par value; authorized shares—10,000:\n        \n\nSeries 2012-A, designated shares—8,750; at liquidation preference, consisting of 0 shares issued and outstanding at March 31, 2026 and December 31, 2025\n  —   — \n\nClass A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at March 31, 2026 and December 31, 2025\n  **16**   16 \n\nClass B common stock, $0.01 par value; authorized shares—200,000; 29,356 and 29,339 shares issued and 24,826 and 24,847 shares outstanding at March 31, 2026 and December 31, 2025, respectively\n  **293**   293 \n\nAdditional paid-in capital\n  **158,533**   157,763 \n\nTreasury stock, at cost, consisting of 4,530 and 4,492 shares of Class B common stock at March 31, 2026 and December 31, 2025\n  **(48,791****)**  (48,274)\n\nAccumulated other comprehensive income\n  **5,032**   4,921 \n\nRetained earnings\n  **136,942**   136,183 \n\nTotal Genie Energy Ltd. stockholders’ equity\n  **252,025**   250,902 \n\nNoncontrolling interests:\n        \n\nNoncontrolling interests\n  **(6,720****)**  (6,034)\n\nReceivable from issuance of equity\n  **—**** **  (422)\n\nTotal noncontrolling interests\n  **(6,720****)**  (6,456)\n\nTotal equity\n  **245,305**   244,446 \n\nTotal liabilities and equity\n $**376,457**  $389,380 \n\n \n\nSee accompanying notes to condensed consolidated financial statements.\n\n \n\n \n\n1\n\n[Table of Contents](#toc)\n\n \n\n \n\n**GENIE ENERGY LTD.**\n\n**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**\n**(Unaudited)**\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n**(in thousands, except per share data)**\n\n \n \n**2026**\n \n \n \n**2025**\n \n\n \n \n \n \n \n \n \n \n \n\nRevenues:\n\n \n \n \n \n \n \n \n \n\nElectricity\n\n \n$\n**99,411**\n \n \n$\n104,063\n \n\nNatural gas\n\n \n \n**35,352**\n \n \n \n28,409\n \n\nOther\n\n \n \n**7,549**\n \n \n \n4,335\n \n\nTotal revenues\n\n \n \n**142,312**\n \n \n \n136,807\n \n\nCost of revenues\n\n \n \n**112,491**\n \n \n \n99,444\n \n\nGross profit\n\n \n \n**29,821**\n \n \n \n37,363\n \n\nOperating expenses:\n\n \n \n \n \n \n \n \n \n\nSelling, general and administrative\n\n \n \n**27,949**\n \n \n \n23,887\n \n\nIncome from operations\n\n \n \n**1,872**\n \n \n \n13,476\n \n\nInterest income\n\n \n \n**1,651**\n \n \n \n1,981\n \n\nInterest expense\n\n \n \n**(124**\n**)**\n \n \n(189\n)\n\nOther income, net\n\n \n \n**710**\n \n \n \n162\n \n\nIncome before income taxes\n\n \n \n**4,109**\n \n \n \n15,430\n \n\nProvision for income taxes\n\n \n \n**(1,585**\n**)**\n \n \n(5,212\n)\n\nNet income from continuing operations\n\n \n \n**2,524**\n \n \n \n10,218\n \n\nLoss from discontinued operations, net of taxes\n\n \n \n**(10**\n**)**\n \n \n(104\n)\n\nNet income\n\n \n \n**2,514**\n \n \n \n10,114\n \n\nNet loss attributable to noncontrolling interests, net\n\n \n \n**(264**\n**)**\n \n \n(329\n)\n\nNet income attributable to Genie Energy Ltd. common stockholders\n\n \n$\n**2,778**\n \n \n$\n10,443\n \n\n \n \n \n \n \n \n \n \n \n\nNet income (loss) attributable to Genie Energy Ltd. common stockholders\n\n \n \n \n \n \n \n \n \n\nContinuing operations\n\n \n$\n**2,788**\n \n \n$\n10,547\n \n\nDiscontinued operations\n\n \n \n**(10**\n**)**\n \n \n(104\n)\n\nNet income attributable to Genie Energy Ltd. common stockholders\n\n \n$\n**2,778**\n \n \n$\n10,443\n \n\nEarnings per share attributable to Genie Energy Ltd. common stockholders:\n\n \n \n \n \n \n \n \n \n\nBasic:\n\n \n \n \n \n \n \n \n \n\nContinuing operations\n\n \n$\n**0.11**\n \n \n$\n0.40\n \n\nDiscontinued operations\n\n \n \n**—**\n \n \n \n—\n \n\nEarnings per share attributable to Genie Energy Ltd. common stockholders\n\n \n$\n**0.11**\n \n \n$\n0.40\n \n\nDiluted\n\n \n \n \n \n \n \n \n \n\nContinuing operations\n\n \n$\n**0.11**\n \n \n$\n0.40\n \n\nDiscontinued operations\n\n \n \n**—**\n \n \n \n—\n \n\nEarnings per share attributable to Genie Energy Ltd. common stockholders\n\n \n$\n**0.11**\n \n \n$\n0.40\n \n\n \n \n \n \n \n \n \n \n \n\nWeighted-average number of shares used in calculation of earnings per share:\n\n \n \n \n \n \n \n \n \n\nBasic\n\n \n \n**26,050**\n \n \n \n26,338\n \n\nDiluted\n\n \n \n**26,145**\n \n \n \n26,612\n \n\n \n \n \n \n \n \n \n \n \n\nDividends declared per common share\n\n \n$\n**0.075**\n \n \n$\n0.075\n \n\n \n\nSee accompanying notes to condensed consolidated financial statements.\n\n \n\n2\n\n[Table of Contents](#toc)\n\n \n\n \n\n**GENIE ENERGY LTD.**\n\n**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**\n\n**(Unaudited)**\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n**(in thousands)**\n\n \n \n**2026**\n \n \n \n**2025**\n \n\n \n \n \n \n \n \n \n\nNet income\n\n \n$\n**2,514**\n \n \n$\n10,114\n \n\nOther comprehensive loss:\n\n \n \n \n \n \n \n \n \n\nForeign currency translation adjustments\n\n \n \n**111**\n** **\n \n \n1,124\n \n\nComprehensive income\n\n \n \n**2,625**\n \n \n \n11,238\n \n\nComprehensive loss attributable to noncontrolling interests\n\n \n \n**264**\n \n \n \n(341\n)\n\nComprehensive income attributable to Genie Energy Ltd.\n\n \n$\n**2,889**\n \n \n$\n10,897\n \n\n \n\nSee accompanying notes to condensed consolidated financial statements.\n\n \n\n3\n\n[Table of Contents](#toc)\n\n \n\n \n\n**GENIE ENERGY LTD.** \n\n**CONDENSED CONSOLIDATED STATEMENTS OF EQUITY**\n\n**(in thousands, except dividend per share)**\n\n**Genie Energy Ltd. Stockholders**\n\n \n\n   * *** **  * *** **  * *** **  * *** **  * *** **  * *** **  * *** **  * *** ** \n**Accumulated**\n   * *** **  * *** **  * *** **  * *** **\n\n  \n**Preferred**\n  \n**Class A**\n  \n**Class B**\n  \n**Additional**\n   * *** ** \n**Other**\n   * *** ** \n**Non**\n  \n**Receivable**\n   * *** **\n\n  \n**Stock**\n  \n**Common Stock**\n  \n**Common Stock**\n  \n**Paid-In**\n  \n**Treasury**\n  \n**Comprehensive**\n  \n**Retained**\n  \n**controlling**\n  \n**for Issuance**\n  \n**Total**\n \n\n  \n**Shares**\n  \n**Amount**\n  \n**Shares**\n  \n**Amount**\n  \n**Shares**\n  \n**Amount**\n  \n**Capital**\n  \n**Stock**\n  \n**Income**\n  \n**Earnings**\n  \n**Interests**\n  \n**of Equity**\n  \n**Equity**\n \n\n**BALANCE AT JANUARY 1, 2026**\n  —  $—   **1,574**  $**16**   **29,339**  $**293**  $**157,763**  $**(48,274****)** $**4,921**  $**136,183**  $**(6,034****)** $**(422****)** $**244,446** \n\nDividends on common stock ($0.075 per share)\n  *—*   —   *—*   —   *—*   —   —   —   —   **(2,019****)**  —   —   **(2,019****)**\n\nStock-based compensation\n  —   —   —   —   **14**   —   **720**   —   —   —   —   —   **720** \n\nRestricted Class B common stock purchased from employees\n  *—*   —   *—*   —   *—*   —   —   **(517****)**  —   —   —   —   **(517****)**\n\nDilution of noncontrolling interest in a subsidiary\n  *—*   —   *—*   —   *—*   —   —   **—**** **  —   —   (422)  422   **—**** **\n\nRestricted Class B common stock issued to a member of the Board of Directors\n  *—*   —   *—*   —   *3*   —   **50**   —   —   —   —   —   **50** \n\nOther comprehensive income\n  *—*   —   *—*   —   *—*   —   —   —   **111**   —   **—**   —   **111** \n\nNet income (loss) for three months ended March 31, 2026\n  *—*   —   *—*   —   *—*   —   —   —   —   **2,778**   **(264****)**  —   **2,514** \n\n**BALANCE AT MARCH 31, 2026**\n  —  $—   **1,574**  $**16**   **29,356**  $**293**  $**158,533**  $**(48,791****)** $**5,032**  $**136,942**  $**(6,720****)** $**—**** ** $**245,305** \n\n \n\n4\n\n[Table of Contents](#toc)\n\n \n\n**GENIE ENERGY LTD.**\n**CONDENSED CONSOLIDATED STATEMENTS OF EQUITY**\n**(in thousands,** **except dividend per share)**—**(Continued)**\n\n**Genie Energy Ltd. Stockholders**\n\n \n\n   * *** **  * *** **  * *** **  * *** **  * *** **  * *** **  * *** **  * *** ** \n**Accumulated**\n   * *** **  * *** ** * *   * *** **\n\n  \n**Preferred**\n  \n**Class A**\n  \n**Class B**\n  \n**Additional**\n   * *** ** \n**Other**\n   * *** ** \n**Non**\n  \n**Receivable for**\n   * *** **\n\n  \n**Stock**\n  \n**Common Stock**\n  \n**Common Stock**\n  \n**Paid-In**\n  \n**Treasury**\n  \n**Comprehensive**\n  \n**Retained**\n  \n**controlling**\n  \n**Issuance of**\n  \n**Total**\n \n\n  \n**Shares**\n  \n**Amount**\n  \n**Shares**\n  \n**Amount**\n  \n**Shares**\n  \n**Amount**\n  \n**Capital**\n  \n**Stock**\n  \n**Income**\n  \n**Earnings**\n  \n**Interests**\n  \n**Equity**\n  \n**Equity**\n \n\n**BALANCE AT JANUARY 1, 2025**\n  —  $**—**   **1,574**  $**16**   **29,310**  $**293**  $**159,192**  $**(37,486****)** $**3,919**  $**120,200**  $**(10,174****)** $**(783****)** $**235,177** \n\nDividends on common stock ($0.075 per share)\n  *—*   —   *—*   —   *—*   —   —   —   *—*   (2,026)  *—*   —   (2,026)\n\nStock-based compensation\n  —   —   —   —   14   —   739   —   *—*   —   *—*   —   739 \n\nRestricted Class B common stock purchased from employees\n  *—*   —   *—*   —   *—*   —   —   (462)  —   —   —   —   (462)\n\nRepurchase of Class B common stock from stock repurchase program\n  *—*   —   *—*   —   *—*   —   —   (1,887)  *—*   —   *—*   —   (1,887)\n\nRestricted Class B common stock issued to a member of the Board of Directors\n  *—*   —   *—*   —   *—*   —   50   —   —   —   —   —   50 \n\nOther comprehensive income\n  *—*   —   *—*   —   *—*   —   —   —   454   —   670   —   1,124 \n\nNet income (loss) for three months ended March 31, 2025\n  *—*   —   *—*   —   *—*   —   —   —   —   10,443   (329)  —   10,114 \n\n**BALANCE AT MARCH 31, 2025**\n  —  $**—**   **1,574**  $**16**   **29,324**  $**293**  $**159,981**  $**(39,835****)** $**4,373**  $**128,617**  $**(9,833****)** $**(783****)** $**242,829** \n\n \n\n5\n\n[Table of Contents](#toc)\n\n \n\n \n\n**GENIE ENERGY LTD.** \n\n**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**\n**(Unaudited)** \n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n \n \n \n \n \n\n**Operating activities**\n\n \n** **\n** **\n** **\n \n** **\n** **\n** **\n\nNet income\n\n \n**$**\n**2,514**\n \n \n$\n10,114\n \n\nNet loss from discontinued operations, net of tax\n\n \n** **\n**(10**\n**)**\n \n \n(104\n)\n\nNet income from continuing operations\n\n \n** **\n**2,524**\n \n \n \n10,218\n \n\nAdjustments to reconcile net income to net cash provided by operating activities of continuing operations:\n\n \n \n \n \n \n \n \n \n\nStock-based compensation\n\n \n** **\n**720**\n \n \n \n739\n \n\nProvision for credit losses\n\n \n** **\n**485**\n \n \n \n309\n \n\nDepreciation and amortization\n\n \n** **\n**356**\n \n \n \n235\n \n\nUnrealized gain on marketable equity securities and investments and other, net\n\n \n** **\n**(635**\n**)**\n \n \n(171\n)\n\nInventory valuation allowance\n\n \n** **\n**939**\n \n \n \n—\n \n\nChanges in assets and liabilities:\n\n \n \n \n \n \n \n \n \n\nTrade accounts receivable\n\n \n** **\n**3,940**\n \n \n \n(2,668\n)\n\nInventory\n\n \n** **\n**1,125**\n \n \n \n(1,538\n)\n\nPrepaid expenses\n\n \n** **\n**(3,878**\n**)**\n \n \n390\n \n\nOther current assets and other assets\n\n \n** **\n**(224**\n**)**\n \n \n(209\n)\n\nTrade accounts payable, accrued expenses and other liabilities\n\n \n** **\n**(13,467**\n**)**\n \n \n981\n \n\nDue to IDT Corporation, net\n\n \n** **\n**55**\n \n \n \n1\n \n\nIncome taxes payable\n\n \n** **\n**1,550**\n \n \n \n5,232\n \n\nNet cash (used in) provided by operating activities of continuing operations\n\n \n** **\n**(6,510**\n**)**\n \n \n13,519\n \n\nNet cash (used in) provided by operating activities of discontinued operations\n\n \n** **\n**(5**\n**)**\n \n \n1,830\n \n\nNet cash (used in) provided by operating activities\n\n \n** **\n**(6,515**\n**)**\n \n \n15,349\n \n\n**Investing activities**\n\n \n** **\n** **\n** **\n \n** **\n** **\n** **\n\nCapital expenditures\n\n \n** **\n**(887**\n**)**\n \n \n(1,773\n)\n\nPurchases of marketable equity securities and other investments\n\n \n** **\n**(5,027**\n**)**\n \n \n—\n \n\nImprovements in investment property\n\n \n** **\n**(43**\n**)**\n \n \n(370\n)\n\nProceeds from return of investments\n\n \n** **\n**11**\n \n \n \n50\n \n\nNet cash used in investing activities\n\n \n** **\n**(5,946**\n**)**\n \n \n(2,093\n)\n\n**Financing activities**\n\n \n** **\n** **\n** **\n \n** **\n** **\n** **\n\nDividends paid\n\n \n** **\n**(2,019**\n**)**\n \n \n(2,026\n)\n\nRepurchases of Class B common stock from employees\n\n \n** **\n**(517**\n**)**\n \n \n(462\n)\n\nPayment of debt\n\n \n** **\n**(1,839**\n**)**\n \n \n—\n \n\nRepurchases of Class B common stock\n\n \n \n—\n \n \n \n(1,887\n)\n\nNet cash used in financing activities\n\n \n** **\n**(4,375**\n**)**\n \n \n(4,375\n)\n\nEffect of exchange rate changes on cash, cash equivalents, and restricted cash\n\n \n** **\n**(20**\n**)**\n \n \n(80\n)\n\nNet (decrease) increase in cash, cash equivalents, and restricted cash\n\n \n** **\n**(16,856**\n**)**\n \n \n8,801\n \n\nCash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period\n\n \n** **\n**212,438**\n \n \n \n201,958\n \n\n**Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period**\n\n \n** **\n**195,582**\n \n \n \n210,759\n \n\nLess: Cash of discontinued operations at end of period\n\n \n** **\n**971**\n \n \n \n933\n \n\n**Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period**\n\n \n**$**\n**194,611**\n \n \n$\n209,826\n \n\n \n\nSee accompanying notes to condensed consolidated financial statements.\n\n \n\n6\n\n[Table of Contents](#toc)\n\n \n\n**GENIE ENERGY LTD.**\n**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**\n**(Unaudited)** \n\n \n\n**Note 1**—**Basis of Presentation and Business Changes and Development**\n\n \n\nThe accompanying unaudited condensed consolidated financial statements of Genie Energy Ltd. and its subsidiaries (the “Company” or “Genie”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form *10*-Q and Article *10* of Regulation S-*X.* Accordingly, they do *not* include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the *three* months ended *March 31, 2026* are *not* necessarily indicative of the results that *may*be expected for the year ending *December 31, 2026*. The consolidated balance sheet at *December 31, 2025* has been derived from the Company’s audited financial statements at that date but does *not* include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form *10*-K for the year ended *December 31, 2025* (the *\"2025* Form *10*-K\"), as filed with the U.S. Securities and Exchange Commission (the “SEC”).  \n\n \n\nThe Company owns 100% of Genie Retail Energy (“GRE”) and varied interests in entities that comprise the Genie Renewables (\"GREW\") segment.   \n\n \n\nGRE owns and operates retail energy providers (“REPs”), including IDT Energy (“IDT Energy”), Residents Energy (“Residents Energy”), Town Square Energy and Town Square Energy East (collectively, \"TSE\"), Southern Federal Power (\"Southern Federal\"), Mirabito Natural Gas (“Mirabito”) and Evergreen Gas & Electric (“Evergreen”). The majority of GRE's REP customers are located in the Eastern and Midwestern United States and Texas.