Genie Energy Ltd.

Previous wording

Net income from discontinued operations of Lumo Sweden, net of taxes was minimal for the three months ended June 30, 2025. Net loss from discontinued operations of Lumo Sweden, net of taxes was $0.1 million three months ended June 30, 2024. Net loss from discontinued operations of Lumo Sweden, net of taxes was $0.1 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

Current wording

Net loss from discontinued operations of Lumo Sweden, net of taxes was minimal for each of the three months ended September 30, 2025 and 2024. Net loss from discontinued operations of Lumo Sweden, net of taxes was $0.1 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

On 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, 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 $41.5 million as of June 30, 2025) 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 $5.7 million as of June 30, 2025), 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 $47.2 million as of June 30, 2025). The Company believes that the Lumo Administrators' position is without merit, and it intends to vigorously defend its position.

Current wording

On 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, 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 $41.3 million as of September 30, 2025) 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 September 30, 2025), 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 $46.9 million as of September 30, 2025). The Company believes that the Lumo Administrators' position is without merit, and it intends to vigorously defend its position.

Previous wording

We have also been notified that the 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 $5.0 million as of June 30, 2025) 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 June 30, 2025) 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 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 intend to challenge the Lumo Administrators' claims. Nevertheless, should the Lumo Administrators succeed in clawing back the funds from the supplier, it is possible that the supplier will seek to recover its losses against us, under terms of the parental guarantee. At this time there is insufficient basis to assess an amount of any probable loss.

Current wording

We have also been notified that the 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 September 30, 2025) 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 September 30, 2025) 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 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 intend to challenge the Lumo Administrators' claims. Nevertheless, should the Lumo Administrators succeed in clawing back the funds from the supplier, it is possible that the supplier will seek to recover its losses against us, under terms of the parental guarantee. At this time there is insufficient basis to assess an amount of any probable loss.

Previous wording

GRE 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 94.1% and 95.6% of our consolidated revenues in the three and six months ended June 30, 2025, respectively, and 95.6% and 94.7% of our consolidated revenues in the three and six months ended June 30, 2024, respectively.

Current wording

GRE 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 95.7% and 95.7% of our consolidated revenues in the three and nine months ended September 30, 2025, respectively, and 94.5% and 94.6% of our consolidated revenues in the three and nine months ended September 30, 2024, respectively.

Previous wording

Utility companies offer purchase of receivable, 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. In addition to providing billing and collection services, 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 and six months ended June 30, 2025 the associated cost was approximately 1.1% of GRE's revenues and approximately 1.0% of GRE's revenues for the three and six months ended June 30, 2024. At June 30, 2025 and December 31, 2024, 80.3% and 83.6%, respectively, of GRE’s net accounts receivable were under POR programs.

Current wording

Utility companies offer purchase of receivable, 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. In addition to providing billing and collection services, 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 and nine months ended September 30, 2025 the associated cost was approximately 1.1% of GRE's revenues and approximately 1.3% of GRE's revenues for the three and nine months ended September 30, 2024. At September 30, 2025 and December 31, 2024, 83.3% and 83.6%, respectively, of GRE’s net accounts receivable were under POR programs.

Previous wording

The following table summarizes the percentage of revenues by customers that equal or exceed 10.0% of consolidated revenues for the three and six months ended June 30, 2025 or 2024 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the three and six months ended June 30, 2025 or 2024):

Current wording

The following table summarizes the percentage of revenues by customers that equal or exceed 10.0% of consolidated revenues for the three and nine months ended September 30, 2025 or 2024 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the three and nine months ended September 30, 2025 or 2024):

Previous wording

Three and Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024

Current wording

Three and Nine Months Ended September 30, 2025 Compared to Three and Nine Months Ended September 30, 2024

Previous wording

Revenues. Electricity revenues increased by 14.8% in the three months ended June 30, 2025 compared to the same period in 2024. The increase was due to an increase in electricity consumption partially offset by a decrease in the average price per kilowatt hour charged to customers in the three months ended June 30, 2025 compared to the same period in 2024. Electricity consumption by GRE’s REPs' customers increased by 17.5% in the three months ended June 30, 2025, compared to the same period in 2024, reflecting 17.8% increase in the average number of meters served partially offset by a 0.2% decrease in the average consumption per meter. The increase in meters served was driven by strong customer acquisitions during 2024 and first half of 2025. The average rate per kilowatt hour sold decreased by 2.3% in the three months ended June 30, 2025 compared to the same period in 2024 due to general market conditions and the addition of meters on lower margin aggregation products.

