10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-35327

GENIE ENERGY LTD.

(Exact Name of Registrant as Specified in its Charter)

Delaware	45-2069276
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
520 Broad Street, Newark, New Jersey	07102
(Address of principal executive offices)	(Zip Code)

(973) 438-3500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b)-2 of the Exchange Act:

Title of each Class	Trading Symbol	Name of exchange of which registered
Class B common stock, par value $0.01 per share	GNE	New York Stock Exchange
Series 2012-A Preferred stock, par value $0.01 per share	GNE-PRA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.):    Yes  ☐    No  ☒

As of August 5, 2022, the registrant had the following shares outstanding:

Class A common stock, $0.01 par value:	1,574,326 shares
Class B common stock, $0.01 par value:	24,313,113 shares (excluding 2,689,645 treasury shares)

GENIE ENERGY LTD. 

TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION			1
	Item 1.	Financial Statements (Unaudited)	1
		CONSOLIDATED BALANCE SHEETS	1
		CONSOLIDATED STATEMENTS OF OPERATIONS	2
		CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	3
		CONSOLIDATED STATEMENTS OF EQUITY	4
		CONSOLIDATED STATEMENTS OF CASH FLOWS	6
		NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	7
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	31
	Item 3	Quantitative and Qualitative Disclosures About Market Risks	49
	Item 4	Controls and Procedures	49
PART II. OTHER INFORMATION			50
	Item 1.	Legal Proceedings	50
	Item 1A.	Risk Factors	50
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
	Item 3.	Defaults upon Senior Securities	50
	Item 4.	Mine Safety Disclosures	50
	Item 5.	Other Information	50
	Item 6.	Exhibits	51
SIGNATURES			52

i

PART I. FINANCIAL INFORMATION

Item 1.        Financial Statements (Unaudited)

 GENIE ENERGY LTD.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

	June 30, 2022			December 31, 2021
	(Unaudited)			(Note 1)
Assets
Current assets:
Cash and cash equivalents	$	61,093		$	95,492
Restricted cash—short-term		5,658			6,657
Marketable equity securities		490			1,336
Trade accounts receivable, net of allowance for doubtful accounts of $4,480 and $6,365 at June 30, 2022 and December 31, 2021, respectively		43,881			52,357
Inventory		16,043			17,720
Prepaid expenses		6,843			4,994
Other current assets		48,392			21,789
Current assets of discontinued operations		18,680			—
Total current assets		201,080			200,345
Property and equipment, net		347			297
Goodwill		11,617			11,755
Other intangibles, net		3,408			3,648
Deferred income tax assets, net		4,581			4,259
Other assets		18,202			9,161
Total assets	$	239,235		$	229,465
Liabilities and equity
Current liabilities:
Trade accounts payable		26,188			33,554
Accrued expenses		33,771			39,523
Income taxes payable		10,903			9,792
Due to IDT Corporation, net		148			532
Other current liabilities		4,311			2,125
Current liabilities of discontinued operations		—			30,766
Total current liabilities		75,321			116,292
Other liabilities		10,660			2,384
Total liabilities		85,981			118,676
Commitments and contingencies		—			—
Equity:
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 2,087 and 2,322 shares issued and outstanding at June 30, 2022 and December 31, 2021		17,743			19,743
Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at June 30, 2022 and December 31, 2021		16			16
Class B common stock, $0.01 par value; authorized shares—200,000; 26,712 and 26,620 shares issued and 24,055 and 24,615 shares outstanding at June 30, 2022 and December 31, 2021, respectively		267			266
Additional paid-in capital		144,818			143,249
Treasury stock, at cost, consisting of 2,657 and 2,005 shares of Class B common stock at June 30, 2022 and December 31, 2021		(18,519	)		(14,034	)
Accumulated other comprehensive income		1,123			3,160
Retained earnings (accumulated deficit)		18,361			(29,115	)
Total Genie Energy Ltd. stockholders’ equity		163,809			123,285
Noncontrolling interests		(10,555	)		(12,496	)
Total equity		153,254			110,789
Total liabilities and equity	$	239,235		$	229,465

 See accompanying notes to consolidated financial statements.  

1

GENIE ENERGY LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

		Three Months Ended June 30,					Six Months Ended June 30,
		2022			2021		2022			2021
		(in thousands, except per share data)
Revenues:
Electricity	$	60,832		$	68,681		$	132,616		$	156,294
Natural gas		10,098			5,082			34,601			22,362
Other		4,096			2,616			6,337			5,214
Total revenues		75,026			76,379			173,554			183,870
Cost of revenues		7,552			55,171			60,539			150,008
Gross profit		67,474			21,208			113,015			33,862
Operating expenses and losses:
Selling, general and administrative (i)		18,998			16,672			40,107			34,790
Income (loss) from operations		48,476			4,536			72,908			(928	)
Interest income		48			10			65			20
Interest expense		(52	)		(103	)		(102	)		(212	)
Unrealized (loss) gain on marketable equity securities and investments		(146	)		2,915			(799	)		7,022
Gain on sale of subsidiary		—			4,226			—			4,226
Other (loss) income, net		(372	)		39			(869	)		447
Income before income taxes		47,954			11,623			71,203			10,575
Provision for income taxes		(10,581	)		(3,143	)		(17,094	)		(3,679	)
Net income from continuing operations		37,373			8,480			54,109			6,896
Loss from discontinued operations, net of taxes		—			(3,195	)		—			(4,305	)
Net income		37,373			5,285			54,109			2,591
Net income (loss) attributable to noncontrolling interests		2,894			(82	)		1,741			(790	)
Net income attributable to Genie Energy Ltd.		34,479			5,367			52,368			3,381
Dividends on preferred stock		(624	)		(370	)		(994	)		(740	)
Net income attributable to Genie Energy Ltd. common stockholders	$	33,855		$	4,997		$	51,374		$	2,641
Amounts attributable to Genie Energy Ltd. common stockholders
Income from continuing operations	$	33,855		$	8,192		$	51,374		$	6,946
Loss from discontinued operations		—			(3,195	)		—			(4,305	)
Net income attributable to Genie Energy Ltd. common stockholders	$	33,855		$	4,997		$	51,374			2,641
Earnings per share attributable to Genie Energy Ltd. common stockholders:
Basic:
Income from continuing operations	$	1.33		$	0.31		$	2.01		$	0.27
Loss from discontinued operations		—			(0.12	)		—			(0.17	)
Net income attributable to Genie Energy Ltd. common stockholders	$	1.33		$	0.19		$	2.01		$	0.10
Diluted
Income from continuing operations	$	1.30		$	0.31		$	1.97		$	0.26
Loss from discontinued operations		—			(0.12	)		—			(0.16	)
Net income attributable to Genie Energy Ltd. common stockholders	$	1.30		$	0.19		$	1.97		$	0.10
Weighted-average number of shares used in calculation of earnings per share:
Basic		25,463			25,804			25,613			25,903
Diluted		26,070			26,227			26,088			26,446
Dividends declared per common share	$	0.075		$	—		$	0.150		$	—
(i) Stock-based compensation included in selling, general and administrative expenses	$	730		$	559		$	1,570		$	1,148

See accompanying notes to consolidated financial statements.

2

GENIE ENERGY LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

		Three Months Ended June 30,					Six Months Ended June 30,
	2022			2021		2022			2021
	(in thousands)					(in thousands)
Net income	$	37,373		$	5,285	$	54,109		$	2,591
Other comprehensive loss:
Foreign currency translation adjustments		(2,139	)		105		(1,837	)		(237	)
Comprehensive income		35,234			5,390		52,272			2,354
Comprehensive gain attributable to noncontrolling interests		(3,131	)		82		(1,941	)		560
Comprehensive income attributable to Genie Energy Ltd.	$	32,103		$	5,472	$	50,331		$	2,914

  

See accompanying notes to consolidated financial statements.

3

  GENIE ENERGY LTD.

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands, except dividend per share)

Genie Energy Ltd. Stockholders

	Preferred			Class A			Class B				Additional					Accumulated Other
	Stock			Common Stock			Common Stock				Paid-In		Treasury			Comprehensive		Accumulated			Noncontrolling			Total
	Shares		Amount	Shares		Amount	Shares		Amount		Capital		Stock			Income		Deficit			Interests			Equity
BALANCE AT JANUARY 1, 2022	2,322	$	19,743	1,574	$	16	26,633	$	266	$	143,249	$	(14,034	)	$	3,160	$	(29,115	)	$	(12,496	)	$	110,789
Dividends on preferred stock ($ 0.1594 per share)	—		—	—		—	—		—		—		—			—		(370	)		—			(370	)
Dividends on common stock ($0.075 per share)	—		—	—		—	—		—		—		—			—		(1,934	)		—			(1,934	)
Stock-based compensation	—		—	—		—	9		—		840		—			—		—			—			840
Restricted Class B common stock purchased from employees	—		—	—		—	—		—		—		(71	)		—		—			—			(71	)
Other comprehensive income (loss)	—		—	—		—	—		—		—		—			339		—			(37	)		302
Net income (loss) for three months ended March 31, 2022	—		—	—		—	—		—		—		—			—		17,889			(1,153	)		16,736
BALANCE AT  MARCH 31, 2022	2,322	$	19,743	1,574	$	16	26,642	$	266	$	144,089	$	(14,105	)	$	3,499	$	(13,530	)	$	(13,686	)	$	126,292

	Preferred					Class A			Class B				Additional						Accumulated Other
	Stock					Common Stock			Common Stock				Paid-In			Treasury			Comprehensive			Accumulated			Noncontrolling			Total
	Shares			Amount		Shares		Amount	Shares		Amount		Capital			Stock			Income			Deficit			Interests			Equity
BALANCE AT MARCH 31, 2022	2,322		$	19,743		1,574	$	16	26,642	$	266	$	144,089		$	(14,105	)	$	3,499		$	(13,530	)	$	(13,686	)	$	126,292
Dividends on preferred stock ($ 0.1594 per share)	—			—		—		—	—		—		—			—			—			(624	)		—			(624	)
Dividends on common stock ($0.075 per share)	—			—		—		—	—		—		—			—			—			(1,964	)		—			(1,964	)
Stock-based compensation	—			—		—		—	—		—		730			—			—			—			—			730
Restricted Class B common stock purchased from employees	—			—		—		—	—		—		—			(4,414	)		—			—			—			(4,414	)
Exercise of Class B common stock warrants	—			—		—		—	73		1		(1	)		—			—			—			—			—
Redemption of Preferred Stock	(235	)		(2,000	)	—		—	—		—		—			—			—			—			—			(2,000	)
Other comprehensive income (loss)	—			—		—		—	—		—		—			—			(2,376	)		—			237			(2,139	)
Net income (loss) for three months ended June 30, 2022	—			—		—		—	—		—		—			—			—			34,479			2,894			37,373
BALANCE AT JUNE 30, 2022	2,087		$	17,743		1,574	$	16	26,715	$	267	$	144,818		$	(18,519	)	$	1,123		$	18,361		$	(10,555	)	$	153,254

4

GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except dividend per share) — (Continued)

Genie Energy Ltd. Stockholders

	Preferred			Class A			Class B				Additional					Accumulated Other
	Stock			Common Stock			Common Stock				Paid-In		Treasury			Comprehensive			Accumulated			Noncontrolling			Total
	Shares		Amount	Shares		Amount	Shares		Amount		Capital		Stock			Income			Deficit			Interests			Equity
BALANCE AT JANUARY 1, 2021	2,322	$	19,743	1,574	$	16	25,811	$	260	$	140,746	$	(9,839	)	$	3,827		$	(56,658	)	$	(12,016	)	$	86,079
Dividends on preferred stock ($0.1594 per share)	—		—	—		—	—		—		—		—			—			(370	)		—			(370	)
Stock-based compensation	—		—	—		—	121		1		588		—			—			—			—			589
Issuance of Class B common stock to Howard Jonas	—		—	—		—	20		—		162		—			—			—			—			162
Other comprehensive (loss) income	—		—	—		—	—		—		—		—			(572	)		—			230			(342	)
Net loss for three months ended March 31, 2021	—		—	—		—	—		—		—		—			—			(1,986	)		(708	)		(2,694	)
BALANCE AT MARCH 31, 2021	2,322	$	19,743	1,574	$	16	25,952	$	261	$	141,496	$	(9,839	)	$	3,255		$	(59,014	)	$	(12,494	)	$	83,424

	Preferred			Class A			Class B				Additional					Accumulated Other
	Stock			Common Stock			Common Stock				Paid-In		Treasury			Comprehensive			Accumulated			Noncontrolling			Total
	Shares		Amount	Shares		Amount	Shares		Amount		Capital		Stock			Income			Deficit			Interests			Equity
BALANCE AT MARCH 31, 2021	2,322	$	19,743	1,574	$	16	25,952	$	261	$	141,496	$	(9,839	)	$	3,255		$	(59,014	)	$	(12,494	)	$	83,424
Dividends on preferred stock ($0.1594 per share)	—		—	—		—	—		—		—		—			—			(370	)		—			(370	)
Stock-based compensation	—		—	—		—	—		—		560		—			—			—			—			560
Repurchase of Class B common stock from stock purchase program	—		—	—		—	—		—		—		(2,435	)		—			—			—			(2,435	)
Sale of subsidiary	—		—	—		—	—		—		—		—			(182	)		—			113			(69	)
Other comprehensive (loss) income	—		—	—		—	—		—		—		—			105			—			—			105
Net loss for three months ended June 30, 2021	—		—	—		—	—		—		—		—			—			5,367			(82	)		5,285
BALANCE AT JUNE 30, 2021	2,322	$	19,743	1,574	$	16	25,952	$	261	$	142,056	$	(12,274	)	$	3,178		$	(54,017	)	$	(12,463	)	$	86,500

5

 GENIE ENERGY LTD. 