\n\n \n\nGREW primarily consists of a *91.5%* interest in Diversegy, an energy procurement advisor for industrial, commercial and municipal customers, a 95.5% interest in Genie Solar, an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects, a 93.8% interest in CityCom Solar, a marketer of community solar and alternative products and services complementary of its energy offerings and a 72.2% interest in Roded Recycling (\"Roded\"), a producer of high-grade plastic pallets from recycled materials\n\n \n\n*One Big Beautiful Bill Act*\n\n \n\nOn *July 4, 2025,*the One Big Beautiful Bill Act (“OBBB”) was enacted into law. The law accelerates the expiration of the federal investment tax credit on solar projects, effective for projects going online after *December 31, 2027. *In light of this law, the Company evaluated the financial viability of all its solar projects and its qualification for the federal solar investment tax credits and the resulting impact on the viability of such projects. The Company identified several projects that will be discontinued and assessed the values of the related assets at the lower of fair values less cost to sell and net book value. The Company also identified several assets, including definite life intangibles and solar panel inventories and assessed the carrying values for impairment.\n\n \n\n*Discontinued Operations in Finland and Sweden*\n\n \n\nIn the *third* quarter of *2022,* the Company decided to discontinue the operations of Lumo Energia Oyj (\"Lumo Finland\") and Lumo Energi AB (\"Lumo Sweden\").\n\n \n\nThe Company accounts for these businesses as discontinued operations, and accordingly, presents the results of operations and related cash flows as discontinued operations. The results of operations and related cash flows are presented as discontinued operations for all periods. Any remaining assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of *March 31, 2026* and *December 31, 2025*. Lumo Sweden is continuing to liquidate their remaining assets and settle any remaining liabilities.\n\n \n\n*Seasonality and Weather; Climate Change and Volatility in Pricing*\n\n \n\nThe weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters or summers have the opposite effect. Unseasonal temperatures in other periods *may*also impact demand levels. Natural gas revenues typically increase in the *first* quarter due to increased heating demands and electricity revenues typically increase in the *third* quarter due to increased air conditioning use. Approximately 43.3% and 43.0% of GRE’s natural gas revenues for the relevant years were generated in the *first* quarters of *2025* and *2024,* respectively, when demand for heating was highest. Although the demand for electricity is *not* as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.7% and 28.7% of GRE’s electricity revenues were generated in the *third* quarters of *2025* and *2024,* respectively. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are *not* necessarily indicative of the estimated financial results for the full year.  In addition, extraordinary weather has and can lead to extreme spikes in the prices of wholesale electricity and natural gas in markets where GRE and other retail providers purchase their supply, or in challenges to the grid or supply markets in affected areas. Such events could have material impacts on our margins and operations.\n\n \n\nIn addition to the direct physical impact that climate change *may*have on the Company's business, financial condition and results of operations because of the effect on pricing, demand for our offerings and/or the energy supply markets, we *may*also be adversely impacted by other environmental factors, including: (i) technological advances designed to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) regulatory responses aimed at decreasing greenhouse gas emissions; and (iv) litigation or regulatory actions that address the environmental impact of our energy products and services.\n\n \n\n*Reclassifications*\n\n \n\nCertain accounts in the prior period condensed consolidated financial statements have been reclassified to conform to the presentation of the current year condensed consolidated financial statements. These reclassifications had *no* effect on the previously reported operating results.\n\n \n\n*7*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 2**—**Cash, Cash Equivalents, and Restricted Cash**\n\n \n\nThe following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheet as well as the corresponding amounts reported in the condensed consolidated statements of cash flows:\n\n \n\n \n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\nCash and cash equivalents\n\n \n$\n**185,876**\n \n \n$\n203,516\n \n\nRestricted cash—short-term\n\n \n \n**8,735**\n \n \n \n7,936\n \n\nTotal cash, cash equivalents, and restricted cash\n\n \n$\n**194,611**\n \n \n$\n211,452\n \n\n \n\nRestricted cash—short-term includes amounts set aside in accordance with GRE's Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see *Note**19*),  Credit Agreement with JPMorgan Chase (see *Note 20*) and Term Loan Agreement with National Cooperative Bank, N.A. (\"NCB\").\n\n \n\nIncluded in the cash and cash equivalents as of *March 31, 2026* and *December 31, 2025* is cash received from Lumo Sweden (see Note *5*).\n\n  \n\n \n\n**Note 3**—**Inventories**\n\n \n\nInventories consisted of the following:\n\n \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\nNatural gas\n $**356**  $2,216 \n\nRenewable credits\n  **10,746**   8,710 \n\nSolar panels\n  **1,038**   1,444 \n\nTotals\n $**12,140**  $12,370 \n\n  \n\nThe Company's renewable energy credits are used to satisfy specific state-mandated requirements and, to a lesser extent, our customer portfolio. Required levels of renewable energy credits vary based on the mix of customers, type of products purchased, number of customer of each type and energy consumption. Depending on the state, compliance typically occurs either in the *first* quarter for calendar year compliance periods and late in the *second* or early *third* quarter for energy year compliance periods of *June*to *May.*Renewable energy credit inventory will increase based on the schedule of deliveries of renewable energy credits by the *third*-party vendors and decrease based on the aforementioned compliance satisfaction.\n\n \n\nIn the *three* months ended *March 31, 2026*, the Company recorded an inventory valuation reserve of $0.9 million to the cost of revenues to write down the carrying value of solar panel inventories to the estimated net realizable value. There were no inventory valuation reserves recorded in the *three* months ended *March 31, 2025*.\n\n \n\n \n\n**Note** **4**—**Revenue Recognition**\n\n \n\nRevenues from the single performance obligation to deliver a unit of electricity and/or natural gas are recognized as the customer simultaneously receives and consumes the benefit. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods to purchase. GRE records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenues are estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends.\n\n \n\n*8*\n\n[Table of Contents](#toc)\n\n \n\nIncumbent utility companies in most of the service territories in which GRE's REPs operate offer purchase of receivables, or POR, and GRE’s REPs participate in POR programs for a majority of their receivables. The Company estimates variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company’s estimates related to rebate programs are based on the terms of the rebate program, the customer’s historical electricity and natural gas consumption, the customer’s rate plan, and a churn factor. Taxes that are imposed on the Company’s sales and collected from customers are excluded from the transaction price.\n\n \n\nRevenues from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenues as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. \n\n \n\nGenie Solar enters into contracts to identify, develop, and operate solar generation sites to provide solar electricity to customers. Obligations under solar project contracts consist of a series of tasks and components and accordingly are accounted for as multiple performance obligations. Because the Company’s performance creates and enhances assets that are controlled by and specific to customers, the Company recognizes construction services revenue over time. Revenue for these performance obligations is recognized using the input method based on the cost incurred as a percentage of total estimated contract costs. Due to the significance of the costs associated with solar panels to the total project, our judgment on when such costs should be included in the measure of progress has a material impact on revenue recognition. Contract costs include all direct material and labor costs related to contract performance.\n\n \n\nEnergy generation revenues are earned from both the sale of electricity generated from operating solar projects and the sale of Solar Energy Credits (\"SRECs\").\n\n \n\nRevenues from energy generation are recognized when the Company satisfies the performance obligation, which occurs at the time of the delivery of electricity at the contractual rates.\n\n \n\nThe Company applies for and receives SRECs in certain jurisdictions for power generated by solar energy systems it owns. There are *no* direct costs allocated to SRECs upon generation. The Company typically sells SRECs to different customers from those purchasing the energy. The sale of each SREC is a distinct performance obligation satisfied at a point in time and that the performance obligation related to each SREC is satisfied when each SREC is delivered to the customer.\n\n \n\nRevenues from sales of solar panels, solar project development and energy generation are included in the Other Revenues in the condensed consolidated statements of operations.\n\n \n\nRevenues from commissions from selling *third*-party products to customers, entry and other fees from energy procurement advisory services (which are provided by Diversegy) are recognized at the time the performance obligation is met. The Company's contacts with customers for commission revenue contain a single performance obligation and are satisfied at a point in time. Revenues from commissions are included under the Other Revenues in the condensed consolidated statements of operations.\n\n \n\nThe Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than *one* year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been *one* year or less.\n\n \n\n*9*\n\n[Table of Contents](#toc)\n\n \n\n*Disaggregated Revenues*\n\n \n\nThe following table shows the Company’s revenues disaggregated by pricing plans offered to customers:\n\n \n\n \n \n\n**Electricity**\n\n \n \n\n**Natural Gas**\n\n \n \n\n**Other**\n\n \n \n\n**Total**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\n**Three Months Ended March 31, 2026**\n\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n\nFixed rate\n\n \n$\n**47,646**\n \n \n$\n**4,763**\n \n \n$\n**—**\n \n \n$\n**52,409**\n \n\nVariable rate\n\n \n \n**51,765**\n \n \n \n**30,589**\n \n \n \n—\n \n \n \n**82,354**\n \n\nOther\n\n \n \n—\n \n \n \n—\n \n \n \n**7,549**\n \n \n \n**7,549**\n \n\nTotal\n\n \n$\n**99,411**\n \n \n$\n**35,352**\n \n \n$\n**7,549**\n \n \n$\n**142,312**\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Three Months Ended March 31, 2025**\n\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n\nFixed rate\n\n \n$\n58,905\n \n \n$\n6,931\n \n \n$\n—\n \n \n$\n65,836\n \n\nVariable rate\n\n \n \n45,158\n \n \n \n21,478\n \n \n \n—\n \n \n \n66,636\n \n\nOther\n\n \n \n—\n \n \n \n—\n \n \n \n4,335\n \n \n \n4,335\n \n\nTotal\n\n \n$\n104,063\n \n \n$\n28,409\n \n \n$\n4,335\n \n \n$\n136,807\n \n\n \n\nFixed and variable rate revenues are from GRE. Other revenues are from GREW and include revenues from sales of solar panels, solar projects and energy generation by Genie Solar, commissions from marketing energy solutions by CityCom Solar and Diversegy and revenue from certain early-stage ventures.\n\n \n\n*10*\n\n[Table of Contents](#toc)\n\n \n\nThe following table shows the Company’s revenues disaggregated by non-commercial and commercial channels:\n\n \n\n \n \n\n**Electricity**\n\n \n \n\n**Natural Gas**\n\n \n \n\n**Other**\n\n \n \n\n**Total**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\n**Three Months Ended March 31, 2026**\n\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n\nNon-Commercial Channel\n\n \n$\n**93,772**\n \n \n$\n**30,948**\n \n \n$\n**—**\n \n \n$\n**124,720**\n \n\nCommercial Channel\n\n \n \n**5,639**\n \n \n \n**4,404**\n \n \n \n—\n \n \n \n**10,043**\n \n\nOther\n\n \n \n—\n \n \n \n—\n \n \n \n**7,549**\n \n \n \n**7,549**\n \n\nTotal\n\n \n$\n**99,411**\n \n \n$\n**35,352**\n \n \n$\n**7,549**\n \n \n$\n**142,312**\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Three Months Ended March 31, 2025**\n\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n \n \n \n** **\n\nNon-Commercial Channel\n\n \n$\n86,882\n \n \n$\n23,376\n \n \n$\n—\n \n \n$\n110,258\n \n\nCommercial Channel\n\n \n \n17,181\n \n \n \n5,033\n \n \n \n—\n \n \n \n22,214\n \n\nOther\n\n \n \n—\n \n \n \n—\n \n \n \n4,335\n \n \n \n4,335\n \n\nTotal\n\n \n$\n104,063\n \n \n$\n28,409\n \n \n$\n4,335\n \n \n$\n136,807\n \n\n \n\n*Contract liabilities*\n\n \n\nCertain revenue generating contracts at GREW include provisions that require advance payment from customers. These advance payments are recognized as revenues as the Company satisfies the performance obligations to the other party. A portion of the transaction price allocated to the performance obligations to be satisfied in future periods is recognized as a contract liability, which is expected to be satisfied in the next *twelve* months. Contract liabilities are included in other current liabilities account in the condensed consolidated balance sheets.