Current wording

Revenues. Electricity revenues increased by 25.7% in the three months ended September 30, 2025 compared to the same period in 2024. The increase was due to increases in electricity consumption and the average price per kilowatt hour charged to customers in the three months ended September 30, 2025 compared to the same period in 2024. Electricity consumption by GRE’s REPs' customers increased by 21.2% in the three months ended September 30, 2025, compared to the same period in 2024, reflecting 9.4% and 10.8% increases in the average number of meters served and average consumption per meter, respectively. The increase in meters served was driven by customer acquisitions during 2024 and 2025. The increase in consumption per meter in the three months ended September 30, 2025 compared to the same period in 2024 was due to a shift in customer mix into higher consumption territories. The average rate per kilowatt hour sold increased by 3.7% in the three months ended September 30, 2025 compared to the same period in 2024 due to general market conditions.

Previous wording

Electricity revenues increased by 15.7% in the six months ended June 30, 2025 compared to the same period in 2024. The increase was due to an increase in electricity consumption partially offset by a decrease in the average price per kilowatt hour charged to customers in the six months ended June 30, 2025 compared to the same period in 2024. Electricity consumption by GRE’s REPs' customers increased by 20.6% in the six months ended June 30, 2025 compared to the same period in 2024, reflecting 17.4% and 2.8% increases in the average number of meters served and average consumption per meter, respectively. The increase in meters served was driven by strong customer acquisitions during 2024 and the first half of 2025. The increase in per meter consumption in the six months ended June 30, 2025 compared to the same period in 2024 was due to a shift in customer mix into higher consumption territories. The average rate per kilowatt hour sold decreased by 4.1% in the six months ended June 30, 2025 compared to the same period in 2024 due to general market conditions and the addition of meters on lower margin aggregation products.

Current wording

Electricity revenues increased by 19.4% in the nine months ended September 30, 2025 compared to the same period in 2024. The increase was due to an increase in electricity consumption partially offset by a decrease in the average price per kilowatt hour charged to customers in the nine months ended September 30, 2025 compared to the same period in 2024. Electricity consumption by GRE’s REPs' customers increased by 20.9% in the nine months ended September 30, 2025 compared to the same period in 2024, reflecting 14.6% and 5.5% increases in the average number of meters served and average consumption per meter, respectively. The increase in meters served was driven by customer acquisitions during 2024 and 2025. The increase in per meter consumption in the nine months ended September 30, 2025 compared to the same period in 2024 was due to a shift in customer mix into higher consumption territories. The average rate per kilowatt hour sold decreased by 1.2% in the nine months ended September 30, 2025 compared to the same period in 2024 due to general market conditions and the addition of meters on lower margin aggregation products in the second quarter of 2025.

Previous wording

Natural gas revenues increased by 8.2% in the three months ended June 30, 2025 compared to the same period in 2024. The increase was a result of increases in natural gas consumption and in average revenue per therm sold in the three months ended June 30, 2025 compared to the same period in 2024. Natural gas consumption by GRE’s REPs’ customers increased by 4.8% in the three months ended June 30, 2025 compared to the same period in 2024, reflecting 4.3% and 0.4% increases in average meters served and average consumption per meter, respectively. The increase in meters served was due to high levels of customer acquisitions in 2024 and first half of 2025. The average revenue per therm sold increased by 3.3% in the three months ended June 30, 2025, compared to the same period in 2024 due to general market conditions.

