Genie Energy Ltd.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note1—Basis of Presentation and Business Changes and Development

The 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 Form10-Q and Article8 of Regulation S-X. Accordingly, they donot 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 thethree andnine months ended* September 30, 2025* arenot necessarily indicative of the results that* maybe expected for the year ending December 31, 2025*. The consolidated balance sheet at* December 31, 2024* has been derived from the Company’s audited financial statements at that date but doesnot 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 Form10-K for the year ended* December 31, 2024*, as filed with the U.S. Securities and Exchange Commission (the “SEC”).

The Company owns 100% of Genie Retail Energy (“GRE”) and varied interests in entities that comprise the Genie Renewables ("GREW") segment.

GRE 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. Mirabito supplies natural gas to commercial customers in Florida.

GREW primarily consists of a 95.5% interest in Genie Solar, an integrated solar energy company, a 92.8% interest in CityCom Solar, a marketer of community solar and alternative products and services complimentary to our energy offerings, and a 91.5% interest in Diversegy, an energy procurement advisor for industrial, commercial and municipal customers.

One Big Beautiful Bill Act

On* 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 new law, the Company is evaluating the financial viability of its early-stage projects that willnot* qualify for the federal solar investment tax credits and is pausing new project development. The Company is evaluating the impact of this legislation on our solar operations and potential future impact on its condensed consolidated financial statements.

Impairment of assets

Impairment of assets is a result of discontinued projects of Genie Solar as a result of lack of viability. The Company recognized the impairment of assets related to costs previously capitalized in other current assets in the condensed consolidated balance sheets.

Discontinued Operations in Finland and Sweden

Prior to thethird quarter of2022, the Company had athird segment, Genie Retail Energy International, or GRE International, which supplied electricity to residential and small business customers in Scandinavia. However, as a result of volatility in the energy market in Europe, in thethird quarter of2022, the Company decided to discontinue the operations of Lumo Energia Oyj ("Lumo Finland") and Lumo Energi AB ("Lumo Sweden").

The 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* September 30, 2025* and* December 31, 2024*. Lumo Sweden is continuing to liquidate their remaining receivables and settle any remaining liabilities.

Following the discontinuance of operations of Lumo Finland and Lumo Sweden, GRE International ceased to be a segment and the remaining assets and liabilities and results of continuing operations of GRE International were combined with corporate.

7

Seasonality and Weather; Climate Change and Volatility in Pricing

The 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* mayalso impact demand levels. Natural gas revenues typically increase in thefirst* quarter due to increased heating demands and electricity revenues typically increase in thethird quarter due to increased air conditioning use. Approximately 43.0% and 48.1% of GRE’s natural gas revenues for the relevant years were generated in thefirst quarters2024 and2023, respectively, when demand for heating was highest. Although the demand for electricity isnot as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 28.7% and 32.5% of GRE’s full year electricity revenues were generated in thethird quarters of2024 and2023 respectively. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results arenot 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.

In addition to the direct physical impact that climate change* mayhave 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.

Note2—Cash, Cash Equivalents, and Restricted Cash

The 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:

Restricted cash—short-term includes amounts set aside in accordance with GRE's Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (seeNote**19), Credit Agreement with JPMorgan Chase (seeNote20**), Term Loan Agreement with National Cooperative Bank, N.A. ("NCB") (see Note 20) and for the current portion of cash held by the Company's wholly-owned insurance subsidiary (the "Captive") which is restricted for uses related to the current portion of the insured liability program (see Note19**).

Restricted cash—long-term includes cash held by the Captive, which is restricted for uses related to the noncurrent portion of the insured liability program (seeNote19**).

Included in the cash and cash equivalents as of* September 30, 2025* and* December 31, 2024* is cash received from Lumo Sweden (see Note5).

Note3—Inventories

Inventories consisted of the following:

The 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 thefirst quarter for calendar year compliance periods and late in thesecond or earlythird quarter for energy year compliance periods of* Juneto May.Renewable energy credit inventory will increase based on the schedule of deliveries of renewable energy credits by thethird*-party vendors and decrease based on the aforementioned compliance satisfaction.

Note 4—Revenue Recognition

Revenues 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.