\n\n \n\nThe table below reconciles the change in the carrying amount of contract liabilities: \n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\nContract liability, beginning\n\n \n$\n**7,807**\n \n \n$\n3,973\n \n\nRecognition of revenue included in the beginning of the year contract liability\n\n \n \n**(4,699**\n**)**\n \n \n(1,327\n)\n\nAdditions during the period, net of revenue recognized during the period\n\n \n \n**3,440**\n \n \n \n1,595\n \n\nContract liability, end\n\n \n$\n**6,548**\n \n \n$\n4,241\n \n\n \n\n*11*\n\n[Table of Contents](#toc)\n\n \n\n**Allowance for credit losses**\n\n \n\nThe change in the allowance for credit losses was as follows:\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\nAllowance for credit losses, beginning\n\n \n$\n**7,876**\n \n \n$\n8,086\n \n\nAdditions charged to expense\n\n \n \n**485**\n \n \n \n309\n \n\nWrite-offs and other deductions\n\n \n \n**(102**\n**)**\n \n \n(157\n)\n\nAllowance for credit losses, end\n\n \n$\n**8,259**\n \n \n$\n8,238\n \n\n  \n\nThe Company evaluates the collectability of its trade receivables in accordance with Accounting Standards Codification (\"ASC\") *326—Credit* Losses. The Company measures expected credit losses on a collective pool basis, based on the type of customers, commodity sold, region or state, and payment history. The allowance for credit losses is based on a combination of historical collection experience, aging of receivables, customer credit risk characteristics and reasonable forecasts of future macroeconomic conditions. The Company regularly monitors delinquency trends, collection experience, and other credit quality indicators relevant to each receivable pool. Management adjusts the historical loss experience with current conditions and reasonable forecasts to estimate the expected credit losses. Credit losses are recognized in the condensed consolidated statement of operations.\n\n \n\n \n\n**Note 5**—**Discontinued Operations**\n\n \n\n*Lumo* *Finland and Lumo* *Sweden Operations*\n\n \n\nAs a result of the sustained volatility of the energy market in Europe, in the *third* quarter of *2022,* the Company decided to discontinue the operations of Lumo Finland and Lumo Sweden. From *July 13, 2022*to *July 19, 2022,*the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden. The sale price was fixed and was settled monthly based on the monthly commodity volume specified in the instruments between *September 2022*and *March 2025.*\n\n \n\nThe Company determined that the discontinuation of operations of Lumo Finland and Lumo Sweden represented a strategic shift that would have a major effect on the Company's operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. The assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as of *March 31, 2026* and *December 31, 2025*. Lumo Sweden is continuing to liquidate its remaining assets and to settle any remaining liabilities.  \n\n \n\nIn *November 2022,*Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to the Lumo Administrators. All assets and liabilities of Lumo Finland remain with Lumo Finland, in which Genie retains its equity ownership interest, however, the management and control of Lumo Finland were transferred to the Lumo Administrators. Since the Company lost control of the management of Lumo Finland in favor of the Lumo Administrators, the accounts of Lumo Finland were deconsolidated effective *November 9, 2022.*\n\n \n\nThe following table represents summarized balance sheet information of assets and liabilities of the discontinued operations of Lumo Sweden:\n\n \n\n  \n**March 31, 2026**\n  \n**December 31, 2025**\n \n\n  \n**(in thousands)**\n \n\n**Assets**\n   ** **   ** **\n\nCash\n $**971**  $986 \n\nOther current assets\n  **361**   433 \n\nCurrent assets of discontinued operations\n $**1,332**  $1,419 \n\n         \n\n**Liabilities**\n   ** **   ** **\n\nAccounts payable and other current liabilities\n  **2,970**   2,996 \n\nCurrent liabilities of discontinued operations\n $**2,970**  $2,996 \n\n         \n\n \n\n*12*\n\n[Table of Contents](#toc)\n\n \n\nThe summary of the results of operations of the discontinued operations of Lumo Sweden were as follows:\n\n \n\n  \n**Three Months Ended March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\n         \n\nIncome from operations\n $**—**  $— \n\nOther loss, net\n  **(10****)**  (101)\n\nIncome before income taxes\n  **(10****)**  (101)\n\nProvision for income taxes\n  —   (3)\n\nNet loss from discontinued operations, net of taxes\n $**(10****)** $(104)\n\n \n\nThe following table presents a summary of cash flows of the discontinued operations of Lumo Sweden:\n\n \n\n  \n**Three Months Ended March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\n         \n\nNet loss\n $**(10****)** $(104)\n\nNon-cash items\n  **10**** **  (18)\n\nChanges in assets and liabilities\n  **(5**)  1,952 \n\nCash flows provided by operating activities of discontinued operations\n $**(5**) $1,830 \n\n \n\nPrior to being treated as discontinued operations or being deconsolidated, the assets and liabilities of Lumo Finland and Lumo Sweden were included in the (former) GRE International segment.\n\n \n\nOn *November 8, 2023,*the Lumo Administrators, acting on behalf of the Lumo Finland Bankruptcy Estate, filed a claim in the District Court of Helsinki against Genie Nordic, a wholly-owned subsidiary of the Company and the parent company of Lumo Finland, its directors, officers and affiliates, in which they allege that the gain from the sale of swap instruments owned by Lumo Sweden amounting to €35.2 million (equivalent to $40.8 million as of *March 31, 2026*) belongs to the Bankruptcy Estate. The Bankruptcy Estate filed an additional claim with the District Court on *May 27, 2024*against Lumo Sweden for €4.8 million (equivalent to $5.6 million as of *March 31, 2026*), also alleging that the gain from the sale of the swap instruments belongs to the Bankruptcy Estate, bringing the aggregate sum of claims related to the gain from sale of swap instruments to €40.0 million (equivalent to $46.3 million as of *March 31, 2026*). The Company believes that the Lumo Administrators' position is without merit, and is vigorously defending its position.\n\n \n\nThe Lumo Administrators filed a claim against *one* of Lumo Finland’s suppliers, seeking to recover payments made by Lumo Finland amounting to €4.2 million (equivalent to $4.9 million as of *March 31, 2026*) prior to the bankruptcy. The Lumo Administrators have also filed a recovery claim jointly against the Company and the supplier amounting to €1.6 million (equivalent to $1.9 million as of *March 31, 2026*) alleging that a portion of the payment by Lumo Finland effectively reduced the Company's liability under the terms of a previously supplied parental guarantee (this *€1.6* million is included within - and *not* additive to - the *€4.2* million). The Lumo Administrators allege that the payments represented preferential payments and therefore belong to the Bankruptcy Estate which are recoverable under the laws of Finland. The Company is challenging the Lumo Administrator's claims.\n\n \n\nThe Company believes that the maximum exposure for these cases would likely be limited by the potential amount of the customers' claims in the bankruptcy case. Based on the progress made in assessing those claims, the Company expects those claims to be in the range of €2.0 million to €4.0 million. Although the Company does *not* believe that it is legally obligated to pay anything in respect of the claims, given the likelihood of negotiating a settlement to minimize further costs of challenging the claims, the Company recognized an estimated loss of €2.5 million (equivalent to $2.6 million at the date of the transaction) recorded in the *fourth* quarter of *2024.* The estimated loss was included in the loss from discontinued operations, net account in the condensed consolidated statement of operations for the year ended *December 31, 2024. *\n\n \n\n*13*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 6**—**Fair Value Measurements**\n\n \n\nThe following table presents the balance of assets and liabilities measured at fair value on a recurring basis:\n\n \n\n \n \n\n**Level 1 (1)**\n\n \n \n\n**Level 2 (2)**\n\n \n \n\n**Level 3 (3)**\n\n \n \n\n**Total**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\nMarch 31, 2026\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nAssets:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nMarketable equity securities\n\n \n$\n**5,219**\n \n \n$\n**—**\n \n \n$\n**—**\n \n \n$\n**5,219**\n \n\nDerivative contracts\n\n \n$\n**122**\n \n \n$\n**—**\n \n \n$\n**—**\n \n \n$\n**122**\n \n\nLiabilities:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDerivative contracts\n\n \n$\n**212**\n \n \n$\n**—**\n \n \n$\n**—**\n \n \n$\n**212**\n \n\nDecember 31, 2025\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nAssets:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nMarketable equity securities\n\n \n$\n409\n \n \n$\n—\n \n \n$\n—\n \n \n$\n409\n \n\nDerivative contracts\n\n \n$\n561\n \n \n$\n—\n \n \n$\n—\n \n \n$\n561\n \n\nLiabilities:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nDerivative contracts\n\n \n$\n1,562\n \n \n$\n—\n \n \n$\n—\n \n \n$\n1,562\n \n\n \n\n(*1*) – quoted prices in active markets for identical assets or liabilities\n\n(*2*) – observable inputs other than quoted prices in active markets for identical assets and liabilities\n\n(*3*) – *no* observable pricing inputs in the market\n\n \n\nThe Company’s derivative contracts consist of natural gas and electricity put and call options and swaps. The underlying asset in the Company’s put and call options is a forward contract. The Company’s swaps are agreements whereby a floating (or market or spot) price is exchanged for a fixed price over a specified period.\n\n \n\nThe Company did *not* have any transfers of assets or liabilities between Level *1,* Level *2* or Level *3* of the fair value measurement hierarchy during the *three* months ended *March 31, 2026* or *2025*.\n\n \n\n*14*\n\n[Table of Contents](#toc)\n\n \n\n*Fair Value of Other Financial Instruments*\n\n \n\nThe estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are *not* necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.\n\n \n\n*Restricted cash*—*short-term, trade receivables, due to IDT Corporation, other current assets and other current liabilities.* At *March 31, 2026* and *December 31, 2025*, the carrying amounts of these assets and liabilities approximated fair value. The fair value estimate for restricted cash—short-term was classified as Level *1.* The carrying value of other current assets, due to IDT Corporation (\"IDT\"), and other current liabilities approximated fair value.\n\n \n\n*Other assets.*At *March 31, 2026* and *December 31, 2025*, other assets included short-term investments (see Note *9*).\n\n \n\nThe primary non-recurring fair value estimates typically are in the context of goodwill impairment testing, which involves Level *3* inputs, and asset impairments (Note *9*) which utilize Level *3* inputs.\n\n \n\n*Concentration of Credit Risks*\n\n \n\nThe Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which *may*exceed Federal Deposit Insurance Corporation insured limits. Historically, the Company has *not* experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any *one* financial institution and monitor the credit ratings of those institutions. \n\n \n\nUtility companies provide billing and collection service to GRE's REPs. In addition, utility companies offer purchase of receivables, or POR, programs in most of the service territories in which GRE operates. GRE’s REPs reduce their customer credit risk by participating in POR programs for a majority of their receivables. Under POR programs, the utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. Certain of the utility companies represent significant portions of the Company's consolidated revenues and consolidated trade accounts receivable balance.\n\n \n\nThere was *no* single customer that equaled or exceeded *10.0%* of consolidated net trade receivables at *March 31, 2026* or *December 31, 2025*.\n\n \n\nThe following table summarizes the percentage of revenues by the only customer that equaled or exceeded *10.0%* of consolidated revenues for the *three* months ended *March 31, 2026* or *2025*:\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\nCustomer A\n\n \n \n**na**\n** **\n \n \n12.3\n%\n\n \n\nna—less than *10.0%* of consolidated revenue in the period\n\n \n\nCustomer A is a utility company offering POR program.\n\n \n\n*15*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 7**—**Derivative Instruments**\n\n \n\nThe primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with ASC *815* — Derivatives and Hedging. Natural gas and electricity put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does *not* apply hedge accounting to these options or swaps; therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. At *March 31, 2026*, GRE’s swaps and options were traded on the Intercontinental Exchange.\n\n \n\nThe summarized volume of GRE’s outstanding contracts and options at *March 31, 2026* was as follows (MWh – Megawatt hour and Dth – Decatherm):\n\n \n\n**Settlement Dates**\n\n \n\n**Volume**\n\n \n\n \n \n\n**Electricity (in MWH)**\n\n \n \n\n**Gas (in Dth)**\n\n \n\nSecond quarter of 2026\n\n \n \n1,760\n \n \n \n—\n \n\nThird quarter of 2026\n\n \n \n9,152\n \n \n \n—\n \n\nFourth quarter of 2026\n\n \n \n—\n \n \n \n—\n \n\nFirst quarter of 2027\n\n \n \n6,400\n \n \n \n—\n \n\nSecond quarter of 2027\n\n \n \n—\n \n \n \n—\n \n\nThird quarter of 2027\n\n \n \n3,440\n \n \n \n—\n \n\nFourth quarter of 2027\n\n \n \n—\n \n \n \n—\n \n\n \n\nThe fair value of outstanding derivative instruments recorded in the accompanying condensed consolidated balance sheets were as follows:\n\n \n\n \n \n* *\n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n**Asset Derivatives**\n\n \n\n**Balance Sheet Location**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n\n**(in thousands)**\n\n \n\nDerivatives not designated or not qualifying as hedging instruments:\n\n \n \n \n \n \n \n \n \n \n \n\nEnergy contracts and options1\n\n \n\n*Other current assets*\n\n \n$\n**59**\n \n \n$\n357\n \n\nEnergy contracts and options\n\n \n\n*Other assets*\n\n \n \n**63**\n \n \n \n204\n \n\nTotal derivatives not designated or not qualifying as hedging instruments — Assets\n\n \n* *\n \n$\n**122**\n \n \n$\n561\n \n\n \n\n \n \n* *\n \n\n**March 31,**\n\n \n \n\n**December 31,**\n\n \n\n**Liability Derivatives**\n\n \n\n**Balance Sheet Location**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n\n**(in thousands)**\n\n \n\nDerivatives not designated or not qualifying as hedging instruments:\n\n \n \n \n \n \n \n \n \n \n \n\nEnergy contracts and options1\n\n \n\n*Other current liabilities*\n\n \n$\n**200**\n \n \n$\n1,484\n \n\nEnergy contracts and options\n\n \n\n*Other liabilities*\n\n \n \n**12**\n \n \n \n78\n \n\n*Total derivatives not designated or not qualifying as hedging instruments — Liabilities*\n\n \n$\n**212**\n \n \n$\n1,562\n \n\n \n\n(*1*) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following *12* months.