Genie Energy Limited (NYSE:GNE) Q3 2023 Earnings Conference Call November 6, 2023 8:30 AM ET
Company Participants
Michael Stein - Chief Executive Officer
Avi Goldin - Chief Financial Officer
Brian Siegel - Hayden IR
Conference Call Participants
Operator
Good morning and welcome to Genie Energy’s third quarter 2023 earnings call.
Until the Q&A portion of the call, all participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation by Genie Energy’s management, there will be an opportunity to ask questions. Please note this event is being recorded.
I will now turn the call over to Brian Siegel of Hayden IR.
Brian Siegel
Thank you Operator. With me today are Michael Stein, Genie Energy’s CEO, and Avi Goldin, Genie Energy’s CFO, who will discuss operational and financial results.
Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those statements. These risks and uncertainties include but are not limited to those discussed in the reports that we file periodically with the SEC. Genie assumes no obligation to update any forward-looking statements that we have made or may make, or to update the factors that may cause actual results to differ materially from those that we forecast.
During the remarks, management may make reference to adjusted EBITDA, a non-GAAP measure. Management believes that its measure of adjusted EBITDA provides useful information to both management and investors that supplement our core operating results. Our earnings release, which is posted in the genie.com IR page, includes a reconciliation of consolidated adjusted EBITDA to its nearest comparable GAAP measures, consolidated net income and income from operations, for all periods presented. In addition, adjusted EBITDA for applicable segments are reconciled in the earnings release, including the respective segments’ income from operations for all periods presented.
I will now turn the conference over to Michael Stein, Genie’s Chief Executive Officer.
Michael Stein
Thank you Brian. Welcome to Genie Energy’s third quarter earnings call.
Our momentum from the first half of the year continued into Q3 with record quarterly revenues and nearly $19 million in adjusted EBITDA, driven mainly by GRE’s investments in retail customer acquisition since early in the year. Additionally, Genie Renewables, our GREW continued to expand its pipeline of potential projects while moving forward in the construction process with two of its projects.