9

Incumbent utility companies offer purchase of receivables, or POR programs in most of the service territories in which GRE's REPs operate and GRE’s REPs participate in POR programs for a significant majority of their receivables.

The Company offers various rebate programs to certain customers and estimates variable consideration related to these 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.

Revenues 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.

Genie Solar enters into contracts to identify, develop, and operate solar generation sites to provide solar electricity to its 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 revenues over time. Revenues for these performance obligations are 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.

Energy generation revenues are earned from both the sale of electricity generated from operating solar projects and the sale of Solar Energy Credits ("SRECs").

Revenues 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.

The Company applies for and receives SRECs in certain jurisdictions for power generated by solar energy systems it owns. There areno 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.

Revenues from sales of solar panels, solar project development and energy generation are included under the Other Revenues in the condensed consolidated statements of operations.

Revenues from commissions from sellingthird-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.

The 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 thanone 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 beenone year or less.

10

Disaggregated Revenues

The following table shows the Company’s revenues disaggregated by pricing plans offered to customers:

Fixed 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, and commissions from marketing energy solutions by CityCom Solar and Diversegy.

11

The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels:

Contract liabilities

Certain 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 nexttwelve months. Contract liabilities are included in other current liabilities account in the condensed consolidated balance sheets.

The table below reconciles the change in the carrying amount of contract liabilities:

12

Allowance for credit losses

The change in the allowance for credit losses was as follows:

The 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.

Note5—Acquisitions and Discontinued Operations

Consolidation of Roded

In* December 2022,*the Company, entered into an investment agreement with Roded Recycling Industries Ltd. ("Roded") and its owners to acquire a 45.0% noncontrolling interest in Roded for New Israel Shekel ("NIS")5.0 million (equivalent to $1.5 million at the date of the transaction). Roded is engaged in business of recycling used plastic materials into usable industrial products. The Company initially accounted for its ownership interest in Roded using the equity method.

From* December 2022to April 2024,the Company contributed an aggregate of $0.4 million to Roded gradually increasing its interest to a 51.2% controlling interest on April 12, 2024.Prior to April 12, 2024,*the net book value of the Company's investment in Roded was $1.3 million. Following the transaction, the Company has control over the activities of Roded and its accounts are consolidated to the Company's consolidated financial statements.

The Company recorded minimal revenues for Roded in its condensed consolidated statements of operations and comprehensive income for thethree andnine months ended* September 30, 2025*. The net income or loss attributable to this acquisition cannot be identified on a stand-alone basis because it is in the process of being integrated into the Company's operations.

The Company conducted an assessment of assets and liabilities related to the acquisition of Roded. The impact of the acquisition's purchase price allocations on the Company’s condensed consolidated balance sheets and the acquisition date fair value of the total consideration transferred were as follows (amounts in thousands):

Goodwill was allocated to the GREW segment. Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenues and costs synergies of the combined company and assembled workforce. Goodwill recognized as a result of the acquisition isnot deductible for income tax purposes.

Acquisition of Solar System Facilities

On* November 3, 2023,the Company acquiredten special-purpose entities that own and operate solar system facilities in Ohio and Michigan. The Company paid a total of $7.5 million, including $1.0 million held in escrow which was released in June 2024.*

The acquisition is accounted for as asset acquisition and the Company recorded $7.7 million in total purchase price, including $0.2 million of direct transaction costs allocated to solar array assets included in the property and equipment account in the condensed consolidated balance sheets with estimated useful lives of 14 to 30 years.

On* November 3, 2023,the Company also signed an agreement to purchase from the sellers of the Ohio and Michigan facilities another special purpose entity that owns and operates a solar system facility in Indiana, for $1.3 million, subject to the satisfaction of certain closing conditions. In February 2024,*the purchase of the solar system facility in Indiana was completed. The acquisition has been accounted for as asset acquisition and the Company recorded $1.3 million to solar array assets included in the property and equipment account in the condensed consolidated balance sheets with estimated useful lives of 30 years.

The acquired assets are allocated to the GREW segment.

13

Lumo Finland and Lumo Sweden Operations

As a result of the sustained volatility of the energy market in Europe, in thethird quarter of2022, the Company decided to discontinue the operations of Lumo Finland and Lumo Sweden. From* July 13, 2022to 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 2022and March 2025.*

The 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* September 30, 2025* and* December 31, 2024*. Lumo Sweden is continuing to liquidate its remaining assets and to settle any remaining liabilities.