\n\n \n\n*16*\n\n[Table of Contents](#toc)\n\n \n\nThe effects of derivative instruments on the condensed consolidated statements of operations were as follows:\n\n \n\n \n \n* *\n \n\n**Amount of Gain Recognized on Derivatives**\n\n \n\n**Derivatives not designated or not qualifying as**\n\n \n\n**Location of Gain**\n\n \n\n**Three Months Ended March 31,**\n\n \n\n**hedging instruments**\n\n \n\n**Recognized on Derivatives**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n \n \n\n**(in thousands)**\n\n \n\nEnergy contracts and options\n\n \n\n*Cost of revenues*\n\n \n$\n**3,294**\n \n \n$\n3,174\n \n\n \n\n \n\n**Note 8**—**Other Current Assets and Other Assets**\n\n \n\nOther current assets consisted of the following:  \n\n \n\n  \n**March 31, 2026**\n  \n**December 31, 2025**\n \n\n  \n**(in thousands)**\n \n\nInvestments in equity securities—current\n **$****8,979**  $8,770 \n\nInvestment property\n ** ****5,821**   5,782 \n\nAssets held for sale\n ** ****1,060**   1,060 \n\nFair value of derivative contracts—current\n ** ****59**   357 \n\nOther assets\n ** ****1,346**   1,185 \n\nTotal other current assets\n **$****17,265**  $17,154 \n\n \n\nIn the *fourth* quarter of *2025,* the Company evaluated the financial viability of solar construction projects for commercial and industrial customers (C&I Projects) after the enactment of the OBBB. The Company decided to discontinue several C&I Projects and market other projects for sale to other contractors to continue the projects. \n\n \n\nIn the *fourth* quarter of *2025,* the Company initiated a plan to sell an uncompleted C&I Project to another contractor. The carrying value of C&I Project included in the prepaid expense account of $1.1 million was reclassified as assets and liabilities held for sale and reported at the lower of cost and fair value less cost to sell. The Company used the market approach to estimate the fair values of assets held for sale based on the current offer from independent *third* parties.\n\n \n\nOther assets consisted of the following:  \n\n \n\n  \n**March 31, 2026**\n  \n**December 31, 2025**\n \n\n  \n**(in thousands)**\n \n\nInvestments in equity securities—noncurrent\n $**10,733**  $10,126 \n\nSecurity deposits\n  **9,595**   9,263 \n\nRight-of-use assets, net of amortization\n  **937**   873 \n\nFair value of derivative contracts—noncurrent\n  **63**   204 \n\nOther assets\n  **194**   87 \n\nTotal other assets\n $**21,522**  $20,553 \n\n     \n\n \n\n**Note 9**—**Investments**\n\n \n\nEquity investments consist of the following:\n\n \n\n \n**Location in Balance Sheet**\n \n**Measurement**\n \n**March 31, 2026**\n  \n**December 31, 2025**\n \n\n     \n**(in thousands)**\n \n\nVarious publicly-held companies\n\n*Marketable equity securities*\n \n*Quoted market price*\n $**5,219**  $409 \n\n            \n\nAlternative investments\n\n*Other current assets*\n \n*Net asset value*\n $**7,328**  $7,119 \n\nAlternative investments\n\n*Other current assets*\n \n*Cost*\n  **1,651**   1,651 \n\nTotal included in other current assets\n* * $**8,979**  $8,770 \n\n            \n\nEquity method investments\n\n*Other noncurrent assets*\n \n*Equity method*\n $**504**  $402 \n\nAlternative investments\n\n*Other noncurrent assets*\n \n*Net asset value*\n  **8,755**   8,250 \n\nAlternative investments\n\n*Other noncurrent assets*\n \n*Cost*\n  **1,474**   1,474 \n\nTotal equity investments included in other noncurrent assets\n* * $**10,733**  $10,126 \n\n \n\n*17*\n\n[Table of Contents](#toc)\n\n \n\nThe changes in the carrying values of the Company's equity investments without readily determinable fair values for which the Company elected the measurement alternative were as follows:\n\n \n\n  \n**Three Months Ended March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\nBalance, beginning of period\n $**18,494**  $11,684 \n\nPurchase\n  **—**   — \n\nGain recognized during the period\n  **724**   202 \n\nDistribution\n  **(10****)**  (50)\n\nBalance, end of period\n $**19,208**  $11,836 \n\n \n\nIn *July 2024,*the Company acquired an investment property with an aggregate cost of $3.6 million. The investment property was acquired through a subsidiary in which the Company holds a 51.0% interest with the remaining 49.0% held by Howard Jonas, a related party (see Note *17*). The Company paid $1.8 million to the seller and signed a note payable to the seller for $1.8 million, payable in full on *February 1, 2026.*The note payable carried a 5.0% interest rate payable in full on *February 1, 2026.*In the *third* quarter *2024,* Howard Jonas reimbursed the Company $0.9 million, representing the purchase price for his 49.0% share in the investment property and is included in the noncontrolling interest in the consolidated balance sheets. The Company recognized a receivable of $0.9 million related to Howard Jonas' *49.0%* share in the notes payable and is included in the noncontrolling interests section of the consolidated balance sheets. At *December 31, 2025*, $1.8 million was outstanding under the note payable with an effective interest rate of 5.0%. \n\n \n\nIn *January 2026,*the Company extinguished the notes payable by paying the $1.8 million principal amount plus the $0.1 million accumulated accrued interest.\n\n \n\nHoward Jonas' share in the investment property was diluted to 16.1% and 23.8%, at *March 31, 2026* and *December 31, 2025*, respectively, resulting from additional investments by the Company in the investment property. \n\n \n\n*18*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 10**—**Goodwill and Other Intangible Assets**\n\n \n\nThe table below reconciles the change in the carrying amount of goodwill for the period from *January 1,**2026* to *March 31, 2026*: \n\n \n\n   * *** ** \n**Genie**\n   * *** **\n\n  \n**GRE**\n  \n**Renewables**\n  \n**Total**\n \n\n  \n**(in thousands)**\n \n\nBalance at January 1, 2026\n $**9,998**  $**2,980**  $**12,978** \n\nCumulative translation adjustment\n  —   **195**** **  **195**** **\n\nBalance at March 31, 2026\n $**9,998**  $**3,175**  $**13,173** \n\n \n\nThe table below presents information on the Company’s other intangible assets:   \n\n \n\n  \n**Weighted**\n   * *** **  * *** **  * *** **\n\n  \n**Average**\n  \n**Gross**\n   * *** **  * *** **\n\n  \n**Amortization**\n  \n**Carrying**\n  \n**Accumulated**\n  \n**Net**\n \n\n  \n**Period**\n  \n**Amount**\n  \n**Amortization**\n  \n**Balance**\n \n\n  \n**(in thousands)**\n \n\nMarch 31, 2026\n                \n\nPatents and trademarks\n  **20.0 years**  $**2,860**  $**(1,354****)** $**1,506** \n\nCustomer relationships\n  **9.0 years**   **1,100**   **(1,049****)**  **51** \n\nLicenses\n  **10.0 years**   **479**   **(306****)**  **173** \n\nTotal\n  * *** ** $**4,439**  $**(2,709****)** $**1,730** \n\nDecember 31, 2025\n                \n\nPatent and trademark\n  20.0 years  $2,860  $(1,322) $1,538 \n\nCustomer relationships\n  9.0 years   1,100   (1,019)  81 \n\nLicenses\n  10.0 years   479   (294)  185 \n\nTotal\n  * *  $4,439  $(2,635) $1,804 \n\n \n\nAmortization expense of intangible assets was $0.1 million for each of the *three* months ended *March 31, 2026* and *2025.* The Company estimates that amortization expense of intangible assets will be $0.2 million, $0.2 million, $0.2 million, $0.2 million, $0.2 million and $0.8 million for the remainder of *2026* and for *2027,* *2028,* *2029,* *2030* and thereafter, respectively.\n\n \n\n*19*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 11**—**Accrued Expenses and Other Current Liabilities**\n\n \n\nAccrued expenses consisted of the following:  \n\n \n\n \n \n\n**March 31, 2026**\n\n \n \n\n**December 31, 2025**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\nRenewable energy\n\n \n$\n**36,511**\n \n \n$\n30,871\n \n\nLiability to customers related to promotions and retention incentives\n\n \n \n**9,628**\n \n \n \n9,620\n \n\nPayroll and employee benefits\n\n \n \n**1,577**\n \n \n \n4,328\n \n\nOther accrued expenses\n\n \n \n**6,750**\n \n \n \n5,963\n \n\nTotal accrued expenses\n\n \n$\n**54,466**\n \n \n$\n50,782\n \n\n \n\nOther current liabilities consisted of the following:\n\n \n\n \n \n\n**March 31, 2026**\n\n \n \n\n**December 31, 2025**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\nContract liabilities\n\n \n$\n**6,548**\n \n \n$\n7,807\n \n\nCurrent hedge liabilities\n\n \n \n**200**\n \n \n \n1,484\n \n\nCurrent lease liabilities\n\n \n \n**106**\n \n \n \n88\n \n\nOther\n\n \n \n**635**\n \n \n \n673\n \n\nTotal other current liabilities\n\n \n$\n**7,489**\n \n \n$\n10,052\n \n\n \n\n*20*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 12**—**Leases**\n\n \n\nThe Company is the lessee under operating lease agreements, primarily for office space in domestic and foreign locations where it has operations and for solar development projects with lease periods expiring between *2026* and *2052.* The Company has no finance leases. \n\n \n\nThe Company determines if a contract is a lease at inception. Right-of-Use (\"ROU\") assets are included under other assets in the condensed consolidated balance sheet. The current portion of the operating lease liabilities are included in other current liabilities and the noncurrent portion is included in other liabilities in the condensed consolidated balance sheets. \n\n \n\nROU assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate, because the interest rate implicit in most of our leases is *not* readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized borrowing rate based on information available at the lease commencement date. ROU assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company uses the base, non-cancellable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.\n\n \n\n  \n**March 31, 2026**\n  \n**December 31, 2025**\n \n\n  \n**(in thousands)**\n \n\nROU Assets\n $**937**  $873 \n\n         \n\nCurrent portion of operating lease liabilities\n  **106**   88 \n\nNoncurrent portion of operating lease liabilities\n  **891**   854 \n\nTotal\n $**997**  $942 \n\n \n\nAt *March 31, 2026*, the weighted average remaining lease term was 22.0 years and the weighted average discount rate was 9.0%.\n\n \n\nSupplemental cash flow information for ROU assets and operating lease liabilities are as follows:\n\n \n\n  \n**Three Months Ended March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\nCash paid for amounts included in the measurement of lease liabilities:\n \n**(in thousands)**\n \n\nOperating cash flows from operating activities\n $**107**  $100 \n\n         \n\nROU assets obtained in the exchange for lease liabilities\n        \n\nOperating leases\n $**93**  $— \n\n \n\n*21*\n\n[Table of Contents](#toc)\n\n \n\nFuture lease payments under operating leases as of *March 31, 2026* were as follows:\n\n \n\n**(in thousands)**\n   ** **\n\nRemainder of 2026\n $**163** \n\n2027\n  **122** \n\n2028\n  **83** \n\n2029\n  **65** \n\n2030\n  **66** \n\nThereafter\n  **1,770** \n\nTotal future lease payments\n  **2,269** \n\nLess imputed interest\n  **1,272** \n\nTotal operating lease liabilities\n $**997** \n\n \n\nRental expenses under operating leases were $0.2 million and $0.1 million for the *three* months ended *March 31, 2026*and *2025*, respectively.\n\n  \n\n \n\n**Note 13**—**Equity** \n\n \n\n*Dividend Payments*\n\n \n\nThe following table summarizes the quarterly dividends declared and paid by the Company on its Class A and Class B common stock during the *three* months ended *March 31, 2026* (in thousands, except per share amounts):\n\n \n\n  \n**Dividend**\n  \n**Aggregate**\n    \n\n**Declaration Date**\n \n**Per Share**\n  \n**Dividend Amount**\n \n**Record Date**\n \n**Payment Date**\n\nFebruary 5, 2026\n $0.0750  $2,019 \nFebruary 18, 2026\n \nFebruary 26, 2026\n\n \n\nOn *May 12, 2026,*the Company’s Board of Directors declared a quarterly dividend of $0.0750 per share on its Class A common stock and Class B common stock for the *first* quarter of *2026.* The dividend will be paid on or about *June 2, 2026 *to stockholders of record as of the close of business on *May 22, 2026.*\n\n \n\n*Stock Repurchases and Redemption; Treasury Shares*\n\n \n\nOn *March 11, 2013,*the Board of Directors of the Company approved a program for the repurchase of up to an aggregate of 7.0 million shares of the Company’s Class B common stock. There were no purchases under this program in the *three* months ended *March 31, 2026*. In the *three* months ended *March 31, 2025*, the Company acquired 127,263 Class B common stock under the stock purchase program for an aggregate amount of $1.9 million. At *March 31, 2026*, 3.5 million shares of Class B common stock remained available for repurchase under the stock repurchase program.\n\n \n\nAs of *March 31, 2026* and *December 31, 2025*, there were 4.5 million outstanding shares of Class B common stock held in the Company's treasury, with a cost basis of $48.8 million and $48.3 million, respectively, at a weighted average cost per share of $10.77 and $10.75, respectively.\n\n \n\n*22*\n\n[Table of Contents](#toc)\n\n \n\n*Exercise of Stock Options*\n\n \n\nThere were no exercises of options to purchase any of the Company's common stock in the *three* months ended *March 31, 2026*.\n\n \n\nAt *March 31, 2026*, there were no outstanding options to purchase the Company's common stock.\n\n \n\n*Purchase of Equity of Subsidiary*\n\n \n\nIn the *fourth* quarter of *2025,* the Company purchased from a certain investor an 8.4% equity interest in Roded for $0.3 million, increasing its interest in Roded to 71.0%.\n\n \n\n*Stock-Based Compensation* \n\n \n\nAs of *March 31, 2026*, there was $3.2 million of unrecognized stock-based compensation costs related to outstanding and unvested equity-based grants. These costs are expected to be recognized over a weighted-average period of approximately 1.4 years. \n\n \n\n*23*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 14**—**Variable Interest Entity**\n\n \n\nCitizens Choice Energy, LLC (“CCE”) is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company did *not* own any interest in CCE. Since *2011,* the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it had the power to direct the activities of CCE that most significantly impact its economic performance and it had the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it was the primary beneficiary of CCE, and as a result, the Company consolidated CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations.\n\n \n\nIn *April 2025,*the Company signed an Equity Purchase Agreement with Tari Corporation to acquire a 100% interest in CCE for *one* U.S. dollar and the forgiveness of all intercompany balances of CCE with the Company, subject to approval of the Federal Energy Regulatory Commission, which the Company received on *November 7, 2025*.\n\n \n\nNet loss related to CCE and aggregate net funding provided by the Company were each $0.2 million for the *three* months ended *March 31, 2025*.