Exhibit 99.1

Genie Energy Announces Second Quarter 2023 Results

Record second quarter Revenue and Income from Operations

Strong customer growth at Genie Retail Energy

Increases 2023 Adjusted EBITDA¹ guidance to $47 million to $55 million (versus prior guidance of $40 million to $50 million)

Newark, NJ – August 7, 2023: Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the second quarter ended June 30, 2023.

Michael Stein, chief executive officer of Genie Energy, commented: "We achieved another quarter of strong financial results while significantly expanding our retail customer base and building out our solar generation pipeline. By quarter’s end, we increased our cash position to over $115 million even after redeeming the final $7.4 million of our outstanding preferred stock.”

“Genie Retail Energy took advantage of the relative stability of wholesale energy markets in the second quarter. Revenue, Income from Operations and Adjusted EBITDA reached the highest levels of any second quarter in our history, while our best-in-class marketing programs delivered 45% and 36% year-over-year increases in RCEs and meters, respectively.

“Genie Renewables continued adding new projects to its solar development pipeline, crossing the 100-megawatt (MW) threshold while building its platform to drive and support additional expansion.”

Second Quarter 2023 Highlights

(Versus 2Q22 unless otherwise noted. Excludes discontinued operations of Genie Retail Energy International (GREI) for all periods unless otherwise noted.)

Select Financial Metrics*

Segment Highlights

Genie Retail Energy (GRE)

GRE income from operations increased 27.8% to $18.4 million, while Adjusted EBITDA increased 27.5% to $18.8 million. The increases were driven by increased customer counts reflecting strong customer acquisitions during the first half of the year.

Meters and RCEs served increased year-over-year by 101,000 and 118,000 to 381,000 and 380,000, respectively, as of June 30, 2023. Average monthly churn decreased to 4.3% sequentially from 4.4% in the first quarter of 2023.

Genie Retail Energy (GRE) Select Performance Metrics

Genie Renewables (GREW)

GREW increased second quarter revenue year-over-year, driven mainly by services provided to third parties, including its consultative energy services for large commercial customers.

Genie Solar added five new projects representing 30MW to its pipeline during the quarter. As of the end of the quarter, Genie Solar had a pipeline of potential projects totaling 108MW in development.

Balance Sheet and Cash Flow Highlights

As of June 30, 2023, Genie Energy reported cash, restricted cash and marketable equity securities of $115.1 million, an increase from $113.7 million at March 31, 2023.

Total assets as of June 30, 2023 were $286.0 million. Liabilities totaled $90.0 million, and working capital (current assets less current liabilities) totaled $156.0 million. Non-current liabilities were $2.8 million.

Net cash provided by operating activities was $3.0 million compared to $7.7 million a year ago.

Strategic Update and Commentary

Stein added, “At the beginning of the year, we announced a 2023 goal to continue delivering strong financial results while aggressively moving into growth mode at GRE once market volatility subsided. Our year-to-date results demonstrate the wisdom of this strategy. As we look to the second half of the year, we are positioned to continue delivering strong Adjusted EBITDA while adding profitable customers for GRE. As a result, we are increasing our Adjusted EBITDA guidance for the year to $47 million to $55 million from $40 million to $50 million.

“At GREW, we have one community solar farm already under construction and a second achieved notice to proceed (NTP) status in July. In addition, during the year, we expect to achieve key development milestones on several other projects and expand the number of potential projects and aggregate MW in our pipeline. Our expanding solar generation portfolio sets GREW up for improving financial performance over the next several years as more projects become operational.”

Trended Financial Information:*

Earnings Announcement and Supplemental Information

At 8:30 AM Eastern this morning, 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: 382001.

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 passcode: 48785. The replay will remain available through Tuesday, August 22, 2023. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website.

About Genie Energy Ltd.

Genie Energy Ltd., (NYSE: GNE) is a retail energy and renewable energy solutions provider. 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 Renewables division is a vertically-integrated provider of commercial, community, and utility-scale solar energy 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

Senior 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 Measure for the Second Quarter 2023

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 Adjusted EBITDA on a consolidated basis and for GRE. 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’s measure of consolidated Adjusted EBITDA starts with income (loss) from operations and adds back depreciation, amortization, and 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’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Management believes that Genie’s measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’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’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, and income (loss) from operations, as well as net income (loss), on a consolidated level to facilitate internal and external comparisons to Genie'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’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’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’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'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 income (loss) from operations for Genie Energy on a consolidated basis and to income from operations for GRE.

Non-GAAP Reconciliation - Consolidated Adjusted EBITDA

Non-GAAP Reconciliation - GRE Adjusted EBITDA    

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