Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | Genie Energy Ltd. | |
Entity Central Index Key | 0001528356 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q3 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Document Fiscal Year Focus | 2022 | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-35327 | |
Entity Tax Identification Number | 45-2069276 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Trading Symbol | GNE | |
Title of 12(b) Security | Class B common stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 520 Broad Street | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 438-3500 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,574,326 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 24,313,113 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 81,705 | $ 93,568 |
Restricted cash—short-term | 5,555 | 6,657 |
Marketable equity securities | 471 | 1,336 |
Trade accounts receivable, net of allowance for doubtful accounts of $4,448 and $6,139 at September 30, 2022 and December 31, 2021, respectively | 43,524 | 41,309 |
Inventory | 18,517 | 17,720 |
Prepaid expenses | 7,806 | 4,164 |
Other current assets | 8,156 | 2,354 |
Current assets of discontinued operations | 48,863 | 33,237 |
Total current assets | 214,597 | 200,345 |
Goodwill | 9,998 | 9,998 |
Other intangibles, net | 3,232 | 3,530 |
Deferred income tax assets, net | 5,203 | 5,203 |
Other assets | 12,975 | 9,217 |
Noncurrent assets of discontinued operations | 13,851 | 1,172 |
Total assets | 259,856 | 229,465 |
Current liabilities: | ||
Trade accounts payable | 18,783 | 14,541 |
Accrued expenses | 41,803 | 38,005 |
Income taxes payable | 17,521 | 9,512 |
Due to IDT Corporation, net | 135 | 532 |
Other current liabilities | 2,150 | 1,732 |
Current liabilities of discontinued operations | 5,731 | 51,970 |
Total current liabilities | 86,123 | 116,292 |
Other liabilities | 2,159 | 1,946 |
Noncurrent liabilities of discontinued operations | 9,502 | 438 |
Total liabilities | 97,784 | 118,676 |
Commitments and contingencies | ||
Genie Energy Ltd. stockholders’ equity: | ||
Preferred stock, $0.01 par value; authorized shares—10,000: Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 1,970 and 2,322 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 16,743 | 19,743 |
Additional paid-in capital | 145,552 | 143,249 |
Treasury stock, at cost, consisting of 2,690 and 2,005 shares of Class B common stock at September 30, 2022 and December 31, 2021 | (18,852) | (14,034) |
Accumulated other comprehensive income | (3,075) | 3,160 |
Retained earnings (accumulated deficit) | 34,782 | (29,115) |
Total Genie Energy Ltd. stockholders’ equity | 175,436 | 123,285 |
Noncontrolling interests | (13,364) | (12,496) |
Total equity | 162,072 | 110,789 |
Total liabilities and equity | 259,856 | 229,465 |
Class A Common Stock | ||
Genie Energy Ltd. stockholders’ equity: | ||
Common stock value | 16 | 16 |
Class B Common Stock | ||
Genie Energy Ltd. stockholders’ equity: | ||
Common stock value | $ 270 | $ 266 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $ 4,448 | $ 6,139 |
Preferred stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Treasury stock, shares | 2,690 | 2,005 |
Series 2012-A Preferred Stock | ||
Designated shares | 8,750 | 8,750 |
Preferred stock, shares issued | 1,970 | 2,322 |
Preferred stock, shares outstanding | 1,970 | 2,322 |
Class A Common Stock | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 1,574 | 1,574 |
Common stock, shares outstanding | 1,574 | 1,574 |
Class B Common Stock | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 27,003 | 26,620 |
Common stock, shares outstanding | 24,313 | 24,615 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Revenues: | |||||
Total revenues | $ 81,285 | $ 87,655 | $ 234,150 | $ 254,060 | |
Cost of revenues | 38,142 | 53,049 | 114,082 | 186,152 | |
Gross profit | 43,143 | 34,606 | 120,068 | 67,908 | |
Operating expenses and losses: | |||||
Selling, general and administrative (i) | [1] | 19,605 | 17,143 | 57,796 | 49,628 |
Income from operations | 23,538 | 17,463 | 62,272 | 18,280 | |
Interest income | 194 | 8 | 259 | 28 | |
Interest expense | (33) | (99) | (135) | (311) | |
Unrealized (loss) gain on marketable equity securities and investments | 57 | (5,312) | (742) | 1,710 | |
Gain on sale of subsidiary | 4,226 | ||||
Other (loss) income, net | 156 | 35 | (712) | 482 | |
Income before income taxes | 23,912 | 12,095 | 60,942 | 24,415 | |
Provision for income taxes | (6,482) | (3,498) | (16,791) | (7,149) | |
Net income from continuing operations | 17,430 | 8,597 | 44,151 | 17,266 | |
Net income from discontinued operations, net of taxes | (1,459) | (10,914) | 25,929 | (16,991) | |
Net income (loss) | 15,971 | (2,317) | 70,080 | 275 | |
Net (loss) income attributable to noncontrolling interests | (2,797) | (31) | (1,056) | (821) | |
Net income attributable to Genie Energy Ltd. | 18,768 | (2,286) | 71,136 | 1,096 | |
Dividends on preferred stock | (454) | (370) | (1,448) | (1,111) | |
Net income (loss) attributable to Genie Energy Ltd. common stockholders | 18,314 | (2,656) | 69,688 | (15) | |
Amounts attributable to Genie Energy Ltd. common stockholders | |||||
Income from continuing operations | 22,259 | 8,643 | 48,368 | 17,303 | |
(Loss) income from discontinued operations | (3,945) | (11,299) | 21,320 | (17,318) | |
Net income (loss) attributable to Genie Energy Ltd. common stockholders | $ 18,314 | $ (2,656) | $ 69,688 | $ (15) | |
Basic: | |||||
Income from continuing operations | $ 0.88 | $ 0.34 | $ 1.89 | $ 0.67 | |
(Loss) income from discontinued operations | (0.15) | (0.44) | 0.83 | (0.67) | |
Net income (loss) attributable to Genie Energy Ltd. common stockholders | 0.73 | (0.1) | 2.72 | 0 | |
Diluted | |||||
Income from continuing operations | 0.85 | 0.34 | 1.84 | 0.67 | |
(Loss) income from discontinued operations | (0.15) | (0.44) | 0.81 | (0.67) | |
Net income (loss) attributable to Genie Energy Ltd. common stockholders | $ 0.7 | $ (0.1) | $ 2.65 | $ 0 | |
Weighted-average number of shares used in calculation of earnings per share: | |||||
Basic | 25,233 | 25,514 | 25,623 | 25,867 | |
Diluted | 26,205 | 25,514 | 26,261 | 25,867 | |
Dividends declared per common share | $ 0.075 | $ 0.225 | |||
Electricity | |||||
Revenues: | |||||
Total revenues | $ 73,764 | $ 82,801 | $ 186,207 | $ 222,005 | |
Natural gas | |||||
Revenues: | |||||
Total revenues | 6,153 | 3,516 | 40,754 | 25,878 | |
Other | |||||
Revenues: | |||||
Total revenues | $ 1,368 | $ 1,338 | $ 7,189 | $ 6,177 | |
[1]Stock-based compensation included in selling, general and administrative expenses |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-based compensation included in selling, general and administrative expenses | $ 713 | $ 504 | $ 2,232 | $ 1,597 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 15,971 | $ (2,317) | $ 70,080 | $ 275 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (4,210) | (133) | (6,047) | (370) |
Comprehensive income | 11,761 | (2,450) | 64,033 | (95) |
Comprehensive gain attributable to noncontrolling interests | 2,809 | (20) | 868 | 540 |
Comprehensive income attributable to Genie Energy Ltd. | $ 14,570 | $ (2,470) | $ 64,901 | $ 445 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2020 | $ 86,079 | $ 19,743 | $ 16 | $ 260 | $ 140,746 | $ (9,839) | $ 3,827 | $ (56,658) | $ (12,016) |
Beginning Balance, shares at Dec. 31, 2020 | 2,322,000 | 1,574,000 | 25,811,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Stock Based Compensation | 589 | $ 1 | 588 | ||||||
Stock-based compensation, shares | 121,000 | ||||||||
Issuance of Class B common stock to Howard Jonas | 162 | 162 | |||||||
Issuance of Class B common stock to Howard Jonas (in shares) | 20,000 | ||||||||
Other comprehensive income (loss) | (342) | (572) | 230 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,694) | (1,986) | (708) | ||||||
Ending Balance at Mar. 31, 2021 | 83,424 | $ 19,743 | $ 16 | $ 261 | 141,496 | (9,839) | 3,255 | (59,014) | (12,494) |
Ending Balance, shares at Mar. 31, 2021 | 2,322,000 | 1,574,000 | 25,952,000 | ||||||
Beginning Balance at Dec. 31, 2020 | 86,079 | $ 19,743 | $ 16 | $ 260 | 140,746 | (9,839) | 3,827 | (56,658) | (12,016) |
Beginning Balance, shares at Dec. 31, 2020 | 2,322,000 | 1,574,000 | 25,811,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 275 | ||||||||
Ending Balance at Sep. 30, 2021 | 82,563 | $ 19,743 | $ 16 | $ 266 | 141,787 | (13,922) | 2,994 | (56,673) | (11,648) |
Ending Balance, shares at Sep. 30, 2021 | 2,322,000 | 1,574,000 | 26,428,000 | ||||||
Beginning Balance at Mar. 31, 2021 | 83,424 | $ 19,743 | $ 16 | $ 261 | 141,496 | (9,839) | 3,255 | (59,014) | (12,494) |
Beginning Balance, shares at Mar. 31, 2021 | 2,322,000 | 1,574,000 | 25,952,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Stock Based Compensation | $ 560 | 560 | |||||||
Stock-based compensation, shares | |||||||||
Repurchase of Class B common stock from stock repurchase program | $ (2,435) | (2,435) | |||||||
Sale of subsidiary | (69) | (182) | 113 | ||||||
Other comprehensive income (loss) | 105 | 105 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 5,285 | 5,367 | (82) | ||||||
Ending Balance at Jun. 30, 2021 | 86,500 | $ 19,743 | $ 16 | $ 261 | 142,056 | (12,274) | 3,178 | (54,017) | (12,463) |
Ending Balance, shares at Jun. 30, 2021 | 2,322,000 | 1,574,000 | 25,952 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Stock Based Compensation | 531 | $ 3 | 528 | ||||||
Stock-based compensation, shares | 248,000 | ||||||||
Restricted Class B common stock purchased from employees | (236) | (236) | |||||||
Acquisition of noncontrolling interest of subsidiary | $ 2 | (797) | 795 | ||||||
Acquisition of noncontrolling interest of subsidiary, Shares | 228,000 | ||||||||
Repurchase of Class B common stock from stock repurchase program | (1,412) | (1,412) | |||||||
Other comprehensive income (loss) | (133) | (184) | 51 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,317) | (2,286) | (31) | ||||||
Ending Balance at Sep. 30, 2021 | 82,563 | $ 19,743 | $ 16 | $ 266 | 141,787 | (13,922) | 2,994 | (56,673) | (11,648) |
Ending Balance, shares at Sep. 30, 2021 | 2,322,000 | 1,574,000 | 26,428,000 | ||||||
Beginning Balance at Dec. 31, 2021 | 110,789 | $ 19,743 | $ 16 | $ 266 | 143,249 | (14,034) | 3,160 | (29,115) | (12,496) |
Beginning Balance, shares at Dec. 31, 2021 | 2,322,000 | 1,574,000 | 26,633,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Dividends on common stock | (1,934) | (1,934) | |||||||
Stock Based Compensation | 840 | 840 | |||||||
Stock-based compensation, shares | 9,000 | ||||||||
Restricted Class B common stock purchased from employees | (71) | (71) | |||||||
Other comprehensive income (loss) | 302 | 339 | (37) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 16,736 | 17,889 | (1,153) | ||||||
Ending Balance at Mar. 31, 2022 | 126,292 | $ 19,743 | $ 16 | $ 266 | 144,089 | (14,105) | 3,499 | (13,530) | (13,686) |
Ending Balance, shares at Mar. 31, 2022 | 2,322,000 | 1,574,000 | 26,642,000 | ||||||
Beginning Balance at Dec. 31, 2021 | 110,789 | $ 19,743 | $ 16 | $ 266 | 143,249 | (14,034) | 3,160 | (29,115) | (12,496) |
Beginning Balance, shares at Dec. 31, 2021 | 2,322,000 | 1,574,000 | 26,633,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 70,080 | ||||||||
Ending Balance at Sep. 30, 2022 | 162,072 | $ 16,743 | $ 16 | $ 270 | 145,552 | (18,852) | (3,075) | 34,782 | (13,364) |
Ending Balance, shares at Sep. 30, 2022 | 1,970,000 | 1,574,000 | 27,005,000 | ||||||
Beginning Balance at Mar. 31, 2022 | 126,292 | $ 19,743 | $ 16 | $ 266 | 144,089 | (14,105) | 3,499 | (13,530) | (13,686) |
Beginning Balance, shares at Mar. 31, 2022 | 2,322,000 | 1,574,000 | 26,642,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (624) | (624) | |||||||
Dividends on common stock | (1,964) | (1,964) | |||||||
Stock Based Compensation | 730 | 730 | |||||||
Stock-based compensation, shares | |||||||||
Restricted Class B common stock purchased from employees | (4,414) | (4,414) | |||||||
Exercise of Class B common stock warrants | $ 1 | (1) | |||||||
Exercise of Class B common stock warrants, Shares | 73,000 | ||||||||
Redemption of preferred stock | (2,000) | $ (2,000) | |||||||
Redemption of preferred stock, shares | (235,000) | ||||||||
Other comprehensive income (loss) | (2,139) | (2,376) | 237 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 37,373 | 34,479 | 2,894 | ||||||
Ending Balance at Jun. 30, 2022 | 153,254 | $ 17,743 | $ 16 | $ 267 | 144,818 | (18,519) | 1,123 | 18,361 | (10,555) |
Ending Balance, shares at Jun. 30, 2022 | 2,087,000 | 1,574,000 | 26,715,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (454) | (454) | |||||||
Dividends on common stock | (1,893) | (1,893) | |||||||
Stock Based Compensation | 737 | $ 3 | 734 | ||||||
Stock-based compensation, shares | 290 | ||||||||
Restricted Class B common stock purchased from employees | (333) | ||||||||
Redemption of preferred stock | (1,000) | $ (1,000) | |||||||
Redemption of preferred stock, shares | (117) | ||||||||
Other comprehensive income (loss) | (4,210) | (4,198) | (12) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,971 | 18,768 | (2,797) | ||||||
Ending Balance at Sep. 30, 2022 | $ 162,072 | $ 16,743 | $ 16 | $ 270 | $ 145,552 | $ (18,852) | $ (3,075) | $ 34,782 | $ (13,364) |
Ending Balance, shares at Sep. 30, 2022 | 1,970,000 | 1,574,000 | 27,005,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends on preferred stock | $ 0.1594 | $ 0.1594 | $ 0.1594 | $ 0.1594 | $ 0.1594 | $ 0.1594 |
Dividends on common stock | $ 0.075 | $ 0.075 | $ 0.075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income | $ 70,080 | $ 275 |
Net income (loss) from discontinued operations, net of tax | 25,929 | (16,991) |
Net income from continuing operations | 44,151 | 17,266 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 288 | 343 |
Deferred income taxes | 2,880 | |
Provision for doubtful accounts receivable | 2,116 | 1,372 |
Unrealized loss (gain) marketable equity securities and investment | 742 | (1,710) |
Stock-based compensation | 2,232 | 1,597 |
Equity in the net loss (income) in equity method investees | 91 | (215) |
Gain on sale of subsidiary | (4,226) | |
Change in assets and liabilities: | ||
Trade accounts receivable | (4,331) | (12,427) |
Inventory | (797) | (6,718) |
Prepaid expenses | (3,641) | (1,713) |
Other current assets and other assets | (6,084) | (8,829) |
Trade accounts payable, accrued expenses and other current liabilities | 2,570 | 7,337 |
Due to IDT Corporation | (398) | (148) |
Income taxes payable | 8,009 | 4,263 |
Net cash provided by (used in) operating activities of continuing operations | 44,948 | (928) |
Net cash used in discontinued operations | 8,150 | 1,014 |
Net cash provided by operating activities | 53,098 | 86 |
Investing activities | ||
Capital expenditures | (1,058) | (158) |
Proceeds from the sale of subsidiary, net of cash disposed | 4,550 | |
Investment in notes receivables with related party | (1,505) | |
Purchase of marketable equity securities and other investment | (1,300) | (1,750) |
Repayment of notes receivable | 19 | 14 |
Net cash (used in) provided by investing activities of continuing operations | (3,844) | 2,656 |
Net cash used in investing activities of discontinued operations | (43,941) | |
Net cash used in investing activities of discontinued operations | (47,785) | 2,656 |
Financing activities | ||
Dividends paid to Class A and Class B common stock stockholders | (1,104) | |
Dividends paid to preferred stock stockholders | (5,790) | (1,111) |
Repurchases of Class B common stock from employees | (409) | (236) |
Repurchases of Class B common stock | (4,414) | (3,847) |
Redemption of preferred stock | (3,000) | |
Net cash used in by financing activities | (14,717) | (5,194) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (15) | (221) |
Net decrease in cash, cash equivalents, and restricted cash | (9,419) | (2,673) |