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 

	Six Months Ended June 30,
	2022			2021
	(in thousands)
Operating activities
Net income	$	54,109		$	2,591
Net loss from discontinued operations, net of tax		—			(4,305	)
Net income from continuing operations		54,109			6,896
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		532			696
Deferred income taxes		7,019			2,972
Provision for doubtful accounts receivable		1,301			1,092
Unrealized loss (gain) marketable equity securities and investment		799			(7,022	)
Stock-based compensation		1,570			1,148
Equity in the net loss (income) in equity method investees		249			(164	)
Gain on sale of subsidiaries		—			(4,226	)
Change in assets and liabilities:
Trade accounts receivable		7,175			(621	)
Inventory		1,677			1,277
Prepaid expenses		(1,849	)		(1,211	)
Other current assets and other assets		(34,212	)		(3,387	)
Trade accounts payable, accrued expenses and other current liabilities		(11,546	)		(170	)
Due to IDT Corporation		(384	)		47
Income taxes payable		1,111			625
Net cash provided by (used in) operating activities of continuing operations		27,551			(2,048	)
Net cash used in discontinued operations		—			(3,824	)
Net cash provided by (used in) operating activities		27,551			(5,872	)
Investing activities
Capital expenditures		(60	)		(80	)
Proceeds from the sale of subsidiary, net of cash disposed		—			4,550
Investment in notes receivables with related party		(1,388	)		—
Purchase of marketable equity securities and other investment		(800	)		(1,000	)
Repayment of notes receivable		19			13
Net cash (used in) provided by investing activities of continuing operations		(2,229	)		3,483
Net cash used in investing activities of discontinued operations		(49,446	)		—
Net cash (used in) provided by investing activities		(51,675	)		3,483
Financing activities
Dividends paid		(4,669	)		(740	)
Repurchases of Class B common stock from employees		(71	)		—
Repurchase of Class B common stock		(4,414	)		(2,435	)
Redemption of preferred stock		(2,000	)		—
Net cash used in by financing activities		(11,154	)		(3,175	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(120	)		(54	)
Net decrease in cash, cash equivalents, and restricted cash		(35,398	)		(5,618	)
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		66,751			37,566
Less: Cash of discontinued operations at end of period		—			1,906
Cash, cash equivalents, and restricted cash (excluding discontinued operations) at end of period	$	66,751		$	35,660

See accompanying notes to consolidated financial statements.

6

GENIE ENERGY LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

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. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”). 

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 LLC ("GRE International" or "GREI") and 95.5% of Genie Renewables. 

GRE owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, Inc. (“Residents Energy”), Town Square Energy, LLC and Town Square Energy East, LLC (collectively, "TSE"), Southern Federal Power LLC ("Southern Federal") and Mirabito Natural Gas, LLC (“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. 

GRE International holds the Company's 91.6% controlling interest in Lumo Energia Oyj ("Lumo Finland"), a REP serving residential customers in Finland, and its 97.7% interest in Lumo Energi AB ("Lumo Sweden"). GRE International also held the Company's 98.8% interest in venture in Japan, which the Company sold on May 11, 2021. GRE International also holds 100% interest in Orbit Energy, a REP operating in the United Kingdom ("U.K."), which was discontinued in November 2021 as discussed below.

Genie Renewables consists of Genie Solar Energy ("Genie Solar"), a rooftop solar system sales and general contracting company, a 93.5% interest in CityCom Solar, a marketer of community solar energy solutions, Diversegy LLC ("Diversegy"), an energy broker for commercial customers, and GRE's 60.0% interest in Prism Solar Technology, Inc. ("Prism"), a solar solutions company that is engaged in U.S.-based manufacturing of solar panels, solar installation design and solar energy project management.  

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.  

7

The Company determined that the discontinued operations in the United Kingdom represented a strategic shift that will have a major effect on the Company's operations and financial statements. Since the appointment of the Administrators, 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 June 30, 2022 and December 31, 2021. Since the Company lost control of the management of Orbit in favor of the Administrators, the accounts of Orbit were deconsolidated effective December 1, 2021 and the Company estimated the remaining liability related to its ownership of Orbit.

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 $2.5 million in additional costs related to the price increases, which were included in the cost of revenue in the six months ended June 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 $13.0 million in additional costs of revenue for the six months ended June 30, 2021. 

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, the Public Utility Commission of Texas ("PUC") approved the Debt Obligation Order to grant ERCOT's application for a debt financing mechanism to pay for certain costs associated with Winter Storm Uri. Under the Debt Obligation Order, the amount that the Company is entitled to recover increased to approximately $3.4 million. In the third quarter of 2021, the Company recorded an additional reduction in the cost of revenues of $1.9 million for an aggregate amount of $3.4 million for the year ended December 31, 2021. In June 2022, the Company received $3.5 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 2021 and 2020, 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 2021 and 2020, 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. 

8

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:

	June 30, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	61,093	$	95,492
Restricted cash—short-term		5,658		6,657
Total cash, cash equivalents, and restricted cash	$	66,751	$	102,149

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 18) and Credit Agreement with JPMorgan Chase (see Note 19).

Included in the cash and cash equivalents as of  December 31, 2021 is cash received from Orbit Energy (see Note 5).  

Note 3—Inventories

Inventories consisted of the following:

	June 30, 2022		December 31, 2021
	(in thousands)
Natural gas	$	2,130	$	1,891
Renewable credits		13,737		15,610
Solar Panels:
Finished goods		176		219
Totals	$	16,043	$	17,720

Note 4—Revenue Recognition

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. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods to purchase. 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 GRE’s REPs 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. 

9

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. Incremental customer acquisition cost of certain GRE International entities are capitalized and amortized over the range of between eighteen and twenty-four months. These costs and the related amortization are recorded within sales and marketing expenses. Total capitalized customer acquisition costs to obtain customer contracts were $0.1 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively. Total capitalized customer acquisition costs to obtain customer contracts were $0.2 million and $0.6 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, customer acquisition costs of $0.5 million and $0.1 million included in other current assets and other assets, respectively, on the consolidated balance sheet. The Company recognized $0.1 million and $0.2 million of amortization of capitalized customer acquisition cost for the three months ended June 30, 2022 and 2021, respectively. The Company recognized $0.2 million and $0.4 million of amortization of capitalized customer acquisition cost for the six months ended June 30, 2022 and 2021, respectively. The Company continuously monitors its customer relationship periods to ensure compliance with the application of the standard.

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 June 30, 2022
Fixed rate	$	20,615	$	2,311	$	—	$	22,926
Variable rate		40,217		7,787		—		48,004
Other		—		—		4,096		4,096
Total	$	60,832	$	10,098	$	4,096	$	75,026
Three Months Ended June 30, 2021
Fixed rate	$	33,967	$	808	$	—	$	34,775
Variable rate		34,714		4,274		—		38,988
Other		—		—		2,616		2,616
Total	$	68,681	$	5,082	$	2,616	$	76,379
Six Months Ended June 30, 2022
Fixed rate	$	41,120	$	6,094	$	—	$	47,214
Variable rate		91,496		28,507		—		120,003
Other		—		—		6,337		6,337
Total	$	132,616	$	34,601	$	6,337	$	173,554
Six Months Ended June 30, 2021
Fixed rate	$	72,872	$	2,550	$	—	$	75,422
Variable rate		83,422		19,812		—		103,234
Other		—		—		5,214		5,214
Total	$	156,294	$	22,362	$	5,214	$	183,870

10

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 June 30, 2022
Non-Commercial Channel	$	51,299	$	6,669	$	—	$	57,968
Commercial Channel		9,533		3,429		—		12,962
Other		—		—		4,096		4,096
Total	$	60,832	$	10,098	$	4,096	$	75,026
Three Months Ended June 30, 2021
Non-Commercial Channel	$	51,222	$	3,805	$	—	$	55,027
Commercial Channel		17,459		1,277		—		18,736
Other		—		—		2,616		2,616
Total	$	68,681	$	5,082	$	2,616	$	76,379
Six Months Ended June 30, 2022
Non-Commercial Channel	$	113,460	$	26,305	$	—	$	139,765
Commercial Channel		19,156		8,296		—		27,452
Other		—		—		6,337		6,337
Total	$	132,616	$	34,601	$	6,337	$	173,554
Six Months Ended June 30, 2021
Non-Commercial Channel	$	124,368	$	18,976	$	—	$	143,344
Commercial Channel		31,926		3,386		—		35,312
Other		—		—		5,214		5,214
Total	$	156,294	$	22,362	$	5,214	$	183,870

Note 5—Discontinued Operations and Divestiture

United Kingdom Operations

On July 17, 2017, the Company’s subsidiary, Genie Energy UK Ltd. (“GEUK”), entered into a definitive agreement with Energy Global Investments Pty Ltd (“EGC”) to launch Shoreditch Energy Limited (“Shoreditch”), a joint venture to offer electricity and natural gas service to residential and small business customers in the U.K., under the trade name Orbit Energy. Prior to October 8, 2020, the Company owned 77.0% of the outstanding equity of Shoreditch.

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. Following the transaction, Shoreditch became a wholly-owned subsidiary of GEUK.

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.

11

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. The Company believes that the funds 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. 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 June 30, 2022 and December 31, 2021.

As a result of loss of control, the Company deconsolidated Orbit effective December 1, 2021 and 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 June 30, 2021				Six Months Ended June 30, 2021
	(in thousands)
Total revenues	$	21,327		$	49,178
Cost of revenues		18,769			41,745
Gross  profit		2,558			7,433
Selling, general and administrative expenses		5,739			11,724
Net loss before taxes		(3,181	)		(4,291	)
Provision for income taxes		14			14
Loss from discontinued operations, net of taxes	$	(3,195	)	$	(4,305	)

The carrying value of the Company's interest in Orbit was net investments of  $18.7 million as of June 30, 2022 and net liabilities of $30.8 million as December 31, 2021. The carrying value was determined by estimating the net realizable values of assets and fair values of remaining liabilities which approximates its carrying values as of June 30, 2022 and December 31, 2021. 

12

The following table presents a summary of cash flows of the discontinued operations for the six months ended June 30, 2021:

Net loss	$	(4,305	)
Non-cash items		3,199
Changes in assets and liabilities		(2,718	)
Cash flows used in operating activities of discontinued operations	$	(3,824	)

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. 

13

Note 6—Fair Value Measurements 

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)
June 30, 2022
Assets:
Marketable equity securities	$	490	$	—	$	—	$	490
Derivative contracts	$	51,890	$	—	$	—	$	51,890
Liabilities:
Derivative contracts	$	4,202	$	—	$	—	$	4,202
December 31, 2021
Assets:
Marketable equity securities	$	1,336	$	—	$	—	$	1,336
Derivative contracts	$	14,405	$	44	$	—	$	14,449
Liabilities:
Derivative contracts	$	1,230	$	—	$	—	$	1,230

(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 six months ended June 30, 2022 and 2021.

14

 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 June 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 June 30, 2022 and December 31, 2021, other assets included notes receivable. At June 30, 2022, the carrying amount of the note receivable and loans payable approximated fair value. The fair values were estimated based on the Company’s assumptions, and were classified as Level 3 of the fair value hierarchy.

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% of consolidated net trade receivables at June 30, 2022 and December 31, 2021 (no other single customer accounted for 10.0% or greater of our consolidated net trade receivable as June 30, 2022 or December 31, 2021):

	June 30, 2022			December 31, 2021
Customer A		12.5	%		na

na-less than 10.0% of consolidated revenue in the period

The following table summarizes the percentage of revenues by customers that equal or exceed 10.0% of consolidated revenues for the three and six months ended June 30, 2022 and 2021 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the  three and six months ended June 30, 2022 or 2021):

		Three Months Ended June 30				Six Months Ended June 30
	2022		2021			2022		2021
Customer B		na		13.6	%		na		na
Customer A		na		10.2			na		na

na-less than 10.0% of consolidated revenue in the period 

15

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 by entering into transactions with high-quality counterparties. At June 30, 2022, GRE’s swaps and options were traded on the Intercontinental Exchange. GRE International's swaps and options were traded through counterparties.