In* 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.*

The following table represents summarized balance sheet information of assets and liabilities of the discontinued operations of Lumo Sweden:

14

The summary of the results of operations of the discontinued operations of Lumo Sweden were as follows:

The following table presents a summary of cash flows of the discontinued operations of Lumo Sweden:

Prior 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.

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, 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 $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, 2024against 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 is vigorously defending its position.

The Lumo Administrators filed a claim againstone 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. 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* September 30, 2025*) 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 - andnot 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.

The 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 doesnot 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 thefourth quarter of2024. 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.*

15

Note6—Fair Value Measurements

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis:

(1) – quoted prices in active markets for identical assets or liabilities

(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities

(3) –no observable pricing inputs in the market

The 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.

The Company didnot have any transfers of assets or liabilities between Level1, Level2 or Level3 of the fair value measurement hierarchy during thethree months ended* September 30, 2025* or2024.

16

Fair Value of Other Financial Instruments

The 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 arenot necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.

Restricted cash—short-term, trade receivables, due to IDT Corporation, other current assets and other current liabilities. At* September 30, 2025* and* December 31, 2024*, the carrying amounts of these assets and liabilities approximated fair value. The fair value estimate for restricted cash—short-term was classified as Level1. The carrying value of other current assets, due to IDT Corporation ("IDT"), and other current liabilities approximated fair value.

Other assets.At September 30, 2025 and* December 31, 2024*, other assets included short-term investments (see Note9).

The primary non-recurring fair value estimates typically are in the context of goodwill impairment testing, which involves Level3 inputs, and asset impairments (Note10) which utilize Level3 inputs.

Concentration of Credit Risks

The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which* mayexceed Federal Deposit Insurance Corporation insured limits. Historically, the Company hasnot* 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 anyone financial institution and monitor the credit ratings of those institutions.

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, 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.

The following table summarizes the percentage consolidated trade receivable by customers that equal or exceed10.0% of consolidated net trade receivables at* September 30, 2025* and* December 31, 2024* (no other single customer accounted for10.0% or greater of the consolidated net trade receivable as* September 30, 2025* or* December 31, 2024*):

The following table summarizes the percentage of revenues by customers that equal or exceed10.0% of consolidated revenues for thethree andnine months ended* September 30, 2025and2024* (no other single customer accounted for10.0% or greater of the consolidated revenues in these periods):

Customers A and B are utility companies offering POR program.

17

Note7—Derivative Instruments

The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with ASC815 — 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 doesnot 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* September 30, 2025*, GRE’s swaps and options were traded on the Intercontinental Exchange.

The summarized volume of GRE’s outstanding contracts and options at* September 30, 2025* was as follows (MWh – Megawatt hour and Dth – Decatherm):

The fair value of outstanding derivative instruments recorded in the accompanying condensed consolidated balance sheets were as follows:

(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following12 months.

18

The effects of derivative instruments on the condensed consolidated statements of operations was as follows:

Note8—Other Assets

Other assets consisted of the following:

Note9—Investments

Equity investments consist of the following:

19

Restricted investments are investments in equity securities owned and managed by the Captive (seeNote19**).

The 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:

In* July 2024,the Company acquired an interest in 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 Note17*). The Company paid $1.8 million to the seller of the interest and delivered a note payable to the seller in the amount of $1.8 million, payable in full on* February 1, 2026.The note payable carries a 5.0% interest rate and interest is payable on maturity. In thethird* quarter of2024, Howard Jonas, reimbursed the Company in the amount of $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 condensed consolidated balance sheets. The Company recognized a receivable of $0.9 million related to Howard Jonas'49.0% share in the notes payable and Mr. Jonas' interest in the asset is included in the noncontrolling interests section of the condensed consolidated balance sheets. At* September 30, 2025* and* December 31, 2024*, $1.8 million was outstanding under the note payable with an effective interest rate of 5.0%.