Cash, cash equivalents, and restricted cash (including discontinued operations) at beginning of period | 102,149 | 43,184 |
Cash, cash equivalents and restricted cash (including discontinued operations) at end of the period | 92,730 | 40,511 |
Less: Cash of discontinued operations at end of period | 5,470 | 3,910 |
Cash, cash equivalents, and restricted cash (excluding discontinued operations) at end of period | $ 87,260 | $ 36,601 |
Basis of Presentation and Busin
Basis of Presentation and Business Changes and Development | 9 Months Ended |
Sep. 30, 2022 | |
Basis of Presentation and Business Changes and Development [Abstract] | |
Basis of Presentation and Business Changes and Development | Note 1—Basis of Presentation and Business Changes and Development The accompanying unaudited 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 Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. The Company owns 99.5% of Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”), 100% of Genie Retail Energy International ("GRE International") and 95.5% of Genie Renewables. 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") and Mirabito Natural Gas (“Mirabito”). GRE's REP businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and Texas. Genie Renewables consists of Genie Solar Energy ("Genie Solar"), a solar energy operation and general contracting company, a 93.5% interest in Solar, a marketer of community solar energy solutions, , an energy broker for commercial customers, and a 60.0% interest in Prism Solar Technology ("Prism"), a solar solutions company that is engaged in the manufacturing of solar panels, solar installation design and solar energy project management. Discontinued Operations in Finland and Sweden As a result of recent volatility in the energy market in Europe, in the third quarter of 2022, (" Finland") and Lumo Energi AB ("Lumo Sweden") the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden. The Company also entered into a series of transactions to transfer the customers of Lumo Finland and Lumo Sweden to other suppliers. The Company determined that the discontinued operations in Finland and Sweden represented a strategic shift that will have a major effect on the Company's operations and financial statements. The Company has accounted for these businesses as discontinued operations and accordingly, has presented 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 presented. Any remaining assets and liabilities of the discontinued operations have been presented separately, and are reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of September 30, 2022 and December 31, 2021. Lumo Finland and Lumo Sweden will continue 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. Discontinued Operations in United Kingdom In the third quarter of 2021, the natural gas and energy market in the United Kingdom deteriorated which prompted the Company to start the process of orderly withdrawal from the United Kingdom market. In October 2021, as part of the orderly exit process from the United Kingdom market, Orbit and Shell U.K. Limited ("Shell") agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986. On November 29, 2021, the Court declared Orbit insolvent, revoked Orbit's license to supply electricity and natural gas in the United Kingdom, ordered the current customers to be transferred to “supplier of last resort” and transferred the administration of Orbit to Administrators effective December 1, 2021. All of the customers of Orbit were transferred to a third-party supplier effective December 1, 2021 as ordered by the Court. All assets and liabilities of Orbit, including cash and receivables remain with Orbit, in which Genie retains 100% interest, however, the management and control of Orbit was transferred to the Administrators. Energy Price Volatility in Texas and Japan In January 2021, weather volatility and the lack of adequate gas reserves significantly increased the price of energy at Japan Electric Power Exchange ("JEPX") for an extended period of time. The spike in demand associated with this situation, exposed Genie Japan to unexpected cost increases. Genie Japan incurred approximately million in additional costs related to the price increases, which were included in the cost of revenue in the nine months ended September 30, 2021. In February of 2021, the State of Texas experienced unprecedented cold weather and snow, with was named Winter Storm Uri. With the grid overtaxed due to demand and weather-related reduced supply and rolling blackouts being enforced, by order of the Electricity Reliability Council of Texas ("ERCOT"), real-time commodity prices during the crisis escalated significantly. Although GRE's commitment for their customers in Texas was hedged for foreseen winter weather conditions, the market conditions exposed the Company to significant unexpected cost increases. GRE recognized approximately $1.0 million and $13.0 million in additional costs of revenue for the three and nine months ended September 30, 2021, respectively. In June 2021, the state legislature of the State of Texas passed House Bill 4492 (“HB 4492”) which includes certain provisions for financing certain costs associated with electric markets caused by Winter Storm Uri. Pursuant to HB 4492, two categories of charges associated with Winter Storm Uri are to be securitized and the proceeds of the securitization will be provided to the load serving entities who originally incurred the charges. Under HB 4492, the Company is entitled to recover a portion of the costs incurred from the effect of Winter Storm Uri with a calculated range of $1.5 million to $2.6 million. In the second quarter of 2021, the Company recorded a reduction in cost of revenues of $1.5 million. In September 2021 June 2022 , the Company received a $ million refund related to the cost of Winter Storm Uri. Seasonality and Weather 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. Unseasonable temperatures in other periods may also impact demand levels. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 44.5% and 47.7% of GRE’s natural gas revenues for the relevant years were generated in the first quarters of 2022 and 2021, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 30.3% and 31.8% of GRE’s electricity revenues for the relevant years were generated in the third quarters of 2022 and 2021, respectively. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 2—Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet and the corresponding amounts reported in the consolidated statements of cash flows: September 30, 2022 December 31, 2021 (in thousands) Cash and cash equivalents $ 81,705 $ 93,568 Restricted cash—short-term 5,555 6,657 Total cash, cash equivalents, and restricted cash $ 87,260 $ 100,225 Restricted cash—short-term includes amounts set aside in accordance with the Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see Note Note 19 Included in the cash and cash equivalents as of December 31, 2021 is cash received from Orbit Energy (see Note 5). |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventories [Abstract] | |
Inventories | Note 3—I nventories Inventories consisted of the following: September 30, 2022 December 31, 2021 (in thousands) Natural gas $ 4,298 $ 1,891 Renewable credits 11,737 15,610 Solar Panels: Finished goods 2,482 219 Totals $ 18,517 $ 17,720 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 4 Revenue from the single performance obligation to deliver a unit of electricity and/or natural gas is recognized as the customer simultaneously receives and consumes the benefit. GRE and Genie Japan (prior to its sale in May 2021) record 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 revenue is estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends. Incumbent utility companies in most of the service territories in which GRE's REPs operate offer purchase of receivable, or POR programs, and participate in POR programs for a majority of their receivables. The Company estimates variable consideration related to its rebate 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. Revenue 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 revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. Revenues from sale of solar panels are included in other revenues in the 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 than one 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 been one year or less. Disaggregated Revenues The following table shows the Company’s revenues disaggregated by pricing plans offered to customers: Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2022 Fixed rate $ 25,374 $ 1,925 $ — $ 27,299 Variable rate 48,390 4,228 — 52,618 Other — — 1,368 1,368 Total $ 73,764 $ 6,153 $ 1,368 $ 81,285 Three Months Ended September 30, 2021 Fixed rate $ 42,142 $ 933 $ — $ 43,075 Variable rate 40,659 2,583 — 43,242 Other — — 1,338 1,338 Total $ 82,801 $ 3,516 $ 1,338 $ 87,655 Nine Months Ended September 30, 2022 Fixed rate $ 62,822 $ 8,020 $ — $ 70,842 Variable rate 123,385 32,734 — 156,119 Other — — 7,189 7,189 Total $ 186,207 $ 40,754 $ 7,189 $ 234,150 Nine Months Ended September 30, 2021 Fixed rate $ 108,919 $ 3,483 $ — $ 112,402 Variable rate 113,086 22,395 — 135,481 Other — — 6,177 6,177 Total $ 222,005 $ 25,878 $ 6,177 $ 254,060 The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels: Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2022 Non-Commercial Channel $ 61,704 $ 2,723 $ — $ 64,427 Commercial Channel 12,060 3,430 — 15,490 Other — — 1,368 1,368 Total $ 73,764 $ 6,153 $ 1,368 $ 81,285 Three Months Ended September 30, 2021 Non-Commercial Channel $ 59,646 $ 1,855 $ — $ 61,501 Commercial Channel 23,155 1,661 — 24,816 Other — — 1,338 1,338 Total $ 82,801 $ 3,516 $ 1,338 $ 87,655 Nine Months Ended September 30, 2022 Non-Commercial Channel $ 156,425 $ 29,028 $ — $ 185,453 Commercial Channel 29,782 11,726 — 41,508 Other — — 7,189 7,189 Total $ 186,207 $ 40,754 $ 7,189 $ 234,150 Nine Months Ended September 30, 2021 Non-Commercial Channel $ 167,794 $ 20,830 $ — $ 188,624 Commercial Channel 54,211 5,048 — 59,259 Other — — 6,177 6,177 Total $ 222,005 $ 25,878 $ 6,177 $ 254,060 |
Discontinued Operations and Div
Discontinued Operations and Divestiture | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Divestiture [Abstract] | |
Discontinued Operations and Divestiture | Note 5—Discontinued Operations and Divestiture Lumo Fin la As a result of the continued volatility of the energy market in Europe, in July 2022, the Company initiated a plan to dispose of certain assets and liabilities of Lumo Finland and Lumo Sweden. From July 13, 2022 to July 19, 2022, the Company entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Sweden for a gross aggregate amount of €41.1 million (equivalent to approximately $41.4 million at the dates of the transactions) before fees and other costs. The sale price is expected to be settled monthly based on the monthly commodity volume specified in the instruments from September 2022 to March 2025. The net book value of the instruments sold was €34.2 million (equivalent to $35.8 million). In July 2022, Lumo Sweden entered into a transaction to transfer, effective August 5, 2022, its customers to a third party for a nominal consideration. In Finland entered into a transaction to transfer its variable rate customers to a third party for € million (equivalent to $ million) and terminated the contracts of fixed rate customers. The Company determined that exiting operations in Lumo Finland and Lumo Sweden represented a strategic shift that will 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 have been presented separately, and are reflected within assets and liabilities from discontinued operations in the accompanying consolidated balance sheets as of September 30, 2022 and December 31, 2021. Lumo Finland and Lumo Sweden will continue to liquidate their remaining receivables and settle any remaining liabilities. The following table represents summarized balance sheet information of assets and liabilities of the discontinued operations of Lumo Finland and Lumo Sweden: September 30, 2022 December 31, 2021 (in thousands) Assets Cash $ 5,470 $ 1,924 Trade accounts receivable, net 878 11,048 Fair value of derivative contracts—current — 12,826 Receivables from the settlement of the derivative contract —current 29,063 4,655 Other current assets 277 2,784 Current assets of discontinued operations $ 35,688 $ 33,237 Receivables from the settlement of the derivative contract —noncurrent $ 13,496 $ — Other noncurrent assets 355 1,172 Noncurrent assets of discontinued operations $ 13,851 $ 1,172 Liabilities Accounts payable $ 2,424 $ 19,013 Accrued expenses 1,280 1,518 Income taxes payable 1,675 280 Other current liabilities 352 393 Current liabilities of discontinued operations $ 5,731 $ 21,204 Deferred tax liabilities $ 9,502 $ — Other noncurrent liabilities — 438 Noncurrent liabilities of discontinued operations $ 9,502 $ 438 The summary of the results of operations of the discontinued operations were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Revenues $ 4,558 $ 7,474 $ 25,247 $ 24,937 Cost of revenues 7,042 670 (8,358 ) 17,573 Gross (loss) profit (2,484 ) 6,804 33,605 7,364 Selling, general and administrative expenses 3,275 987 5,190 3,292 (Loss) income from operations (5,759 ) 5,817 28,415 4,072 Gain from the settlement of assets 7,792 — 7,792 — Income before income taxes 2,033 5,817 36,207 4,072 Provision for income taxes (3,492 ) (295 ) (10,278 ) (323 ) Net (loss) income from discontinued operations, net of taxes $ (1,459 ) $ 5,522 $ 25,929 $ 3,749 Income before income taxes attributable to Genie Energy Ltd. $ 4,836 $ 5,352 $ 36,206 $ 3,572 The following table presents a summary of cash flows of the discontinued operations : Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (in thousands) Net income from discontinued operations, net of taxes $ 25,929 $ 3,749 Non-cash items 1,546 728 Changes in assets and liabilities (19,325 ) (5,233 ) Cash flows from (used in) operating activities of discontinued operations $ 8,150 $ (756 ) On November 3, 2022, the Company acquired additional minority interests in Lumo Finland and Lumo Sweden from an employee for 132,302 restricted Class B common stock of the Company, which will vest ratably from November 2022 to May 2025. The Company increased its interest in Lumo Finland from 91.6% to 96.6% and increased from 98.8% to 100% in Lumo Sweden. United Kingdom Operations On July 17, 2017 October 8, 2020 On October 8, 2020 the Company entered into an agreement (the “Purchase Agreement”) with EGC under which GEUK purchased EGC’s remaining interest in Shoreditch. In the third quarter of 2021, the natural gas and energy market in the U.K. deteriorated which prompted the Company to start the process of orderly withdrawal from the U.K. market. In October 2021, as part of the orderly exit process, Orbit and Shell U.K. Limited agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. Following the termination of the contract with Shell, Orbit filed a petition with the High Court of Justice Business and Property of England and Wales (the “Court”) to declare Orbit insolvent based on the Insolvency Act of 1986. On November 29, 2021, the Court declared Orbit insolvent, revoked Orbit's license to supply electricity and natural gas in the United Kingdom, ordered the current customers to be transferred to “supplier of last resort” and transfer the administration of Orbit to Administrators effective December 1, 2021. All of the customers of Orbit were transferred to a third-party supplier effective December 1, 2021 as ordered by the Court. All assets and liabilities of the Orbit, including cash and receivables remain with Orbit and the management and control of which was transferred to Administrators. The Company expects that the administration of Orbit will be completed in 2022 . In the fourth quarter of 2021, Orbit transferred to GEIC a net amount of $49.7 million from the proceeds of the settlement of the contract