Genie Energy Ltd.
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUART ERLY PERIOD ENDED March 31, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number:1-35327
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 45-2069276 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
| 520 Broad Street, Newark, New Jersey | 07102 |
| (Address of principal executive offices) | (Zip Code) |
(973)438-3500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b)-2 of the Exchange Act:
| Title of each Class | Trading Symbol | Name of exchange of which registered |
|---|---|---|
| Class B common stock, par value $0.01 per share | GNE | New York Stock Exchange |
Indicate 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 ☐
Indicate by check mark whether the registrant has submitted electronically every Inter active 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 ☐
Indicate 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 12 b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12 b-2 of the Exchange Act.): Yes ☐ No ☒
As of May 7, 2025, the registrant had the following shares outstanding:
| Class A common stock, $0.01 par value: | 1,574,326 shares |
|---|---|
| Class B common stock, $0.01 par value: | 25,271,361 shares (excluding 4,051,966 treasury shares) |
TABLE OF CONTENTS
| PART I. FINANCIAL INFORMATION | 1 | ||
|---|---|---|---|
| Item 1. | Financial Statements (Unaudited) | 1 | |
| CONSOLIDATED BALANCE SHEETS | 1 | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS | 2 | ||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 3 | ||
| CONSOLIDATED STATEMENTS OF EQUITY | 4 | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | 6 | ||
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 7 | ||
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 36 | |
| Item 3 | Quantitative and Qualitative Disclosures About Market Risks | 51 | |
| Item 4 | Controls and Procedures | 51 | |
| PART II. OTHER INFORMATION | 52 | ||
| Item 1. | Legal Proceedings | 52 | |
| Item 1A. | Risk Factors | 52 | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 52 | |
| Item 3. | Defaults upon Senior Securities | 52 | |
| Item 4. | Mine Safety Disclosures | 52 | |
| Item 5. | Other Information | 52 | |
| Item 6. | Exhibits | 53 | |
| SIGNATURES | 54 | ||
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