Genie Energy, Ltd. (GNE) has reported a net loss of $24.5 million and $0.90 per share in the fourth quarter as opposed to net earnings of $16.2 million or $0.59 per share during the same period last year. In terms of non-GAAP net income, the company realised $10.0 million or $0.37 per share compared to $16.2 million and $0.59 the previous year. The company saw its adjusted EBITDA fall by 38.0%, dropping from $18.5 million to $11.4 million. However, revenue rose favourably by 28.9%, amounting to $104.9 million from its previous $81.4 million.
Moving into 2024, Genie Energy expects its adjusted EBITDA to fall within a new baseline range of $40 million to $50 million.