with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, the Company transferred $21.5 million to the Administrators of Orbit Energy to fund the settlement of the expected remaining liabilities of Orbit of $30.8 million, which were included in the current liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2021. In February 2022, the Company deposited $28.3 million into an attorney trust account to hold, preserve, and dispense funds to the extent needed in connection with the administration process. On February 24, 2022, the Administrators filed a petition under Chapter 15 of the U.S. Bankruptcy Code with the Bankruptcy Court of the Southern District of New York seeking (i) recognition of the U.K. administration proceeding as a foreign main proceeding and the U.K. Administrators as its foreign representatives, and (ii) entrusting distribution of the funds the Company deposited into its attorney’s trust fund to the U.K. Administrators. In the second quarter of 2022, the Administrators filed an application to transfer the funds back to the Administrators’ control in the U.K. Subject to certain representations and expectations regarding use and application of the funds to efficiently and expeditiously pay off creditors and bring a timely close to the insolvency administration, the Company decided not to oppose the application, and the $28.3 million was transferred to the account of the Administrator. In August 2022, the Administrator paid the Company a partial return of its interest in Orbit of £4.6 million (equivalent to $5.4 million). The Company believes that the funds remaining with the Administrators are more than sufficient to pay any remaining creditors of Orbit (with any surplus, which the Company expects to be significant, to be returned to the Company). The Company determined that exiting operations in the United Kingdom represented a strategic shift that will 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. December 31, 2021. As a result of loss of control, the Company deconsolidated Orbit effective December 1, 2021 nd estimated the remaining liability related to its ownership of Orbit. The summary of results of operations of the discontinued operations were as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in thousands) Total revenues $ 18,036 $ 67,214 Cost of revenues 17,070 58,814 Gross profit 966 8,400 Selling, general and administrative expenses 10,724 22,447 Impairment of assets 6,650 6,650 Net loss before taxes (16,408 ) (20,697 ) Provision for income taxes 28 43 Loss from discontinued operations, net of taxes $ (16,436 ) $ (20,740 ) The carrying value of the Company's interest in Orbit was net investments of $ 13.2 30.8 The following table presents a summary of cash flows of the discontinued operations for the Nine Months Ended September 30, 2021: Net loss $ (20,740 ) Non-cash items 15,630 Changes in assets and liabilities 6,880 Cash flows from operating activities of discontinued operations $ 1,770 The assets and liabilities of Orbit were included in the GRE International segment. Divestiture of Genie Japan In March 2021, the Company initiated a plan to sell certain assets and liabilities of Genie Japan. In the first quarter of 2021, certain assets and liabilities of Genie Japan were reclassified as assets and liabilities held for sale and reported at lower of fair value less cost to sell and net book value. On April 26, 2021, the Company entered into an Equity Purchase Agreement ("Purchase Agreement") with Hanhwa Q Cells Japan Co., Ltd. ("Hanhwa"), pursuant to which, the Company agreed to sell its interest in Genie Japan for ¥570.0 million (equivalent to approximately $5.3 million at April 26, 2021) subject to certain terms and conditions set forth in the Purchase Agreement. On May 11, 2021, upon the terms and subject to the conditions of Purchase Agreement, the Company completed the divestiture of Genie Japan for an aggregate cash consideration of ¥570.0 million (equivalent to approximately $5.2 million at May 11, 2021). Hanhwa also assumed the outstanding balance of the loan payable of Genie Japan. The Company paid $0.6 million of commission to certain former employees of Genie Japan and recognized a pre-tax gain of $4.2 million from the divestiture. The carrying values of assets and liabilities divested at May 11, 2021 which were previously classified as held for sale included the following: (in thousands) Cash $ 83 Trade accounts receivable 1,737 Prepaid and other current assets 391 Intangible (license) 540 Other noncurrent assets 296 Accounts payables (611 ) Accrued expenses and other current liabilities (588 ) Loan payable (1,372 ) Cumulative translation adjustment (181 ) Noncontrolling interest 114 Net assets $ 409 The assets and liabilities of Genie Japan were included in GRE International segment. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 6 air Va The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) September 30, 2022 Assets: Marketable equity securities $ 471 $ — $ — $ 471 Derivative contracts $ 7,607 $ — $ — $ 7,607 Liabilities: Derivative contracts $ 1,217 $ — $ — $ 1,217 December 31, 2021 Assets: Marketable equity securities $ 1,336 $ — $ — $ 1,336 Derivative contracts $ 1,579 $ 44 $ — $ 1,623 Liabilities: Derivative contracts $ 684 $ — $ — $ 684 (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 did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the nine months ended September 30, 2022 and 2021. 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 are not 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, 2022 and December 31, 2021, the carrying amounts of these assets and liabilities approximated fair value. The fair value estimate for restricted cash—short-term was classified as Level 1. The carrying value of other current assets, due to IDT Corporation, and other current liabilities approximated fair value Other assets. At September 30, 2022 and December 31, 2021, other assets included notes receivable. At September 30, 2022 The primary non-recurring fair value estimates typically are in the context of goodwill impairment testing, which involves Level 3 inputs, and asset impairments (Note 9) which utilize Level 3 inputs. Concentration of Credit Risks The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed Federal Deposit Insurance Corporation insured limits. Historically, the Company has not 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 any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows or financial condition. The following table summarizes the percentage of consolidated trade receivable by customers that equal or exceed 10.0 receivables at September 30, 2022 December 31, 2021 10.0 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Customer A 15.2 % 12.5 % Customer B 11.0 na na — 10.0 % of consolidated net trade receivables The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 and nine months ended September 30, 2022 and 2021 (no other single customer accounted for 10.0 Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Customer A 11.4 % na % 11.4 % na % Customer B 11.6 na na na Customer C na 15.8 na 12.5 na — |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 7 —Derivative Instruments The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with Accounting Standards Codification 815 — 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 does not 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 The summarized volume of GRE’s outstanding contracts and options at September 30, 2022 was as follows (MWh – Megawatt hour and Dth – Decatherm): Settlement Dates Volume Electricity (in MWH) Gas (in Dth) Fourth quarter 2022 13,600 454,600 First quarter 2023 22,736 691,990 Second quarter 2023 26,496 175,250 Third quarter 2023 30,528 131,250 Fourth quarter 2023 29,232 602,200 First quarter 2024 1,360 841,300 Second quarter 2024 — 107,250 Third quarter of 2024 13,520 70,950 Fourth quarter of 2024 — 71,400 First quarter of 2025 — 299,750 Second quarter of 2025 — 269,100 Third quarter of 2025 — 236,250 Fourth quarter of 2025 — 230,000 First quarter of 2026 — — Second quarter of 2026 — — Third quarter of 2026 3,520 — The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows: Asset Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 5,700 $ 924 Energy contracts and options Other assets 1,907 699 Total derivatives not designated or not qualifying as hedging instruments — $ 7,607 $ 1,623 Liability Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 656 $ 520 Energy contracts and options Other liabilities 561 164 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 1,217 $ 684 ( 1 The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . The effects of derivative instruments on the consolidated statements of operations was as follows: Amount of Gain Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain Recognized Three Months Ended September 30, Nine Months Ended September 30, hedging instruments on Derivatives 2022 2021 2022 2021 (in thousands) (in thousands) Energy contracts and options Cost of revenues $ 35,011 $ 13,795 $ 102,060 $ 32,845 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2022 | |
Other Current Assets [Abstract] | |
Other Assets | Note 8—Other Assets Other assets consisted of the following: September 30, 2022 December 31, 2021 (in thousands) Security deposit $ 5,085 $ 4,867 Right-of-use assets, net of amortization 1,556 1,656 Fair value of derivative contracts — noncurrent 1,907 699 Notes receivables 1,505 115 Other assets 2,922 1,880 Total other assets $ 12,975 $ 9,217 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 9—Goodwill and Other Intangible Assets The table below reconciles the change in the carrying amount of goodwill for the period from January 1, 2022 to September 30, 2022: GRE Genie Renewables Total (in thousands) Balance at January 1, 2022 $ 9,998 $ — $ 9,998 Additions/deductions during the period — — — Balance at September 30, 2022 $ 9,998 $ — $ 9,998 The table below presents information on the Company’s other intangible assets: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance (in thousands) September 30, 2022 Patents and trademarks 18.1 years $ 3,510 $ (1,098 ) $ 2,412 Customer relationships 9.0 1,100 (621 ) 479 Licenses 10.0 479 (138 ) 341 Total $ 5,089 $ (1,857 ) $ 3,232 December 31, 2021 Trademark 18.1 years $ 3,510 $ (926 ) $ 2,584 Customer relationships 9.0 years 1,100 (530 ) 570 Licenses 10.0 years 479 (103 ) 376 Total $ 5,089 $ (1,559 ) $ 3,530 Amortization expense of intangible assets was $ 0.1 $ 0.3 million in the three nine months ended September 30, 2022 , respectively. Amortization expense of intangible assets was $0.9 million and $0.3 three nine months ended September 30, 2021 , $0.3 million |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | Note 10—Accrued Expenses Accrued expenses consisted of the following: September 30, 2022 December 31, 2021 (in thousands) Renewable energy $ 24,345 $ 23,247 Liability to customers related to promotions and retention incentives 9,031 9,036 Payroll and employee benefit 5,430 3,297 Other accrued expenses 2,997 2,425 Total accrued expenses $ 41,803 $ 38,005 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 11—Leases The Company entered into operating lease agreements primarily for offices in domestic and foreign locations where it has operations with lease periods expiring between 2023 2030. The Company has no finance leases. The Company determine if a contract is a lease at inception. Right-of-Use ("ROU") assets are included under other assets in the 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 consolidated balance sheet. 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 is not readily determinable. The incremental September 30, 2022 December 31, 2021 (in thousands) ROU Assets $ 1,556 $ 1,656 Current portion of operating lease liabilities 249 229 Noncurrent portion of operating lease liabilities 1,385 1,495 Total $ 1,634 $ 1,724 At September 30, 2022, the weighted average remaining lease term is 6.4 Supplemental cash flow information for ROU assets and operating lease liabilities are as follows: Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 380 $ 551 ROU assets obtained in the exchange for lease liabilities Operating leases $ — $ — Future lease payments under operating leases as of September 30, 2022 were as follows: (in thousands) Remainder of 2022 $ 160 2023 352 2024 319 2025 245 2026 239 Thereafter 832 Total future lease payments 2,147 Less imputed interest 513 Total operating lease liabilities $ 1,634 Rental expenses under operating leases were $0.1 million and $0.4 million in the three and nine months ended Rental expenses under operating leases were $ 0.1 million 0.6 three and six months ended |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Note 12—Equity Dividend Payments The following table summarizes the quarterly dividends paid by the Company during the nine months ended September 30, 2022 (in thousands, except per share amounts): Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date Series 2012-A Preferred Stock ("Preferred Stock") January 14, 2022 $ 0.1594 $ 370 February 7, 2022 February 15, 2022 April 14, 2022 0.1594 370 May 6, 2022 May 16, 2022 May 12, 2022 0.1296 31 May 12, 2022 June 13, 2022 July 14, 2022 $ 0.1594 $ 333 August 8, 2022 August 15, 2022 Class A Common Stock and Class B Common Stock February 7, 2022 $ 0.0750 $ 1,934 February 22, 2022 March 1, 2022 May 3, 2022 0.0750 1,964 May 20, 2022 May 31, 2022 August 3, 2022 0.0750 1,892 August 18, 2022 August 26, 2022 In March 2021, in light of the losses incurred from the effects of events in Texas and Japan discussed above, the Company suspended the payment of quarterly dividends on its common stock. In February 2022, the Company reinstated the quarterly dividends on our Class A and Class B common stock. On December 31, 2021, The Company accrued Additional Dividends of $0.0848 per share on its Preferred Stock, equal to $0.2 million in respect of the GRE results of operations through December 31, 2021, which the Company paid in May 2022. The Company accrued Additional Dividends in respect of the GRE results of operations through September 30, 2022 amounting to 0.1 and $0.3495 per share on its Preferred Stock, equal to $0.3 million for the nine months ended September 30, 2022 The Additional Dividends on Preferred Shares are expected to On October 13, 2022, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the quarter of . The dividend will be paid on or about to stockholders of record as of the close of business November 8, 2022 . On November 2, 2022, 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 the third quarter of 2022. The dividend will be paid on or about November 21, 2022 to stockholders of record as of the close of business on November 14, 2022. The Delaware General Corporation Law allows companies to declare dividends out of “Surplus,” which is calculated by deducting the par value of the company’s stock from the difference between total assets and total liabilities. The Company has elected to record dividends declared against accumulated deficit. Stock Repurchases 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. There were no purchases under this program in the three months ended September 30, 2022, In the nine months ended September 30, 2022 the Company acquired 639,393 shares of Class B common stock under the stock purchase program for an aggregate amount of $4.4 million. In the three months ended September 30, 2021, the Company acquired 230,000 shares Class B common stock under the stock purchase program for an aggregate amount of $1.4 million. In the nine months ended September 30, 2021 , the Company acquired 623,000 shares of Class B common stock under the stock purchase program for an aggregate amount of $ 3.8 million. As of September 30, 2022 and December 31, 2021, there were 2.7 million and 2.0 million outstanding shares of Class B common stock held in the Company's treasury, respectively, with a cost of $18.9 million and $ 14.1 On February 7, 2022, the