Current wording

Natural gas revenues increased by 14.6% in the three months ended September 30, 2025 compared to the same period in 2024. The increase was a result of a 14.4% increase in average revenue per therm sold in the three months ended September 30, 2025 compared to the same period in 2024, due to general market conditions. Natural gas consumption was flat in the three months ended September 30, 2025 compared to the same period in 2024. Average meters served and average consumption per meter were flat in the three months ended September 30, 2025 compared to the same period in 2024.

Previous wording

Natural gas revenues increased by 21.8% in the six months ended June 30, 2025 compared to the same period in 2024. The increase was a result of increases in natural gas consumption and in average revenue per therm sold in the six months ended June 30, 2025 compared to the same period in 2024. Natural gas consumption by GRE’s REPs’ customers increased by 16.8% in the six months ended June 30, 2025 compared to the same period in 2024, reflecting 6.0% and 10.2% increases in average meters served and average consumption per meter, respectively. The increase in meters served was due to high levels of customer acquisitions in in 2024 and first half of 2025. The increase in per meter consumption is due, in part, to colder weather in many of our service areas in the six months ended June 30, 2025 compared to the same period in 2024. The average revenue per therm sold increased by 4.2% in the six months ended June 30, 2025, compared to the same period in 2024 due to general market conditions.

Current wording

Natural gas revenues increased by 20.8% in the nine months ended September 30, 2025 compared to the same period in 2024. The increase was a result of increases in natural gas consumption and in average revenue per therm sold in the nine months ended September 30, 2025 compared to the same period in 2024. Natural gas consumption by GRE’s REPs’ customers increased by 14.5% in the nine months ended September 30, 2025 compared to the same period in 2024, reflecting 4.1% and 10.0% increases in average meters served and average consumption per meter, respectively. The increase in meters served was due to higher levels of customer acquisitions in in 2024 and 2025. The increase in per meter consumption is due, in part, to colder weather in many of our service areas in the first half of 2025 compared to the same period in 2024. The average revenue per therm sold increased by 5.5% in the nine months ended September 30, 2025, compared to the same period in 2024 due to general market conditions.

Previous wording

Other revenues in the six months ended June 30, 2025 and 2024 included revenues from customer termination fees from commercial customers. Other revenues in the six months ended June 30, 2025 included revenues from the sale of petroleum products in Israel.

Current wording

Other revenues in the nine months ended September 30, 2025 and 2024 included revenues from customer termination fees from commercial customers. Other revenues in the nine months ended September 30, 2025 included revenues from the sale of petroleum products in Israel.

Previous wording

Gross meter acquisitions in the three months ended June 30, 2025, were 70,000 compared to 53,000 for the same period in 2024. Gross meter acquisitions in the six months ended June 30, 2025, were 131,000 compared to 123,000 for the same period in 2024.

Current wording

Gross meter acquisitions in the three months ended September 30, 2025, were 47,000 compared to 104,000 for the same period in 2024. Gross meter acquisitions in the nine months ended September 30, 2025, were 178,000 compared to 234,000 for the same period in 2024. Gross meter acquisitions for the three and nine months ended September 30, 2025 decreased compared to the same periods in 2024 as customer acquisition efforts returned to a normal level after aggressive efforts in 2024.

Previous wording

Meters served was relatively flat between March 31, 2025, June 30, 2025 and December 31, 2024. The slight decrease in the number of meters served at June 30, 2025 compared to December 31, 2024 is due to new sales during the six months ended June 30, 2025 failing to fully replace those lost to churn.

Current wording

Meters served decreased by 17,000 between June 30, 2025 and September 30, 2025. Meters served decreased by 21,000 between September 30, 2025 and December 31, 2024. The decrease in the number of meters served at September 30, 2025 compared to June 30, 2025 and December 31, 2024 is due to new sales during the three and nine months ended September 30, 2025 failing to fully replace those lost to churn as customer acquisition returned to historically normal levels.