The summarized volume of GRE’s outstanding contracts and options at June 30, 2022 was as follows (MWh – Megawatt hour and Dth – Decatherm):

Settlement Dates	Volume
	Electricity (in MWH)		Gas (in Dth)
Third quarter 2022		108,368		258,440
Fourth quarter 2022		102,816		1,189,500
First quarter 2023		108,920		1,344,440
Second quarter 2023		53,904		154,000
Third quarter 2023		44,816		114,050
Fourth quarter 2023		51,528		585,150
First quarter 2024		30,576		820,050
Second quarter 2024		11,616		89,550
Third quarter of 2024		8,832		59,400
Fourth quarter of 2024		13,248		60,400
First quarter of 2025		11,472		285,550
Second quarter of 2025		—		258,300
Third quarter of 2025		18,400		230,000
Fourth quarter of 2025		—		230,000

The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows:

Asset Derivatives	Balance Sheet Location	June 30, 2022		December 31, 2021
		(in thousands)
Derivatives not designated or not qualifying as hedging instruments:
Energy contracts and options1	Other current assets	$	43,408	$	13,750
Energy contracts and options	Other assets		8,482		699
Total derivatives not designated or not qualifying as hedging instruments — Assets		$	51,890	$	14,449
Liability Derivatives	Balance Sheet Location	June 30, 2022		December 31, 2021
		(in thousands)
Derivatives not designated or not qualifying as hedging instruments:
Energy contracts and options1	Other current liabilities	$	2,584	$	697
Energy contracts and options	Other liabilities		1,618		533
Total derivatives not designated or not qualifying as hedging instruments — Liabilities		$	4,202	$	1,230

(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.

16

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 June 30,				Six Months Ended June 30,
hedging instruments	on Derivatives		2022		2021		2022		2021
		(in thousands)				(in thousands)
Energy contracts and options	Cost of revenues	$	61,820	$	1,908	$	99,548	$	4,795

Note 8—Other Current Assets and Other Assets

Other current assets consisted of the following:  

	June 30, 2022		December 31, 2021
	(in thousands)
Fair value of derivative contracts—current	$	43,408	$	13,750
Receivables from the settlement of derivative contracts		1,617		4,655
Other current assets		3,367		3,384
Total other current assets	$	48,392	$	21,789

Other assets consisted of the following: 

	June 30, 2022		December 31, 2021
	(in thousands)
Fair value of derivative contracts—noncurrent	$	8,482	$	699
Security deposits		5,119		4,867
Right-of-use assets, net of amortization		1,618		1,656
Other assets		2,983		1,939
Total other assets	$	18,202	$	9,161

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 June 30, 2022:

	GRE		GRE International			Genie Renewables		Total
	(in thousands)
Balance at January 1, 2022	$	9,998	$	1,757		$	—	$	11,755
Cumulative translation adjustment		—		(138	)		—		(138	)
Balance at June 30, 2022	$	9,998	$	1,619		$	—	$	11,617

17

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)
June 30, 2022
Patents and trademarks		17.1  years	$	3,822	$	(1,275	)	$	2,547
Customer relationships		9.0  years		1,100		(591	)		509
Licenses		10.0  years		479		(127	)		352
Total			$	5,401	$	(1,993	)	$	3,408
December 31, 2021
Trademark		17.1 years	$	3,805	$	(1,103	)	$	2,702
Customer relationships		9.0 years		1,100		(530	)		570
Licenses		10.0 years		479		(103	)		376
Total			$	5,384	$	(1,736	)	$	3,648

Amortization expense of intangible assets (including minimal amounts reported in cost of revenues) was $0.2 million and $0.3 million in the three and six months ended June 30, 2022, respectively. Amortization expense of intangible assets (including minimal amounts reported in cost of revenues) was $0.3 million and $0.5 million in the three and six months ended June 30, 2021, respectively. The Company estimates that amortization expense of intangible assets will be $0.2 million, $0.4 million, $0.4 million, $0.4 million, $0.3 million and $1.7 million for the remainder of 2022, and for 2023, 2024, 2025, 2026 and thereafter, respectively.

Note 10—Accrued Expenses and Other Liabilities

Accrued expenses consisted of the following: 

	June 30, 2022		December 31, 2021
	(in thousands)
Renewable energy	$	17,911	$	23,247
Liability to customers related to promotions and retention incentives		9,079		9,071
Payroll and employee benefit		3,863		3,297
Other accrued expenses		2,918		3,908
Total accrued expenses	$	33,771	$	39,523

Other liabilities consisted of the following: 

	June 30, 2022		December 31, 2021
	(in thousands)
Deferred tax liabilities	$	7,342	$	—
Fair value of derivative contracts—noncurrent		1,618		533
Other noncurrent liabilities		1,700		1,851
Total other liabilities	$	10,660	$	2,384

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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 2022 and 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 borrowing rate is estimated to approximate the interest rate on a collateralized borrowing rate based on information available at the lease commencement date. ROU assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company use the base, non-cancelable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.

	June 30, 2022		December 31, 2021
	(in thousands)
ROU Assets	$	1,618	$	1,656
Current portion of operating lease liabilities		245		229
Noncurrent portion of operating lease liabilities		1,450		1,495
Total	$	1,695	$	1,724

At June 30, 2022, the weighted average remaining lease term is 6.9 years and the weighted average discount rate is 6.5%.

Supplemental cash flow information for ROU assets and operating lease liabilities are as follows: 

	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating activities	$	299	$	183
ROU assets obtained in the exchange for lease liabilities
Operating leases	$	98	$	—

Future lease payments under operating leases as of June 30, 2022 were as follows:

(in thousands)
Remainder of 2022	$	174
2023		352
2024		319
2025		245
2026		239
Thereafter		832
Total future lease payments		2,161
Less imputed interest		(466	)
Total operating lease liabilities	$	1,695

Rental expenses under operating leases were $0.2 million and $0.3 million in the three and six months ended June 30, 2022. Rental expenses under operating leases were $0.3 million and $0.5 million in the three and six months ended June 30, 2021.   

19

Note 12—Equity 

Dividend Payments

The following table summarizes the quarterly dividends paid by the Company during the six months ended June 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
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

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. However, 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.

In second quarter of 2022, the Company accrued Additional Dividends of $0.1132 per share on its Preferred Stock, equal to $0.2 million, in respect of the GRE results of operations through June 30, 2022, which is expected to be paid around May 15, 2023. 

On July 14, 2022, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the second quarter of 2022. The dividend will be paid on or about August 15, 2022 to stockholders of record as of the close of business August 8, 2022.

On August 3, 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 second quarter of 2022. The dividend will be paid on or about August 26, 2022 to stockholders of record as of the close of business on August 18, 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. In the three and six months ended June 30, 2022, the Company acquired 639,393 Class B common stock under the stock purchase program for an aggregate amount of $4.4 million. In the three and six months ended June 30, 2021, the Company acquired 392,932 Class B common stock under the stock purchase program for an aggregate amount of $2.4 million. At June 30, 2022, 4.9 million shares remained available for repurchase under the stock repurchase program.

As of June 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  $18.5 million and $14.1 million, respectively, at a weighted average cost per share of  $6.97 and $7.01, respectively.

On March 21, 2020, the Board of Directors of the Company approved a program to redeem up to $4.0 million par value of the Company's Preferred Stock in accordance with the Certificate of Designations for the preferred stock. There was no redemption under this program in three and Six Months Ended June 30, 2022 and 2021 and the program has terminated.

20

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 three and six months ended June 30, 2022, the Company redeemed 235,294 Preferred Stock under this program for an aggregate amount of $2.0 million. The Company accrued and paid $0.1296 per share on the redeemed Preferred Stock for a minimal aggregate amount.

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 addition, on June 12, 2018, the Company sold to a third-party investor treasury shares of the Company’s Class B common stock for an aggregate sales price of $1.0 million and warrants to purchase an additional 209,644 shares of the Company’s Class B common stock at an exercise price of $4.77 per share, for an aggregate exercise price of $1.0 million.

In May 2022, a holder of common stock warrants exercised 209,644 common stock warrants through a cashless exercise and the Company issued 72,657 common shares with the remaining 136,987 warrants being cancelled to settle the exercise price.

As of June 30, 2022, there were outstanding 1,048,218 warrants to purchase the Company’s Class B common stock at $4.77 per share, all of which will expire in 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.

As of June 30, 2022, there were approximately $5.5 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 1.7 years.

   

21

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 June 30,					Six Months Ended June 30,
	2022		2021			2022			2021
	(in thousands)					(in thousands)
Net income (loss)	$	622	$	(52	)	$	(364	)	$	(373	)
Aggregate funding paid to (provided by) the Company, net	$	1,381	$	(125	)	$	(77	)	$	(528	)

Summarized combined balance sheet amounts related to CCE was as follows:

	June 30, 2022			December 31, 2021
	(in thousands)
Assets
Cash, cash equivalents and restricted cash	$	287		$	559
Trade accounts receivable		420			544
Prepaid expenses and other current assets		426			367
Other assets		359			359
Total assets	$	1,492		$	1,829
Liabilities and noncontrolling interests
Current liabilities	$	497		$	547
Due to IDT Energy		5,745			5,668
Noncontrolling interests		(4,750	)		(4,386	)
Total liabilities and noncontrolling interests	$	1,492		$	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.

22

Note 14—Income Taxes

The following table provides a summary of Company's effective tax rate: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Reported tax rate	22.1	%	27.0	%	24.0	%	34.8	%

The reported tax rate for the three months ended June 30, 2022 was 22.1%, a decrease compared to the same period in 2021. The decrease is mainly from the change in the mix of tax rates in the jurisdictions where the Company earned taxable income. The decrease in the reported tax rate for the six months ended June 30, 2022 compared to the same period in 2021 is a result of favorable results of operations in the U.S. and changes in the mix of jurisdictions in which the taxable income was earned which was not offset by income tax benefit in some jurisdictions that had losses due to valuation allowances in those jurisdictions in the prior period. 

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic weighted-average number of shares		25,463		25,804		25,613		25,903
Effect of dilutive securities:
Stock options and warrants		475		353		384		468
Non-vested restricted Class B common stock		132		70		91		75
Diluted weighted-average number of shares		26,070		26,227		26,088		26,446

The following shares were excluded from the diluted earnings per share computations:  

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Shares underlying options and warrants		126		295		126		295
Non-vested deferred stock units		580		610		580		610

Stock options were excluded from the diluted earnings per share computation in the  three and six months ended June 30, 2022 and 2021  because the exercise prices of the stock options were greater than the average market prices of the Company's stock during the period.

 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 June 30, 2022 and 2021.

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Note 16—Related Party Transactions 

On December 7, 2020, the Company invested $5.0 million to purchase 218,245 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 Chairman of the Board of Directors of Rafael. In connection with the purchase, Rafael issued to the Company warrants to purchase an additional 43,649 shares of Rafael's Class B common stock with an exercise price of $22.91 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 $1.0 million. The Company does not exercise significant influence over the operating or financial policies of Rafael. For the three and six months ended June 30, 2022, the Company recognized unrealized loss on investment of $0.2 million and $0.8 million, respectively. For the three and six months ended June 30, 2022, the Company recognized unrealized gain on investment of $2.9 million and $6.5 million, respectively.  At June 30, 2022, the carrying values of investments in the common stock was $0.5 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 IDT’s foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT.

The Company leases office space and parking in New Jersey from Rafael. The leases expire in April 2025.

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  June 30,					Six Months Ended June 30,
	2022		2021			2022		2021
	(in thousands)				(in thousands)
Amount IDT charged the Company	$	387	$	268		$	780	$	518
Amount the Company charged IDT	$	30	$	33		$	67	$	72
Amount Rafael charged the Company	$	58	$	57		$	115	$	113

The following table presents the balance of receivables and payables to IDT and Rafael:  

	June 30, 2022		December 31, 2021
	(in thousands)
Due to IDT	$	168	$	551
Due from IDT	$	20	$	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 six months ended June 30, 2022 and 2021 related to this debt. The outstanding balance, including accrued interest was $0.1 million as of June 30, 2022. 

The Company obtains insurance policies from several insurance brokers, one of which is IGM Brokerage Corp. (“IGM”). IGM is owned by the mother of Howard S. Jonas and Joyce Mason, who is a Director and Corporate Secretary of the Company. Jonathan Mason, husband of Joyce Mason and brother-in-law of Howard S. Jonas, provides insurance brokerage services via IGM. Based on information the Company received from IGM, the Company believes that IGM received commissions and fees from payments made by the Company (including payments from third party brokers). The Company paid IGM a total of $0.3 million in 2021 related to premium of various insurance policies that were brokered by IGM. There was no outstanding payable to IGM was as of June 30, 2022. Neither Howard S. Jonas nor Joyce Mason has any ownership or other interest in IGM other than via the familial relationships with their mother and Jonathan Mason.  

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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 $1.7 million as at June 30, 2022) with Natan Ohayon (the "Ohayon Loan"). Natan Ohayon is a the holder of a minority interest in Petrocycle Ltd ("Petrocycle"), a subsidiary of the Company. Petrocycle is a preoperating entity engaged in the development of a process to recycle used engine oil into usable gasoline.  The Ohayon Loan, which is secured by 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 June 30, 2022, the outstanding balance, including accrued interest, of the Ohayon Loan was NIS4.5 million (equivalent to $1.4 million), included in other assets in the consolidated balance sheets.  