\n\n \n\n*24*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note** **15**—**Income Taxes**\n\n \n\nThe following table provides a summary of the Company's effective tax rate:   \n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\nReported tax rate\n\n \n \n**38.6**\n**%**\n \n \n33.8\n%\n\n \n\nThe reported tax rates for the *three* months ended *March 31, 2026* increased compared to the same period in *2025*. The increase is mainly from the change in the mix of tax rates in the jurisdictions where the Company earned taxable income as well as the nature of certain deductions.\n\n \n\nThe Company determined an annual effective tax rate and applied that annual effective tax rate to the Company's taxable income for the year to date interim periods. The effective tax rate differs from the statutory tax rate primarily due to the effect of nondeductible employee compensation expenses.\n\n \n\n \n\n**Note 16**—**Earnings Per Share**\n\n \n\nBasic earnings per share is computed by dividing net income or loss attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increases is anti-dilutive.   \n\n \n\nThe weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following:\n\n \n\n  \n**Three Months Ended March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\nBasic weighted-average number of shares\n  **26,050**   26,338 \n\nEffect of dilutive securities:\n        \n\nNon-vested restricted Class B common stock\n  **95**   274 \n\nDiluted weighted-average number of shares\n  **26,145**   26,612 \n\n \n\nThere were no instruments excluded from the computation of diluted earnings per share for the *three* months ended *March 31, 2026*and *2025*.\n\n \n\n*25*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 17**—**Related Party Transactions**  \n\n \n\nIn the *third* quarter of *2024,* Howard Jonas contributed $0.9 million to a majority-owned subsidiary of the Company, related to an acquisition of an investment property (see *Note* *9*—*Investments*).\n\n \n\nIn *June 2025, *the Company acquired 130,484 Class B common stock of Rafael Holdings, Inc. (\"Rafael\") for $0.2 million in the rights offering undertaken by Rafael. Rafael is a former subsidiary of IDT that was spun off from IDT in *March 2018.*Howard S. Jonas is the Executive Chairman, Chairman of the Board of Directors and Chief Executive Officer of Rafael. For each of the *three* months ended *March 31, 2026*and *2025*, the Company recognized nominal amounts of gain and loss in connection with the investment. At *March 31, 2026*, the Company holds 346,877 shares of Class B common stock of Rafael with a carrying value of $0.4 million. The Company does *not* exercise significant influence over the operating or financial policies of Rafael.\n\n \n\nThe Company was formerly a subsidiary of IDT. On *October 28, 2011,*the Company was spun-off by IDT to IDT's stockholders. The Company entered into various agreements with IDT prior to the spin-off including an agreement for certain services to be performed by the Company and IDT. The Company also provides specified administrative services to certain of IDT’s foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT.\n\n \n\nThe charges for services provided by IDT to the Company, net of the charges for the services provided by the Company to IDT, are included in “Selling, general and administrative” expenses in the condensed consolidated statements of operations. \n\n \n\n  \n**Three Months Ended March 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\nAmount IDT charged the Company\n $**287**   256 \n\nAmount the Company charged IDT\n $**18**   37 \n\n \n\nThe following table presents the balance of receivables and payables to IDT:  \n\n \n\n  \n**March 31,**\n  \n**December 31,**\n \n\n  \n**2026**\n  \n**2025**\n \n\n  \n**(in thousands)**\n \n\nDue to IDT\n $**179**  $157 \n\nDue from IDT\n $**11**  $45 \n\n \n\nThe Company obtains insurance policies from several insurance brokers, *one* of which is IGM Brokerage Corp. (“IGM”). IGM is owned by the mother of Howard S. Jonas and Joyce Mason, who is a Director and Corporate Secretary of the Company. Jonathan Mason, husband of Joyce Mason and brother-in-law of Howard S. Jonas, provides insurance brokerage services via IGM. Based on information the Company received from IGM, the Company believes that IGM received commissions and fees from payments made by the Company (including payments from *third* party brokers). The Company paid IGM $0.4 million in *2025* related to premiums of various insurance policies that were brokered by IGM. There was no payment in the *three* months ended *March 31, 2026*. There was no outstanding payable to IGM as of *March 31, 2026*. Neither Howard S. Jonas nor Joyce Mason has any ownership or other interest in IGM other than via the familial relationships with their mother and Jonathan Mason.\n\n \n\n*26*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 18**—**Business Segment Information** \n\n \n\nThe Company has two reportable business segments: GRE and GREW. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Evergreen Energy, Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. GREW develops, constructs and operates utility-scale solar energy projects, distributes solar panels, offers energy procurement and advisory services and also markets alternative products and services complementary to its energy offerings. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues.\n\n \n\nThe Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision-maker (\"CODM\"), its chief executive officer. \n\n \n\nThe CODM uses segment income (loss) from operations to allocate resources for each segment. The CODM considers revenues and income (loss) from operations to assess performance and make decisions about allocating resources to the segments.\n\n \n\nThe accounting policies of the segments are the same as the accounting policies of the Company as a whole. There are *no* significant asymmetrical allocations to segments.  \n\n \n\nOperating results for the business segments of the Company were as follows:\n\n \n\n**(in thousands)**\n \n**GRE**\n  \n**GREW**\n  \n**Corporate**\n  \n**Total**\n \n\n                 \n\n**Three Months Ended March 31, 2026**\n   ** **   ** **   ** **   ** **\n\nRevenues\n $**134,763**  $**7,549**  $**—**  $**142,312** \n\nCost of revenues\n  **105,688**   **6,803**   —   **112,491** \n\nGross profit\n  **29,075**   **746**   —   **29,821** \n\nMarketing and customer acquisition expenses\n  **12,373**   **275**   —   **12,648** \n\nEmployee-related expenses\n  **4,284**   **1,549**   **887**   **6,720** \n\nProvision for credit losses\n  **485**   —   —   **485** \n\nStock-based compensation\n  **275**   **17**   **428**   **720** \n\nDepreciation and amortization\n  **75**   **281**   —   **356** \n\nOther selling, general and administrative expenses\n  **4,941**   **1,028**   **1,051**   **7,020** \n\nIncome (loss) from operations\n $**6,642**  $**(2,404****)** $**(2,366****)** $**1,872** \n\nProvision for (benefit from) income taxes\n $**2,803**  $**(589****)** $**(629****)** $**1,585** \n\n                 \n\n**Three Months Ended March 31, 2025**\n   ** **   ** **   ** **   ** **\n\nRevenues\n $132,475  $4,332  $—  $136,807 \n\nCost of revenues\n  96,574   2,870   —   99,444 \n\nGross profit\n  35,901   1,462   —   37,363 \n\nMarketing and customer acquisition expenses\n  8,669   192   —   8,861 \n\nEmployee-related expenses\n  5,058   1,252   1,122   7,432 \n\nProvision for credit losses\n  309   —   —   309 \n\nStock-based compensation\n  259   22   458   739 \n\nDepreciation and amortization\n  75   161   —   236 \n\nOther selling, general and administrative expenses\n  4,684   690   936   6,310 \n\nIncome (loss) from operations\n $16,847  $(855) $(2,516) $13,476 \n\nProvision for (benefit from) income taxes\n $5,738  $(233) $(293) $5,212 \n\n \n\n*27*\n\n[Table of Contents](#toc)\n\n \n\nTotal assets for the business segments of the Company were as follows\n\n \n\n   * *** ** \n**Genie**\n   * *** **  * *** **\n\n**(in thousands)**\n \n**GRE**\n  \n**Renewables**\n  \n**Corporate**\n  \n**Total**\n \n\n**Total assets:**\n   ** **   ** **   ** **   ** **\n\nMarch 31, 2026\n $**179,328**  $**44,248**  $**152,881**  $**376,457** \n\nDecember 31, 2025\n  191,728   44,254   153,398   389,380 \n\n \n\nThe total assets of the corporate segment includes the total assets of discontinued operations of Lumo Finland and Lumo Sweden with an aggregate net book value of $1.3 million and $1.4 million at *March 31, 2026* and *December 31, 2025*, respectively.\n\n  \n\n \n\n**Note 19**—**Commitments and Contingencies**\n\n \n\n**Legal Proceedings** \n\n \n\nOn *September 29, 2023,*the Attorney General of the State of Illinois filed a complaint against Residents Energy in the Circuit Court of Cook County, Illinois, Chancery Division. The Complaint alleges several counts of violations of the Illinois Consumer Fraud and Deceptive Business Practices Act, *815* ILCS *505/1* et seq., and the Illinois Telephone Solicitations Act, *815* ILCS *413/1* et seq., in connection with Residents Energy’s marketing practices, and seeks monetary damages to redress any resulting losses alleged to have been incurred by customers, civil penalties for certain alleged violations in the amount of $50.0 thousand per violation, and other forms of injunctive and equitable relief to prevent future violations. The Company denies these allegations and intends to vigorously defend itself against any and all claims. As of *March 31, 2026*, there is insufficient basis to deem any loss probable or to assess the amount of any possible loss. For the *three* months ended *March 31, 2026* and *2025,* Resident Energy’s gross revenues from sales in Illinois were $7.0 million and $8.1 million, respectively. \n\n \n\nThe Company *may*from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be *no* assurance in this regard, the Company does *not* expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.\n\n \n\nSee *Note 5*—Acquisitions and *Discontinued Operations*, for discussion related to the administration of Lumo Finland. \n\n \n\n**Agency and Regulatory Proceedings** \n\n \n\nFrom time to time, the Company receives inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes, and the Company responds to those inquiries or requests. The Company cannot predict whether any of those matters will lead to claims or enforcement actions or whether the Company and the regulatory parties will enter into settlements before a formal claim is made.  \n\n       \n\n**Other Commitments**\n\n \n\n*Purchase Commitments*\n\n \n\nThe Company had future purchase commitments of $131.3 million at *March 31, 2026*, of which  $124.4 million was for future purchase of electricity. The purchase commitments outstanding as of *March 31, 2026* are expected to be paid as follows: \n\n \n\n**(in thousands)**\n   ** **\n\nRemainder of 2026\n $**96,846** \n\n2027\n  **31,328** \n\n2028\n  **3,106** \n\nThereafter\n  — \n\nTotal payments\n $**131,280** \n\n \n\n*28*\n\n[Table of Contents](#toc)\n\n \n\nIn the *three* months ended *March 31, 2026*, the Company purchased $48.2 million and $1.8 million of electricity and renewable energy credits, respectively, under purchase commitments that were open during the period. In the *three* months ended *March 31, 2025*, the Company purchased $44.6 million and $2.3 million of electricity and renewable energy credits, respectively, under purchase commitments that were open during the period.\n\n \n\n*Renewable Energy Credits* \n\n \n\nGRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement *may*be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At *March 31, 2026*, GRE had commitments to purchase renewable energy credits of $6.9 million, which are reflected in the table above.\n\n \n\n*Performance Bonds and Unused Letters of Credit*\n\n \n\nGRE has performance bonds issued through a *third* party for certain utility companies and for the benefit of various states in order to comply with the states’ financial requirements for REPs. At *March 31, 2026*, GRE had aggregate performance bonds of $29.5 million outstanding and $1.0 million of unused letters of credit.  \n\n \n\n*BP Energy Company Preferred Supplier Agreement*\n\n \n\nCertain of GRE’s REPs are party to an Amended and Restated Preferred Supplier Agreement with BP, which is to be in effect through *November 30, 2026.*Under the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a *first* security interest in deposits or receivables from utilities in connection with their purchase of the REPs’ customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At *March 31, 2026*, the Company was in compliance with such covenants. At *March 31, 2026*, restricted cash—short-term of $1.6 million and trade accounts receivable of $72.3 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $18.3 million at *March 31, 2026*.\n\n \n\n*29*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 20**—**Debt**\n\n \n\n*Term Loan*\n\n \n\nOn *November 18, 2024,*the Company's subsidiary, SUT Holdings, LLC entered into a Term Loan Agreement with NCB for $7.4 million (the \"Term Loan\"). The principal amount is payable in installments every *January 1,**July 1*and *October 1*of each year starting on *July 1, 2025.*Below is the summary of the principal payments per year (in thousands):\n\n \n\n**(in thousands)**\n   ** **\n\nRemainder of 2026\n $335 \n\n2027\n  418 \n\n2028\n  435 \n\n2029\n  391 \n\n2030\n  388 \n\n2032\n  5,061 \n\nTotal term loan\n  7,028 \n\nLess: Current portion\n  404 \n\nNoncurrent portion of term loan\n $6,624 \n\n \n\nInterest on the unpaid balance is payable on each *January 1,**April 1,**July 1*and *October 1*calculated using the *3*-Month Term Secured Overnight Financing Rate (\"SOFR\") published by CME Group Benchmark Administration plus a margin of 2.0% computed on the basis of actual number of days elapsed over *360* days. The Company paid NCB a nonrefundable commitment fee equal to 1.0% of the total principal amount equivalent to $0.1 million. The Company has the right to prepay the Term Loan in whole or in part at any time as permitted under specific terms in the Term Loan Agreement. The Term Loan is secured by the Company's operating solar systems located in Ohio, Indiana and Michigan.  The Term Loan is subject to various financial and negative covenants and at *March 31, 2026* the Company was in compliance with all such covenants.\n\n \n\nAt *March 31, 2026* and *December 31, 2025*, there was $7.0 million and $7.1 million, outstanding under the Term Loan at a weighted average interest rate of 6.3% and 6.2%, respectively.\n\n \n\nThe Company also entered into a Cash Management Agreement with NCB to manage the cash flows of the operations of collateralized solar projects. The Cash Management Agreement also provided certain restrictions on certain cash accounts specified in the agreements. At *March 31, 2026* and *December 31, 2025*, aggregate of $3.9 million and $3.8 million, respectively, are deposited in NCB and are subject to certain restrictions.