Previous wording

In the three months ended June 30, 2025, average monthly churn increased to 4.8% compared to 4.6% for the same period in 2024. In the six months ended June 30, 2025, average monthly churn increased to 5.2% compared to 5.1% for the same period in 2024.

Current wording

In the three months ended September 30, 2025, average monthly churn decreased to 5.1% compared to 5.6% for the same period in 2024. In the nine months ended September 30, 2025, average churn decreased to 5.1% from 5.4% compared to the same period in 2024.

Previous wording

Cost of revenues for electricity increased in the six months ended June 30, 2025 compared to the same period in 2024 primarily because of an increase in electricity consumption by GRE’s REPs’ customers combined with an increase in the average unit cost of electricity. The average unit cost of electricity increased 7.6% in the six months ended June 30, 2025 compared to the same period in 2024 due to general market conditions. The gross margin on electricity sales decreased in the six months ended June 30, 2025 compared to the same period in 2024 because the average rate charged to customers decreased while the unit cost of electricity increased.

Current wording

Cost of revenues for electricity increased in the three months ended September 30, 2025 compared to the same period in 2024 primarily because of an increase in electricity consumption by GRE’s REPs’ customers combined with an increase in the average unit cost of electricity. The average unit cost of electricity increased 20.2% in the three months ended September 30, 2025 compared to the same period in 2024 due to general market conditions. The gross margin on electricity sales decreased in the three months ended September 30, 2025 compared to the same period in 2024 because the unit cost of electricity increased more than the increase in the average rate charged to customers.

Previous wording

Cost of revenues for electricity increased in the three months ended June 30, 2025 compared to the same period in 2024 primarily because of an increase in electricity consumption by GRE’s REPs’ customers combined with an increase in the average unit cost of electricity. The average unit cost of electricity increased 19.7% in the three months ended June 30, 2025 compared to the same period in 2024 due to general market conditions. The gross margin on electricity sales decreased in the three months ended June 30, 2025 compared to the same period in 2024 because the average rate charged to customers decreased while the unit cost of electricity increased.

Current wording

Cost of revenues for electricity increased in the nine months ended September 30, 2025 compared to the same period in 2024 primarily because of an increase in electricity consumption by GRE’s REPs’ customers combined with an increase in the average unit cost of electricity. The average unit cost of electricity increased 12.3% in the nine months ended September 30, 2025 compared to the same period in 2024 due to general market conditions. The gross margin on electricity sales decreased in the nine months ended September 30, 2025 compared to the same period in 2024 because the average rate charged to customers decreased while the unit cost of electricity increased.

Previous wording

Cost of revenues for natural gas increased in the three months ended June 30, 2025 compared to the same period in 2024 primarily because of increases in the natural gas consumption by GRE's REPs' customers and the average unit cost of natural gas. The average unit cost of natural gas increased 51.5% in the three months ended June 30, 2025 compared to the same period in 2024 due to an increase in the wholesale price of natural gas. Gross margin on natural gas sales decreased in the three months ended June 30, 2025 compared to the same period in 2024 because the average unit cost of natural gas increased more than the increase in the average rate charged to customers.

Current wording

Cost of revenues for natural gas increased in the three months ended September 30, 2025 compared to the same period in 2024 primarily because of increases in the natural gas consumption by GRE's REPs' customers and the average unit cost of natural gas. The average unit cost of natural gas increased 136.7% in the three months ended September 30, 2025 compared to the same period in 2024 due to a significant increase in the wholesale price of natural gas. Gross margin on natural gas sales decreased in the three months ended September 30, 2025 compared to the same period in 2024 because the average unit cost of natural gas increased more than the increase in the average rate charged to customers.

Previous wording

Cost of revenues for natural gas increased in the six months ended June 30, 2025 compared to the same period in 2024 primarily because of increases in the natural gas consumption by GRE's REPs' customers and the average unit cost of natural gas. The average unit cost of natural gas increased 12.2% in the six months ended June 30, 2025 compared to the same period in 2024 due to a decrease in the wholesale price of natural gas specially in the second quarter of 2025. Gross margin on natural gas sales increased in the six months ended June 30, 2025 compared to the same period in 2024 because of the average unit cost of natural gas increased more than the increase in the average rate charged to customers.