Board of Directors of the Company authorized a program to redeem up to $1.0 million per quarter of the Company's Preferred Stock at the liquidation preference of $8.50 per share beginning in the second quarter of 2022. On May 3, 2022, the Board of Directors authorized to redeem $2.0 million of the Company's Preferred Stock during the second quarter of 2022. In the , the Company redeemed 117,647 1.0 In the nine months ended September 30, 2022 352,941 Preferred Stock under this program for an aggregate amount of $ 3.0 million. Warrants to Purchase Class B Common Stock On June 8, 2018, the Company sold to Howard S. Jonas, the Chairman of the Company’s Board of Directors and then the holder of the controlling portion of the Company's common stock, shares of the Company’s Class B common stock and warrants to purchase an additional 1,048,218 shares of the Company’s Class B common stock at an exercise price of $4.77 per share for an aggregate exercise price of $5.0 million. The warrants will expire in June 2023 In May 2022, a holder of common stock warrants exercised 209,644 common stock warrants through a cashless and the Company issued 72,657 common shares with the remaining 136,987 warrants being cancelled to settle the price. As of September 30, 2022 , there were outstanding 1,048,218 4.77 June 2023 Purchase of Equity of Subsidiaries In September 2021, the Company purchased from Howard S. Jonas, the Chairman of the Board of Directors of the Company, Michael Stein, the Chief Executive Officer of the Company, Avi Goldin, the Chief Financial Officer of the Company, certain employees and consultant an aggregate of 4.3% fully vested interest in GRE International by issuing 218,862 of the Company's Class B common stock. In October 2021, the Company purchased from Wes Perry, the Chairman of the Audit Committee of the Company's Board of Directors, a 0.2% interest in GEIC by issuing 36,591 of the Company's Class B common stock. Stock-Based Compensation The Company’s 2011 Stock Option and Incentive Plan (as amended, the "2011 Plan") is intended to provide incentives to executives, employees, directors and consultants of the Company. Incentives available under the Plan include stock options, stock appreciation rights, limited rights, deferred stock units, and restricted stock. The 2011 Plan expired in 2021 and no new grants are to be issued thereunder, however, outstanding grants are not impacted by the expiration of the plan. On March 8, 2021, the Board of Directors adopted the Company 2021 Stock Option and Incentive Plan (the "2021 Plan"), subject to the approval of the Company's stockholders. In May 2021, the 2021 Plan became effective and replaced the 2011 Plan . Similar to the 2011 Plan, the 2021 Plan provides incentives to executives, employees, directors and consultants of the Company. Incentives available under the 2021 Plan include 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 reserved for the grant of awards under the 2021 Plan is 1.0 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 will vest in two tranches contingent upon the achievement of a specified thirty-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 entitles the recipient to receive, upon vesting, up to two 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 the second quarter of 2022, a certain portion of the 2022 market condition was achieved and the Company issued 290,000 shares of its restricted Class B common stock subject to service-based vesting conditions as described above. As of , there were approximately $ 4.1 million of total 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 years. |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note 13—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. The Company does not own any interest in CCE. Since 2011, the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has 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 is 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 consolidated statements of operations. The Company has an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of $0.5 million that the Company loaned to CCE in October 2015. The option expires on October 22, 2023. Net loss related to CCE and aggregate net funding provided by the Company were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Net loss $ (336 ) $ ( 445 ) $ (700 ) $ (818 ) Aggregate provided by the Company, net $ (191 ) $ ( 393 ) $ (268 ) $ (921 ) Summarized combined balance sheet amounts related to CCE was as follows: September 30, 2022 December 31, 2021 (in thousands) Assets Cash, cash equivalents and restricted cash $ 256 $ 559 Trade accounts receivable 349 544 Prepaid expenses and other current assets 473 367 Other assets 359 359 Total assets $ 1,437 $ 1,829 Liabilities and noncontrolling interests Current liabilities $ 586 $ 547 Due to IDT Energy 5,936 5,668 Noncontrolling interests (5,085 ) (4,386 ) Total liabilities and noncontrolling interests $ 1,437 $ 1,829 The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note 14—Income Taxes The following table provides a summary of Company's effective tax rate: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Reported tax rate 27.1 % 28.9 % 27.6 % 29.3 % The reported tax rate for the three months ended September 30, 2022 was 27.1%, a slight decrease The decrease in the reported tax rate for the nine months ended September 30, 2022 compared to the same period in 2021 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings Per Share | Note 15— 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: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Basic weighted-average number of shares 25,233 25,514 25,623 25,867 Effect of dilutive securities: Stock options and warrants 695 — 508 — Non-vested restricted Class B common stock 277 — 130 — Diluted weighted-average number of shares 26,205 25,514 26,261 25,867 The following shares were excluded from the diluted earnings per share computations: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Shares underlying options and warrants — 665 126 731 Non-vested restricted Class B common stock — 27 — 33 Non-vested deferred stock units 290 610 290 610 Stock options were excluded from the diluted earnings per share computation nine months ended September 30, 2022 and 2021 In the three and nine months ended September 30, 2021, the diluted loss per share computation equals basic loss per share because the Company has a net loss and the impact of the assumed exercise of the stock options and warrants and the vesting of the restricted stock would have been anti-dilutive. Non-vested deferred stock units were excluded from the basic and diluted weighted average shares outstanding calculation because the market condition for vesting of those deferred stock units were not met as of September 30, 2022 and 2021. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16—Related Party Transactions On December 7, 2020, the Company invested $ million to purchase shares of Class B common stock of Rafael Holdings, Inc. ("Rafael"). Rafael, a publicly-traded company, is also a related party. Rafael is a former subsidiary of IDT that was spun off from IDT in March 2018. Howard S. Jonas is the Executive Chairman and Chairman of the Board of Directors of Rafael. shares of Rafael's Class B common stock with an exercise price of $ per share. The warrants had a term expiring on June 6, 2022. The Company exercised the warrants in full on March 31, 2021 for a total exercise price of $ million. The Company does not exercise significant influence over the operating or financial policies of Rafael. For the and nine months ended September 30, 2022, the Company recognized unrealized loss on investment of minimal amount and $ million, respectively. For the , the Company recognized unrealized loss on investment of 5.3 million, in connection with the investments. For the nine months ended September 30, 2021, the Company recognized unrealized gain on investment of $ million, in connection with the investment. million. The Company was formerly a subsidiary of IDT Corporation (“IDT”). On October 28, 2011, the Company was spun-off by IDT. 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 foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT. The Company leases office space and parking in New Jersey. Until August 2022, the space was leased from Rafael. The leases expire in April 2025. On August 22, 2022, Rafael completed the sale of the leased office space and parking in New Jersey, including the lease of the Company, to a third-party buyer. The charges for services provided by IDT to the Company, and rent charged by Rafael, net of the charges for the services provided by the Company to IDT, are included in “Selling, general and administrative” expense in the consolidated statements of operations. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Amount IDT charged the Company $ 276 $ 247 $ 1,075 $ 766 Amount the Company charged IDT $ 34 $ 33 $ 101 $ 105 Amount Rafael charged the Company $ 39 $ 57 $ 154 $ 170 The following table presents the balance of receivables and payables to IDT and Rafael: September 30, 2022 December 31, 2021 (in thousands) Due to IDT $ 169 $ 551 Due from IDT $ 34 $ 19 Due to Rafael $ — $ — On August 31, 2018, the Company extended a loan to a former employee for $0.1 million. The loan agreement requires scheduled payments from December 31, 2020 to December 2052. The loan bears the same interest equivalent to a minimum rate, in effect from time to time required by local regulations and is compounded annually. The Company recorded nominal amounts of interest income for the nine months ended September 30, 2022 and 2021 related to this debt. The outstanding balance, including accrued interest was $0.1 million as of September 30, 2022. The Company obtains insurance policies from several insurance brokers, one In September and October of 2021, the Company purchased from certain related parties interests in GRE International and GEIC (see Note 12 — Equity On February 21, 2022, the Company entered into a Loan and Security Agreement to extend up to 5.5 million New Israel Shekel, or NIS (equivalent to $1.5 million as at September 30, 2022) with The all assets that Mr. Ohayon acquired using the proceeds of the loan bears a minimum interest as set by the Income Tax Regulations of Israel (3.23% in 2022) and is due, together with the principal amount on or before December 31, 2023. As of Investments in Atid In September 2018, the Company divested a majority interest in Atid Drilling Ltd. in exchange for a 37.5% interest in a contracting drilling company in Israel ("Atid 613") which the Company accounts for using equity method of accounting. The Company also entered into a Shareholder Agreement with Atid 613's other shareholders to govern certain issues regarding management of the new company. Under the Shareholder Agreement, among other things, a Company subsidiary agreed to make available to Atid 613 working capital financing up to $0.4 million ("Credit Facility"). Any outstanding borrowing under the Credit Facility would bear interest at a variable rate as described in the Shareholder Agreement On August 12, 2019, the Company, together with the other shareholders of Atid 613 signed a Funding Agreement to provide aggregate loans to Atid 613 in an amount of up to NIS5.1 million (equivalent to $1.4 million at September 30, 2022), including the Company's commitment to extend up to NIS1.9 million (equivalent to $0.5 million at September 30, 2022) of such amount. In August 2019, the Company extended NIS0.8 million (equivalent to $0.2 million) in loans. The loans which are secured by Atid 613’s assets bore no interest until March 1, 2020 and bear interest at 5.5% for all subsequent periods. In May 2021 , |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Business Segment Information [Abstract] | |
Business Segment Information | Note 17—Business Segment Information Following the discontinuance of operations of Lumo Finland and Lumo Sweden in third quarter of 2022, 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. There are no other changes in other reportable segments. The Company has two reportable business segments: GRE and Genie Renewables (formerly Genie Energy Services, or GES). GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Mirabito. GRE's REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. Genie designs, manufactures and distributes solar panels, offers energy brokerage and advisory services and also sells third-party products to customers. 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 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: (in thousands) GRE Genie Renewables Corporate Total Three Months Ended September 30, 2022 Revenues $ 79,917 $ 1,368 $ — $ 81,285 Income (loss) from operations 27,415 (1,503 ) (2,374 ) 23,538 Depreciation and amortization 83 13 — 96 Stock-based compensation 238 — 475 713 Provision for (benefit from) income taxes 7,008 — (526 ) 6,482 Three Months Ended September 30, 2021 Revenues $ 86,317 $ 1,338 $ — $ 87,655 Income (loss) from operations 19,714 (203 ) (2,048 ) 17,463 Depreciation and amortization 90 12 — 102 Stock-based compensation 155 — 332 487 Provision for income taxes 3,481 — 17 3,498 Nine Months Ended September 30, 2022 Revenues $ 226,961 $ 7,189 $ — $ 234,150 Income (loss) from operations 72,004 (2,500 ) (7,232 ) 62,272 Depreciation and amortization 253 35 1 289 Stock-based compensation 714 — 1,518 2,232 Provision for (benefit from) income taxes 18,546 — (1,755 ) 16,791 Nine Months Ended September 30, 2021 Revenues $ 243,960 $ 6,170 $ 3,930 $ 254,060 Income (loss) from operations 26,427 690 (8,837 ) 18,280 Depreciation and amortization 295 34 14 343 Stock-based compensation 503 — 1,061 1,564 Provision for income taxes 6,930 128 91 7,149 Total assets for the business segments of the Company were as follows: (in thousands) GRE Genie Renewables Corporate Total Total assets: September 30, 2022 $ 172,931 $ 7,959 $ 78,966 $ 259,856 December 31, 2021 174,442 3,946 51,077 229,465 The total assets of corporate segment includes total assets of discontinued operations of Orbit, Lumo Finland and Lumo Sweden with aggregate net book value of $62.7 million and $34.4 million at September 30, 2022 and December 31, 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 18 Legal Proceedings The Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Refer to Note 5 — 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. State of Connecticut Public Utilities Regulatory Authority Town Square On September 19, 2018, the State of Connecticut Public Utilities Regulatory Authority (“PURA”) commenced an investigation into Town Square following customer complaints of allegedly misleading and deceptive sales practices on the part of Town Square. The Connecticut Office of Consumer Counsel subsequently joined in the investigation. On June 17, 2020, PURA notified Town Square that it was advancing its investigation by assigning Prosecutorial staff for the purpose of investigating Town Square’s compliance with licensed electric supplier billing, marketing, and licensing requirements, and, if appropriate, facilitating settlement discussions among the parties. Although Town Square denies any basis for those complaints and any wrongdoing on its part, in July 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Town Square paid Town Square has also agreed to voluntarily refrain from in-person marketing activities in Connecticut for a period of three and six months ended September 30, 2022 6.0 14.1 Residents Energy In August 2020, Residents Energy began marketing retail energy services to Connecticut. For the year ended December 31, 2021, Residents Energy's gross revenues from sales in Connecticut was $0.2 million. During the fourth quarter of 2020, the enforcement division of PURA contacted Residents Energy concerning customer complaints received in connection with alleged door-to-door marketing activities in violation of various rules and regulations. On