\n\n \n\n*Credit Agreement with JPMorgan* *Chase Bank*\n\n \n\nOn *December 13, 2018, *the Company entered into a Credit Agreement with JPMorgan Chase Bank (the “Credit Agreement”). On *October 12, 2025,*the Company entered into an amendment of the existing Credit Agreement to extend the maturity date to *December 31, 2026.*The aggregate maximum draw of the facility was retained as a $3.0 million credit line (the “Credit Line”). The Company pays a commitment fee of 0.1% per annum on the unused portion of the Credit Line as specified in the Credit Agreement. The borrowed amounts will be in the form of letters of credit which will bear interest of 1.0% per annum. The Company will also pay a fee for each letter of credit that is issued equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. The Company agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to $3.1 million. As of *March 31, 2026*, there were $1.0 million in letters of credit issued by JP Morgan Chase Bank. At *March 31, 2026*, the cash collateral of $3.3 million was included in restricted cash—short-term in the condensed consolidated balance sheet. \n\n \n\n*30*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Note 21**—**Recently Issued Accounting Standards**\n\n \n\nIn *November 2024,*the FASB issued ASU *2024*-*03* *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)*: *Disaggregation of Income Statement Expenses*. ASU *2024*-*03* will require additional disclosures in the notes to financial statements related to disaggregated information about specific categories underlying certain income statement expense line items that are considered relevant, which include items such as the purchase of inventory, employee compensation, depreciation, and intangible asset amortization. The guidance is effective for annual periods beginning after *December 15, 2026.*Early adoption is permitted. Adoption of this guidance will result in additional disclosure, but will *not* impact our consolidated financial position, results of operations, or cash flows.\n\n \n\nIn *July 2025,*the FASB issued ASU *2025*-*05,* *Financial Instruments*—*Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*(“ASU *2025*-*05”*)*.* ASU *2025*-*05* provides a practical expedient permitting entities to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual reporting periods beginning after *December 15, 2025,*and for interim periods within those annual reporting periods. Early adoption is permitted. The guidance should be applied prospectively. The Company adopted this guidance in *2026* and determine that it has *no* impact to our consolidated financial statements.\n\n \n\n*31*\n\n[Table of Contents](#toc)\n\n  \n\n \n\n**Item ****2.**\n\n**Management**’**s Discussion and Analysis of Financial Condition and Results of Operations**\n\n \n\nThe following information should be read in conjunction with the accompanying condensed consolidated financial statements and the associated notes thereto of this Quarterly Report, and the audited consolidated financial statements and the notes thereto and our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2025 (the \"2025 Form 10-K\"), as filed with the U.S. Securities and Exchange Commission (or SEC).\n\n \n\nAs used below, unless the context otherwise requires, the terms “the Company,” “Genie,” “we,” “us,” and “our” refer to Genie Energy Ltd., a Delaware corporation, and its subsidiaries, collectively.\n\n \n\n**Forward-Looking Statements**\n\n \n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,” “anticipates,” “expects,” “plans,” “intends,” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed below under Part II, Item IA and under Item 1A to Part I “Risk Factors” in the 2025 Form 10-K. The forward-looking statements are made as of the date of this report and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, including the 2025 Form 10-K.\n\n \n\n**Overview**\n\n \n\nWe are comprised of Genie Retail Energy (\"GRE\") and Genie Renewables (\"GREW\"). \n\n \n\nGRE owns and operates retail energy providers (\"REPs\"), including IDT Energy, Residents Energy, Town Square Energy (\"TSE\"), Southern Federal and Mirabito Natural Gas and Evergreen Gas & Electric. GRE's REPs' businesses resell electricity and natural gas primarily to residential and small business customers, with the majority of the customers in the Eastern and Midwestern United States and Texas.\n\n \n\nGREW primarily consists of a 91.5% interest in Diversegy, our energy procurement advisor for industrial, commercial and municipal customers, a 95.5% interest in Genie Solar, an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects, a 93.8% interest in CityCom Solar, a marketer of community solar and alternative products and services complimentary to our energy offerings and a 72.2% interest in Roded, a producer of high-grade plastic pallets from recycled materials.\n\n \n\nAs part of our ongoing business development efforts, we seek out new opportunities, which may include complementary operations or businesses that reflect horizontal or vertical expansion from our current operations, as well as opportunities for diversification of our operations. Some of these potential opportunities are considered briefly and others are examined in further depth. In particular, we seek out acquisitions to expand the geographic scope and size of our REP businesses.\n\n \n\n32\n\n[Table of Contents](#toc)\n\n \n\n**Discontinued Operations in Finland and Sweden**\n\n \n\nAs a result of the sustained volatility of the energy market in Europe, in the third quarter of 2022, we decided to discontinue the operations of Lumo Energia Oyj (\"Lumo Finland\") and Lumo Energi AB (\"Lumo Sweden\"). In July 2022, the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden. The sale price was fixed and was settled monthly based on the monthly commodity volume specified in the instruments between September 2022 and March 2025. \n\n \n\nWe determined that the discontinuation of operations of Lumo Finland and Lumo Sweden represented a strategic shift that would have a major effect on our operations and financial statements and accordingly, the results of operations and related cash flows are presented as discontinued operations for all periods presented. The assets and liabilities of the discontinued operations are presented separately and reflected within assets and liabilities from discontinued operations in the accompanying condensed consolidated balance sheets as March 31, 2026 and December 31, 2025. Lumo Sweden is continuing to liquidate its remaining assets and to settle any remaining liabilities.\n\n \n\nOn November 2022, Lumo Finland declared bankruptcy and the administration of Lumo Finland was transferred to the Lumo Administrators. All assets and liabilities of Lumo Finland remain with Lumo Finland, in which Genie retains its equity ownership interest, however, the management and control of Lumo Finland were transferred to the Lumo Administrators. Since we lost control of the management of Lumo Finland in favor of the Lumo Administrators, the accounts of Lumo Finland were deconsolidated effective November 9, 2022.\n\n \n\nNet loss from discontinued operations of Lumo Sweden, net of taxes was minimal for and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. \n\n \n\nOn November 8, 2023, the Lumo Administrators, acting on behalf of the Lumo Finland Bankruptcy Estate, filed a claim in the District Court of Helsinki against Genie Nordic, a wholly-owned subsidiary of the Company and the parent company of Lumo Finland, its directors, officers and affiliates, in which they allege that the gain from the sale of swap instruments owned by Lumo Sweden amounting to €35.2 million (equivalent to $40.8 million as of March 31, 2026) belongs to the Bankruptcy Estate. The Bankruptcy Estate filed an additional claim with the District Court on May 27, 2024 against Lumo Sweden for €4.8 million (equivalent to $5.6 million as of March 31, 2026), also alleging that the gain from the sale of the swap instruments belongs to the Bankruptcy Estate, bringing the aggregate sum of claims related to the gain from sale of swap instruments to €40.0 million (equivalent to $46.3 million as of March 31, 2026). We believe that the Lumo Administrators' position is without merit, and are vigorously defending its position.\n\n \n\nThe Lumo Administrators filed a claim against one of Lumo Finland’s suppliers, seeking to recover payments made by Lumo Finland amounting to €4.2 million (equivalent to $4.9 million as of March 31, 2026) prior to the bankruptcy. Related to such payment, the Lumo Administrators have filed a recovery claim jointly against us and the supplier for €1.6 million (equivalent to $1.9 million as of March 31, 2026) alleging that a portion of the payment by Lumo Finland effectively reduced our liability under the terms of a previously supplied parental guarantee (this €1.6 million is included within - and not additive to -  the €4.2 million). The Lumo Administrators allege that the payments represented preferential payments and therefore belong to the Bankruptcy Estate which are recoverable under the laws of Finland. We are challenging the Lumo Administrator's claims.\n\n \n\nWe believe that the maximum exposure for these cases would likely be limited by the potential amount of the customers' claims in the bankruptcy case. Based on the progress made in assessing those claims, we expect those claims to be in the range of €2.0 million to €4.0 million. Although we do not believe that it is legally obligated to pay anything in respect of the claims, given the likelihood of negotiating a settlement to minimize further costs of challenging the claims, we recognized an estimated loss of €2.5 million (equivalent to $2.6 million at the date of the transaction) recorded in the fourth quarter of 2024. The estimated loss was included in the loss from discontinued operations, net account in the condensed consolidated statement of operations for the year ended December 31, 2024.\n\n \n\n**Legal proceedings**\n\n \n\nWe periodically receive requests for information, documents and subpoenas from regulators, the majority of which are routine and related to compliance obligations. On certain occasions, a regulatory or governmental bodies may, in response to the interaction, formalize additional requests or eventually file an action or lawsuit. See Note 19, *Commitments and Contingencies,* in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference, for further detail on agency and regulatory proceedings.\n\n \n\n33\n\n[Table of Contents](#toc)\n\n \n\n**Genie Retail Energy**\n\n \n\nGRE operates REPs that resell electricity and/or natural gas to residential and small business customers in California. Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Texas, Rhode Island, and Washington, D.C. GRE’s revenues represented approximately 94.7% and 96.8% of our consolidated revenues in the three months ended March 31, 2026 and 2025, respectively.\n\n \n\n*Seasonality and Weather; Climate Change and Volatility in Pricing*\n\n \n\nThe weather and the seasons, among other things, affect GRE’s REPs’ revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters and/or summers have the opposite effect. Unseasonable temperatures in other periods may also impact demand levels. Potential changes in global climate may produce, among other possible conditions, unusual variations in temperature and weather patterns, resulting in unusual weather conditions, more intense, frequent and extreme weather events and other natural disasters. Some climatologists believe that these extreme weather events will become more common and more extreme, which will have a greater impact on our operations. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 43.3% and 43.0% of GRE’s natural gas revenues for the relevant years were generated in the first quarter of 2025 and 2024, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.7% and 28.7% of GRE’s electricity revenues for 2025 and 2024, respectively, were generated in the third quarters of those years. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. In addition, extraordinary weather has and can lead to extreme spikes in the prices of wholesale electricity and natural gas in markets where GRE and other retail providers purchase their supply, or in challenges to the grid or supply markets in affected areas. Such events could have a material impact on our margins and operations.\n\n \n\nIn addition to the direct impact that climate change may have on our business, financial condition and results of operations because of the effect on pricing, demand for our offerings and/or the energy supply markets, we may also be adversely impacted by other environmental factors, including: (i) technological advances designed to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) regulatory responses aimed at decreasing greenhouse gas emissions; and (iv) litigation or regulatory actions that address the environmental impact of our energy products and services.\n\n \n\n34\n\n[Table of Contents](#toc)\n\n \n\n*Purchase of Receivables and Concentration of Credit Risk*\n\n \n\nUtility companies provide billing and collections services to the GRE's REPs. In addition, utility companies offer purchase of receivables, or POR, programs in most of the service territories in which GRE operates. GRE’s REPs reduce their customer credit risk by participating in POR programs for a majority of their receivables. Under the POR programs, the utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. GRE’s REPs’ primary credit risk in these jurisdictions is therefore nonpayment by the utility companies. In the three months ended March 31, 2026 and 2025, the associated cost was approximately 1.4% and 1.2% of GRE's revenues, respectively. At March 31, 2026 and December 31, 2025, 68.9% and 86.6%, respectively, of GRE’s net accounts receivable were under POR programs. \n\n \n\n*Concentration of Customers and Associated Credit Risk*\n\n \n\nGRE’s REPs reduce their customer credit risk by participating in purchase of receivable programs for a majority of their receivables in which utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs for those purchased receivables. GRE’s REPs primary credit risk with respect to those purchased receivables is therefore nonpayment by the utility companies. Certain of the utility companies represent significant portions of our consolidated revenues and consolidated gross trade accounts receivable balance during certain periods, and such concentrations increase our risk associated with nonpayment by those utility companies.\n\n \n\nThere are no trade receivables by customer that equaled or exceeded 10.0% of consolidated net trade receivables at March 31, 2026 or December 31, 2025.