Investments in Atid 613

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 did not recognize any equity in net loss from Atid 613 for the six months ended June 30, 2022 and 2021. The carrying value of the Company's investments in Atid was $0.1 million at June 30, 2022 and December 31, 2021 included in other noncurrent assets in the consolidated balance sheets.

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. As of June 30, 2022, the outstanding balance of Credit Facility was nil.

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 $1.5 million at June 30, 2022), including the Company's commitment to extend up to NIS1.9 million (equivalent to $0.5 million at June 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, Atid 613 paid the outstanding balance of the loan of $0.2 million. At June 30, 2022, the balance of loan receivables from Atid 613 was nil.

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Note 17—Business Segment Information 

The Company has three reportable business segments: GRE, GRE International 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. GRE International, operates REPs in Finland and Sweden. Genie Renewables 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		GRE International		Genie Renewables			Corporate			Total
Three Months Ended June 30, 2022
Revenues	$	63,161	$	8,086	$	3,779		$	—		$	75,026
Income (loss) from operations		14,413		36,365		(517	)		(1,785	)		48,476
Depreciation and amortization		84		153		11			—			248
Stock-based compensation		230		—		35			465			730
Provision for (benefit from) income taxes		3,705		7,266		—			(390	)		10,581
Three Months Ended June 30, 2021
Revenues	$	66,977	$	7,058	$	2,344		$	—		$	76,379
Income (loss) from operations		5,509		145		334			(1,452	)		4,536
Depreciation and amortization		88		216		11			—			315
Stock-based compensation		186		40		—			333			559
Provision for (benefit from) income taxes		2,263		884		—			(4)			3,143

Six Months Ended June 30, 2022
Revenues	$	147,044	$	20,689		$	5,821		$	—		$	173,554
Income (loss) from operations		44,589		33,557			(997	)		(4,241	)		72,908
Depreciation and amortization		169		341			21			1			532
Stock-based compensation		476		70			—			1,024			1,570
Provision for (benefit from) income taxes		11,538		6,445			—			(889	)		17,094
Six Months Ended June 30, 2021
Revenues	$	157,644	$	21,394		$	4,832		$	—		$	183,870
Income (loss) from operations		6,712		(5,404	)		894			(3,130	)		(928	)
Depreciation and amortization		205		467			23			1			696
Stock-based compensation		348		72			—			728			1,148
Provision for (benefit from) income taxes		3,449		47			128			55			3,679

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

(in thousands)	GRE		GRE International		Genie Renewables		Corporate		Total
Total assets:
June 30, 2022	$	144,677	$	74,214	$	5,985	$	14,359	$	239,235
December 31, 2021		174,442		34,674		3,946		16,403		229,465

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Note 18—Commitments and Contingencies

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—Discontinued Operations and Divestiture, for discussion related to the administration of Orbit.

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 $0.4 million. Town Square has also agreed to voluntarily refrain from in-person marketing activities in Connecticut for a period of 15 months. For the three and six months ended June 30, 2022, Town Square’s gross revenues from sales in Connecticut was $4.4 million and $8.1 million, respectively. 

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 $1.5 million in penalties, along with a suspension of license, auditing of marketing practices upon reinstatement and an invitation for settlement discussions.

In June 2022, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Residents Energy paid $0.3 million and volunteered to withdraw from the market in Connecticut for a period of 36 months.

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. As of June 30, 2022, no claims or demands have been made against Residents Energy by the IL AG, and there is insufficient basis to deem any loss probable or to assess the amount of any possible loss. For the three and six months ended June 30, 2022, Resident Energy’s gross revenues from sales in Illinois was $6.1 million and $14.4 million, respectively.

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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 six months ended June 30, 2022, Town Square’s gross revenues from sales in Maine was $0.4 million and $0.8million, respectively. 

Other Commitments

Purchase Commitments

The Company had future purchase commitments of $130.9 million at June 30, 2022, of which $103.7 million was for future purchase of electricity. The purchase commitments outstanding as of June 30, 2022 are expected to be paid as follows: 

(in thousands)
Remainder of 2022	$	45,148
2023		68,226
2024		16,530
2025		1,005
2026		—
Thereafter		—
Total payments	$	130,909

In the three months ended June 30, 2022, the Company purchased $12.1 million and $7.0 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the six months ended June 30, 2022, the Company purchased $25.4 million and $10.5 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the three months ended June 30, 2021, the Company purchased $6.6 million and $5.8 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the six months ended June 30, 2021, the Company purchased $6.5 million and $8.4 million of electricity and renewable energy credits, respectively, under these purchase commitments. 

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 June 30, 2022, GRE had commitments to purchase renewable energy credits of $27.2 million.

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 June 30, 2022, GRE had aggregate performance bonds of $15.5 million outstanding and minimal amount of unused letters of credit.  

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 June 30, 2022, the Company was in compliance with such covenants. At June 30, 2022, restricted cash—short-term of $0.5 million and trade accounts receivable of $42.1 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $13.2 million at June 30, 2022.

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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 Note 5)

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, June 30, 2022, there are no letters of credit issued by JP Morgan Chase Bank. At June 30, 2022, the cash collateral of $5.2 million was included in restricted cash—short-term in the consolidated balance sheet.

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. 

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Note 21—Subsequent Events

Lumo Finland and Lumo Sweden 

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 Finland and Lumo Sweden for a gross aggregate amount of €41.1 million (equivalent to approximately $41.4 million) 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 €35.8 million (equivalent to $35.8 million) as of June 30, 2022.

In July 2022, Lumo Sweden entered into a transaction to transfer, effective August 5, 2022, its customers to a third party for nominal consideration. The Company is exploring alternatives for ongoing servicing of the customers of Lumo Finland.

The aggregate net assets of Lumo Finland and Lumo Sweden was $39.8 million as of June 30, 2022, including $35.8 million in the net book value of derivative contracts disclosed above. The aggregate revenue of Lumo Finland and Lumo Sweden was $8.1 million and $20.7 million in the three and six months ended June 30, 2022, respectively and $6.3 million and $17.5 million in the three and six months ended June 30, 2021, respectively. The assets, liabilities and results of operations of Lumo Finland and Sweden are included in the GRE International segment. 

The Company anticipates that the assets and liabilities of Lumo Finland and Lumo Sweden that are expected to be sold or disposed will be reclassified as assets and liabilities held for sale. A potential disposal would represent a strategic shift that would have a major effect on the Company’s operations and financial statements and would be accounted for as a discontinued operation upon completion of disposal in 2022. Upon completion of the disposal of the assets and liabilities of Lumo Finland and Lumo Sweden, the remaining assets and liabilities of GRE International would be combined with the corporate segment. 

Redemption of Preferred Stock

In July 2022, the Company elected to exercise its right to redeem 117,647 shares of its outstanding Preferred Stock on August 15, 2022 (the “Redemption Date”) at a price of $8.50 per share (an aggregate of $1.0 million), together with an amount equal to all dividends accrued and unpaid up to, but not including, the Redemption Date. 

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Item 2.       Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with the accompanying consolidated financial statements and the associated notes thereto of this Quarterly Report, and the audited consolidated financial statements and the notes thereto and our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (or SEC).

As used below, unless the context otherwise requires, the terms “the Company,” “Genie,” “we,” “us,” and “our” refer to Genie Energy Ltd., a Delaware corporation, and its subsidiaries, collectively.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,” “anticipates,” “expects,” “plans,” “intends,” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed below under Part II, Item IA and under Item 1A to Part I “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. The forward-looking statements are made as of the date of this report and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, including our Annual Report on Form 10-K for the year ended December 31, 2021.

Overview

We are comprised of Genie Retail Energy ("GRE"), Genie Retail Energy International ("GRE International") and Genie Renewables.

GRE owns and operates retail energy providers ("REPs"), including IDT Energy, Residents Energy, Town Square Energy ("TSE"), Southern Federal and Mirabito Natural Gas. GRE's REP businesses resell electricity and natural gas primarily to residential and small business customers, with the majority of the customers in the Eastern and Midwestern United States and Texas.

GRE International holds the Company's interest in REPs that serve retail customers in Scandinavia. It holds 91.6% controlling interest in Lumo Energia Oyj ("Lumo Finland"), a REP serving residential customers in Finland and 97.7% interest in Lumo Energi AB ("Lumo Sweden"). GREI previously held 98.8% in Genie Japan that was sold in May 2021. GRE International also holds a 100% ownership of Orbit Energy, a REP operating in the U.K., which was discontinued in November 2021 as discussed below.

Genie Renewables holds Genie Solar Energy, a rooftop solar system sales and general contracting company, a 93.5% interest in CityCom Solar, a marketer of community solar energy solutions, Diversegy LLC ("Diversegy"), an energy broker for commercial, and a 60.0% controlling interest in Prism Solar, a solar solutions company that is engaged in U.S. manufacturing of solar panels, solar installation design and solar energy project management.

As part of our ongoing business development efforts, we seek out new opportunities, which may include complementary operations or businesses that reflect horizontal or vertical expansion from our current operations. Some of these potential opportunities are considered briefly and others are examined in further depth. In particular, we seek out acquisitions to expand the geographic scope and size of our REP businesses.

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Discontinued Operations in United Kingdom

In 2021, the natural gas and energy market in the United Kingdom deteriorated which prompted us to suspend the spin-off and 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. A portion of the net cash proceeds was transferred to us (see Note 5, Discontinued Operations and Divestiture, to our financial statements included elsewhere in this Quarterly Report on Form 10-Q).

Following the termination of the contract with Shell, we 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 based on the Insolvency Act of 1986, revoked Orbit's license to supply electricity and natural gas in the United Kingdom, ordered that Orbit's current customers be transferred to a “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, the management and control of which was transferred to Administrators.

We determined that exiting the United Kingdom represented a strategic shift that would have a major effect on our operations and accordingly, presented the results of operations and related cash flows 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 June 30, 2022 and December 31, 2021.

Lumo Finland and Lumo Sweden

In July 2022, we initiated a plan to dispose of certain assets and liabilities of Lumo Finland and Lumo Sweden. From July 13, 2022 to July 19, 2022, we entered into a series of transactions to sell most of the electricity swap instruments held by Lumo Finland and Lumo Sweden for a gross aggregate amount of €41.1 million (equivalent to approximately $41.4 million) before fees and other costs. The sale price is expected to be settled monthly based on monthly commodity volume specified in the instruments from September 2022 to March 2025. The net book value of the instrument sold was €35.8 million (equivalent to $35.8 million) as of June 30, 2022.

In July 2022, Lumo Sweden entered into a transaction to transfer effective August 5, 2022, its customers to a third party for nominal consideration. We are exploring alternatives for ongoing servicing of the customers of  Lumo Finland.

The aggregate net assets of Lumo Finland and Lumo Sweden were $39.8 million as of June 30, 2022, including the $35.8 million in net book value of derivative contracts disclosed above. The aggregate revenue of Lumo Finland and Lumo Sweden was $8.1 million and $20.7 million in the three and six months ended June 30, 2022, respectively and $6.3 million and $17.5 million in the three and six months ended June 30, 2021, respectively. The assets, liabilities and results of operations of Lumo Finland and Lumo Sweden are included in GRE International segment. 

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We anticipate that the assets and liabilities of Lumo Finland and Lumo Sweden that are expected to be sold or disposed will be reclassified as assets and liabilities held for sale. A potential disposal would represent a strategic shift that would have a major effect on our operations and financial statements and would be accounted for as a discontinued operation upon completion of disposal in 2022. Upon completion of the disposal of the assets and liabilities of Lumo Finland and Lumo Sweden, the remaining assets and liabilities of GRE International would be combined with the corporate segment. 

Coronavirus Disease (COVID 19)

Starting in the first quarter 2020, the world and the United States experienced the unprecedented impacts of the coronavirus disease 2019 (COVID-19) pandemic. 

For the year ended December 31, 2021, the impacts of COVID-19 are evident in several key aspects of our business operations and the corresponding financial impact has been mixed. Our consolidated income from operations for the three and six months ended June 30, 2022 increased by  $43.9 million and $73.8 million compared to the same periods in 2021.

Our customer base is predominantly residential, so we benefited from the increased demand for electricity when customers are working from their homes. On the other hand, like other retail energy providers, we suspended our face-to-face customer acquisition programs in March 2020 as public health measures were implemented to combat COVID-19, resulting in a decrease in gross meter acquisitions and a decrease in U.S. domestic meters served. The reduction in gross meter acquisitions decreased our customer acquisition expense in the year ended December 31, 2021 and 2020 compared to the period before the pandemic.

We did not experience any significant changes in our workforce composition and were able to implement our business continuity plans with no significant impact to our ability to maintain our operations. We continue to maintain strong physical and cybersecurity measures in order to both serve our operational needs with a remote workforce and to ensure that we continue to provide services to our customers. We face challenges due to the need to operate with a remote workforce and are continuing to address those challenges so as to minimize the impact on our ability to operate.