March 12, 2021, the enforcement division filed a motion against Resident Energy with the adjudicating body of PURA, seeking the assessment of along with a suspension of license, auditing of marketing practices upon reinstatement and an invitation for settlement discussions. In June 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Residents Energy paid Other Reviews or Investigations From time to time regulators may initiate reviews, compliance checks or issue subpoenas for information as means to evaluate the Company and its subsidiaries’ compliance with applicable laws, rules, regulations and practices. On October 25, 2019, the Office of the Attorney General of the State of Illinois ("IL AG") notified Residents Energy (by way of subpoena) that it is conducting an investigation to assess compliance with the Illinois Consumer Fraud and Deceptive Business Practices Act. The notice was issued in the form of a subpoena in the course of the foregoing. The Company, which has responded as required, has challenged the merits of the subpoena and investigation. Residents Energy denies any wrongdoing on its part. three and nine months ended September 30, 2022 8.2 22.6 In response to certain customers complaints, the State of Maine Public Utility Commission ("MPUC") has opened a review of the door to door marketing practices of Town Square. In connection with the review, the MPUC has requested information from Town Square demonstrating compliance in the form of an order to show cause as to why its marketing practices are in compliance and it should be permitted to continue licensed operations in Maine. In August 2021, the parties settled the dispute without any obligation for payment by Town Square. In connection with the settlement, Town Square has agreed to voluntarily refrain from door-to-door marketing activities in Maine through June 30, 2023, and to voluntarily refrain from outbound telemarketing to obtain new residential customers for a period of six months, along with certain compliance procedures. For the three and nine months ended September 30, 2022 0.5 1.3 Other Commitments Purchase Commitments The Company had future purchase commitments of $ 133.8 103.7 are expected to be paid as follows: (in thousands) Remainder of 2022 $ 29,463 2023 75,871 2024 24,670 2025 3,934 2026 — Thereafter — Total payments $ 133,938 In the three months ended September 30, 2022 19.6 4.2 In the nine months ended September 30, 2022 , the Company purchased $ 34.3 million and $ 15.7 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the three months ended September 30, 2021 , the Company purchased $ 10.7 million and $ 8.5 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the nine months ended September 30, 2021 10.4 16.4 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 may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At September 30, 2022, GRE had commitments to purchase renewable energy credits of $ 30.1 Performance Bonds and Unused Letters of Credit GRE has performance bonds issued through a third 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, 2022, GRE had aggregate performance bonds of $ 15.2 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, 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 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, 2022, the Company was in compliance with such covenants. At September 30, 2022, restricted cash—short-term of $ 0.4 46.8 46.8 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt [Abstract] | |
Debt | Note 19—Debt Loan with Tokyo Star Bank On May 13, 2020, Genie Japan entered into a Loan Agreement with Tokyo Star Bank for a ¥150.0 million (equivalent to $1.4 million) short-term credit facility ("May 2020 Loan") with maturity date of November 13, 2020. On November 13, 2020, Genie Japan and Tokyo Star Bank amended the May 2020 Loan to extend the maturity date to May 13, 2021. Genie Japan provided a letter of credit issued by JPMorgan Chase in the amount of ¥150.0 million (equivalent to $1.4 million) as collateral. The outstanding principal amount incurred interest at 3.0% per annum and was payable monthly. In May 2021, the Company completed the divestiture of Genie Japan including balance of the May 2020 Loan ( see Credit Agreement with JP Morgan Chase Bank On December 13, 2018, the Company entered into a Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”). On December 23, 2021, the Company entered into the third amendment of its existing Credit Agreement to extend the maturity date to December 31, 2022. The Company continues to have the aggregate principal amount of $5.0 million credit line facility (“Credit Line”). The Company pays a commitment fee of 0.1% per annum on 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 $5.1 million. As of, September 30, 2022, there are no letters of credit issued by JP Morgan Chase Bank. At September 30, 2022, the cash collateral of $5.2 million was included in restricted cash—short-term in the consolidated balance sheet. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 20—Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on January 1, 2023. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial statements. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 21—S ubse In October 2022, the Company declared its exercise of its rights to redeem 986,400 shares of the outstanding Preferred Stock on November 15, 2022 (the "Redemption Date") at a price, of $8.50 per share (an aggregate of $8.4 million), together with an amount equal to all dividends accrued and unpaid up to, but not including the Redemption Date. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Schedule of reconciliation of cash, cash equivalents, and restricted cash | September 30, 2022 December 31, 2021 (in thousands) Cash and cash equivalents $ 81,705 $ 93,568 Restricted cash—short-term 5,555 6,657 Total cash, cash equivalents, and restricted cash $ 87,260 $ 100,225 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventories [Abstract] | |
Schedule of Inventories | September 30, 2022 December 31, 2021 (in thousands) Natural gas $ 4,298 $ 1,891 Renewable credits 11,737 15,610 Solar Panels: Finished goods 2,482 219 Totals $ 18,517 $ 17,720 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Schedule of revenues disaggregated | Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2022 Fixed rate $ 25,374 $ 1,925 $ — $ 27,299 Variable rate 48,390 4,228 — 52,618 Other — — 1,368 1,368 Total $ 73,764 $ 6,153 $ 1,368 $ 81,285 Three Months Ended September 30, 2021 Fixed rate $ 42,142 $ 933 $ — $ 43,075 Variable rate 40,659 2,583 — 43,242 Other — — 1,338 1,338 Total $ 82,801 $ 3,516 $ 1,338 $ 87,655 Nine Months Ended September 30, 2022 Fixed rate $ 62,822 $ 8,020 $ — $ 70,842 Variable rate 123,385 32,734 — 156,119 Other — — 7,189 7,189 Total $ 186,207 $ 40,754 $ 7,189 $ 234,150 Nine Months Ended September 30, 2021 Fixed rate $ 108,919 $ 3,483 $ — $ 112,402 Variable rate 113,086 22,395 — 135,481 Other — — 6,177 6,177 Total $ 222,005 $ 25,878 $ 6,177 $ 254,060 Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2022 Non-Commercial Channel $ 61,704 $ 2,723 $ — $ 64,427 Commercial Channel 12,060 3,430 — 15,490 Other — — 1,368 1,368 Total $ 73,764 $ 6,153 $ 1,368 $ 81,285 Three Months Ended September 30, 2021 Non-Commercial Channel $ 59,646 $ 1,855 $ — $ 61,501 Commercial Channel 23,155 1,661 — 24,816 Other — — 1,338 1,338 Total $ 82,801 $ 3,516 $ 1,338 $ 87,655 Nine Months Ended September 30, 2022 Non-Commercial Channel $ 156,425 $ 29,028 $ — $ 185,453 Commercial Channel 29,782 11,726 — 41,508 Other — — 7,189 7,189 Total $ 186,207 $ 40,754 $ 7,189 $ 234,150 Nine Months Ended September 30, 2021 Non-Commercial Channel $ 167,794 $ 20,830 $ — $ 188,624 Commercial Channel 54,211 5,048 — 59,259 Other — — 6,177 6,177 Total $ 222,005 $ 25,878 $ 6,177 $ 254,060 |
Discontinued Operations and D_2
Discontinued Operations and Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of operations of discontinued operations | The summary of results of operations of the discontinued operations were as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in thousands) Total revenues $ 18,036 $ 67,214 Cost of revenues 17,070 58,814 Gross profit 966 8,400 Selling, general and administrative expenses 10,724 22,447 Impairment of assets 6,650 6,650 Net loss before taxes (16,408 ) (20,697 ) Provision for income taxes 28 43 Loss from discontinued operations, net of taxes $ (16,436 ) $ (20,740 ) |
Schedule of cash flow of discontinued operations | The following table presents a summary of cash flows of the discontinued operations for the Nine Months Ended September 30, 2021: Net loss $ (20,740 ) Non-cash items 15,630 Changes in assets and liabilities 6,880 Cash flows from operating activities of discontinued operations $ 1,770 |
Schedule of assets and liabilities | (in thousands) Cash $ 83 Trade accounts receivable 1,737 Prepaid and other current assets 391 Intangible (license) 540 Other noncurrent assets 296 Accounts payables (611 ) Accrued expenses and other current liabilities (588 ) Loan payable (1,372 ) Cumulative translation adjustment (181 ) Noncontrolling interest 114 Net assets $ 409 |
Lumo Finland and Lumo Sweden [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of operations of discontinued operations | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Revenues $ 4,558 $ 7,474 $ 25,247 $ 24,937 Cost of revenues 7,042 670 (8,358 ) 17,573 Gross (loss) profit (2,484 ) 6,804 33,605 7,364 Selling, general and administrative expenses 3,275 987 5,190 3,292 (Loss) income from operations (5,759 ) 5,817 28,415 4,072 Gain from the settlement of assets 7,792 — 7,792 — Income before income taxes 2,033 5,817 36,207 4,072 Provision for income taxes (3,492 ) (295 ) (10,278 ) (323 ) Net (loss) income from discontinued operations, net of taxes $ (1,459 ) $ 5,522 $ 25,929 $ 3,749 Income before income taxes attributable to Genie Energy Ltd. $ 4,836 $ 5,352 $ 36,206 $ 3,572 |
Schedule of cash flow of discontinued operations | Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 (in thousands) Net income from discontinued operations, net of taxes $ 25,929 $ 3,749 Non-cash items 1,546 728 Changes in assets and liabilities (19,325 ) (5,233 ) Cash flows from (used in) operating activities of discontinued operations $ 8,150 $ (756 ) |
Schedule of assets and liabilities | September 30, 2022 December 31, 2021 (in thousands) Assets Cash $ 5,470 $ 1,924 Trade accounts receivable, net 878 11,048 Fair value of derivative contracts—current — 12,826 Receivables from the settlement of the derivative contract —current 29,063 4,655 Other current assets 277 2,784 Current assets of discontinued operations $ 35,688 $ 33,237 Receivables from the settlement of the derivative contract —noncurrent $ 13,496 $ — Other noncurrent assets 355 1,172 Noncurrent assets of discontinued operations $ 13,851 $ 1,172 Liabilities Accounts payable $ 2,424 $ 19,013 Accrued expenses 1,280 1,518 Income taxes payable 1,675 280 Other current liabilities 352 393 Current liabilities of discontinued operations $ 5,731 $ 21,204 Deferred tax liabilities $ 9,502 $ — Other noncurrent liabilities — 438 Noncurrent liabilities of discontinued operations $ 9,502 $ 438 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Concentration Risk [Line Items] | |
Schedule of balance of assets and liabilities measured at fair value on a recurring basis | Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) September 30, 2022 Assets: Marketable equity securities $ 471 $ — $ — $ 471 Derivative contracts $ 7,607 $ — $ — $ 7,607 Liabilities: Derivative contracts $ 1,217 $ — $ — $ 1,217 December 31, 2021 Assets: Marketable equity securities $ 1,336 $ — $ — $ 1,336 Derivative contracts $ 1,579 $ 44 $ — $ 1,623 Liabilities: Derivative contracts $ 684 $ — $ — $ 684 (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 |
Schedule of concentration risk | The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 and nine months ended September 30, 2022 and 2021 (no other single customer accounted for 10.0 Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Customer A 11.4 % na % 11.4 % na % Customer B 11.6 na na na Customer C na 15.8 na 12.5 na — |
Consolidated revenues [Member] | Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | September 30, 2022 December 31, 2021 Customer A 15.2 % 12.5 % Customer B 11.0 na na — 10.0 % of consolidated net trade receivables |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments [Abstract] | |
Schedule of volume of GRE's outstanding contracts and options | Settlement Dates Volume Electricity (in MWH) Gas (in Dth) Fourth quarter 2022 13,600 454,600 First quarter 2023 22,736 691,990 Second quarter 2023 26,496 175,250 Third quarter 2023 30,528 131,250 Fourth quarter 2023 29,232 602,200 First quarter 2024 1,360 841,300 Second quarter 2024 — 107,250 Third quarter of 2024 13,520 70,950 Fourth quarter of 2024 — 71,400 First quarter of 2025 — 299,750 Second quarter of 2025 — 269,100 Third quarter of 2025 — 236,250 Fourth quarter of 2025 — 230,000 First quarter of 2026 — — Second quarter of 2026 — — Third quarter of 2026 3,520 — |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | Asset Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 5,700 $ 924 Energy contracts and options Other assets 1,907 699 Total derivatives not designated or not qualifying as hedging instruments — $ 7,607 $ 1,623 Liability Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 656 $ 520 Energy contracts and options Other liabilities 561 164 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 1,217 $ 684 ( 1 The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . |
Schedule of derivative instruments on the consolidated statements of operations | Amount of Gain Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain Recognized Three Months Ended September 30, Nine Months Ended September 30, hedging instruments on Derivatives 2022 2021 2022 2021 (in thousands) (in thousands) Energy contracts and options Cost of revenues $ 35,011 $ 13,795 $ 102,060 $ 32,845 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Current Assets [Abstract] | |
Schedule of Other Assets | September 30, 2022 December 31, 2021 (in thousands) Security deposit $ 5,085 $ 4,867 Right-of-use assets, net of amortization 1,556 1,656 Fair value of derivative contracts — noncurrent 1,907 699 Notes receivables 1,505 115 Other assets 2,922 1,880 Total other assets $ 12,975 $ 9,217 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of goodwill | GRE Genie Renewables Total (in thousands) Balance at January 1, 2022 $ 9,998 $ — $ 9,998 Additions/deductions during the period — — — Balance at September 30, 2022 $ 9,998 $ — $ 9,998 |
Schedule of other intangible assets | Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Balance (in thousands) September 30, 2022 Patents and trademarks 18.1 years $ 3,510 $ (1,098 ) $ 2,412 Customer relationships 9.0 1,100 (621 ) 479 Licenses 10.0 479 (138 ) 341 Total $ 5,089 $ (1,857 ) $ 3,232 December 31, 2021 Trademark 18.1 years $ 3,510 $ (926 ) $ 2,584 Customer relationships 9.0 years 1,100 (530 ) 570 Licenses 10.0 years 479 (103 ) 376 Total $ 5,089 $ (1,559 ) $ 3,530 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Expenses and Other Liabilities [Abstract] | |
Schedule of accrued expenses | September 30, 2022 December 31, 2021 (in thousands) Renewable energy $ 24,345 $ 23,247 Liability to customers related to promotions and retention incentives 9,031 9,036 Payroll and employee benefit 5,430 3,297 Other accrued expenses 2,997 2,425 Total accrued expenses $ 41,803 $ 38,005 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of operating lease expense | September 30, 2022 December 31, 2021 (in thousands) ROU Assets $ 1,556 $ 1,656 Current portion of operating lease liabilities 249 229 Noncurrent portion of operating lease liabilities 1,385 1,495 Total $ 1,634 $ 1,724 |
Schedule of supplemental cash flow information | Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 380 $ 551 ROU assets obtained in the exchange for lease liabilities Operating leases $ — $ — |
