Genie Energy Ltd. Segments Disclosure

Note 20 — Business Segment and Geographic Information

 

The Company has two reportable business segments: GRE and GREW. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and 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, markets alternative products and services complementary to its energy offerings and also produces high-grade pallets from recycled materials. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not 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, the chief executive officer.

 

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments. 

 

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

 

		GRE				GREW				Corporate				Total
		(in thousands)
Year ended December 31, 2025
Revenues		$	478,452			$	23,519			$	—			$	501,971
Cost of revenues			359,912				17,374				—				377,286
Gross profit			118,540				6,145				—				124,685
Marketing and customer acquisition expenses			34,222				1,611				—				35,833
Employee-related expenses			17,797				5,700				3,804				27,301
Provision for credit losses			1,857				154				—				2,011
Stock-based compensation			1,043				88				1,404				2,535
Depreciation and amortization			299				706				—				1,005
Impairment of assets			—				1,642				—				1,642
Other selling, general and administrative expenses			19,100				3,319				4,222				26,641
Income (loss) from operations		$	44,222			$	(7,075	)		$	(9,430	)		$	27,717
Provision for (benefit from) income taxes		$	14,562			$	(6,857	)		$	557			$	8,262
Year ended December 31, 2024
Revenues		$	403,340			$	21,862			$	—			$	425,202
Cost of revenues			271,191				15,528				—				286,719
Gross profit			132,149				6,334				—				138,483
Marketing and customer acquisition expenses			36,437				592				—				37,029
Employee-related expenses			17,778				4,579				4,075				26,432
Provision for credit losses			2,359				—				—				2,359
Stock-based compensation			1,054				58				1,234				2,346
Depreciation and amortization			300				584				—				884
Impairment of assets			—				185				—				185
Other selling, general and administrative expenses			17,676				3,311				3,359				24,346
Income (loss) from operations (as restated)		$	56,545			$	(2,975	)		$	(8,668	)		$	44,902
Provision for (benefit from) income taxes (as restated)		$	18,226			$	(1,919	)		$	(949	)		$	15,358
Year ended December 31, 2023
Revenues		$	409,879			$	18,829			$	—			$	428,708
Cost of revenues			266,519				15,983				—				282,502
Gross profit			143,360				2,846				—				146,206
Marketing and customer acquisition expenses			35,143				656				—				35,799
Employee-related expenses			17,325				4,547				4,729				26,601
Provision for credit losses			2,129				233				—				2,362
Stock-based compensation			1,024				28				1,731				2,783
Depreciation and amortization			350				113				—				463
Other selling, general and administrative expenses			15,478				3,058				4,565				23,101
Income (loss) from operations (as restated)		$	71,911			$	(5,789	)		$	(11,025	)		$	55,097
Provision for (benefit from) income taxes (as restated)		$	21,119			$	(1,024	)		$	(3,473	)		$	16,622

 

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

 

		December 31,
		2025				2024
		(in thousands)
							(As Restated)
GRE		$	191,728			$	204,470
GREW			44,254				38,302
Corporate			151,979				119,011
Total assets of continuing operations			387,961				361,783
Assets of discontinued operations			1,419				8,060
Total assets		$	389,380			$	369,843

 

Geographic Information

 

Revenues from customers located outside of the United States, which are located primarily in Israel were as follows:  

 

						Other Foreign
		United States				Countries				Total
		(in thousands)
Year ended December 31, 2025		$	501,824			$	147			$	501,971
Year ended December 31, 2024			424,481				721				425,202
Year ended December 31, 2023			425,596				3,112				428,708

 

Net long-lived assets and total assets of continuing operations, net held outside of the United States, which are located primarily in Israel, were as follows:

 

						Other Foreign
		United States				Countries				Total
		(in thousands)
December 31, 2025
Long-lived assets of continuing operations, net		$	42,503			$	3,765			$	46,268
Total assets of continuing operations			383,774				4,187				387,961
December 31, 2024
Long-lived assets of continuing operations, net		$	44,304			$	3,500			$	47,804
Total assets of continuing operations (as restated)			357,665				4,118				361,783

 

Long-lived assets consist of property and equipment, net, right-of-use assets, intangibles and other long-term assets.