Beginning in 2021, public health restrictions were eased in most of our markets which has allowed us to resume face-to-face sales and marketing. We believe that the impact of public health restrictions on our meter acquisition efforts has dissipated, however, any reversal of the easing of restrictions would impact that situation.

There are many uncertainties regarding the impacts of the COVID-19 pandemic, and we are closely monitoring those impacts of on all aspects of its business, including how it will impact our customers, employees, suppliers, vendors, and business partners. We are currently unable to predict the impact that COVID-19 will have on our financial position and operating results due to the complexities of the impacts and numerous uncertainties that are beyond the Company's control. We expect to continue to assess the evolving impact of COVID-19 on our business and assets and intend to make adjustments accordingly.

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Genie Retail Energy

GRE operates REPs that resell electricity and/or natural gas to residential and small business customers in Connecticut, Delaware, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Florida, Texas, Rhode Island, and Washington, D.C. GRE’s revenues represented approximately 84.2% and 84.7% of our consolidated revenues in the three and six months ended June 30, 2022, respectively and 87.7% and 85.7% of our consolidated revenues in the three and six months ended June 30, 2021, respectively.

Seasonality and Weather; Climate Change

The weather and the seasons, among other things, affect GRE’s REPs' 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 and/or summers have the opposite effects. Unseasonable temperatures in other periods may also impact demand levels. Potential changes in global climate may produce, among other possible conditions, unusual variations in temperature and weather patterns, resulting in unusual weather conditions, more intense, frequent and extreme weather events and other natural disasters. Some climatologists believe that these extreme weather events will become more common and more extreme which will have a greater impact on our operations. 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 47.9% of GRE’s natural gas revenues for the relevant years were generated in the first quarter of 2021 and 2020, 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 30.8% and 31.8% of GRE’s electricity revenues for 2021 and 2020, respectively, were generated in the third quarters of those years. GRE's REP's 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.

In addition to the direct physical impact that climate change may have on our business, financial condition and results of operations because of the effect on pricing, demand for our offerings and/or the energy supple markets, we may also be adversely impacted by other environmental factors, including: (i) technological advances designed to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) regulatory responses aimed at decreasing greenhouse gas emissions; and (iv) litigation or regulatory actions that address the environmental impact of our energy products and services.

Winter Storm in Texas

In February of 2021, the State of Texas experienced unprecedented cold weather and snow, which 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. In the year ended December 31, 2021, GRE recognized approximately $13.0 million in additional costs related to the situation, which were included in the cost of revenue in the consolidated statements of operation.

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.

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In September 2021, the Public Utility Commission of Texas ("PUC") approved the Debt Obligation Order to grant ERCOT's application for a debt financing mechanism to pay for certain costs associated with Winter Storm Uri. Under the Debt Obligation Order, the amount that the Company is entitled to recover increased to approximately $3.4 million. In the third quarter of 2021, the Company recorded an additional reduction in the cost of revenues of $1.9 million for an aggregate amount of $3.4 million for the year ended December 31, 2021. In June 2022, the Company received a $3.5 million refund related to the cost of Winter Storm Uri. 

Purchase of Receivables and Concentration of Credit Risk

Utility companies offer purchase of receivable, or POR, programs in most of the service territories in which GRE operates. GRE’s REPs reduce their customer credit risk by participating in POR programs for a majority of their receivables. In addition to providing billing and collection services, utility companies purchase those REPs’ receivables and assume all credit risk without recourse to those REPs. GRE’s REPs’ primary credit risk is therefore nonpayment by the utility companies. In the three and six months ended June 30, 2022 the associated cost was approximately 1.0% and 1.1% of GRE's revenue, respectively and approximately 1.0% for the three and six months ended June 30, 2021. At June 30, 2022, 85.0% of GRE’s net accounts receivables were under a POR program. Certain of the utility companies represent significant portions of our consolidated revenues and consolidated gross trade accounts receivable balance during certain periods, and such concentrations increase our risk associated with nonpayment by those utility companies.

The following table summarizes the percentage of consolidated trade receivable by customers that equal or exceed 10.0% of consolidated net trade receivables at June 30, 2022 and December 31, 2021 (no other single customer accounted for 10.0% or greater of our consolidated net trade receivable as of June 30, 2022 or December 31, 2021.

	June 30, 2022			December 31, 2021
Customer A		12.5	%		na

na-less than 10.0% of consolidated revenue in the period

The following table summarizes the percentage of revenues by customers that equal or exceed 10.0% of consolidated revenues for the three and six months ended June 30, 2022 and 2021 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the  three and six months ended June 30, 2022 or 2021):

		Three Months Ended June 30				Six Months Ended June 30
	2022		2021			2022		2021
Customer B		na		13.6	%		na		na
Customer A		na		10.2			na		na

na-less than 10.0% of consolidated revenue in the period 

Legal Proceedings

Although GRE endeavors to maintain best sales and marketing practices, such practices have been the subject of certain class action lawsuits.

See Note 18, Commitments and Contingencies, in this Quarterly Report on Form 10-Q, which is incorporated by reference. 

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Agency and Regulatory Proceedings

From time to time, the Company responds to 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. 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. See Notes 18, Commitments and Contingencies, in this Quarterly Report on Form 10-Q, which is incorporated by reference, for further detail on agency and regulatory proceedings.

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 joined in the investigation. On June 17, 2020, the PURA notified Town Square that it was advancing it’s investigation by assigning Prosecutorial ("PRO") 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 May 2021, the parties reached a settlement in principle, subject to finalization of a definitive settlement agreement, pursuant to which Town Square paid $0.4 million. Town Square has also volunteered to refrain, from door-to-door marketing activities in Connecticut for a period of 15 months.

As of June 30, 2022, Town Square’s Connecticut customer base represented 6.9% of GRE’s total meters served and 7.8% of the total RCEs of GRE’s customer base. For three and six months ended June 30, 2022 and 2021, Town Square’s gross revenues from sales in Connecticut were $4.4 million and $8.1 million, respectively.

An RCE represents a natural gas customer with annual consumption of 100 mmbtu or an electricity customer with annual consumption of 10 MWh. Because different customers have different rates of energy consumption, RCEs are an industry standard metric for evaluating the consumption profile of a given retail customer base. 

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Residents Energy

In August of 2020, Residents Energy began marketing retail energy services in 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 $1.5 million in penalties, along with a suspension of license for eighteen months, auditing of marketing practices upon reinstatement and an invitation for settlement discussions. 

In May 2021, the parties reached a settlement, pursuant to which Residents will pay $0.3 million. Residents Energy has also volunteered to withdraw from the market in Connecticut for a period of 36 months.

Critical Accounting Policies

Our consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our significant accounting policies are described in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting policies are those that require the application of management’s most subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods. Our critical accounting policies include those related to revenue recognition, allowance for doubtful accounts, acquisitions, goodwill, and income taxes. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. For additional discussion of our critical accounting policies, see our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2021.

Recently Issued Accounting Standards

Information regarding new accounting pronouncements is included in Note 20—Recently Issued Accounting Standards, to the current period’s consolidated financial statements.

Results of Operations

We evaluate the performance of our operating business segments based primarily on income (loss) from operations. Accordingly, the income and expense line items below income (loss) from operations are only included in our discussion of the consolidated results of operations. 

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Three and Six Months Ended June 30, 2022 and Compared to Three and Six Months Ended June 30, 2021

Genie Retail Energy Segment

	Three months ended June 30,				Change							Six months ended June 30,				Change
(amounts in thousands)	2022		2021		$			%				2022		2021		$			%
Revenues:
Electricity	$	53,063	$	61,895	$	(8,832	)		(14.3	)	%	$	112,443	$	135,282	$	(22,839	)		(16.9	)	%
Natural gas		10,098		5,082		5,016			98.7				34,601		22,362		12,239			54.7
Total revenues		63,161		66,977		(3,816	)		(5.7	)			147,044		157,644		(10,600	)		(6.7	)
Cost of revenues		34,159		48,657		(14,498	)		(29.8	)			71,459		124,358		(52,899	)		(42.5	)
Gross profit		29,002		18,320		10,682			58.3				75,585		33,286		42,299			127.1
Selling, general and administrative expenses		14,589		12,811		1,778			13.9				30,996		26,574		4,422			16.6
Income from operations	$	14,413	$	5,509	$	8,904			(161.6	)	%	$	44,589	$	6,712	$	37,877			564.3		%

Revenues. Electricity revenues decreased by 14.3% in the three months ended June 30, 2022 compared to the same period in 2021. The decrease was due to a decline in electricity consumption partially offset by an increase in the average price per kilowatt hour charged to customers in the three months ended June 30, 2022 compared to the same period in 2021. Electricity consumption by GRE’s REPs' customers decreased by 33.6% in the three months ended June 30, 2022, compared to the same period in 2021. The decrease in electricity consumption reflected a 0.8% decrease in average consumption per meter and a 33.1% decrease in the average number of meters served. The reduction in meters served was driven, in part, by our decision to pause certain customer acquisitions efforts and allow certain lower margin customers, including those acquired through municipal aggregation deals to move to other suppliers. The average rate per kilowatt hour sold increased 29.1% in the three months ended June 30, 2022 compared to the same period in 2021. The increase is due to the increase in the average wholesale price of electricity in the three months ended June 30, 2022 compared to the same period in 2021.   

Electricity revenues decreased by 16.9% in the six months ended June 30, 2022 compared to the same period in 2021. The decrease was due to a decline in electricity consumption partially offset by an increase in the average price charged per kilowatt hour charged to customers in the six months ended June 30, 2022 compared to the same period in 2021. Electricity consumption by GRE’s REPs' customers decreased by 35.3% in the six months ended June 30, 2022, compared to the same period in 2021. The decrease in electricity consumption reflected a 3.1% decrease in average consumption per meter and a 33.2% decrease in the average number of meters served. As discussed above, the reduction in meters served was driven, in part, by the decision to pause certain customer acquisitions efforts and allow certain lower margin customers to move to other suppliers. The average rate per kilowatt hour sold increased 28.4% in the six months ended June 30, 2022 compared to the same period in 2021. The increase is due to the increase in the wholesale price of electricity in the six months ended June 30, 2022 compared to the same period in 2021.

GRE’s natural gas revenues increased by 98.7% in the three months ended June 30, 2022 compared to the same period in 2021.  The increase in natural gas revenues in the three months ended June 30, 2022 compared to the same period in 2021 was a result of increases in natural gas consumption and in average revenue per therm sold. Natural gas consumption by GRE’s REPs’ customers increased by 57.8% in the three months ended June 30, 2022 compared to the same period in 2021, reflecting a 48.6% increase in average consumption per meter and a 6.2% increase in average meters served in the three months ended June 30, 2022 compared to the same period in 2021. The increase in average consumption per meter in the three months ended June 30, 2022 compared to the same period in 2021 was a result of entering new, natural gas-only markets during the last four quarters and enrolling relatively high average consumption natural gas meters. The average revenue per therm sold increased by 25.9% in the three months ended June 30, 2022, compared to the same period in 2021. 

GRE’s natural gas revenues increased by 54.7% in the six months ended June 30, 2022 compared to the same period in 2021.  The increase in natural gas revenues in the six months ended June 30, 2022 compared to the same period in 2021 was a result of increases in natural gas consumption partially offset by a decrease in average revenue per therm sold. Natural gas consumption by GRE’s REPs’ customers increased by 29.1% in the six months ended June 30, 2022 compared to the same period in 2021, reflecting a 21.9% increase in average consumption per meter and a 5.9% increase in average meters served in the six months ended June 30, 2022 compared to the same period in 2021. The average revenue per therm sold increased by 19.9% in the six months ended June 30, 2022, compared to the same period in 2021. 

38

The customer base for GRE’s REPs as measured by meters served consisted of the following: 

(in thousands)	June 30, 2022	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
Meters at end of quarter:
Electricity customers	203		209		210		289		292
Natural gas customers	77		77		75		72		69
Total meters	280		286		285		361		361

Gross meter acquisitions in the three months ended June 30, 2022, were 34,000 compared to 35,000 for the same period in 2021. Gross meter acquisitions in the six months ended June 30, 2022, were 79,000 compared to 97,000 for the same period in 2021. The decrease in the gross meter acquisitions for the three and six months ended June 30, 2022 compared to the same period in 2021 was due to a “strategic pause” on certain customer acquisition channels to protect margins due to unfavorable market conditions that started in the fourth quarter 2021. 

Meters served slightly decreased by 6,000 meters or 2.1% from March 31, 2022 to June 30, 2022. Meters served slightly decreased by 5,000 meters or 1.8% from December 31, 2021 to June 30, 2022. The decreases in the number of meters served at June 30, 2022 compared to March 31, 2022 and December 31, 2021 were due to a decrease in average churn during the period and the "strategic pause" on certain customer acquisition channels discussed above. GRE's REPs also returned some customers to their underlying utility in certain markets in the fourth quarter of 2021 to minimize the impact of expected higher prices on our margins. In the three months ended June 30, 2022, average monthly churn increased to 4.4% compared to 3.8% for same period in 2021.  In the six months ended June 30, 2022, the average monthly churn slightly increased to 4.5% compared to 4.3% for same period in 2021. 