Schedule of future operating lease | (in thousands) Remainder of 2022 $ 160 2023 352 2024 319 2025 245 2026 239 Thereafter 832 Total future lease payments 2,147 Less imputed interest 513 Total operating lease liabilities $ 1,634 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of dividend paid | Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date Series 2012-A Preferred Stock ("Preferred Stock") January 14, 2022 $ 0.1594 $ 370 February 7, 2022 February 15, 2022 April 14, 2022 0.1594 370 May 6, 2022 May 16, 2022 May 12, 2022 0.1296 31 May 12, 2022 June 13, 2022 July 14, 2022 $ 0.1594 $ 333 August 8, 2022 August 15, 2022 Class A Common Stock and Class B Common Stock February 7, 2022 $ 0.0750 $ 1,934 February 22, 2022 March 1, 2022 May 3, 2022 0.0750 1,964 May 20, 2022 May 31, 2022 August 3, 2022 0.0750 1,892 August 18, 2022 August 26, 2022 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entity [Abstract] | |
Schedule of net loss related to CCE and aggregate net funding | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Net loss $ (336 ) $ ( 445 ) $ (700 ) $ (818 ) Aggregate provided by the Company, net $ (191 ) $ ( 393 ) $ (268 ) $ (921 ) |
Schedule of combined balance sheet amounts related to CCE | September 30, 2022 December 31, 2021 (in thousands) Assets Cash, cash equivalents and restricted cash $ 256 $ 559 Trade accounts receivable 349 544 Prepaid expenses and other current assets 473 367 Other assets 359 359 Total assets $ 1,437 $ 1,829 Liabilities and noncontrolling interests Current liabilities $ 586 $ 547 Due to IDT Energy 5,936 5,668 Noncontrolling interests (5,085 ) (4,386 ) Total liabilities and noncontrolling interests $ 1,437 $ 1,829 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes [Abstract] | |
Schedule of company's effective tax rate | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Reported tax rate 27.1 % 28.9 % 27.6 % 29.3 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings (Loss) Per Share [Abstract] | |
Schedule of weighted-average number of shares used in the calculation of basic and diluted earnings per share | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Basic weighted-average number of shares 25,233 25,514 25,623 25,867 Effect of dilutive securities: Stock options and warrants 695 — 508 — Non-vested restricted Class B common stock 277 — 130 — Diluted weighted-average number of shares 26,205 25,514 26,261 25,867 |
Schedule of shares were excluded from the diluted earnings per share | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Shares underlying options and warrants — 665 126 731 Non-vested restricted Class B common stock — 27 — 33 Non-vested deferred stock units 290 610 290 610 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Amount IDT charged the Company $ 276 $ 247 $ 1,075 $ 766 Amount the Company charged IDT $ 34 $ 33 $ 101 $ 105 Amount Rafael charged the Company $ 39 $ 57 $ 154 $ 170 |
Schedule of receivables and payables | September 30, 2022 December 31, 2021 (in thousands) Due to IDT $ 169 $ 551 Due from IDT $ 34 $ 19 Due to Rafael $ — $ — |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Segment Information [Abstract] | |
Schedule of operating results for the business segments | (in thousands) GRE Genie Renewables Corporate Total Three Months Ended September 30, 2022 Revenues $ 79,917 $ 1,368 $ — $ 81,285 Income (loss) from operations 27,415 (1,503 ) (2,374 ) 23,538 Depreciation and amortization 83 13 — 96 Stock-based compensation 238 — 475 713 Provision for (benefit from) income taxes 7,008 — (526 ) 6,482 Three Months Ended September 30, 2021 Revenues $ 86,317 $ 1,338 $ — $ 87,655 Income (loss) from operations 19,714 (203 ) (2,048 ) 17,463 Depreciation and amortization 90 12 — 102 Stock-based compensation 155 — 332 487 Provision for income taxes 3,481 — 17 3,498 Nine Months Ended September 30, 2022 Revenues $ 226,961 $ 7,189 $ — $ 234,150 Income (loss) from operations 72,004 (2,500 ) (7,232 ) 62,272 Depreciation and amortization 253 35 1 289 Stock-based compensation 714 — 1,518 2,232 Provision for (benefit from) income taxes 18,546 — (1,755 ) 16,791 Nine Months Ended September 30, 2021 Revenues $ 243,960 $ 6,170 $ 3,930 $ 254,060 Income (loss) from operations 26,427 690 (8,837 ) 18,280 Depreciation and amortization 295 34 14 343 Stock-based compensation 503 — 1,061 1,564 Provision for income taxes 6,930 128 91 7,149 |
Schedule of total assets for the business segments | (in thousands) GRE Genie Renewables Corporate Total Total assets: September 30, 2022 $ 172,931 $ 7,959 $ 78,966 $ 259,856 December 31, 2021 174,442 3,946 51,077 229,465 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
Schedule of purchase commitments outstanding | (in thousands) Remainder of 2022 $ 29,463 2023 75,871 2024 24,670 2025 3,934 2026 — Thereafter — Total payments $ 133,938 |
Concentrations and Associated C
Concentrations and Associated Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | The following table summarizes the percentage of revenues by customers that equal or exceed 10.0 and nine months ended September 30, 2022 and 2021 (no other single customer accounted for 10.0 Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Customer A 11.4 % na % 11.4 % na % Customer B 11.6 na na na Customer C na 15.8 na 12.5 na — |
Basis of Presentation and Bus_2
Basis of Presentation and Business Changes and Development (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Percentage of gas revenue generated in given period | 30.30% | 44.50% | 31.80% | 47.70% | |||||
Interest rate | 100% | 100% | |||||||
Cost of revenue | $ 3.5 | $ 1.9 | $ 1.5 | $ 3.4 | $ 3.4 | ||||
Minimum [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Cost of revenue | 1.5 | ||||||||
Maximum [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Cost of revenue | $ 2.6 | ||||||||
Genie Japan [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Additional costs included in cost of revenue | $ 2.5 | ||||||||
Genie Retail Energy [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Company's investment, ownership percentage in subsidiary | 100% | ||||||||
Genie Energy Services [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Company's investment, ownership percentage in subsidiary | 95.50% | ||||||||
Prism Solar Technology [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Business acquired interest | 60% | 60% | |||||||
GRE International Corporation [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Company's investment, ownership percentage in subsidiary | 99.50% | ||||||||
Additional costs included in cost of revenue | $ 1 | ||||||||
Cost of revenue | $ 13 | ||||||||
Genie Retail Energy International [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Company's investment, ownership percentage in subsidiary | 100% | ||||||||
CityCom Solar [Member] | |||||||||
Basis of Presentation and Business Changes and Development (Textual) | |||||||||
Company's investment, ownership percentage in subsidiary | 93.50% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |||
Cash and cash equivalents | $ 81,705 | $ 93,568 | |
Restricted cash—short-term | 5,555 | 6,657 | |
Total cash, cash equivalents, and restricted cash | $ 87,260 | $ 100,225 | $ 36,601 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Natural gas | $ 4,298 | $ 1,891 |
Renewable credits | 11,737 | 15,610 |
Solar Panels: | ||
Finished goods | 2,482 | 219 |
Totals | $ 18,517 | $ 17,720 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 81,285 | $ 87,655 | $ 234,150 | $ 254,060 |
Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 73,764 | 82,801 | 186,207 | 222,005 |
Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,153 | 3,516 | 40,754 | 25,878 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,368 | 1,338 | 7,189 | 6,177 |
Pricing plans offered to customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 81,285 | 87,655 | 234,150 | 254,060 |
Fixed rate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 27,299 | 43,075 | 70,842 | 112,402 |
Fixed rate [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 25,374 | 42,142 | 62,822 | 108,919 |
Fixed rate [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,925 | 933 | 8,020 | 3,483 |
Fixed rate [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Variable rate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 52,618 | 43,242 | 156,119 | 135,481 |
Variable rate [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 48,390 | 40,659 | 123,385 | 113,086 |
Variable rate [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,228 | 2,583 | 32,734 | 22,395 |
Variable rate [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,368 | 1,338 | 7,189 | 6,177 |
Other [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,368 | $ 1,338 | $ 7,189 | $ 6,177 |
Revenue Recognition (Details 1)
Revenue Recognition (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 81,285 | $ 87,655 | $ 234,150 | $ 254,060 |
Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 73,764 | 82,801 | 186,207 | 222,005 |
Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,153 | 3,516 | 40,754 | 25,878 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,368 | 1,338 | 7,189 | 6,177 |
Non-Commercial Channel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 64,427 | 61,501 | 185,453 | 188,624 |
Non-Commercial Channel [Member] | Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 61,704 | 59,646 | 156,425 | 167,794 |
Non-Commercial Channel [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,723 | 1,855 | 29,028 | 20,830 |
Non-Commercial Channel [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Commercial Channel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15,490 | 24,816 | 41,508 | 59,259 |
Commercial Channel [Member] | Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,060 | 23,155 | 29,782 | 54,211 |
Commercial Channel [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,430 | 1,661 | 11,726 | 5,048 |
Commercial Channel [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,368 | 1,338 | 7,189 | 6,177 |
Other [Member] | Electricity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Natural gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,368 | $ 1,338 | $ 7,189 | $ 6,177 |
Discontinued Operations and D_3
Discontinued Operations and Divestiture (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Current assets of discontinued operations | $ 48,863 | $ 33,237 |
Noncurrent assets of discontinued operations | 13,851 | 1,172 |
Liabilities | ||
Current liabilities of discontinued operations | 5,731 | 51,970 |
Noncurrent liabilities of discontinued operations | 9,502 | 438 |
Lumo Finland and Lumo Sweden [Member] | ||
Assets | ||
Cash | 5,470 | 1,924 |
Trade accounts receivable | 878 | 11,048 |
Fair value of derivative contracts—current | 12,826 | |
Receivables from the settlement of the derivative contract—current | 29,063 | 4,655 |
Other current assets | 277 | 2,784 |
Receivables from the settlement of the derivative contract—noncurrent | 13,496 | |
Other noncurrent assets | 355 | 1,172 |
Noncurrent assets of discontinued operations | 13,851 | 1,172 |
Liabilities | ||
Accounts payables | 2,424 | 19,013 |
Accrued expenses | 1,280 | 1,518 |
Income taxes payable | 1,675 | 280 |
Other current liabilities | 352 | 393 |
Current liabilities of discontinued operations | 5,731 | 21,204 |
Deferred tax liabilities | 9,502 | |
Other noncurrent liabilities | 438 | |
Noncurrent liabilities of discontinued operations | 9,502 | 438 |
Lumo Finland [Member] | ||
Assets | ||
Noncurrent assets of discontinued operations | $ 35,688 | $ 33,237 |
Discontinued Operations and D_4
Discontinued Operations and Divestiture (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income from operations | $ 23,538 | $ 17,463 | $ 62,272 | $ 18,280 |
Income before income taxes | 23,912 | 12,095 | 60,942 | 24,415 |
Provision for income taxes | (6,482) | (3,498) | (16,791) | (7,149) |
Net income (loss) from discontinued operations, net of tax | (1,459) | (10,914) | 25,929 | (16,991) |
Lumo Finland and Lumo Sweden [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | 4,558 | 7,474 | 25,247 | 24,937 |
Cost of revenues | 7,042 | 670 | (8,358) | 17,573 |
Gross profit | (2,484) | 6,804 | 33,605 | 7,364 |
Selling, general and administrative expenses | 3,275 | 987 | 5,190 | 3,292 |
Income from operations | (5,759) | 5,817 | 28,415 | 4,072 |
Gain from the settlement of assets | 7,792 | 7,792 | ||
Income before income taxes | 2,033 | 5,817 | 36,207 | 4,072 |
Provision for income taxes | (3,492) | (295) | (10,278) | (323) |
Net income (loss) from discontinued operations, net of tax | (1,459) | 5,522 | 25,929 | 3,749 |
Income before income taxes attributable to Genie Energy Ltd. | $ 4,836 | $ 5,352 | $ 36,206 | $ 3,572 |
Discontinued Operations and D_5
Discontinued Operations and Divestiture (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net income from discontinued operations, net of taxes | $ (1,459) | $ (10,914) | $ 25,929 | $ (16,991) |
Lumo Finland and Lumo Sweden [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income from discontinued operations, net of taxes | $ (1,459) | $ 5,522 | 25,929 | 3,749 |
Non-cash items | 1,546 | 728 | ||
Changes in assets and liabilities | (19,325) | (5,233) | ||
Cash flows from (used in) operating activities of discontinued operations | $ 8,150 | $ (756) |
Discontinued Operations and D_6
Discontinued Operations and Divestiture (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Loss from discontinued operations, net of taxes | $ (1,459) | $ (10,914) | $ 25,929 | $ (16,991) |
Discontinued Operations [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | 18,036 | 67,214 | ||
Cost of revenues | 17,070 | 58,814 | ||
Gross profit | 966 | 8,400 | ||
Selling, general and administrative expenses | 10,724 | 22,447 | ||
Impairment of assets | 6,650 | 6,650 | ||
Net loss before taxes | (16,408) | (20,697) | ||
Provision for income taxes | (28) | (43) | ||
Loss from discontinued operations, net of taxes | $ (16,436) | $ (20,740) |
Discontinued Operations and D_7
Discontinued Operations and Divestiture (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net income from discontinued operations, net of taxes | $ (1,459) | $ (10,914) | $ 25,929 | $ (16,991) |
GRE International [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income from discontinued operations, net of taxes | (20,740) | |||
Non-cash items | 15,630 | |||
Changes in assets and liabilities | 6,880 | |||
Cash flows from (used in) operating activities of discontinued operations | $ 1,770 |
Discontinued Operations and D_8
Discontinued Operations and Divestiture (Details 5) - Genie Japan [Member] $ in Thousands | May 11, 2021 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash | $ 83 |
Trade accounts receivable | 1,737 |
Prepaid and other current assets | 391 |
Intangible (license) | 540 |
Other noncurrent assets | 296 |
Accounts payables | (611) |
Accrued expenses and other current liabilities | (588) |
Loan payable | (1,372) |
Cumulative translation adjustment | (181) |
Noncontrolling interest | 114 |
Net assets | $ 409 |
Discontinued Operations and D_9
Discontinued Operations and Divestiture (Details Textual) $ in Thousands, € in Millions, ¥ in Millions | 1 Months Ended | 9 Months Ended | ||||||||||||||
May 11, 2021 JPY (¥) | May 11, 2021 USD ($) | Apr. 26, 2021 JPY (¥) | Apr. 26, 2021 USD ($) | Feb. 28, 2022 USD ($) | Sep. 30, 2022 USD ($) | Nov. 03, 2022 | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Aug. 31, 2022 EUR (€) | Aug. 31, 2022 USD ($) | Jul. 19, 2022 EUR (€) | Jul. 19, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 08, 2020 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Contract Termination Claims, Description | In the fourth quarter of 2021, Orbit transferred to GEIC a net amount of $49.7 million from the proceeds of the settlement of the contract with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, the Company transferred $21.5 million to the Administrators of Orbit Energy to fund the settlement of the expected remaining liabilities of Orbit of $30.8 million, which were included in the current liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2021. | |||||||||||||||