\n\n \n\nThe following table summarizes the percentage of revenues by the only customer that equaled or exceeded 10.0% of consolidated revenues for the three months ended March 31, 2026 or 2025:\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\nCustomer A\n\n \n \n**na**\n** **\n \n \n12.3\n%\n\n \n\nna—less than 10.0% of consolidated revenue in the period\n\n \n\n*Legal Proceedings*\n\n \n\nAlthough GRE endeavors to maintain best sales and marketing practices, such practices have been the subject of class action lawsuits in the past.\n\n \n\nSee Note 19, *Commitments and Contingencies,* in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference.\n\n \n\nFrom time to time, the Company responds to inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes. The Company cannot predict whether any of those matters will lead to claims or enforcement actions or whether the Company and the regulatory parties will enter into settlements before a formal claim is made. See Note 19, *Commitments and Contingencies,* in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference, for further detail on agency and regulatory proceedings.\n\n \n\n35\n\n[Table of Contents](#toc)\n\n \n\n**Critical Accounting Estimates**\n\n \n\nOur condensed consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our significant accounting policies are described in Note 2 to our consolidated financial statements included in the 2025 Form 10-K. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting policies are those that require the application of management’s most subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods. Our critical accounting policies include those related to revenue recognition specifically the estimation of unbilled revenues. Actual results may differ from these estimates under different assumptions or conditions. For additional discussion of our critical accounting policies, see our Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2025 Form 10-K.\n\n \n\n**Recently Issued Accounting Standards**\n\n \n\nInformation regarding new accounting pronouncements is included in Note 21—*Recently Issued Accounting Standards,*in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, which is incorporated by reference. \n\n \n\n**Results of Operations**\n\n \n\nWe evaluate the performance of our operating business segments based primarily on income (loss) from operations. Accordingly, the income and expense line items below income (loss) from operations are only included in our discussion of our condensed consolidated results of operations. \n\n \n\n** Three Months Ended March 31, 2026 Compared to** **Three Months Ended March 31, 2025**\n\n \n\n**Genie Retail Energy Segment** \n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n \n\n**Change**\n\n \n\n**(amounts in thousands)**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n \n\n**$**\n\n \n \n \n%\n\nRevenues:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nElectricity\n\n \n \n**99,411**\n \n \n \n104,063\n \n \n \n(4,652\n)\n \n \n(4.5\n)\n\nNatural gas\n\n \n \n**35,352**\n \n \n \n28,409\n \n \n \n6,943\n \n \n \n24.4\n \n\nOther\n\n \n \n—\n \n \n \n3\n \n \n \n(3\n)\n \n \nnm\n \n\nTotal revenues\n\n \n \n**134,763**\n \n \n \n132,475\n \n \n \n2,288\n \n \n \n1.7\n \n\nCost of revenues\n\n \n \n**105,688**\n \n \n \n96,574\n \n \n \n9,114\n \n \n \n9.4\n \n\nGross profit\n\n \n \n**29,075**\n \n \n \n35,901\n \n \n \n(6,826\n)\n \n \n(19.0\n)\n\nSelling, general and administrative expenses\n\n \n \n**22,433**\n \n \n \n19,053\n \n \n \n3,380\n \n \n \n17.7\n \n\nIncome from operations\n\n \n$\n**6,642**\n \n \n$\n16,848\n \n \n$\n(10,206\n)\n \n \n(60.6\n)\n\n \n\n*nm*—not meaningful\n\n \n\n36\n\n[Table of Contents](#toc)\n\n \n\n*Revenues*. Electricity revenues decreased by 4.5% in the three months ended March 31, 2026 compared to the same period in 2025. The decrease was due to a decrease in electricity consumption partially offset by an increase in the average price per kilowatt hour charged to customers in the three months ended March 31, 2026 compared to the same period in 2025. Electricity consumption by GRE’s REPs' customers decreased by 19.2% in the three months ended March 31, 2026, compared to the same period in 2025, reflecting 18.9% and 0.4% decreases in the average number of meters served and average consumption per meter, respectively. The decrease in meters served was driven by expiration of aggregation deals over the course of 2025. The average rate per kilowatt hour sold increased by 18.2% in the three months ended March 31, 2026 compared to the same period in 2025 due to general market conditions.\n\n \n\nNatural gas revenues increased by 24.4% in the three months ended March 31, 2026 compared to the same period in 2025. The increase was a result of a 37.0% increase in average revenue per therm sold in the three months ended March 31, 2026 compared to the same period in 2025, due to general market conditions, partially offset by a 9.2% decrease in natural gas consumption by GRE’s REPs' customers in the three months ended March 31, 2026, compared to the same period in 2025, reflecting 0.1% and 9.0% decreases in the average number of meters served and average consumption per meter, respectively. The decrease in the average consumption per meter was driven change in customer mix during the periods.\n\n \n\nOther revenues in the three months ended March 31, 2025 pertains to revenues from customer termination fees from commercial customers. \n\n \n\nThe customer base for GRE’s REPs as measured by meters served consisted of the following:\n\n \n\n**(in thousands)**\n\n \n\n**March 31, 2026**\n\n \n \n\n**December 31, 2025**\n\n \n \n\n**September 30, 2025**\n\n \n \n\n**June 30, 2025**\n\n \n \n\n**March 31, 2025**\n\n \n\nMeters at end of quarter:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nElectricity customers\n\n \n \n**272**\n \n \n \n258\n \n \n \n316\n \n \n \n332\n \n \n \n325\n \n\nNatural gas customers\n\n \n \n**92**\n \n \n \n88\n \n \n \n86\n \n \n \n87\n \n \n \n88\n \n\nTotal meters\n\n \n \n**364**\n \n \n \n346\n \n \n \n402\n \n \n \n419\n \n \n \n413\n \n\n \n\n37\n\n[Table of Contents](#toc)\n\n \n\nGross meter acquisitions in the three months ended March 31, 2026, were 84,000 compared to 61,000 for the same period in 2025. Gross meter acquisitions for the three months ended March 31, 2026 increased compared to the same period in 2025 as we continue to increase our investments in customer acquisition efforts.\n\n \n\nMeters served increased by 18,000 between December 31, 2025 and March 31, 2026. The increase in the number of meters served at March 31, 2026 compared to December 31, 2025 is due to new sales during the three months ended March 31, 2026 as customer acquisition increased as discussed above.\n\n \n\nIn the three months ended March 31, 2026, average monthly churn increased to 5.8% compared to 5.5% for the same period in 2025. \n\n \n\nThe average rates of annualized energy consumption by GRE's REPs' customers, as measured by RCEs, are presented in the chart below. An RCE represents a natural gas customer with annual consumption of 100 mmbtu or an electricity customer with annual consumption of 10 MWh. Because different customers have different rates of energy consumption, RCEs are an industry standard metric for evaluating the consumption profile of a given retail customer base. \n\n \n\n**(in thousands)**\n\n \n\n**March 31, 2026**\n\n \n \n\n**December 31, 2025**\n\n \n \n\n**September 30, 2025**\n\n \n \n\n**June 30, 2025**\n\n \n \n\n**March 31, 2025**\n\n \n\nRCEs at end of quarter:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nElectricity customers\n\n \n \n**273**\n \n \n \n250\n \n \n \n318\n \n \n \n332\n \n \n \n318\n \n\nNatural gas customers\n\n \n \n**81**\n \n \n \n79\n \n \n \n78\n \n \n \n82\n \n \n \n84\n \n\nTotal RCEs\n\n \n \n**354**\n \n \n \n329\n \n \n \n396\n \n \n \n414\n \n \n \n402\n \n\n \n\nRCEs at March 31, 2026 increased by 25,000 compared to December 31, 2025. The increase is due to increases in the number of meters served as discussed above.\n\n \n\n*Cost of Revenues and Gross Margin Percentage*. GRE’s cost of revenues and gross margin percentage were as follows:  \n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n \n\n**Change**\n\n \n\n**(amounts in thousands)**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n \n\n**$**\n\n \n \n \n%\n\nCost of revenues:\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nElectricity\n\n \n$\n**82,375**\n \n \n$\n79,957\n \n \n$\n2,418\n \n \n \n3.0\n \n\nNatural gas\n\n \n \n**23,313**\n \n \n \n16,617\n \n \n \n6,696\n \n \n \n40.3\n \n\nOther\n\n \n \n—\n \n \n \n—\n \n \n \n—\n \n \n \nnm\n \n\nTotal cost of revenues\n\n \n$\n**105,688**\n \n \n$\n96,574\n \n \n$\n9,114\n \n \n \n9.4\n \n\n \n\n*nm*—not meaningful\n\n \n\n38\n\n[Table of Contents](#toc)\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n**(amounts in thousands)**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n \n\n**Change**\n\n \n\nGross margin percentage:\n\n \n \n \n \n \n \n \n \n \n \n \n \n\nElectricity\n\n \n \n**17.1**\n**%**\n \n \n23.2\n%\n \n \n(6.0\n)\n\nNatural gas\n\n \n \n**34.1**\n** **\n \n \n41.5\n \n \n \n(7.5\n)\n\nOther\n\n \n \n**nm**\n \n \n \nnm\n \n \n \nnm\n \n\nTotal gross margin percentage\n\n \n \n**21.6**\n**%**\n \n \n27.2\n%\n \n \n(5.6\n)\n\n \n\n*nm*—not meaningful\n\n \n\nCost of revenues for electricity increased in the three months ended March 31, 2026 compared to the same period in 2025 primarily because of an increase in the average unit cost of electricity partially offset by the decrease in electricity consumption by GRE’s REPs’ customers. The average unit cost of electricity increased 27.5% in the three months ended March 31, 2026 compared to the same period in 2025 due to general market conditions. The gross margin on electricity sales decreased in the three months ended March 31, 2026 compared to the same period in 2025 because the unit cost of electricity increased more than the increase in the average rate charged to customers.\n\n \n\nCost of revenues for natural gas increased in the three months ended March 31, 2026 compared to the same period in 2025 primarily because of an increase in the average unit cost of natural gas partially offset by a decrease in natural gas consumption by GRE's REPs' customers. The average unit cost of natural gas increased 54.6% in the three months ended March 31, 2026 compared to the same period in 2025 due to general market conditions. Gross margin on natural gas sales decreased in the three months ended March 31, 2026 compared to the same period in 2025 because the average unit cost of natural gas increased more than the average rate charged to customers.\n\n \n\n*Selling, General and Administrative*. Selling, general and administrative expenses increased by 17.7% in the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increases in marketing and customer acquisition costs and provision for credit losses partially offset by a decrease in employee-related expenses. Marketing and customer acquisition expenses increased by $3.7 million in the three months ended March 31, 2026 compared to the same period in 2025 due to an increase in meters acquired in the three months ended March 31, 2026 compared to the same period in 2025. Provision for credit losses increased by $0.2 million in the three months ended March 31, 2026 compared to the same period in 2025. Employee-related expenses decreased by $0.8 million in the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a decrease in bonus accrual. As a percentage of GRE’s total revenues, selling, general and administrative expenses increased from 14.4% in the three months ended March 31, 2025 to 16.6% in the three months ended March 31, 2026.\n\n \n\n39\n\n[Table of Contents](#toc)\n\n \n\n**Genie Renewables** **Segment**\n\n \n\nThe GREW (formerly GES) segment is composed of Genie Solar, CityCom, Roded and Diversegy. Genie Solar is an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects. CityCom is a marketer of community solar and alternative products and services complementary to our energy offerings. Diversegy is a provider of energy procurement advisory services to industrial, commercial and municipal customers. Roded is a producer of high-grade plastic pallets form recycled materials.\n\n \n\nOn July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was enacted into law. The law accelerates the expiration of the federal investment tax credit on solar projects, effective for projects going online after December 31, 2027. In light of this law, the Company evaluated the financial viability of all its solar projects and its qualification for the federal solar investment tax credits. The Company identified several projects that will be discontinued and assessed the values of the related assets at the lower of fair value less cost to sell and net book value. The Company also identified several assets, including definite life intangibles and solar panel inventories and assessed the carrying values for impairment.\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n \n\n**Change**\n\n \n\n**(amounts in thousands)**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n \n\n**$**\n\n \n \n\n**%**\n\n \n\nRevenues\n\n \n**$**\n**7,549**\n \n \n$\n4,332\n \n \n$\n3,217\n \n \n \n74.3\n%\n\nCost of revenue\n\n \n** **\n**6,803**\n \n \n \n2,870\n \n \n \n3,933\n \n \n \n137.0\n \n\nGross profit\n\n \n** **\n**746**\n \n \n \n1,462\n \n \n \n(716\n)\n \n \n(49.0\n)\n\nSelling, general and administrative expenses\n\n \n** **\n**3,150**\n \n \n \n2,317\n \n \n \n833\n \n \n \n36.0\n \n\nLoss from operations\n\n \n**$**\n**(2,404**\n**)**\n \n$\n(855\n)\n \n$\n(1,549\n)\n \n \n181.2\n%\n\n \n\n*nm*—not *meaningful*\n\n \n\n*Revenues.*GREW's revenues increased in the three months ended March 31, 2026 compared to the same period in 2025 due to increases in revenues generated by Genie Solar and CityCom Solar partially offset by a decrease in revenues generated by Diversegy. Genie Solar's revenues from the sale of solar panels and development of solar projects for customers, electricity generation from operational solar arrays and sale of solar panels increased by $2.9 million in the three months ended March 31, 2026 compared to the same period in 2025 as the Company sold its remaining solar panels at its carrying costs to reduce the level of solar panel inventories. Revenues from CityCom Solar increased by $0.4 million in the three months ended March 31, 2026 compared to the same period in 2025. Diversegy's revenues from commissions, entry fees and other fees decreased by $0.3 million in the three months ended March 31, 2026 compared to the same period in 2025.  \n\n \n\n*Cost of Revenues.