For thethree andnine months ended* September 30, 2025*, Howard Jonas contributed nominal amount towards developing the investment property and the Company expended $0.8 million and $1.9 million, respectively. At* September 30, 2025* and* December 31, 2024*, Howard Jonas' share in the investment property was diluted to 23.9% and 44.1%, respectively, resulting from additional investments by the Company in the investment property. At* September 30, 2025* and* December 31, 2024*, the carrying value of investment property was $5.8 million and $4.0 million, respectively, included in other assets in the consolidated balance sheet.

20

Note10—Goodwill and Other Intangible Assets

The table below reconciles the change in the carrying amount of goodwill for the period from* January 1,2025 to September 30, 2025*:

The table below presents information on the Company’s other intangible assets:

Amortization expense of intangible assets was $0.1 million for each of thethree months ended* September 30, 2025* and2024. Amortization expense of intangible assets was $0.2 million for each of thenine months ended* September 30, 2025and2024*. The Company estimates that amortization expense of intangible assets will be $0.1 million, $0.3 million, $0.3 million, $0.3 million, $0.2 million and $0.9 million for the remainder of2025, and for2026, 2027, 2028, 2029 and thereafter, respectively.

21

Note11—Accrued Expenses and Other Current Liabilities

Accrued expenses consisted of the following:

Other current liabilities consisted of the following:

22

Note12—Leases

The 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 between2025 and2052. The Company hasno finance leases.

The 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.

ROU 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 isnot 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.

At* September 30, 2025*, the weighted average remaining lease term was 22.0 years and the weighted average discount rate is 9.0%.

Supplemental cash flow information for ROU assets and operating lease liabilities are as follows:

23

Future lease payments under operating leases as of* September 30, 2025* were as follows:

Rental expenses under operating leases were $0.3 amount and $0.1 million for thethree months ended* September 30, 2025and2024,* respectively. Rental expenses under operating leases were $0.6 million and $0.4 million for thenine months ended* September 30, 2025and2024.*

Note13—Equity

Dividend Payments

The following table summarizes the quarterly dividends declared and paid by the Company on its Class A and Class B common stock during thenine months ended* September 30, 2025* (in thousands, except per share amounts):

On* October 30, 2025,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 thethird* quarter of2025. The dividend will be paid on or about* November 19, 2025 to stockholders of record as of the close of business on November 10, 2025.*

Stock Repurchases and Redemption; Treasury Shares

On* 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. In thethree* months ended* September 30, 2025*, the Company acquired 123,621 Class B common stock under the stock purchase program for an aggregate amount of $2.0 million. In thenine months ended* September 30, 2025*, the Company acquired 409,758 Class B common stock under the stock purchase program for an aggregate amount of $6.6 million. In thethree months ended* September 30, 2024*, the Company acquired 123,274 Class B common stock under the stock purchase program for an aggregate amount of $2.0 million. In thenine months ended* September 30, 2024*, the Company acquired 492,032 Class B common stock under the stock purchase program for an aggregate amount of $7.9 million. At* September 30, 2025*,3.6 million shares of Class B common stock remained available for repurchase under the stock repurchase program.

As of* September 30, 2025* and* December 31, 2024*, there were 4.4 million and 3.8 million outstanding shares of Class B common stock held in the Company's treasury, respectively, with a cost basis of $46.2 million and $37.5 million, respectively, at a weighted average cost per share of $10.62 and $9.79, respectively.

24

Exercise of Stock Options

There wereno exercises of options to purchase any of the Company's common stock in thethree andnine months ended* September 30, 2025*.

In* February 2024,*Howard S. Jonas exercised options to purchase 126,176 shares of Class B common stock through a cashless exercise and the Company issued 49,632 Class B common stock to Howard S. Jonas with the remaining 76,544 Class B common stock used for payment of the exercise price or retained by the Company to satisfy withholding tax obligations in connection to the exercise of the options.

At* September 30, 2025*, there wereno outstanding options to purchase the Company's common stock.

Purchase of Equity of Subsidiary

In* February 2024,*the Company purchased from a certain investor a 0.5% equity interest in Genie Energy International Corporation ("GEIC"), which holds the Company's interest in its operating subsidiaries for $1.2 million. Following this transaction, GEIC is a wholly owned subsidiary of the Company.