Company deposite | $ 28,300 | |||||||||||||||
Net realized values | $ 30,800 | |||||||||||||||
Amount transferred to court's registry | $ 28,300 | |||||||||||||||
Gross aggregate amount | € 41.1 | $ 41,400 | ||||||||||||||
Net book value of the instruments sold | € 34.2 | $ 35,800 | ||||||||||||||
Variable rate customers to a third party | € 1.9 | $ 2,000 | ||||||||||||||
Administrator paid | € 4.6 | $ 5,400 | ||||||||||||||
Finite-Lived Intangible Assets, Net | 3,232 | 3,530 | ||||||||||||||
Net investments | 13,200 | |||||||||||||||
Net liabilities | $ 97,784 | $ 118,676 | ||||||||||||||
Genie Japan [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Company agreed interest | ¥ 570 | $ 5,300 | ||||||||||||||
Cash consideration | ¥ 570 | $ 5,200 | ||||||||||||||
Recognized pre-tax gain | 4,200 | |||||||||||||||
Commission paid | $ 600 | |||||||||||||||
Maximum [Member] | Lumo Finland [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 96.60% | |||||||||||||||
Maximum [Member] | Lumo Sweden [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 100% | |||||||||||||||
Minimum [Member] | Lumo Finland [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 91.60% | |||||||||||||||
Minimum [Member] | Lumo Sweden [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Minority interest percentage | 98.80% | |||||||||||||||
Other Investments [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Outstanding equity percentage | 77% | 37.50% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets: | |||
Marketable equity securities | $ 471 | $ 1,336 | |
Recurring [Member] | |||
Assets: | |||
Marketable equity securities | 471 | 1,336 | |
Derivative contracts | 7,607 | 1,623 | |
Liabilities: | |||
Derivative contracts | 1,217 | 684 | |
Level 1 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [1] | 471 | 1,336 |
Derivative contracts | [1] | 7,607 | 1,579 |
Liabilities: | |||
Derivative contracts | [1] | 1,217 | 684 |
Level 2 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [2] | ||
Derivative contracts | [2] | 44 | |
Liabilities: | |||
Derivative contracts | [2] | ||
Level 3 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [3] | ||
Derivative contracts | [3] | ||
Liabilities: | |||
Derivative contracts | [3] | ||
[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 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 2) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Sales Revenue, Net [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.40% | 11.40% | |||
Sales Revenue, Net [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.60% | ||||
Sales Revenue, Net [Member] | Customer C [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15.80% | 12.50% | |||
Consolidated gross trade accounts receivable [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 15.20% | 12.50% | |||
Consolidated gross trade accounts receivable [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11% |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Fair Value Measurements (Textual) | ||||||
Concentration risk, percentage | 10% | 10% | 10% | 10% | 10% | 10% |
Customer A [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Fair Value Measurements (Textual) | ||||||
Concentration risk, percentage | 10% | |||||
Customer A [Member] | Revenue from Rights Concentration Risk [Member] | Revenues [Member] | ||||||
Fair Value Measurements (Textual) | ||||||
Concentration risk, percentage | 10% |
Derivative Instruments (Details
Derivative Instruments (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Electricity (in MWH) [Member] | Fourth quarter 2022 | |
Derivative [Line Items] | |
Volume | 13,600 |
Electricity (in MWH) [Member] | First quarter 2023 | |
Derivative [Line Items] | |
Volume | 22,736 |
Electricity (in MWH) [Member] | Second quarter 2023 | |
Derivative [Line Items] | |
Volume | 26,496 |
Electricity (in MWH) [Member] | Third quarter 2023 | |
Derivative [Line Items] | |
Volume | 30,528 |
Electricity (in MWH) [Member] | Fourth quarter 2023 | |
Derivative [Line Items] | |
Volume | 29,232 |
Electricity (in MWH) [Member] | First quarter 2024 | |
Derivative [Line Items] | |
Volume | 1,360 |
Electricity (in MWH) [Member] | Second quarter 2024 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2024 | |
Derivative [Line Items] | |
Volume | 13,520 |
Electricity (in MWH) [Member] | Fourth quarter of 2024 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | First quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Second quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Fourth quarter of 2025 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | First quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Second quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter of 2026 | |
Derivative [Line Items] | |
Volume | 3,520 |
Gas (in Dth) [Member] | Fourth quarter 2022 | |
Derivative [Line Items] | |
Volume | 454,600 |
Gas (in Dth) [Member] | First quarter 2023 | |
Derivative [Line Items] | |
Volume | 691,990 |
Gas (in Dth) [Member] | Second quarter 2023 | |
Derivative [Line Items] | |
Volume | 175,250 |
Gas (in Dth) [Member] | Third quarter 2023 | |
Derivative [Line Items] | |
Volume | 131,250 |
Gas (in Dth) [Member] | Fourth quarter 2023 | |
Derivative [Line Items] | |
Volume | 602,200 |
Gas (in Dth) [Member] | First quarter 2024 | |
Derivative [Line Items] | |
Volume | 841,300 |
Gas (in Dth) [Member] | Second quarter 2024 | |
Derivative [Line Items] | |
Volume | 107,250 |
Gas (in Dth) [Member] | Third quarter of 2024 | |
Derivative [Line Items] | |
Volume | 70,950 |
Gas (in Dth) [Member] | Fourth quarter of 2024 | |
Derivative [Line Items] | |
Volume | 71,400 |
Gas (in Dth) [Member] | First quarter of 2025 | |
Derivative [Line Items] | |
Volume | 299,750 |
Gas (in Dth) [Member] | Second quarter of 2025 | |
Derivative [Line Items] | |
Volume | 269,100 |
Gas (in Dth) [Member] | Third quarter of 2025 | |
Derivative [Line Items] | |
Volume | 236,250 |
Gas (in Dth) [Member] | Fourth quarter of 2025 | |
Derivative [Line Items] | |
Volume | 230,000 |
Gas (in Dth) [Member] | First quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Second quarter of 2026 | |
Derivative [Line Items] | |
Volume | |
Gas (in Dth) [Member] | Third quarter of 2026 | |
Derivative [Line Items] | |
Volume |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - Energy contracts and options [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | $ 7,607 | $ 1,623 | |
Liability Derivatives not designated or not qualifying as hedging instruments | 1,217 | 684 | |
Other current assets [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | [1] | 5,700 | 924 |
Other assets [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | 1,907 | 699 | |
Other current liabilities [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Liability Derivatives not designated or not qualifying as hedging instruments | [1] | 656 | 520 |
Other liabilities [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Liability Derivatives not designated or not qualifying as hedging instruments | $ 561 | $ 164 | |
[1] The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Energy contracts and options [Member] | Cost of revenues [Member] | ||||
Effects of derivative instruments on the consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized on Derivatives | $ 35,011 | $ 13,795 | $ 102,060 | $ 32,845 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Other Current Assets [Abstract] | ||
Security deposits | $ 1,556 | $ 1,656 |
Right-of-use assets, net of amortization Security deposits | 1,907 | 699 |
Fair value of derivative contracts-noncurrent | 5,085 | 4,867 |
Notes receivables | 1,505 | 115 |
Other assets | 2,922 | 1,880 |
Total other assets | $ 12,975 | $ 9,217 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 9,998 |
Additions/deductions during the period | |
Ending balance | 9,998 |
GRE [Member] | |
Goodwill [Roll Forward] | |
Additions/deductions during the period | |
Ending balance | 9,998 |
Genie Renewables [Member] | |
Goodwill [Roll Forward] | |
Additions/deductions during the period | |
Ending balance |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,089 | $ 5,089 |
Accumulated Amortization | (1,857) | (1,559) |
Net Balance | $ 3,232 | $ 3,530 |
Patents and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 18 years 1 month 6 days | 18 years 1 month 6 days |
Gross Carrying Amount | $ 3,510 | $ 3,510 |
Accumulated Amortization | (1,098) | (926) |
Net Balance | $ 2,412 | $ 2,584 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 9 years | 9 years |
Gross Carrying Amount | $ 1,100 | $ 1,100 |
Accumulated Amortization | (621) | (530) |
Net Balance | $ 479 | $ 570 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 10 years | 10 years |
Gross Carrying Amount | $ 479 | $ 479 |
Accumulated Amortization | (138) | (103) |
Net Balance | $ 341 | $ 376 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill And Other Intangible Assets (Textual) | ||||
Amortization expense of intangible assets | $ 0.1 | $ 0.9 | $ 0.3 | $ 0.3 |
Amortization expense of finite lives intangible assets, remainder of 2022 | 0.1 | 0.1 | ||
Amortization expense of finite lives intangible assets, 2023 | 0.4 | 0.4 | ||
Amortization expense of finite lives intangible assets, 2024 | 0.4 | 0.4 | ||
Amortization expense of finite lives intangible assets, 2025 | 0.4 | 0.4 | ||
Amortization expense of finite lives intangible assets, 2026 | 0.3 | 0.3 | ||
Amortization expense of finite lives intangible assets, 2027 | $ 1.7 | $ 1.7 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Expenses and Other Liabilities [Abstract] | ||
Renewable energy | $ 24,345 | $ 23,247 |
Liability to customers related to promotions and retention incentives | 9,031 | 9,036 |
Payroll and employee benefit | 5,430 | 3,297 |
Other accrued expenses | 2,997 | 2,425 |
Total accrued expenses | $ 41,803 | $ 38,005 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
ROU Assets | $ 1,556 | $ 1,656 |
Current portion of operating lease liabilities | 249 | 229 |
Noncurrent portion of operating lease liabilities | 1,385 | 1,495 |
Total | $ 1,634 | $ 1,724 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating activities | $ 551 | $ 380 |
ROU assets obtained in the exchange for lease liabilities | ||
Operating leases |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 160 |
2023 | 352 |
2024 | 319 |
2025 | 245 |
2026 | 239 |
Thereafter | 832 |
Total future lease payments | 2,147 |
Less imputed interest | (513) |
Total operating lease liabilities | $ 1,634 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Weighted average remaining lease term | 6 years 4 months 24 days | 6 years 4 months 24 days | ||
Weighted average discount rate | 6.20% | 6.20% | ||
Operating leases, rent expense | $ 100 | $ 100 | $ 400 | $ 600 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares | |
Class of Stock [Line Items] | |
Dividend Per Share | $ / shares | $ 0.075 |
February 7, 2022 [Member] | |
Class of Stock [Line Items] | |
Aggregate Dividend Amount | $ 1,934 |
May 3, 2022 [Member] | |
Class of Stock [Line Items] | |
Aggregate Dividend Amount | $ 1,964 |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | January 14, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | Jan. 14, 2022 |
Dividend Per Share | $ / shares | $ 0.1594 |
Aggregate Dividend Amount | $ 370 |
Record Date | Feb. 07, 2022 |
Payment Date | Feb. 15, 2022 |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | April 14, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | Apr. 14, 2022 |
Dividend Per Share | $ / shares | $ 0.1594 |
Aggregate Dividend Amount | $ 370 |
Record Date | May 06, 2022 |
Payment Date | May 16, 2022 |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | May 12, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | May 12, 2022 |
Dividend Per Share | $ / shares | $ 0.1296 |
Aggregate Dividend Amount | $ 31 |
Record Date | May 12, 2022 |
Payment Date | Jun. 13, 2022 |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | July 14, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | Jul. 14, 2022 |
Dividend Per Share | $ / shares | $ 0.1594 |
Aggregate Dividend Amount | $ 333 |
Record Date | Aug. 08, 2022 |
Payment Date | Aug. 15, 2022 |
Class A Common Stock and Class B Common Stock [Member] | February 7, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | Feb. 07, 2022 |
Record Date | Feb. 22, 2022 |
Payment Date | Mar. 01, 2022 |
Class A Common Stock and Class B Common Stock [Member] | May 3, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | May 03, 2022 |
Record Date | May 20, 2022 |
Payment Date | May 31, 2022 |
Class A Common Stock and Class B Common Stock [Member] | August 3, 2022 [Member] | |
Class of Stock [Line Items] | |
Declaration Date | Aug. 03, 2022 |
Dividend Per Share | $ / shares | $ 0.075 |
Aggregate Dividend Amount | $ 1,892 |
Record Date | Aug. 18, 2022 |
Payment Date | Aug. 26, 2022 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Oct. 13, 2022 | Jul. 14, 2022 | Jun. 12, 2018 | Jun. 08, 2018 | May 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Oct. 31, 2022 | Feb. 28, 2022 | Feb. 07, 2022 | Mar. 08, 2021 | Mar. 11, 2013 | |
Equity (Textual) | ||||||||||||||||||||||
Preferred stock dividend rate | $ 0.1227 | $ 0.3495 | ||||||||||||||||||||
Preferred stock, dividends per share | $ 0.1594 | |||||||||||||||||||||
Remaining number of shares available for repurchase | 4,700,000 | 4,700,000 | ||||||||||||||||||||
Dividends on preferred stock | $ 454,000 | $ 624,000 | $ 370,000 | $ 370,000 | $ 370,000 | $ 370,000 | ||||||||||||||||
Dividends declared per common share | $ 0.075 | $ 0.075 | $ 0.075 | |||||||||||||||||||
Common stock dividends declared | $ 0.075 | $ 0.075 | ||||||||||||||||||||
Number of common stock shares issued | 72,657 | |||||||||||||||||||||
Warrants exercise price per share | $ 136,987 | |||||||||||||||||||||
Stockholders grant of options purchase | ||||||||||||||||||||||
Unrecognized compensation cost | $ 4,100 | $ 4,100 | ||||||||||||||||||||
Weighted-average period | 1 year 7 months 6 days | |||||||||||||||||||||
Deferred stock units granted | 290,000 | |||||||||||||||||||||
Treasury stock outstanding | 2,700,000 | 2,000,000 | ||||||||||||||||||||
Treasury stock cost | $ 18,900,000 | $ 14,100,000 | ||||||||||||||||||||
Weighted average cost per share | $ 7.01 | |||||||||||||||||||||
Dividends on common stock | $ 0.075 | $ 0.225 | ||||||||||||||||||||
Cash dividend paid | $ 0.075 | $ 0.075 | $ 0.075 | |||||||||||||||||||
Common stock warrants exercised | 209,644 | |||||||||||||||||||||
Redemption of preferred stock | $ 1,000,000 | $ 2,000,000 | ||||||||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Preferred stock, liquidation preference per share | $ 8.5 | |||||||||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 1,000,000 | |||||||||||||||||||||
Preferred stock dividend redeemable | 2,000 | |||||||||||||||||||||
Dividend Paid [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Preferred stock dividend rate | $ 0.0848 | |||||||||||||||||||||
Dividends on preferred stock | $ 200,000 | |||||||||||||||||||||
Stock Repurchase Program [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Redemption of preferred stock, shares | 117,647 | 352,941 | ||||||||||||||||||||
Redemption of preferred stock | 1,000,000 | $ 3,000,000 | ||||||||||||||||||||
GRE [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Dividends on preferred stock | $ 100,000 | $ 300,000 | ||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Price per share | $ 8.5 | |||||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Dividends on preferred stock | ||||||||||||||||||||||
Paid date of declared dividend | Nov. 15, 2022 | |||||||||||||||||||||
Record date of declared dividend | Nov. 08, 2022 | |||||||||||||||||||||
Stock option and incentive plan to reserve | ||||||||||||||||||||||