The average rates of annualized energy consumption, as measured by RCEs, are presented in the chart below. An RCE represents a natural gas customer with annual consumption of 100 mmbtu or an electricity customer with annual consumption of 10 MWh. Because different customers have different rates of energy consumption, RCEs are an industry standard metric for evaluating the consumption profile of a given retail customer base. 

(in thousands)	June 30, 2022	March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021
RCEs at end of quarter:
Electricity customers	185		182		189		276		272
Natural gas customers	77		78		71		60		58
Total RCEs	262		260		260		336		330

39

RCEs decreased 20.6% at June 30, 2022 compared to June 30, 2021. The decreases are primarily due to the "strategic pause" on customer acquisitions and transfer of some customers to their underlying utilities as discussed above. RCEs slightly increased by 0.8% at June 30, 2022 compared to December 31, 2021. 

Cost of Revenues and Gross Margin Percentage. GRE’s cost of revenues and gross margin percentage were as follows:  

	Three Months Ended June 30,				Change						Six Months Ended June 30,				Change
(amounts in thousands)	2022		2021		$			%			2022		2021		$			%
Cost of revenues:
Electricity	$	24,526	$	45,883	$	(21,357	)		(46.5	)%	$	49,723	$	112,344	$	(62,621	)		(55.7	)%
Natural gas		9,633		2,774		6,859			247.3			21,736		12,014		9,722			80.9
Total cost of revenues	$	34,159	$	48,657	$	(14,498	)		(29.8	)%	$	71,459	$	124,358	$	(52,899	)		(42.5	)%

	Three months ended June 30,						Six months ended June 30,
(amounts in thousands)	2022		2021		Change		2022		2021		Change
Gross margin percentage:
Electricity	53.8	%	25.9	%	27.9	%	55.8	%	17.0	%	38.8	%
Natural gas	4.6		45.4		(40.8	)	37.2		46.3		(9.1	)
Total gross margin percentage	45.9	%	27.4	%	18.6	%	51.4	%	21.1	%	30.3	%

Cost of revenues for electricity decreased in the three months ended June 30, 2022 compared to the same period in 2021 primarily because of decreases in electricity consumption by GRE’s REPs’ customers and the average unit cost of electricity. The average unit cost of electricity decreased 19.7% in the three months ended June 30, 2022 compared to the same period in 2021. A significant portion of the decrease in the average cost of electricity resulted from the favorable results of hedging activities for the three months ended June 30, 2022 compared to the same period in 2021. We recognized gains from derivative instruments of $22.2 million in the three months ended June 30, 2022 compared to $0.2 million recognized in the same period of 2021. Gross margin on electricity sales increased in the three months ended June 30, 2022 compared to the same period in 2021 because the average rate charged to customers increased while the average unit cost of electricity decreased.   

Cost of revenues for electricity decreased in the six months ended June 30, 2022 compared to the same period in 2021 primarily because of decreases in electricity consumption by GRE’s REPs’ customers and the average unit cost of electricity. The average unit cost of electricity decreased 31.7% in the six months ended June 30, 2022 compared to the same period in 2021. A significant portion of the decrease in the average cost of electricity resulted from the favorable results of hedging activities for the six months ended June 30, 2022 compared to the same period in 2021 and the incremental cost incurred in the six months ended June 30, 2021 as an effect of a major winter storm in Texas as discussed above. We recognized gains from derivative instruments of $53.2 million in the six months ended June 30, 2022 compared to $3.2 million recognized in the same period of 2021. Gross margin on electricity sales increased in the six months ended June 30, 2022 compared to the same period in 2021 because the average rate charged to customers increased while the average unit cost of electricity decreased.  

Cost of revenues for natural gas increased in the three months ended June 30, 2022 compared to the same period in 2021 primarily because of increases in natural gas consumption by GRE's REPs' customers and in average unit cost of natural gas. The average unit cost of natural gas increased 120.1% in the three months ended June 30, 2022 compared to the same period in 2021. Gross margin on natural gas sales decreased in the three months ended June 30, 2022 compared to the same period in 2021 because the average rate charged to customers increased less than the increase in the average unit cost of natural gas.

Cost of revenues for natural gas increased in the six months ended June 30, 2022 compared to the same period in 2021 primarily because of increases in natural gas consumption by GRE's REPs' customers and in average unit cost of natural gas. The average unit cost of natural gas increased 40.2% in the six months ended June 30, 2022 compared to the same period in 2021. Gross margin on natural gas sales decreased in the six months ended June 30, 2022 compared to the same period in 2021 because the average rate charged to customers increased less than the increase in the average unit cost of natural gas.

40

Selling, General and Administrative. The increase in selling, general and administrative expense in the three months ended June 30, 2022 compared to the same period in 2021 was primarily due to increases in marketing and customer acquisition costs and employee-related costs partially offset by a decrease in legal settlement costs. Employee-related expenses increased by $0.7 million in the three months ended June 30, 2022 compared to the same period in 2021 primarily due to an increase in accrued bonuses as a result of improved results of operations during the period. Marketing and customer acquisition expenses increased by $1.1 million in the three months ended June 30, 2022 compared to the same period in 2021 as a result of expansion of marketing activities to offset the effect of COVID-19 related to public health restrictions to traditional customer acquisition methods. As a percentage of GRE’s total revenues, selling, general and administrative expense increased from 19.1% in the three months ended June 30, 2021 to 23.1% in the three months ended June 30, 2022. 

The increase in selling, general and administrative expense in the six months ended June 30, 2022 compared to the same period in 2021 was primarily due to increases in marketing and customer acquisition costs and employee-related costs partially offset by a decrease in legal settlement costs. Employee-related expenses increased by $1.8 million in the six months ended June 30, 2022 compared to the same period in 2021 primarily due to an increase in accrued bonuses as a result of improved results of operations during the period. Marketing and customer acquisition expenses increased by $3.1 million in the six months ended June 30, 2022 compared to the same period in 2021 as a result of expansion of marketing activities to offset the effect of COVID-19 related to public health restrictions to traditional customer acquisition methods. As a percentage of GRE’s total revenues, selling, general and administrative expense increased from 16.9% in the six months ended June 30, 2021 to 21.1%% in the six months ended June 30, 2022. 

GRE International Segment

GRE International holds our stakes in REPs outside of North America. These businesses currently include our controlling stakes in Lumo Finland and Lumo Sweden and included Genie Japan prior to its sale in May 2021. GRE International also holds our stake in Orbit, which discontinued operations at the end of November 2021. 

In January 2021, weather volatility and the lack of adequate gas reserves drove the prices on the Japan Electric Power Exchange to $2,390 per megawatt hour for an extended period of time. Although our supply commitment for our customers in Japan was hedged reasonably for expected winter weather conditions, the extreme price spike exposed us to further unexpected cost increases. The impact on our 2021 consolidated result of operations was approximately $2.5 million.

On April 26, 2021, we entered into an Equity Purchase Agreement ("Purchase Agreement") with Hanhwa Q Cells Japan Co., Ltd. ("Hanhwa"), pursuant to which, we agreed to sell our 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, we 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 loans payable of Genie Japan. We 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. For the period from January 1, 2021 to May 11, 2021, Genie Japan had revenues and cost of revenues of $3.9 million and $5.9 million, respectively. 

	Three Months Ended June 30,					Change						Six Months Ended June 30,						Change
(amounts in thousands)	2022			2021		$			%			2022			2021			$			%
Revenues
Electricity	$	7,769		$	6,786	$	983			14.5		$	20,173		$	21,012		$	(839	)		(4.0	)%
Others		317			272		45			16.5			516			382			134			35.1
Total revenues	$	8,086		$	7,058	$	1,028			14.6		$	20,689		$	21,394		$	(705	)		(3.3	)
Cost of revenue		(29,568	)		5,092		(34,660	)		nm			(15,400	)		22,858			(38,258	)		(167.4	)
Gross profit (loss)		37,654			1,966		35,688			nm			36,089			(1,464	)		37,553			nm
Selling, general and administrative expenses		1,289			1,821		(532	)		(29.2	)		2,532			3,940			(1,408	)		(35.7	)
Income (loss) from operations	$	36,365		$	145	$	36,220			nm		$	33,557		$	(5,404	)	$	38,961			nm

nm—not meaningful

41

Meters served by GRE International's REPs slightly increased to 62,000 at June 30, 2022 from 61,000 at March 31, 2022 and decreased from 67,000 at December 31, 2021 primarily due to a “strategic pause” on customer acquisition to protect margins due to unfavorable market conditions that started in the fourth quarter 2021. 

RCEs of GRE International at June 30, 2022 is relatively flat at  40,000 compared to March 31, 2022 and December 31, 2021 primarily due to the "strategic pause" as discussed above.  

Revenues. GRE International's revenues increased in the three months ended June 30, 2022 compared to the same period in 2021 primarily due to an increase in the average price charged to customers of Lumo Finland and Lumo Sweden partially offset by a decrease in electricity consumption of customers of Lumo Finland and Lumo Sweden and the effect of the sale of Genie Japan in May 2021. The average price charged to customers of Lumo Finland and Lumo Sweden increased by 123.3% for the three months ended June 30, 2022 compared to the same period in 2021. The increase in the average price charged to customers in the three months ended June 30, 2022 compared to the same period in 2021 is due to a significant increase in the price of electricity in the wholesale market. Electricity consumption of customers of Lumo Finland and Lumos Sweden decreased by 26.8% for the three months ended June 30, 2022 compared to the same period in 2021. Revenues from Genie Japan were $0.8 million for the three months ended June 30, 2021.

GRE International's revenues decreased in the six months ended June 30, 2022 compared to the same period in 2021 primarily due to the sale of Genie Japan in May 2021 and a decrease in electricity consumption of customers of Lumo Finland and Lumo Sweden partially offset by the increase in the average price charged to customers of Lumo Finland and Lumo Sweden. Revenues from Genie Japan were $3.9 million for the six months ended June 30, 2021. Electricity consumption of customers of Lumo Finland and Lumos Sweden decreased by 35.2% for the six months ended June 30, 2022 compared to the same period in 2021. The average price charged to customers of Lumo Finland and Lumo Sweden increased by 133.7% for the six months ended June 30, 2022 compared to the same period in 2021. The increase in the average price charged to customers in the six months ended June 30, 2022 compared to the same period in 2021 is due to a significant increase in the price of electricity in the wholesale market. 

Cost of Revenues. GRE International's cost of revenue decreased in the three months ended June 30, 2022 compared to the same period primarily due to the significant gain recognized from the settlement and change in fair values of hedge instruments held by Lumo Finland and Lumo Sweden. Gain from settlement and change in fair values of hedges of Lumo Finland and Lumo Sweden increased to $39.2 million for the three months ended June 30, 2022 from $1.5 million for the three months ended June 30, 2021. The gains are primarily due to significant volatility in the wholesale electricity market in the Nordic regions since the third quarter of 2021.  

GRE International's cost of revenue decreased in the six months ended June 30, 2022 compared to the same period primarily due to the significant gain recognized from the settlement and change in fair values of hedge instruments held by Lumo Finland and Lumo Sweden and the sale of Genie Japan in May 2021. Gain from settlement and change in fair values of hedges of Lumo Finland and Lumo Sweden increased to $39.4 for the six months ended June 30, 2022 from $1.9 million for the six months ended June 30, 2021. Cost of revenue from Genie Japan was $5.9 million for the six months ended June 30, 2021. 

Selling, General and Administrative Expenses. The decreases in selling, general and administrative expenses in the three and six months ended June 30, 2022 compared to the same periods in 2021 was primarily due to the sale of Genie Japan in May 2021 partially offset by an increase in employee-related cost as a result of hiring additional personnel during the period. 

Genie Renewables Segment

The Genie Renewables (formerly GES) segment is composed of Genie Solar, CityCom Solar, Diversegy and Prism, in which we hold a 60.0% controlling interest. 

	Three Months Ended June 30,					Change						Six Months Ended June 30,					Change
(amounts in thousands)	2022			2021		$			%			2022			2021		$			%
Revenues	$	3,779		$	2,344	$	1,435			61.2		$	5,821		$	4,832	$	989			20.5	%
Cost of revenue		2,961			1,422		1,539			108.2			4,480			2,792		1,688			60.5
Gross profit		818			922		(104	)		(11.3	)		1,341			2,040		(699	)		(34.3	)
Selling, general and administrative expenses		1,335			588		747			127.0			2,338			1,146		1,192			104.0
(Loss) income from operations	$	(517	)	$	334	$	851			(254.8	)%	$	(997	)	$	894	$	1,891			(211.5	)%

42

Revenue. Genie Renewables' revenues increased in the three and six months ended June 30, 2022 compared to the same periods in 2021. The increases in revenues were the result of increases in the activities of Genie Solar projects and commissions from selling third-party products to customers by CityCom Solar. Revenues from Diversegy include commissions, entry fees and other fees from our energy brokerage and marketing services businesses.