Stock-Based Compensation

On* March 8,2021, the Board of Directors adopted the Company's2021 Stock Option and Incentive Plan (the"2021* Plan"), subject to the approval of the Company's stockholders. In* May 2021,the2021* Plan became effective and replaced the Company's2011 Stock Option and Incentive Plan. The2021 Plan provides incentives to executives, employees, directors and consultants of the Company. Incentives available under the2021 Plan provide for grants of stock options, stock appreciation rights, limited stock appreciation rights, deferred stock units, and restricted stock. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. The maximum number of shares initially reserved for the grant of awards under the2021 Plan is 1.0 million shares of Class B Common Stock. On* May 10, 2023,the Company's stockholders approved an amendment to the2021* Plan that, among other things, increased the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by 0.5 million shares of Class B Common Stock.

In* February 2022,the Company granted certain employees and members of its Board of Directors an aggregate of 290,000 deferred stock units which were eligible to vest intwo* tranches contingent upon the achievement of a specifiedthirty-day average closing price of the Company's Class B common stock within a specified period of time (the*"2022* market conditions") and the satisfaction of service-based vesting conditions. Each deferred stock unit entitled the recipient to receive, upon vesting, up totwo shares of Class B common stock of the Company depending on market conditions. The Company used a Monte Carlo simulation model to estimate the grant-date fair value of the awards. Assumptions and estimates utilized in the model include the risk-free interest rate, dividend yield, expected stock volatility based on a combination of the Company’s historical stock volatility. In thesecond quarter of2022, the2022 market conditions were partially achieved and the Company issued 290,000 shares of its restricted Class B common stock. In* February 2023,the remaining portion of the2022* market conditions was achieved and the Company issued an additional 290,000 restricted shares of its Class B common stock in* May 2023.*The restricted shares issued are subject to service-based vesting conditions as described above.

As of* September 30, 2025*, there was $4.1 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 1.8 years.

25

Note14—Variable Interest Entity

Citizens 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. From2011 to* April 2025,the Company didnot* own any interest in CCE. Since2011, 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 consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying condensed consolidated statements of operations.

In* April 2025,the Company signed an Equity Purchase Agreement with Tari Corporation to acquire 100% interest in CCE for $1.0 and the forgiveness of all intercompany balances of CCE with the Company, subject to approval from the Federal Energy Regulatory Commission, which is pending as of September 30, 2025*.

Net loss related to CCE and aggregate net funding provided by the Company were as follows:

Summarized combined balance sheet amounts related to CCE were as follows:

The assets of CCE* mayonly be used to settle obligations of CCE, and may**not* be used for other consolidated entities. The liabilities of CCE were non-recourse to the general credit of the Company’s other consolidated entities.

26

Note 15—Income Taxes

The following table provides a summary of Company's effective tax rate:

The reported tax rates for thethree andnine months ended* September 30, 2025* increased compared to the same period in2024. 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.

The 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 and the results of VIE operations.

Note16—Earnings Per Share

Basic 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.

The 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:

There wereno instruments excluded from the computation of diluted earnings per share for thethree andnine months ended* September 30, 2025and2024*.

27

Note17—Related Party Transactions

In thethird quarter of2024, Howard Jonas contributed $0.9 million to a majority-owned subsidiary of a Company, related to an acquisition of an investment property (seeNote 9—Investments).

On* November 2, 2023,the Company made a charitable donation to the Genie Energy Charitable Foundation (the "Genie Foundation") by issuing 50,000 shares of Class B common stock from its treasury with on the date of the donation of approximately $1.0 million. On April 17, 2024,*the Company repurchased the 50,000 shares of Class B common stock from the Genie Foundation for $0.8 million. The Company is the sole member of the Genie Foundation and the Company's Chief Executive Officer and Chief Financial Officer serve as members of the board of directors of the Genie Foundation.

In* 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 thethree* andnine months ended* September 30, 2025*, the Company recognized a loss of $0.1 million in connection with the investment. For thethree andnine months ended* September 30, 2024*, the Company recognized a loss of nominal amount and $0.1 million, respectively, in connection with the investment. At* September 30, 2025*, the Company holds 346,877 shares of Class B common stock of Rafael with a carrying value of $0.5 million. The Company doesnot exercise significant influence over the operating or financial policies of Rafael.