Stockholders grant of options purchase | ||||||||||||||||||||||
Redemption of preferred stock, shares | (117) | (235,000) | ||||||||||||||||||||
Redemption of preferred stock | $ 1,000,000 | $ 2,000,000 | ||||||||||||||||||||
Class A common stock [Member] | Common Stock | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Dividends on preferred stock | ||||||||||||||||||||||
Stock option and incentive plan to reserve | ||||||||||||||||||||||
Stockholders grant of options purchase | ||||||||||||||||||||||
Redemption of preferred stock, shares | ||||||||||||||||||||||
Redemption of preferred stock | ||||||||||||||||||||||
Class B common stock [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Number of stock authorized to be repurchased | 7,000,000 | |||||||||||||||||||||
Expiration date of the option | Jun. 30, 2023 | |||||||||||||||||||||
Number of common stock shares issued | 36,591 | 218,862 | ||||||||||||||||||||
Warrants to purchase shares | 1,048,218 | 1,048,218 | ||||||||||||||||||||
Warrants exercise price per share | $ 4.77 | $ 4.77 | ||||||||||||||||||||
Percenatge of vested interest | 0.20% | 4.30% | ||||||||||||||||||||
Class B common stock [Member] | 2021 Plan | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Maximum number of shares reserved for the grant of awards | 1,000,000 | |||||||||||||||||||||
Class B common stock [Member] | Stock Repurchase Program [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Number of shares repurchased, shares | 230,000 | 639,393 | 623,000 | |||||||||||||||||||
Aggregate amount of shares under stock purchase program | $ 1,400,000 | $ 4,400,000 | $ 3,800,000 | |||||||||||||||||||
Class B common stock [Member] | Howard S. Jonas [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Expiration date of the option | Jun. 30, 2023 | |||||||||||||||||||||
Warrants to purchase shares | 1,048,218 | |||||||||||||||||||||
Warrants exercise price per share | $ 4.77 | |||||||||||||||||||||
Amount of warrants aggregate exercise price | $ 5,000,000 | |||||||||||||||||||||
Class B common stock [Member] | Investor [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Amount of aggregate sales price | $ 1,000,000 | |||||||||||||||||||||
Warrants to purchase shares | 209,644 | |||||||||||||||||||||
Warrants exercise price per share | $ 4.77 | |||||||||||||||||||||
Amount of warrants aggregate exercise price | $ 1,000,000 | |||||||||||||||||||||
Class B common stock [Member] | Common Stock | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Dividends on preferred stock | ||||||||||||||||||||||
Stock option and incentive plan to reserve | 20,000 | |||||||||||||||||||||
Stockholders grant of options purchase | 290 | 9,000 | 248,000 | 121,000 | ||||||||||||||||||
Redemption of preferred stock, shares | ||||||||||||||||||||||
Redemption of preferred stock | ||||||||||||||||||||||
Class A Common Stock and Class B Common Stock [Member] | ||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||
Dividends on common stock | $ 75,000 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Variable Interest Entity [Abstract] | ||||
Net loss | $ 336 | $ 445 | $ 700 | $ (818) |
Aggregate funding provided by the Company, net | $ 191 | $ 393 | $ 268 | $ (921) |
Variable Interest Entity (Det_2
Variable Interest Entity (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | $ 259,856 | $ 229,465 |
CCE [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 1,437 | 1,829 |
Total liabilities and noncontrolling interests | 1,437 | 1,829 |
CCE [Member] | Cash, cash equivalents and restricted cash [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 256 | 559 |
CCE [Member] | Trade accounts receivable [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 349 | 544 |
CCE [Member] | Prepaid expenses and other current assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 473 | 367 |
CCE [Member] | Other assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 359 | 359 |
CCE [Member] | Current liabilities [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 586 | 547 |
CCE [Member] | Due to IDT Energy [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 5,936 | 5,668 |
CCE [Member] | Noncontrolling interests [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | $ 5,085 | $ (4,386) |
Variable Interest Entity (Det_3
Variable Interest Entity (Details Textual) - CCE [Member] $ in Millions | 1 Months Ended |
Oct. 31, 2015 USD ($) | |
Variable Interest Entity (Textual) | |
Percentage of option to purchase | 100% |
Forgiveness of loan | $ 0.5 |
Expiration date of the option | Oct. 22, 2023 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Taxes (Textual) | ||||
Reported tax rate | 27.10% | 28.90% | 27.60% | 29.30% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Taxes [Abstract] | ||||
Reported tax rate | 27.10% | 28.90% | 27.60% | 29.30% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings (Loss) Per Share [Abstract] | ||||
Basic weighted-average number of shares | 25,233 | 25,514 | 25,623 | 25,867 |
Effect of dilutive securities: | ||||
Stock options and warrants | 695 | 508 | ||
Non-vested restricted Class B common stock | 277 | 130 | ||
Diluted weighted-average number of shares | 26,205 | 25,514 | 26,261 | 25,867 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 665 | 126 | 731 | |
Non-vested restricted Class B common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 27 | 33 | ||
Non-vested Deferred Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 290 | 610 | 290 | 610 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Due to IDT [Member] | ||||
Summary of related party transactions | ||||
Amount charged the Company | $ 276 | $ 247 | $ 1,075 | $ 766 |
Amount the Company charged IDT | 34 | 33 | 101 | 105 |
Rafael [Member] | ||||
Summary of related party transactions | ||||
Amount charged the Company | $ 39 | $ 57 | $ 154 | $ 170 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Due to IDT [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 169 | $ 551 |
Due from related parties | $ 19 | |
Due from IDT [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 34 |
Related Party Transactions (D_3
Related Party Transactions (Details Textual) $ / shares in Units, $ in Thousands, ₪ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 07, 2020 USD ($) $ / shares shares | May 31, 2022 $ / shares shares | Oct. 31, 2021 shares | Sep. 30, 2021 shares | Aug. 31, 2018 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 ILS (₪) shares | Sep. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Feb. 21, 2022 ILS (₪) | May 31, 2021 USD ($) | Oct. 08, 2020 | Mar. 31, 2020 | Aug. 31, 2019 ILS (₪) | Aug. 31, 2019 USD ($) | Aug. 12, 2019 ILS (₪) | Aug. 12, 2019 USD ($) | Sep. 30, 2018 | |
Related Party Transactions (Textual) | |||||||||||||||||||||||
Number of common stock shares issued | shares | 72,657 | ||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 136,987 | ||||||||||||||||||||||
Unrealized gain on investment | $ 57 | $ (5,312) | $ (742) | $ 1,710 | |||||||||||||||||||
Carrying value of investments in the common stock | $ 13,200 | ||||||||||||||||||||||
Outstanding balance | $ 100 | ||||||||||||||||||||||
New note payment terms, description | December 31, 2020 to December 2052. | ||||||||||||||||||||||
Accrued interest | 100 | ||||||||||||||||||||||
Equity in the net loss | (91) | 215 | |||||||||||||||||||||
Outstanding balance of Credit Facility | |||||||||||||||||||||||
Balance of loan receivable | (91) | 215 | |||||||||||||||||||||
Class B common stock [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Number of common stock shares issued | shares | 36,591 | 218,862 | |||||||||||||||||||||
Warrants to purchase shares | shares | 1,048,218 | 1,048,218 | |||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 4.77 | ||||||||||||||||||||||
Other Investments [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Percentage of ownership | 77% | 37.50% | |||||||||||||||||||||
Rafael [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Unrealized gain on investment | $ 5,300 | 900 | $ 1,100 | ||||||||||||||||||||
Rafael [Member] | Class B common stock [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Fair value of common stock | $ 5,000 | ||||||||||||||||||||||
Number of common stock shares issued | shares | 218,245 | ||||||||||||||||||||||
Warrants to purchase shares | shares | 43,649 | ||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 22.91 | ||||||||||||||||||||||
Warrants expiry date | Jun. 06, 2022 | ||||||||||||||||||||||
Amount of warrants aggregate exercise price | $ 1,000 | ||||||||||||||||||||||
Carrying value of investments in the common stock | $ 500 | ||||||||||||||||||||||
IGM Brokerage Corp. [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Payment of insurance premium | $ 300 | ||||||||||||||||||||||
Outstanding payable | $ 0 | ||||||||||||||||||||||
Atid 613 [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Outstanding balance | $ 200 | ||||||||||||||||||||||
Equity in the net loss | |||||||||||||||||||||||
Carrying value of investment in equity method investees | $ 100 | $ 100 | |||||||||||||||||||||
Maximum principal amount on working capital financing | 400 | ||||||||||||||||||||||
Agreed to loan amount | 1,400 | $ 5,100 | |||||||||||||||||||||
Commitment to loan amount | $ 500 | ₪ 1.9 | |||||||||||||||||||||
Additional loan amount | ₪ 0.8 | $ 200 | |||||||||||||||||||||
Annual interest rate | 5.50% | 5.50% | 0% | ||||||||||||||||||||
Balance of loan receivable | |||||||||||||||||||||||
Ohayon Loan [Member] | |||||||||||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||||||||||
Outstanding balance | ₪ 5.5 | $ 1,500 | |||||||||||||||||||||
Annual interest rate | 3.23% | 3.23% | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,500 | ₪ 5.5 | |||||||||||||||||||||
Maturity date | Dec. 31, 2023 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating results for the business segments | ||||
Revenues | $ 81,285 | $ 87,655 | $ 234,150 | $ 254,060 |
Income (loss) from operations | 23,538 | 17,463 | 62,272 | 18,280 |
Depreciation and amortization | 96 | 102 | 289 | 343 |
Stock-based compensation | 713 | 487 | 2,232 | 1,564 |
Provision for (benefit from) income taxes | 6,482 | 3,498 | 16,791 | 7,149 |
Income (Loss) from Equity Method Investments | (91) | 215 | ||
GRE [Member] | ||||
Operating results for the business segments | ||||
Revenues | 79,917 | 86,317 | 226,961 | 243,960 |
Income (loss) from operations | 27,415 | 19,714 | 72,004 | 26,427 |
Depreciation and amortization | 83 | 90 | 253 | 295 |
Stock-based compensation | 238 | 155 | 714 | 503 |
Provision for (benefit from) income taxes | 7,008 | 3,481 | 18,546 | 6,930 |
Genie Renewables [Member] | ||||
Operating results for the business segments | ||||
Revenues | 1,368 | 1,338 | 7,189 | 6,170 |
Income (loss) from operations | (1,503) | (203) | (2,500) | 690 |
Depreciation and amortization | 13 | 12 | 35 | 34 |
Stock-based compensation | ||||
Provision for (benefit from) income taxes | 128 | |||
Corporate [Member] | ||||
Operating results for the business segments | ||||
Revenues | 3,930 | |||
Income (loss) from operations | (2,374) | (2,048) | (7,232) | 8,837 |
Depreciation and amortization | 1 | 14 | ||
Stock-based compensation | 475 | 332 | 1,518 | 1,061 |
Provision for (benefit from) income taxes | $ (526) | $ 17 | $ (1,755) | $ 91 |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 259,856 | $ 229,465 |
GRE [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 172,931 | 174,442 |
Genie Renewables [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 7,959 | 3,946 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 78,966 | $ 51,077 |
Business Segment Information _3
Business Segment Information (Details Textual) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Business Segment Information (Textual) | ||
Number of reportable segments | Segment | 2 | |
Lumo Finland and Lumo Sweden [Member] | ||
Business Segment Information (Textual) | ||
Aggregate net assets | $ | $ 62.7 | $ 34.4 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies [Abstract] | |
Remainder of 2022 | $ 29,463 |
2023 | 75,871 |
2024 | 24,670 |
2025 | 3,934 |
2026 | |
Thereafter | |
Total payments | $ 133,938 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2022 EUR (€) | Aug. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | Mar. 12, 2021 USD ($) | |
Commitments and Contingencies (Textual) | |||||||||
Variable rate customers to a third party | € 1.9 | $ 2,000 | |||||||
Gross revenue | $ 8,200 | $ 22,600 | |||||||
Future purchase commitments | 133,938 | 133,938 | |||||||
Aggregate performance bond outstanding | 15,200 | 15,200 | |||||||
Future purchase commitments | 133,800 | 133,800 | |||||||
Electricity [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | 103,700 | 103,700 | |||||||
Purchase of Electricity expenses | 19,600 | $ 10,700 | 34,300 | $ 10,400 | |||||
Renewable energy credits [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | 30,100 | 30,100 | |||||||
Purchase of renewable energy credit | 4,200 | $ 8,500 | 15,700 | $ 16,400 | |||||
BP [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Trade accounts payable | 46,800 | 46,800 | |||||||
Trade Accounts Receivable [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Assets pledged as collateral to BP Energy | 46,800 | 46,800 | |||||||
Restricted Cash [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Assets pledged as collateral to BP Energy | 400 | 400 | |||||||
State of Connecticut Public Utilities Regulatory Authority [Member] | Town Square [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | 6,000 | 14,100 | |||||||
Accrued payables for customer complaints | $ 400 | ||||||||
State of Connecticut Public Utilities Regulatory Authority [Member] | Residents Energy [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | $ 200 | ||||||||
Accrued payables for customer complaints | 300 | $ 300 | |||||||
Loss Contingency, Penalty period for marketing activities | 36 months | ||||||||
Settlement payment amount | $ 1,500 | ||||||||
Office of the Attorney General of the State of Illinois [Member] | Residents Energy [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Settlement payment amount | 0 | $ 0 | |||||||
State of Maine Public Utility Commission [Member] | Town Square [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | $ 500 | $ 1,300 |
Debt (Details)
Debt (Details) | May 13, 2020 | Dec. 13, 2018 |
Line of Credit Facility [Line Items] | ||
Credit facility, description | Genie Japan entered into a Loan Agreement with Tokyo Star Bank for a ¥150.0 million (equivalent to $1.4 million) short-term credit facility ("May 2020 Loan") with maturity date of November 13, 2020. On November 13, 2020, Genie Japan and Tokyo Star Bank amended the May 2020 Loan to extend the maturity date to May 13, 2021. Genie Japan provided a letter of credit issued by JPMorgan Chase in the amount of ¥150.0 million (equivalent to $1.4 million) as collateral. The outstanding principal amount incurred interest at 3.0% per annum and was payable monthly. | the Company entered into a Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”). On December 23, 2021, the Company entered into the third amendment of its existing Credit Agreement to extend the maturity date to December 31, 2022. The Company continues to have the aggregate principal amount of $5.0 million credit line facility (“Credit Line”). The Company pays a commitment fee of 0.1% per annum on 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 $5.1 million. As of, September 30, 2022, there are no letters of credit issued by JP Morgan Chase Bank. At September 30, 2022, the cash collateral of $5.2 million was included in restricted cash—short-term in the consolidated balance sheet. |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Nov. 15, 2022 | Oct. 31, 2022 |
Subsequent Event [Line Items] | ||
Redeem shares of outstanding preferred stock | 986,400 | |
Price per share | $ 8.5 | |
Dividends accrued and unpaid | $ 8.4 |