Current wording

Cost of revenues for natural gas increased in the nine months ended September 30, 2025 compared to the same period in 2024 primarily because of increases in the natural gas consumption by GRE's REPs' customers and the average unit cost of natural gas. The average unit cost of natural gas increased 26.8% in the nine months ended September 30, 2025 compared to the same period in 2024 due to increase in the wholesale price of natural gas especially in the second and third quarter of 2025. Gross margin on natural gas sales increased in the nine months ended September 30, 2025 compared to the same period in 2024 because of the average unit cost of natural gas increased more than the increase in the average rate charged to customers.

Previous wording

Selling, General and Administrative. Selling, general and administrative expenses decreased by 1.8% in the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a decrease in employee-related expenses partially offset by an increase in marketing and customer acquisition costs. Employee-related expenses decreased by $0.5 million in the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a decrease in bonus accrual. Marketing and customer acquisition expenses increased by $0.2 million in the three months ended June 30, 2025 compared to the same period in 2024 as a result of continued efforts to acquire meters during the 2025 period. As a percentage of GRE’s total revenues, selling, general and administrative expense decreased from 20.4% in the three months ended June 30, 2024 to 17.5% in the three months ended June 30, 2025.

Current wording

Selling, general and administrative expenses decreased by 4.5% in the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to decreases in marketing and customer acquisition costs, employee-related expenses and credit losses partially offset by an increase in POR fees. Marketing and customer acquisition costs decreased by $2.1 million in the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to decrease in meters acquired in the nine months ended September 30, 2025 compared to same period in 2024. Employee-related expenses decreased by $0.4 million in the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in bonus accrual. Credit losses decreased by $0.4 million in nine months ended September 30, 2025 compared to the same period in 20024 due to some new utilities offering POR programs during the period, which also resulted in an increase of $0.5 million in POR fees. As a percentage of GRE’s total revenues, selling, general and administrative expense decreased from 18.5% in the nine months ended September 30, 2024 to 14.8% in the nine months ended September 30, 2025.

Previous wording

The Genie Renewables (formerly GES) segment is primarily composed of our interests in Genie Solar, CityCom Solar and Diversegy. Genie Solar is an integrated solar energy company that develops, constructs and operates solar energy projects. CityCom Solar is a marketer of community solar and alternative products and services complementary to our energy offerings. Diversegy provides energy procurement advisory services to commercial and industrial customers.

Current wording

The Genie Renewables (formerly GES) segment is primarily composed of our interests in Genie Solar, CityCom Solar and Diversegy, and also includes other earlier-stage initiatives. Genie Solar is an integrated solar energy company that develops, constructs and operates solar energy projects. CityCom Solar is a marketer of community solar and alternative products and services complementary to our energy offerings. Diversegy provides energy procurement advisory services to commercial and industrial customers.

Previous wording

*Revenues.*GREW's revenues increased in the three months ended June 30, 2025 compared to the same periods in 2024 due to increases in revenues generated by Diversegy and Genie Solar. Diversegy's revenues from commissions, entry fees and other fees increased by $1.7 million in the three months ended June 30, 2025 compared to the same period in 2024 due to strong growth in the number of customers and transactions in the past several quarters. Genie Solar's revenues from the development of solar projects for customers increased by $0.8 million in the three months ended June 30, 2025 compared to the same period in 2024 as the Company completed more ongoing projects during the period. Revenues from CityCom Solar decreased by $0.2 million in the three months ended June 30, 2025 compared to the same period in 2024 as a result of reduced level of activity during recent periods.