The 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.

The 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” expense in the condensed consolidated statements of operations.

The following table presents the balance of receivables and payables to IDT:

The 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 fromthird party brokers). The Company paid IGM $0.4 million in in2024 related to premiums of various insurance policies that were brokered by IGM. There wasno outstanding payable to IGM as of* September 30, 2025*. 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.

28

Note18—Business Segment Information

The Company hastwo 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 doesnot generate any revenues, nor does it incur any cost of revenues.

The 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.

The 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.

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. There areno significant asymmetrical allocations to segments.

Operating results for the business segments of the Company were as follows:

29

Total assets for the business segments of the Company were as follows

The 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 $6.9 million and $6.8 million at* September 30, 2025* and* December 31, 2024*, respectively.

Note19—Commitments and Contingencies

Legal Proceedings

On* 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 ILCS505/1* et seq., and the Illinois Telephone Solicitations Act,815 ILCS413/1 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* September 30, 2025*, there is insufficient basis to deem any loss probable or to assess the amount of any possible loss. For thethree andnine months ended* September 30, 2025*, Resident Energy’s gross revenues from sales in Illinois were $5.5 million and $21.6 million, respectively. For thethree andnine months ended* September 30, 2024*, Resident Energy’s gross revenues from sales in Illinois were $9.4 million and $30.1 million, respectively.

The Company* mayfrom time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can beno* assurance in this regard, the Company doesnot expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition.

SeeNote5**—Acquisitions andDiscontinued Operations, for discussion related to the administration of Lumo Finland.

Agency and Regulatory Proceedings

From 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.

Other Commitments

Purchase Commitments

The Company had future purchase commitments of $111.1 million at* September 30, 2025*, of which $104.5 million was for future purchase of electricity. The purchase commitments outstanding as of* September 30, 2025* are expected to be paid as follows:

30

In thethree months ended* September 30, 2025*, the Company purchased $55.3 million and $4.7 million of electricity and renewable energy credits, respectively, under purchase commitments that were open during the period. In thenine months ended* September 30, 2025*, the Company purchased $78.1 million and $7.8 million of electricity and renewable energy credits, respectively, under purchase commitments that were open during the period. In thethree months ended* September 30, 2024*, the Company purchased $37.3 million and $3.1 million of electricity and renewable energy credits, respectively, under purchase commitments that were open during the period. In thenine months ended* September 30, 2024*, the Company purchased $55.3 million and $11.0 million of electricity and renewable energy credits, respectively, under purchase commitments that were open during the period.

Renewable Energy Credits

GRE 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* maybe met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At September 30, 2025*, GRE had commitments to purchase renewable energy credits of $6.6 million, which are reflected in the table above.

Captive Insurance Subsidiary

In* December 2023,the Company established the Captive insurance company with the primary purpose of enhancing the Company's risk financing strategies. The Captive insures against certain risks to the operations of the Company and its subsidiaries for which insurance may**not* be currently available or economically feasible in the current insurance marketplace. The covered risks are both current and related to historical business activities.

The Company, with input from external experts, estimated the expected ultimate cost of: (1) claims defense cost, (2) settlements and penalties resulting from insured risk, and (3) stranded risk which includes economic losses due to regulatory restrictions or unanticipated reduction of demand, as well as the level cost associated with contesting such restrictions.

In thefourth quarter of2024, the Company expanded its self-insurance risk management strategy to cover an 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) annual periods commencing with implementation of the program.

In assessing the loss contingency, the Company estimated the magnitude and frequency of expected loss based on the Company's activities. A range of margins was selected so that the cumulative expenses plus risk of losses over a given number of years equal the expected magnitude. This produced a range of annual premium options for the protective period. The contribution of a priori expected plus risk margin losses from each of these periods is multiplied by a current remaining probability factor, which recognizes the relative likelihood that a claim will still be brought subsequent to program inception. These are added together to obtain estimated required reserves and required premiums (net of expenses) at program inception-related exposure prior to program inception.