* The increase in the cost of revenues in the three months ended March 31, 2026 compared to 2025 is due to the cost of solar panels that are sold in Genie Solar. In the three months ended March 31, 2026, we recorded a $0.9 million charge to the cost of revenues of Genie Solar to write down the carrying value of solar panel inventories to the estimated net realizable value. \n\n \n\n*Selling, General and Administrative*. Selling, general and administrative expenses increased by 36.0% in the three months ended March 31, 2026 compared to the same period in 2025 due to increases in employee-related costs, consulting fees and depreciation expenses. Employee-related costs increased by $0.3 million in the three months ended March 31, 2026 compared to the same period in 2025, due to an increase in the number of employees, principally at Diversegy. Consulting fees increased by $0.2 million in the three months ended March 31, 2026 compared to the same period in 2025 due to an increase in level of business activities. Depreciation expenses increased by $0.1 million in the three months ended March 31, 2026 compared to the same period in 2025 due to completion and start of operation of community solar project and new equipment used in Roded.  \n\n \n\n40\n\n[Table of Contents](#toc)\n\n \n\n**Corporate**\n\n \n\nAs discussed above, the remaining accounts of GRE International were transferred to corporate starting in the third quarter of 2022 (when GRE International ceased being treated as a separate segment). Entities under corporate do not generate any revenues, nor do they incur any cost of revenues. Corporate general and administrative expenses include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses.\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n \n\n**Change**\n\n \n\n**(amounts in thousands)**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n \n\n**$**\n\n \n \n\n**%**\n\n \n\nGeneral and administrative expenses and loss from operations\n\n \n**$**\n**2,366**\n \n \n$\n2,516\n \n \n$\n(150\n)\n \n \n(6.0\n)%\n\n \n\nCorporate general and administrative expenses decreased by 6.0% in the three months ended March 31, 2026 compared to the same period in 2025 due to lower accrued bonuses. As a percentage of consolidated revenues, Corporate general and administrative expenses decreased to 1.7% in the three months ended March 31, 2026 from 1.8% in the three months ended March 31, 2025.\n\n \n\n41\n\n[Table of Contents](#toc)\n\n \n\n**Consolidated**\n\n \n\n*Selling, general and administrative expenses.* Stock-based compensation expense included in consolidated selling, general and administrative expenses was $0.7 million in each of the three months ended March 31, 2026 and 2025. At March 31, 2026, the aggregate unrecognized compensation cost related to non-vested stock-based compensation was $3.2 million. The unrecognized compensation cost is recognized over the expected vesting period.\n\n \n\nThe following is a discussion of our consolidated income and expense line items below income from operations:\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n \n\n**Change**\n\n \n\n**(amounts in thousands)**\n\n \n\n**2026**\n\n \n \n\n**2025**\n\n \n \n\n**$**\n\n \n \n\n**%**\n\n \n\nIncome from operations\n\n \n$\n**1,872**\n \n \n$\n13,476\n \n \n$\n(11,604\n)\n \n \n(86.1\n)%\n\nInterest income\n\n \n \n**1,651**\n \n \n \n1,981\n \n \n \n(330\n)\n \n \n(16.7\n)\n\nInterest expense\n\n \n \n**(124**\n**)**\n \n \n(189\n)\n \n \n65\n \n \n \n(34.4\n)\n\nOther income, net\n\n \n \n**710**\n \n \n \n162\n \n \n \n548\n \n \n \nnm\n \n\nProvision for income taxes\n\n \n \n**(1,585**\n**)**\n \n \n(5,212\n)\n \n \n3,627\n \n \n \n(69.6\n)\n\nNet income from continuing operations\n\n \n \n**2,524**\n \n \n \n10,218\n \n \n \n(7,694\n)\n \n \n(75.3\n)\n\nLoss from discontinued operations, net of tax\n\n \n \n**(10**\n**)**\n \n \n(104\n)\n \n \n94\n \n \n \n(90.4\n)\n\nNet income\n\n \n \n**2,514**\n \n \n \n10,114\n \n \n \n(7,600\n)\n \n \n(75.1\n)\n\nNet loss attributable to noncontrolling interests\n\n \n \n**(264**\n**)**\n \n \n(329\n)\n \n \n65\n \n \n \n(19.8\n)\n\nNet income attributable to Genie Energy Ltd.\n\n \n$\n**2,778**\n \n \n$\n10,443\n \n \n$\n(7,665\n)\n \n \n(73.4\n)%\n\n \n\n*nm*—not *meaningful*\n\n \n\n*Interest income*.  Interest income decreased in the three months ended March 31, 2026, compared to the same period in 2025 primarily due to a decrease in average balances of cash and cash equivalents and restricted cash during the periods.\n\n \n\n*Other Income, net*.  Other income, net in the three months ended March 31, 2026 and 2025 consisted primarily of gains from investments, net of losses. \n\n \n\n*Provision for Income Taxes*. The change in the reported tax rate for the three months ended March 31, 2026 compared to the same periods in 2025 is the result of changes in the mix of jurisdictions in which taxable income was earned and the nature of certain deductions.\n\n \n\n*Net Loss Attributable to Noncontrolling Interests.* The net loss attributable to noncontrolling interests in the three months ended March 31, 2026 was primarily due to the shares of noncontrolling interest in the operations of Roded and Genie Solar. The net loss attributable to noncontrolling interest in the three months ended March 31, 2025 consisted primarily of the share of noncontrolling interest in the operations of Citizens Choice Energy.\n\n \n\n*Net loss* *from Discontinued Operations, net of tax.* Loss from discontinued operations, net of tax in the three months ended March 31, 2026 and 2025 is mainly related to foreign exchange differences in Lumo Sweden during the periods. \n\n \n\n42\n\n[Table of Contents](#toc)\n\n \n\n**Liquidity and Capital Resources**  \n\n \n\n**General**\n\n \n\nWe currently expect that our cash flow from operations and the $194.6 million balance of unrestricted and restricted cash and cash equivalents that we held at March 31, 2026 will be sufficient to meet our anticipated cash requirements for at least twelve months from the issuance of the financial statements included in this March 31, 2026 Form 10-Q.\n\n \n\nAt March 31, 2026, we had working capital (current assets less current liabilities) of $188.4 million.\n\n \n\n \n \n\n**Three Months Ended March 31,**\n\n \n\n \n \n\n**2026**\n\n \n \n\n**2025**\n\n \n\n \n \n\n**(in thousands)**\n\n \n\n**Cash flows (used in) provided by:**\n\n \n \n \n** **\n \n \n \n** **\n\nOperating activities\n\n \n$\n**(6,510**\n)\n \n$\n13,519\n \n\nInvesting activities\n\n \n \n**(5,946**\n**)**\n \n \n(2,093\n)\n\nFinancing activities\n\n \n \n**(4,375**\n**)**\n \n \n(4,375\n)\n\nEffect of exchange rate changes on cash, cash equivalents and restricted cash\n\n \n \n**(20**\n**)**\n \n \n(80\n)\n\nIncrease in cash, cash equivalents and restricted cash of continuing operations\n\n \n \n**(16,851**\n)\n \n \n6,971\n \n\nCash flows provided by discontinued operations\n\n \n \n**(5**\n)\n \n \n1,830\n \n\n**Net (decrease) increase in cash, cash equivalents and restricted cash**\n\n \n$\n**(16,856**\n)\n \n$\n8,801\n \n\n \n\n43\n\n[Table of Contents](#toc)\n\n \n\n**Operating Activities**\n\n \n\nCash, cash equivalents and restricted cash used in operating activities of continuing operations was $6.5 million in the three months ended March 31, 2026 compared to the cash provided by operating activities of $13.5 million in the three months ended March 31, 2025. The decrease in cash flows is due primarily to the fluctuation in the results of operations in the three months ended March 31, 2026 compared to the same period in 2025.\n\n \n\nOur cash flow from operations varies significantly from quarter to quarter and from year to year, depending on our operating results and the timing of operating cash receipts and payments, specifically trade accounts receivable and trade accounts payable. Changes in assets and liabilities decreased cash flows by $13.1 million for the three months ended March 31, 2026, compared to the same period in 2025. \n\n \n\nCertain of GRE's REPs are party to an Amended and Restated Preferred Supplier Agreement with BP Energy Company, or BP, which is to be in effect through November 30, 2026. Under the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of the REP’s customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At March 31, 2026, we were in compliance with such covenants. At March 31, 2026, restricted cash—short-term of $1.6 million and trade accounts receivable of $72.3 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $18.3 million at March 31, 2026.\n\n \n\nWe had purchase commitments of $131.3 million at March 31, 2026, of which $124.4 million was for purchases of electricity.\n\n \n\nWe are a lessee under operating lease agreements primarily for office space in locations where we operate and for our solar development projects with lease periods expiring between 2026 and 2052. Our future lease payments under the operating leases as of March 31, 2026 were $2.2 million.\n\n \n\nGRE has performance bonds issued through a third party for the benefit of certain utility companies and for various states in order to comply with the states’ financial requirements for retail energy providers. At March 31, 2026, we had outstanding aggregate performance bonds of $29.5 million and $1.0 million of unused letters of credit.\n\n \n\n**Investing Activities**\n\n \n\nOur capital expenditures decreased by $0.9 million for the three months ended March 31, 2026 compared to the same period in 2025, due to the completion of a solar development project in December 2025. Our capital expenditures are mainly for the construction of solar projects at Genie Solar. We currently anticipate that our total capital expenditures in the twelve months ending December 31, 2026 will be between $5.0 million to $10.0 million mostly related to solar projects under development at GREW.\n\n \n\n44\n\n[Table of Contents](#toc)\n\n \n\nIn the three months ended March 31, 2026, we acquired nominal interests in various ventures for an aggregate amount of investments of $5.0 million. \n\n \n\nIn the three months ended March 31, 2026 and 2025, we invested minimal amount and $0.4 million towards the improvement of an investment property we acquired in 2024. \n\n \n\n**Financing Activities**\n\n \n\nIn the three months ended March 31, 2026 and 2025, we paid aggregate dividends of $0.075 per share to stockholders of our Class A common stock and Class B common stock, or total aggregate dividends of $2.0 million for each in the three months ended March 31, 2026 and 2025. On May 12, 2026 our Board of Directors declared a quarterly dividend of $0.075 per share on our Class A common stock and Class B common stock. The dividend will be paid on or about June 2, 2026 to stockholders of record as of the close of business on May 22, 2026.\n\n \n\n45\n\n[Table of Contents](#toc)\n\n \n\nIn each of the three months ended March 31, 2026 and 2025, we paid $0.5 million to repurchase shares of our Class B common stock tendered by our employees (including one officer) to satisfy tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares were repurchased by us based on their fair market value on the trading day immediately prior to the vesting date.  \n\n \n\nIn January 2026, we extinguished the notes payable by paying the $1.8 million principal amount plus the $0.1 million accumulated accrued interest. The note payable carried a 5.0% interest rate.\n\n \n\nOn November 18, 2024, our subsidiary, SUT Holdings, LLC entered into a Term Loan Agreement with National Cooperative Bank, N.A. (\"NCB\") for $7.4 million (the \"Term Loan\"). The principal amount is payable in installments every January 1, July 1 and October 1 of each year starting on July 1, 2025. up to October 2031.\n\n \n\nInterest on the unpaid balance is payable on each January 1, April 1, July 1 and October 1, calculated using the 3-Month Term Secured Overnight Financing Rate (\"SOFR\") published by CME Group Benchmark Administration plus a margin of 2.0% computed on the basis of actual number of days elapsed over 360 days. We paid NCB a nonrefundable commitment fee equal to 1.0% of the total principal amount equivalent to $0.1 million. We have the right to prepay the Term Loan in whole or in part at any time as permitted under specific terms in the Term Loan Agreement. The Term Loan is secured by our operating solar systems located in Ohio, Indiana and Michigan.  The Term Loan is subject to various financial and negative covenants and at March 31, 2026, we were in compliance with all such covenants.  At March 31, 2026, there was $7.0 million outstanding under the Term Loan at a weighted average interest rate of 6.3%. We also entered into a Cash Management Agreement with NCB to manage the cash flows of the operations of collateralized solar projects. The Cash Management Agreement also provided certain restriction on certain cash accounts specified in the agreements. At March 31, 2026, an aggregate of $3.9 million are deposited in NCB and are subject to certain restrictions.\n\n \n\nIn the three months ended March 31, 2026, we paid the required installment of the principal amount of the Term Loan of $0.1 million. There were no required payment in the three months ended March 31, 2025.\n\n \n\nOn December 13, 2018, we entered into a Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”). On October 12, 2025, we entered into an amendment of the existing Credit Agreement to extend the maturity date of December 31, 2026. The aggregate principal amount was retained at $3.0 million credit line facility (“Credit Line”). We pay a commitment fee of 0.1% per annum on the unused portion of the Credit Line as specified in the Credit Agreement. The borrowed amounts will be in the form of letters of credit which will bear interest of 1.0% per annum. We will also pay a fee for each letter of credit that is issued equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. We agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to $3.1 million. As of March 31, 2026, there are $1.0 million in letters of credit issued by JP Morgan Chase Bank. At March 31, 2026, the cash collateral of $3.3 million was included in restricted cash—short-term in our condensed consolidated balance sheet. \n\n \n\n*Cash flows from discontinued operations*\n\n \n\nCash used in discontinued operations of Lumo Sweden was minimal in the three months ended March 31, 2026. Cash provided by operating activities of discontinued operations was $1.8 million in the three months ended March 31, 2025. The cash provided by operating activities of discontinued operations in the three months ended March 31, 2025 pertains to the proceeds from the settlement of hedges of Lumo Sweden, in which the last payment was received in April 2025.\n\n \n\n46\n\n[Table of Contents](#toc)"}