Current wording

*Revenues.*GREW's revenues decreased in the three months ended September 30, 2025 compared to the same periods in 2024 due to decreases in revenues generated by Genie Solar and CityCom Solar, partially offset by an increased in revenues generated by Diversegy. Genie Solar's revenues from the development of solar projects for customers, electricity generation from operational solar arrays and sale of solar panels decreased by $1.2 million in the three months ended September 30, 2025 compared to the same period in 2024 as the Company completed fewer projects during the period. In late 2024, we shifted our strategic focus from lower-margin commercial projects to the development and operation of utility-scale projects. Revenues from CityCom Solar decreased by $0.2 million in the three months ended September 30, 2025 compared to the same period in 2024 as a result of reduced level of activity during recent periods. Diversegy's revenues from commissions, entry fees and other fees increased by $1.3 million in the three months ended September 30, 2025 compared to the same period in 2024 due to strong growth in the number of customers and transactions in the past several quarters.

Previous wording

GREW's revenues decreased in the six months ended June 30, 2025 compared to the same periods in 2024 due to decreases in revenues generated by Genie Solar and CityCom Solar partially offset by an increase in revenues from Diversegy. Diversegy's revenues from commissions, entry fees and other fees increased by $3.0 million in the six months ended June 30, 2025 compared to the same period in 2024 due to strong growth in the number of customers and transactions in the past several quarters. Genie Solar's revenues from development of solar projects for customers decreased by $2.7 million in the six months ended June 30, 2025 compared to the same period of 2024 as we shifted our strategic focus from lower margin commercial projects to the development and operation of utility-scale projects. Revenues from CityCom Solar decreased by $1.0 million in the six months ended June 30, 2025 compared to the same period in 2024 as a result of reduced level of activity for the past few quarters.

Current wording

GREW's revenues decreased in the nine months ended September 30, 2025 compared to the same period in 2024 due to decreases in revenues generated by Genie Solar and CityCom Solar partially offset by an increase in revenues from Diversegy. Genie Solar's revenues from development of solar projects, electricity generation from operating solar projects and sale of solar panels decreased by $3.9 million in the nine months ended September 30, 2025 compared to the same period of 2024 as we shifted our strategic focus from lower margin commercial projects to the development and operation of utility-scale projects. Revenues from CityCom Solar decreased by $1.1 million in the nine months ended September 30, 2025 compared to the same period in 2024 as a result of reduced level of activity for the past few quarters. Diversegy's revenues from commissions, entry fees and other fees increased by $4.3 million in the nine months ended September 30, 2025 compared to the same period in 2024 due to strong growth in the number of customers and transactions in the past several quarters.

Previous wording

Cost of Revenues. The variations in the cost of revenues for the three and six months ended June 30, 2025 compared to the same periods in 2024 are due to changes in the mix of products from which the revenues were generated during the periods.

Current wording

Cost of Revenues. The variations in the cost of revenues for the three and nine months ended September 30, 2025 compared to the same periods in 2024 are due to changes in the mix of products from which the revenues were generated during the periods.

Previous wording

Impairment of assets. The impairment of assets recorded in the three and six months ended June 30, 2025 and 2024 relates to capitalized cost of Genie Solar related to solar projects that were discontinued during the period.

Current wording

Impairment of assets. The impairment of assets recorded in the three and nine months ended September 30, 2025 and 2024 relates to capitalized cost of Genie Solar related to solar projects that were discontinued during the periods.

Previous wording

Corporate general and administrative expenses decreased in the three and six months ended June 30, 2025 compared to the same periods in 2024, primarily because of a decrease in employee-related costs including in bonus accruals. As a percentage of consolidated revenues, Corporate general and administrative expenses decreased to 1.5% in the three months ended June 30, 2025 from 2.2% in the three months ended June 30, 2024 and decreased to 1.7% in the six months ended June 30, 2025 from 2.3% in the six months ended June 30, 2024.

Current wording

Corporate general and administrative expenses increased by 13.4% in the three months ended September 30, 2025 compared to the same period in 2024, primarily because of an increase in auditing fees due to a change in external auditors in the second quarter of 2025. As a percentage of consolidated revenues, Corporate general and administrative expenses decreased to 1.7% in the three months ended September 30, 2025 from 1.9% in the three months ended September 30, 2024.