The amount of the expected loss liability for each risk is based on an analysis performed by athird-party actuary which assumed historical patterns. The key assumptions used in developing these estimates are subject to variability

In thefourth quarter of2024, the Company paid a $39.6 million premium to the Captive, which cash is recognized as restricted cash in the condensed consolidated balance sheet. At* September 30, 2025*, the balance of short-term and long-term restricted cash and cash equivalents of the Captive were $16.7 million and $70.7 million, respectively. At* December 31, 2024*, the balance of short-term and long-term restricted cash of the Captive were $18.8 million and $69.6 million, respectively. The Captive must maintain a sufficient level of cash to fund future reserve payments and secure the Captive's liabilities, particularly those related to insured risks. The Captive has restricted alternative investments included in other current assets and other assets in the condensed consolidated balance sheets (see Note9**). The Company also recognized a $0.5 million and $1.4 million provision for captive insurance liability for thethree andnine months ended* September 30, 2025*, respectively, and $1.0 million and $2.7 million for thethree andnine months ended* September 30, 2024*, respectively, related to the Captive's exposure for the insured risks.

31

The table below reconciles the change in the current and noncurrent captive insurance liabilities for thenine months ended* September 30, 2025* (in thousands):

The captive insurance liability outstanding at* September 30, 2025* is expected to be paid as follows (in thousands).

Performance Bonds and Unused Letters of Credit

GRE has performance bonds issued through athird party for certain utility companies and for the benefit of various states in order to comply with the states’ financial requirements for REPs. At* September 30, 2025*, GRE had aggregate performance bonds of $29.4 million outstanding and $1.0 million of unused letters of credit.

BP Energy Company Preferred Supplier Agreement

Certain 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 afirst* 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* September 30, 2025*, the Company was 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*.

32

Note20—Debt

Term Loan

On* 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 1and October 1of each year starting on July 1, 2025.*Below is the summary of the principal payments per year (in thousands):

Interest is accrued on the unpaid balance is payable on each* January 1,** April 1,** July 1and October 1calculated using the3*-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 over360 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* September 30, 2025* the Company was in compliance with all such covenants.

The Company capitalized $0.1 million of debt issuance cost in2024 in connection with the Term Loan. At* September 30, 2025* and* December 31, 2024*, there was $7.3 million and $7.4 million, outstanding under the Term Loan at a weighted average interest rate of 6.3% and 6.5%, respectively.

The 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 restriction on certain cash accounts specified in the agreements. At* September 30, 2025* and* December 31, 2024*, aggregate of $0.8 million and $0.4 million, respectively, are deposited in NCB and are subject to certain restrictions.

Credit Agreement with JPMorgan Chase Bank

On* December 13, 2018,the Company entered into a Credit Agreement with JPMorgan Chase Bank (the “Credit Agreement”). On October 25, 2024,the Company entered into thefourth* amendment of the existing Credit Agreement to extend the maturity date to* December 31, 2025.The aggregate available borrowing amount was reduced to a $3.0 million credit line facility (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 September 30, 2025*, there are $0.7 million in letters of credit issued by JP Morgan Chase Bank. At* September 30, 2025*, the cash collateral of $3.3 million was included in restricted cash—short-term in the condensed consolidated balance sheet.

33

Note21—Recently Issued Accounting Standards

In* December 2023,the FASB issued ASU2023*-09, Income Taxes (Topic740*): Improvements to Income Tax Disclosures* (“ASU2023-09”). ASU2023-09 will require public entities to disclose on an annual basis a tabular reconciliation using both percentages and amounts, broken out into specific categories with certain reconciling items at or above5% of the statutory (i.e. expected) tax further broken out by nature and/or jurisdiction. The new provisions require all entities to disclose on an annual basis the amount of income taxes paid (net of refunds received), disaggregated between federal (national), state/local and foreign, and amounts paid to an individual jurisdiction when5% or more of the total income taxes paid. The new provisions are required to be applied on a prospective basis; retrospective application is permitted. The guidance is effective for annual periods beginning after* December 15, 2024.*Early adoption is permitted. Although the new standard only requires additional disclosures, the Company is in the process of determining the impact of this guidance to its income tax disclosures.

In* November 2024,the FASB issued ASU2024*-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic220*-40):Disaggregation of Income Statement Expenses. ASU2024*-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 willnot* impact our consolidated financial position, results of operations, or cash flows.

34