Cost of Revenues. Cost of revenue increased in the three and six months ended June 30, 2022 compared to the same periods in 2021. The increases in cost revenues reflects the increase in revenues of Genie Solar and CityCom Solar.  

Selling, General and Administrative. Selling, general and administrative expenses increased in the three and six months ended June 30, 2022 compared to the same period in 2021 primarily due to increases in headcount in Genie Solar and Diversegy and consulting fees at Genie Solar.

Corporate

Corporate does not generate any revenues, nor does it incur any cost of revenues. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expense and other corporate-related general and administrative expense. 

(amounts in thousands)	Three months ended June 30,				Change				Six Months Ended June 30,			Change
		2022		2021		$	%			2022	2021		$	%
General and administrative expenses and loss from operations	$	1,785	$	1,452	$	333	22.9	%		4,241	3,130		1,111	35.5

Corporate general and administrative expenses increased in the three and six months ended June 30, 2022 compared to the same period in 2021 primarily because of increases in employee related cost and in stock-based compensation expense. As a percentage of our consolidated revenues, Corporate general and administrative expense increased to 2.4% in the three months ended June 30, 2022 from 1.9% in the three months ended June 30, 2021 and decreased to 2.4% in the six months ended June 30, 2022 from 1.7% in the six months ended June 30, 2021. 

43

Consolidated

Selling, general and administrative expenses. Stock-based compensation expense included in consolidated selling, general and administrative expense was $0.7 million and $0.6 million in the three months ended June 30, 2022 and 2021, respectively and $1.6 million and $1.1 million in the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, aggregate unrecognized compensation cost related to non-vested stock-based compensation was $5.5 million. The unrecognized compensation cost is recognized over the expected service period.

The following is a discussion of our consolidated income and expense line items below income from operations: 

	Three Months ended June 30,						Change						Six Months ended June 30,						Change
(amounts in thousands)	2022			2021			$			%			2022			2021			$			%
Income from operations	$	48,476		$	4,536		$	43,940			(968.7	)%	$	72,908		$	(928	)	$	73,836			nm
Interest income		48			10			38			380.0			65			20			45			225.0
Interest expense		(52	)		(103	)		51			(49.5	)		(102	)		(212	)		110			(51.9	)
Other income (loss), net		(372	)		39			(411	)		nm			(799	)		7,022			(7,821	)		(111.4	)
Unrealized gain on marketable equity securities and investments		(146	)		2,915			(3,061	)		nm			(869	)		447			(1,316	)		(294.4	)
Gain from sale of subsidiary		—			4,226			(4,226	)		nm			—			4,226			(4,226)			nm
Provision for benefit from income taxes		(10,581	)		(3,143	)		(7,438	)		236.7			(17,094	)		(3,679	)		(13,415	)		364.6
Net income from continuing operations		37,373			8,480			28,893			340.7			54,109			6,896			47,213			684.6
Loss from discontinued operations, net of tax		—			(3,195	)		3,195			nm			—			(4,305	)		4,305			(100.0	)
Net income		37,373			5,285			32,088			(607.2	)		54,109			2,591			51,518			nm
Net income (loss) attributable to noncontrolling interests		2,894			(82	)		2,976			nm			1,741			(790	)		2,531			(320.4	)
Net income attributable to Genie Energy Ltd.	$	34,479		$	5,367		$	29,112			(542.4	)%	$	52,368		$	3,381		$	48,987			nm

nm—not meaningful

44

Other Income (loss), net.  Other income (loss), net in the three and six months ended June 30, 2022 and 2021 consisted primarily foreign currency transactions and equity in net loss in equity method investees. 

Provision for Income Taxes. The change in the reported tax rate for the three and six months ended June 30, 2022 compared to the same periods in 2021, are the result of favorable results of operations in the U.S. and GRE International and changes in the mix of jurisdiction in which taxable income was earned which was not offset by income tax benefit in some jurisdictions that had losses due to valuation allowances in those jurisdictions.

Net Income (Loss) Attributable to Noncontrolling Interests. The increase in net income attributable to noncontrolling interests in the three and six months ended June 30, 2022 compared to the same periods in 2021 was primarily due to an increase in the share of noncontrolling interest in the net income of Lumo Sweden and Lumo Finland. 

Unrealized (loss) gain on Marketable Equity Securities and Investments. The unrealized (loss) gain on marketable equity securities and investment for the three and six months ended June 30, 2022 pertains to the change in fair value of the Company's investments in common stock of Rafael Holdings, Inc. ("Rafael") which the Company acquired in December 2020. 

Loss (Income) from Discontinued Operations, net of tax. Income from discontinued operations, net of tax in the three and six months ended June 30, 2021 is mainly due to losses incurred from the operations of Orbit.

Liquidity and Capital Resources  

General

We currently expect that our cash flow from operations and the $61.1 million balance of unrestricted cash and cash equivalents that we held at June 30, 2022 will be sufficient to meet our currently anticipated cash requirements for at least the period from July 1, 2022 to August 8, 2023.

At June 30, 2022, we had working capital (current assets less current liabilities) of $125.8 million.

	Six Months Ended June 30,
	2022			2021
	(in thousands)
Cash flows provided by (used in):
Operating activities	$	27,551		$	(2,048	)
Investing activities		(2,229	)		3,483
Financing activities		(11,154	)		(3,175	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(120	)		(54	)
Increase in cash, cash equivalents and restricted cash of continuing operations		14,048			(1,794	)
Cash flows used in discontinued operations		(49,446	)		(3,824	)
Net decrease in cash, cash equivalents and restricted cash	$	(35,398	)	$	(5,618	)

45

Operating Activities

Cash, cash equivalents and restricted cash provided by operating activities of continuing operations was $27.6 million in the six months ended June 30, 2022 compared to net cash used in operating activities of continuing operations of $2.0 million in the six months ended June 30, 2021. The increase is primarily the result of favorable results of operations in the  six months ended June 30, 2022 compared to the same period in 2021.

Our cash flow from operations varies significantly from quarter to quarter and from year to year, depending on our operating results and the timing of operating cash receipts and payments, specifically trade accounts receivable and trade accounts payable. Changes in assets and liabilities decreased cash flows by $33.2 million for the six months ended June 30, 2022, compared to the same period in 2021. 

Certain of GRE's REPs are party to an Amended and Restated Preferred Supplier Agreement with BP Energy Company, or 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 REP’s 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 June 30, 2022, we were in compliance with such covenants. At June 30, 2022, restricted cash—short-term of $0.5 million and trade accounts receivable of $42.1 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $13.2 million at June 30, 2022.

We had purchase commitments of $130.9 million at June 30, 2022, of which $103.7 million was for purchases of electricity.

From time to time, we receive 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 we respond to those inquiries or requests. We cannot predict whether any of those matters will lead to claims or enforcement actions.

Investing Activities

Our capital expenditures were minimal in the three months ended June 30, 2022 and 2021. We currently anticipate that our total capital expenditures in the twelve months ending December 31, 2022 will be between $0.5 to $1.0 million.

In December 2020, we invested $5.0 million in Class B common stock of Rafael. Rafael, a publicly-traded company, is also a related party. In connection with the purchase, Rafael issued to us warrants to purchase an additional 43,649 shares of Rafael's Class B common stock with an exercise price of $22.91 per share. The warrants had a term expiring on June 6, 2022. We exercised the warrants in full on March 31, 2021 for a total exercise price of $1.0 million. We do not exercise significant influence over the operating or financial policies of Rafael.

In the first half of 2022, we acquired minimal interests in various ventures for an aggregate amount of investments of $0.8 million.

46

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 contact with Shell which is included in cash and cash equivalents in the consolidated balance sheet as of December 31, 2021. In January 2022, we 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, we 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, we decided not to oppose the application, and the Court transferred the $28.3 million to the Administrator. We believe that the funds are more than sufficient to pay any remaining creditors of Orbit (with any surplus, which we expect to be significant, to be returned to us).

Financing Activities

In each of the six months ended June 30, 2022 and 2021, we paid aggregate quarterly Base Dividends of $0.3188 per share, $0.8 million in the aggregate, on our Series 2012-A Preferred Stock, or Preferred Stock. On April 14, 2022, our Board of Directors declared a quarterly Base Dividend of $0.1594 per share of our Preferred Stock. The dividend will be paid on or about May 16, 2022 to stockholders of record as of the close of business on May 6, 2022.

In March 2021, in light of the losses incurred from the effects of the events in Texas and Japan discussed above, the Company suspended the payment of quarterly dividends on its common stock to rebuild cash position.

On February 7, 2022, the Board of Directors reversed its earlier suspension of quarterly dividends and declared a quarterly dividend of $0.075 per share on our Class a common stock and Class B Common Stock. In the six months ended June 30, 2022, we paid an aggregate quarterly dividends of $0.150 per share to stockholders of our Class A common stock and Class B common stock. The Company paid $3.9 million in aggregate dividends on our common stock for the six months ended June 30, 2022. On August 3, 2022, our Board of Directors declared a quarterly dividend of $0.075 per share of our Class A common stock and Class B Common Stock. The dividend will be paid on or about August 26, 2022 to stockholders of record as of the close of business on August 18, 2022.

On March 11, 2013, our Board of Directors approved a program for the repurchase of up to an aggregate of 7.0 million shares of our Class B common stock. In the three and six months ended June 30, 2022, the Company acquired 639,393 Class B common stock under the stock purchase program for an aggregate amount of $4.4 million.  In the three and six months ended June 30, 2021, the Company acquired 392,932 Class B common stock under the stock purchase program for an aggregate amount of $2.4 million.At June 30, 2022, 4.9 million shares of Class B common stock remained available for repurchase under the stock repurchase program.

On March 21, 2020, our Board of Directors approved a program to redeem up to $4.0 million worth of our Preferred Stock in accordance with the Certificate of Designations for the preferred stock. There were no redemptions under this program in the three and six months ended June 30, 2022 and 2021 and the program terminated.

On February 7, 2022, our Board of Directors authorized a program to redeem up to $1.0 million per quarter of our Preferred Stock at the liquidation preference of $8.50 per share beginning in the second quarter of 2022. On May 3, 2022, our Board of Directors authorized to redeem $2.0 million of our Preferred Stock during the second quarter of 2022. In the three and six months ended June 30, 2022, the Company redeemed 235,294 Preferred Stock under the stock purchase program for an aggregate amount of $2.0 million. The Company accrued and paid $0.1296 per share on the redeemed Preferred Stock for a minimal aggregate amount

47

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.

On April 4, 2017, GRE, IDT Energy, and other GRE subsidiaries entered into a Credit Agreement with Vantage Commodities Financial Services II, LLC ("Vantage"), for a $20 million revolving loan facility. The borrowers consist of our subsidiaries that operate REP businesses, and those subsidiaries’ obligations are guaranteed by GRE. The borrowers have provided as collateral a security interest in their receivables, bank accounts, customer agreements, certain other material agreements and related commercial and intangible rights. The outstanding principal amount incurred interest at LIBOR plus 4.5% per annum. Interest is payable monthly, and all outstanding principal and any accrued and unpaid interest matured on April 3, 2020. In April 2020, the revolving line of credit expired and we paid outstanding balance of $3.5 million.

On December 13, 2018, we 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 of December 31, 2022. The Company continues to have an 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. We 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 June 30, 2022, there is no issued letter of credit from the Credit Line. At June 30, 2022, the cash collateral of $5.2 million was included in restricted cash—short-term in the consolidated balance sheet. 

In the six months ended June 30, 2022, we paid $0.1 million to repurchase 12,492 shares of our Class B common stock of our Class B common stock tendered by our employee and an officer to satisfy tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. There was no repurchase from employees in the six months ended June 30, 2021. Such shares were repurchased by us based on their fair market value on the trading day immediately prior to the vesting date.  

Off-Balance Sheet Arrangements

We do not have any “off-balance sheet arrangements,” as defined in relevant SEC regulations that are reasonably likely to have a current or future effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources, other than the following. GRE has performance bonds issued through a third party for the benefit of certain utility companies and for various states in order to comply with the states’ financial requirements for retail energy providers. At June 30, 2022, the Company had outstanding aggregate performance bonds of $15.5 million and minimal amount of unused letters of credit.  

48

Item 3.        Quantitative and Qualitative Disclosures About Market Risks.

Our primary market risk exposure is the price applicable to our natural gas and electricity purchases and sales. The sales price of our natural gas and electricity is primarily driven by the prevailing market price. Hypothetically, for our GRE segment, if our gross profit per unit in the three months ended June 30, 2022 had remained the same as in the three months ended June 30, 2021, our gross profit from electricity sales would have decreased by $18.0 million and our gross profit from natural gas sales would have increased by $3.2 million in the three months ended June 30, 2022. Hypothetically, for our GRE segment, if our gross profit per unit in the six months ended June 30, 2022 had remained the same as in the six months ended June 30, 2022, our gross profit from electricity sales would have decreased by $48.0 million and our gross profit from natural gas sales would have increased by $0.5 million in the six months ended June 30, 2022. 

