Genie Energy Ltd. (NYSE:GNE) Q2 2023 Earnings Conference Call August 7, 2023 8:30 AM ET
Company Participants
Michael Stein - Chief Executive Officer
Avi Goldin - Chief Financial Officer
Brian Siegel - Senior Managing Director, Hayden Investor Relations
Conference Call Participants
Operator
Good morning and welcome to Genie Energy’s Second Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] 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 makes 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 on 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 to 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, and welcome to our investors and other stakeholders listening today. During the second quarter, we built on our positive first quarter momentum, continuing to add significant numbers of new retail energy customers, expanding and advancing projects within our solar project pipeline and delivering very strong financial results, including record levels of second quarter revenue and income from operations.
At GRE, commodity prices again remained stable during the quarter. In this favorable environment, we pushed to acquire new customers. By quarters end, we had added 75,000 gross new meter ads in the quarter, more than double the year-ago pace. RCEs increased by 45% to 380,000 and meters by 36% to 381,000. We are now serving more RCEs than ever before in the company's history.