Exhibit 99.1

Genie Energy Announces Third Quarter 2021 Results

Record consolidated gross margin, gross profit and Adjusted EBITDA¹

Genie Retail Energy (GRE) achieved record operating profitability

Planned orderly withdrawal from U.K. retail market underway

Newark, NJ – November 4, 2021: Genie Energy, Ltd. (NYSE: GNE, GNEPRA), a leading retail energy provider in deregulated markets in the U.S. and select markets in Europe, and a provider of renewables solutions in the U.S., today announced results for its third quarter ended September 30, 2021.

“Genie Energy performed exceptionally well this quarter, generating record gross margin, gross profit and Adjusted EBITDA,” said Michael Stein, chief executive officer. “Our performance was highlighted by strong results from both our U.S. and Scandinavian energy supply businesses. Genie Renewables continued to experience robust customer demand, and we anticipate significant growth in the coming quarters.

“In our international business, as we previously announced, we are withdrawing from the U.K. market as a result of the impact of structural market limitations in the current high-cost environment. Although we have set aside plans for the spin-off, looking ahead, we expect no new material negative cash impact as a result of the exit. In fact, retiring from that market obviates the need to invest additional growth capital.”

Third Quarter 2021 Highlights (3Q21 results versus 3Q20 unless otherwise noted)

GRE delivered record levels of gross profit, income from operations and Adjusted EBITDA for the quarter driven by strong margins in the retail book and mark-to-market increases in the value of its forward commodity positions after both electricity and natural gas prices rose sharply. In addition, Genie recorded a $1.9 million credit to the cost of sales reflecting expected reimbursement from the State of Texas for charges imposed by ERCOT during the severe winter storm in February 2021. Operationally, GRE served 336,000 RCEs at September 30, 2021, a 2.0% increase sequentially and a 3.9% decrease year over year. Per meter consumption, while decreasing slightly compared to the year-ago quarter, remained above pre-COVID levels. Monthly churn, at 4.0%, was below typical pre-COVID levels while increasing from 3.7% in the year-ago quarter and from 3.8% in the prior quarter.

GREI revenue growth was driven by the consolidation of Orbit Energy (U.K.) results following our purchase of the non-controlled interest in Orbit during October 2020, which previously had not been consolidated, and by organic meter growth compared to the prior year. Orbit Energy’s loss from operations was $16.4 million for the quarter, including a $6.7 million ($0.26 cents per share) impairment of assets In Scandanavia, GREI curtailed meter acquisition in a rising commodity price environment, leading to increased profitability and a decrease in meters served during the quarter.

Genie Renewables (formerly Genie Energy Services) reported a higher gross margin and improved overall results as it shifted to higher-margin solar projects.

Balance Sheet and Cash Flow Highlights

At September 30, 2021, Genie Energy reported $193.2 million in total assets, including $48.6 million in cash, restricted cash and marketable equity securities. Liabilities totaled $110.7 million and working capital (current assets less current liabilities) totaled $44.4 million. Non-current liabilities were $3.0 million.

Cash provided by operating activities during the quarter ended September 30, 2021 was $6.0 million compared to $10.4 million a year ago.

Strategic Update

Genie has suspended the planned spin-off of its international operations in the U.K. and Scandinavia following the deterioration of the U.K. energy market, where a planned, orderly withdrawal from the market is underway. Genie does not expect to incur additional material, cash charges as a result.

Fourth Quarter Commentary

Heading into the winter heating season, Genie is positioned to mitigate foreseeable volatility in wholesale energy prices through its risk-management program including hedging and forward commodity contract positioning. As a result of commodity price increases, Genie expects to generate robust margins from its retail supply businesses. Moreover, the company expects to reduce supply requirements by narrowing its customer acquisition program to higher margin customers. This strategy optimizes margins while dampening customer acquisition expense. When combined with increasing profitability in Scandanavia, the elimination of additional investment in the U.K. market and growth opportunities for Genie Renewables, management believes the Company is well positioned to deliver strong fourth quarter results.

 Trended Financial Information:*

nm = not measurable/meaningful

*Numbers may not add due to rounding

Earnings Announcement and Supplemental Information

Genie Energy has filed this release in a current report (Form 8-K) with the SEC and posted it on its website (https://genie.com/investors/investor-relations/).

At 8:30 AM Eastern today, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook and strategy. The call will begin with management’s remarks followed by Q&A with investors.

To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 536748.

Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay PIN: 43494. The replay will remain available through November 18, 2021. A recording of the call also will be available for playback on the “Investors” section of the Genie Energy website.

About Genie Energy Ltd.

Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a provider of energy services. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in selected markets in Europe. Genie Renewables comprises Genie Solar Energy, a provider of end-to-end customized solar solutions primarily for commercial customers, Diversegy, a commercials energy consulting business, CityCom Solar, a provider of community solar energy solutions and Genie’s interest in Prism Solar, a supplier of solar panels and solutions. For more information, visit Genie.com.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and

“Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contact:

Brian Siegel IRC, MBA

Managing Director

Hayden IR

(346) 396-8696

brian@haydenir.com

GENIE ENERGY LTD.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

GENIE ENERGY LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

GENIE ENERGY LTD. 

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 

Reconciliation of Non-GAAP Financial Measures for the Third Quarter 2021

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed for the third quarter 2021, as well as for the third quarter 2020, Adjusted EBITDA on a consolidated basis and for its Genie Retail Energy segment. Adjusted EBITDA is a non-GAAP measure.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

Genie Energy’s measure of consolidated Adjusted EBITDA starts with net income and adds back interest, taxes, depreciation, amortization, stock-based compensation and impairment of assets and subtracts out equity in the net loss of equity method investees, net. Genie Energy’s measure of segment level Adjusted EBITDA starts with income (loss) from operations, and adds back depreciation, amortization, stock-based compensation and subtracts out impairment of assets and equity in the net loss of equity method investees, net.

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie Energy’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Management believes that Genie Energy’s measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision-making.

Management also uses Adjusted EBITDA to evaluate operating performance in relation to Genie Energy’s competitors. Disclosure of this non-GAAP financial measure may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

Management refers to Adjusted EBITDA as well as the GAAP measures revenue, gross profit, income (loss) from operations and net income (loss), on a consolidated level to facilitate internal and external comparisons to Genie Energy’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie Energy’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie Energy’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie Energy’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Impairment of goodwill is a component of (loss) income from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of goodwill is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie Energy’s continuing operations.

Following are the reconciliations of Adjusted EBITDA on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to net income for Genie Energy on a consolidated basis and for the Genie Retail Energy (GRE) segment.

Reconciliation of Adjusted EBITDA on a Consoliadated Basis and for Genie Retail Energy (GRE)

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