Previous wording

In the fourth quarter of 2024, we expanded our self-insurance risk management strategy to cover additional risk related to its current and historical business operations. The coverage is being provided on an occurrence basis, with an initial policy that reflects exposure for (1) occurrences in the year prior to implementation, to claims made subsequent to program inception, to the extent recoveries were still possible under relevant statutes of limitation, and (2) exposure for annual periods commencing with implementation of the program.

Current wording

In the fourth quarter of 2024, we expanded our self-insurance risk management strategy to cover an additional risk related to our current and historical business operations. The coverage is being provided on an occurrence basis, with an initial policy that reflects exposure for (1) occurrences in the year prior to implementation, to claims made subsequent to program inception, to the extent recoveries were still possible under relevant statutes of limitation, and (2) exposure for annual periods commencing with implementation of the program.

Previous wording

In 2024, we paid $39.6 million premiums to Captive, which cash is included in restricted cash in our condensed consolidated balance sheet as of June 30, 2025 and December 31, 2024. The Captive must maintain a sufficient level of cash to fund future reserve payment and secure the insurer's liabilities, particularly those related to the insured risks. We also recognized $0.3 million and $0.6 million provision for captive insurance liability for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million and $1.7 million for six months ended June 30, 2025 and 2024 related to Captive's exposure for the insured risks.

Current wording

In 2024, we paid $39.6 million premiums to the Captive, which cash is included in restricted cash in our condensed consolidated balance sheet as of September 30, 2025 and December 31, 2024. The Captive must maintain a sufficient level of cash to fund future reserve payment and secure the insurer's liabilities, particularly those related to the insured risks. We also recognized $0.5 million and $1.0 million provision for captive insurance liability for the three months ended September 30, 2025 and 2024, respectively, and $1.4 million and $2.7 million for the nine months ended September 30, 2025 and 2024 related to the Captive's exposure for the insured risks.

Previous wording

Selling, general and administrative expenses. Stock-based compensation expense included in consolidated selling, general and administrative expenses was $0.6 million and $0.5 million in the three months ended June 30, 2025 and 2024 respectively, and $1.4 million and $1.2 million for the six months ended June 30, 2025 and 2024. At June 30, 2025, the aggregate unrecognized compensation cost related to non-vested stock-based compensation was $4.7 million. The unrecognized compensation cost is recognized over the expected vesting period.

Current wording

Selling, general and administrative expenses. Stock-based compensation expense included in consolidated selling, general and administrative expenses was $0.6 million in each of the three months ended September 30, 2025 and 2024 and $1.9 million and $1.8 million for the nine months ended September 30, 2025 and 2024. At September 30, 2025, the aggregate unrecognized compensation cost related to non-vested stock-based compensation was $4.1 million. The unrecognized compensation cost is recognized over the expected vesting period.

Previous wording

Interest income. Interest income increased in the three and six months ended June 30, 2025, compared to the same periods in 2024 primarily due to increases in average balances of cash and cash equivalents and restricted cash during the periods.

Current wording

Interest income. Interest income decreased in the three months ended September 30, 2025, compared to the same period in 2024 primarily due to a decrease in interest rates during the periods. Interest income increased in the nine months ended September 30, 2025, compared to the same periods in 2024 primarily due to increases in average balances of cash and cash equivalents and restricted cash during the periods.

Previous wording

Other (Loss) Income, net. Other income, net in the three months ended June 30, 2025 and 2024 and in the six months ended June 30, 2025 and 2024 consisted primarily of foreign currency transactions.

Current wording

Other Income (loss), net. Other income, net in the three and nine months ended September 30, 2025 and 2024 consisted primarily of foreign currency transactions.

Previous wording

Provision for Income Taxes. The change in the reported tax rate for the three and six months ended June 30, 2025 compared to the same periods in 2024 is the result of changes in the mix of jurisdictions in which taxable income was earned and the nature of certain deductions.

Current wording

Provision for Income Taxes. The change in the reported tax rate for the three and nine months ended September 30, 2025 compared to the same periods in 2024 is the result of changes in the mix of jurisdictions in which taxable income was earned and the nature of certain deductions.

Previous wording

Net Income (Loss) Attributable to Noncontrolling Interests. The decreases in net loss attributable to noncontrolling interests (or shift from net loss to net income attributable to noncontrolling interest) in the three and six months ended June 30, 2025 compared to the same periods in 2024 was primarily due to the share of noncontrolling interest in the operations of Citizens Choice Energy.

Current wording

Net (Income) Loss Attributable to Noncontrolling Interests. The variations in net loss attributable to noncontrolling interests (or shift from net loss to net income attributable to noncontrolling interest) in the three and nine months ended September 30, 2025 compared to the same periods in 2024 was primarily due to the share of noncontrolling interest in the operations of Citizens Choice Energy.

Previous wording

Gain on Marketable Equity Securities and Investments. The gain on marketable equity securities and investment for the three and six months ended June 30, 2025 pertains to the change in fair value of the Company's investments in various investments in equity of several entities.

Current wording

Gain on Marketable Equity Securities and Investments. The gain on marketable equity securities and investment for the three and nine months ended September 30, 2025 and 2024 pertains to the change in fair value of the Company's investments in various investments in equity of several entities.

Previous wording

Net loss (income) from Discontinued Operations, net of tax. Loss (income) from discontinued operations, net of tax in the three and six months ended June 30, 2025 and 2024 is mainly related to foreign exchange differences in Lumo Sweden during the periods.

Current wording

Net loss from Discontinued Operations, net of tax. Loss from discontinued operations, net of tax in the three and nine months ended September 30, 2025 and 2024 is mainly related to foreign exchange differences in Lumo Sweden during the periods.

Previous wording

We currently expect that our cash flow from operations and the $201.0 million balance of unrestricted and restricted cash and cash equivalents that we held at June 30, 2025 will be sufficient to meet our anticipated cash requirements for at least the period to August 7, 2026.

Current wording

We currently expect that our cash flow from operations and the $206.2 million balance of unrestricted and restricted cash and cash equivalents that we held at September 30, 2025 will be sufficient to meet our anticipated cash requirements for at least the period to November 6, 2026.

Previous wording

At June 30, 2025, we had working capital (current assets less current liabilities) of $115.0 million.

Current wording

At September 30, 2025, we had working capital (current assets less current liabilities) of $113.3 million.

Previous wording

Cash, cash equivalents and restricted cash provided by operating activities of continuing operations was $14.2 million in the six months ended June 30, 2025 compared to net cash used in operating activities of continuing operations of $26.3 million in the six months ended June 30, 2024. The decrease in cash flows is due primarily to the fluctuation in the results of operations in the six months ended June 30, 2025 compared to the same period in 2024.

Current wording

Cash, cash equivalents and restricted cash provided by operating activities of continuing operations decreased by $21.1 million to $28.1 million in the nine months ended September 30, 2025 compared to $49.2 million in the nine months ended September 30, 2024. The decrease in cash flows is due primarily to the fluctuation in the results of operations in the nine months ended September 30, 2025 compared to the same period in 2024.

Previous wording

Our 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 increased cash flows by $4.2 million for the three months ended June 30, 2025, compared to the same period in 2024.

Current wording

Our 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 $10.4 million for the nine months ended September 30, 2025, compared to the same period in 2024.

Previous wording

Certain 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, 2023. 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 June 30, 2025, we were in compliance with such covenants. At June 30, 2025, restricted cash—short-term of $1.4 million and trade accounts receivable of $67.0 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $24.2 million at June 30, 2025.

Current wording

Certain 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, 2023. 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 September 30, 2025, we were in compliance with such covenants. At September 30, 2025, restricted cash—short-term of $2.2 million and trade accounts receivable of $64.3 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $18.5 million at September 30, 2025.