Hypothetically, for our GRE International segment, if our gross loss per unit in the three months ended June 30, 2022 had remained the same as in the three months ended June 30, 2021, our gross loss from electricity sales would have decreased by $36.3 million in the three months ended June 30, 2022. Hypothetically, for our GRE International segment, if our gross loss per unit in the six months ended June 30, 2022 had remained the same as in the six months ended June 30, 2021, our gross loss from electricity sales would have decreased by $36.5 million in the six months ended June 30, 2022.

The energy markets have historically been very volatile, and we can reasonably expect that electricity and natural gas prices will be subject to fluctuations in the future. In an effort to reduce the effects of the volatility of the price of electricity and natural gas on our operations, we have adopted a policy of hedging electricity and natural gas prices from time to time, at relatively lower volumes, primarily through the use of put and call options and swaps. While the use of these hedging arrangements limits the downside risk of adverse price movements, it also limits future gains from favorable movements. We do not apply hedge accounting to these options or swaps, therefore the mark-to-market change in fair value is recognized in cost of revenue in our consolidated statements of operations. We recognized gains from derivative instruments of $61.8 million and $99.5 million in the three and six months ended June 30, 2022, respectively, and $1.9 million and $4.8 million in the three and six months ended June 30, 2021, respectively. Refer to Note 7 – Derivative Instruments, for details of the hedging activities.

Item 4.             Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2022, due to the material weakness in internal control over financial reporting that was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Remediation. As previously described in Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2021, we began implementing a remediation plan to address the material weakness mentioned above. The weakness will not be considered remediated, until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We expect that the remediation of this material weakness will be completed in 2022.

Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

49

PART II. OTHER INFORMATION

Item 1.       Legal Proceedings

Legal proceedings in which we are involved are more fully described in Note 18 to the Consolidated Financial Statements included in Item 1 to Part I of this Quarterly Report on Form 10-Q.

Item 1A.       Risk Factors

There are no material changes from the risk factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information with respect to purchases by us of shares of our Class B common stock during the second quarter of 2022:

	Total Number of  Shares Purchased		Average Price per Share		Total Number  of Shares Purchased as  part of Publicly  Announced Plans or  Programs		Maximum  Number of  Shares that  May Yet Be Purchased Under the  Plans or Programs (1)
April 1–30, 2022		—	$	—		—		5,538,366
May 1–31, 2022		639,393		6.90		639,393		4,898,973
June 1–30, 2022		—		—		—		4,898,973
Total		639,393	$	6.90		639,393

(1) Under our existing stock repurchase program, approved by our Board of Directors on March 11, 2013, we were authorized to repurchase up to an aggregate of 7.0 million shares of our Class B common stock.

The following table provides information with respect to redemption by us of shares of our Preferred stock during the second quarter of 2022:

	Total Number of  Shares Redeemed		Average  Redemption Price per Share		Total Number  of Shares Redeemed as  part of Publicly  Announced Plans or  Programs		Maximum  Number of  Shares that  May Yet Be Redeemed Under the  Plans or Programs
							(in thousands)
April 1–30, 2022		—	$	—		—	$	2,322,699
May 1–31, 2022		235,294		8.50		235,294		2,087,405
June 1–30, 2022		—		—		—		2,087,405
Total		235,294	$	8.50		235,294

Item 3.         Defaults upon Senior Securities

None

Item 4.          Mine Safety Disclosures

Not applicable

Item 5.           Other Information

None 

50

Item 6.       Exhibits

Exhibit Number	Description
31.1*	Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed or furnished herewith.

51

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Genie Energy Ltd.
August 8, 2022	By:	/s/ Michael M. Stein
		Michael M. Stein Chief Executive Officer
August 8, 2022	By:	/s/ Avi Goldin
		Avi Goldin Chief Financial Officer

52

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael M. Stein, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Genie Energy Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2022

/s/ Michael M. Stein

Michael M. Stein

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Avi Goldin, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Genie Energy Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2022

/s/ Avi Goldin 

Avi Goldin

Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to
18 U.S.C. Section 1350
(as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act Of 2002)

In connection with the Quarterly Report of Genie Energy Ltd. (the “Company”) on Form 10-Q for the quarter ended June 30, 2022 as filed with the Securities and Exchange Commission (the “Report”), I, Michael M. Stein, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2022

/s/ Michael M. Stein

Michael M. Stein

Chief Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Genie Energy Ltd. and will be retained by Genie Energy Ltd. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification Pursuant to
18 U.S.C. Section 1350
(as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act Of 2002)

In connection with the Quarterly Report of Genie Energy Ltd. (the “Company”) on Form 10-Q for the quarter ended June 30, 2022 as filed with the Securities and Exchange Commission (the “Report”), I, Avi Goldin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2022

/s/ Avi Goldin

Avi Goldin

Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Genie Energy Ltd. and will be retained by Genie Energy Ltd. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Entity Registrant Name	Genie Energy Ltd.
Entity Central Index Key	0001528356
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Shell Company	false
Document Fiscal Period Focus	Q2
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
Entity Common Stock, Shares Outstanding		1,574,326
Class B Common Stock
Entity Common Stock, Shares Outstanding		24,313,113

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 61,093	$ 95,492
Restricted cash—short-term	5,658	6,657
Marketable equity securities	490	1,336
Trade accounts receivable, net of allowance for doubtful accounts of $4,480 and $6,365 at June 30, 2022 and December 31, 2021, respectively	43,881	52,357
Inventory	16,043	17,720
Prepaid expenses	6,843	4,994
Other current assets	48,392	21,789
Current assets of discontinued operations	18,680
Total current assets	201,080	200,345
Property and equipment, net	347	297
Goodwill	11,617	11,755
Other intangibles, net	3,408	3,648
Deferred income tax assets, net	4,581	4,259
Other assets	18,202	9,161
Total assets	239,235	229,465
Current liabilities:
Trade accounts payable	26,188	33,554
Accrued expenses	33,771	39,523
Income taxes payable	10,903	9,792
Due to IDT Corporation, net	148	532
Other current liabilities	4,311	2,125
Current liabilities of discontinued operations		30,766
Total current liabilities	75,321	116,292
Other liabilities	10,660	2,384
Total liabilities	85,981	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 2,087 and 2,322 shares issued and outstanding at June 30, 2022 and December 31, 2021	17,743	19,743
Additional paid-in capital	144,818	143,249
Treasury stock, at cost, consisting of 2,657 and 2,005 shares of Class B common stock at June 30, 2022 and December 31, 2021	(18,519)	(14,034)
Accumulated other comprehensive income	1,123	3,160
Retained earnings (accumulated deficit)	18,361	(29,115)
Total Genie Energy Ltd. stockholders’ equity	163,809	123,285
Noncontrolling interests	(10,555)	(12,496)
Total equity	153,254	110,789
Total liabilities and equity	239,235	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	$ 267	$ 266

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts, trade accounts receivable (in dollars)	$ 4,480	$ 6,365
Preferred stock, par value (In dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Treasury stock, shares	2,657	2,005
Series 2012-A Preferred Stock
Designated shares	8,750	8,750
Preferred stock, shares issued	2,087	2,322
Preferred stock, shares outstanding	2,087	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	26,712	26,620
Common stock, shares outstanding	24,055	24,615

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Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 75,026	$ 76,379	$ 173,554	$ 183,870
Cost of revenues	7,552	55,171	60,539	150,008
Gross profit	67,474	21,208	113,015	33,862
Operating expenses and losses:
Selling, general and administrative (i)	18,998	16,672	40,107	34,790	[1]
Income (loss) from operations	48,476	4,536	72,908	(928)
Interest income	48	10	65	20
Interest expense	(52)	(103)	(102)	(212)
Unrealized (loss) gain on marketable equity securities and investments	(146)	2,915	(799)	7,022
Gain on sale of subsidiary		4,226		4,226
Other (loss) income, net	(372)	39	(869)	447
Income before income taxes	47,954	11,623	71,203	10,575
Provision for income taxes	(10,581)	(3,143)	(17,094)	(3,679)
Net income from continuing operations	37,373	8,480	54,109	6,896
Loss from discontinued operations, net of taxes		(3,195)		(4,305)
Net income	37,373	5,285	54,109	2,591
Net income (loss) attributable to noncontrolling interests	(2,894)	82	(1,741)	790
Net income attributable to Genie Energy Ltd.	34,479	5,367	52,368	3,381
Dividends on preferred stock	(624)	(370)	(994)	(740)
Net income attributable to Genie Energy Ltd. common stockholders	33,855	4,997	51,374	2,641
Amounts attributable to Genie Energy Ltd. common stockholders
Income from continuing operations	33,855	8,192	51,374	6,946
Loss from discontinued operations		(3,195)		(4,305)
Net income attributable to Genie Energy Ltd. common stockholders	$ 33,855	$ 4,997	$ 51,374	$ 2,641
Basic:
Income from continuing operations	$ 1.33	$ 0.31	$ 2.01	$ 0.27
Loss from discontinued operations		(0.12)		(0.17)
Net income attributable to Genie Energy Ltd. common stockholders	1.33	0.19	2.01	0.1
Diluted
Income from continuing operations	1.3	0.31	1.97	0.26
Loss from discontinued operations		(0.12)		(0.16)
Net income attributable to Genie Energy Ltd. common stockholders	$ 1.3	$ 0.19	$ 1.97	$ 0.1
Weighted-average number of shares used in calculation of earnings per share:
Basic	25,463	25,804	25,613	25,903
Diluted	26,070	26,227	26,088	26,446
Dividends declared per common share	$ 0.075		$ 0.15
Electricity [Member]
Revenues:
Total revenues	$ 60,832	$ 68,681	$ 132,616	$ 156,294
Natural Gas [Member]
Revenues:
Total revenues	10,098	5,082	34,601	22,362
Other [Member]
Revenues:
Total revenues	$ 4,096	$ 2,616	$ 6,337	$ 5,214

[1] Stock-based compensation included in selling, general and administrative expenses

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Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation included in selling, general and administrative expenses	$ 730	$ 559	$ 1,570	$ 1,148

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Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 37,373	$ 5,285	$ 54,109	$ 2,591
Other comprehensive loss:
Foreign currency translation adjustments	(2,139)	105	(1,837)	(237)
Comprehensive income	35,234	5,390	52,272	2,354
Comprehensive gain attributable to noncontrolling interests	(3,131)	82	(1,941)	560
Comprehensive income attributable to Genie Energy Ltd.	$ 32,103	$ 5,472	$ 50,331	$ 2,914

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Consolidated Statements of Equity - USD ($) shares in Thousands, $ 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	1,574	25,811
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends on preferred stock	(370)							(370)
Stock Based Compensation	589			$ 1	588
Stock-based compensation, shares				121
Issuance of Class B common stock to Howard Jonas (in shares)				20
Issuance of Class B common stock to Howard Jonas	162				162
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	1,574	25,952
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	1,574	25,811
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	2,591
Ending Balance at Jun. 30, 2021	86,500	$ 19,743		$ 261	142,056	(12,274)	3,178	(54,017)	(12,463)
Ending Balance, shares at Jun. 30, 2021		2,322	1,574	25,952
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	1,574	25,952
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		$ 261	142,056	(12,274)	3,178	(54,017)	(12,463)
Ending Balance, shares at Jun. 30, 2021		2,322	1,574	25,952
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	1,574	26,633
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
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	1,574	26,642
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	1,574	26,633
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	54,109
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	1,574	26,715
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	1,574	26,642
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
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
Redemption of preferred stock, shares		(235)
Redemption of preferred stock	(2,000)	$ (2,000)
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	1,574	26,715

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Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on preferred stock	$ 0.1594	$ 0.1594	$ 0.1594
Dividends on common stock	$ 0.075	$ 0.075

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income	$ 37,373	$ 5,285	$ 54,109	$ 2,591
Net loss from discontinued operations, net of tax		(3,195)		(4,305)
Net income from continuing operations	37,373	8,480	54,109	6,896
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	248	315	532	696
Deferred income taxes			7,019	2,972
Provision for doubtful accounts receivable			1,301	1,092
Unrealized loss (gain) marketable equity securities and investment	146	(2,915)	799	(7,022)
Stock-based compensation			1,570	1,148
Equity in the net income in equity method investees			249	(164)
Gain on sale of subsidiary		(4,226)		(4,226)
Change in assets and liabilities:
Trade accounts receivable			7,175	(621)
Inventory			1,677	1,277
Prepaid expenses			(1,849)	(1,211)
Other current assets and other assets			(34,212)	(3,387)
Trade accounts payable, accrued expenses and other current liabilities			(11,546)	(170)
Due to IDT Corporation			(384)	47
Income taxes payable			1,111	625
Net cash provided by (used in) operating activities of continuing operations			27,551	(2,048)
Net cash used in discontinued operations				(3,824)
Net cash provided by (used in) operating activities			27,551	(5,872)
Investing activities
Capital expenditures			(60)	(80)
Proceeds from the sale of subsidiary, net of cash disposed				4,550
Investment in notes receivables with related party			(1,388)
Purchase of marketable equity securities and other investment			(800)	(1,000)
Repayment of notes receivable			19	13
Net cash (used in) provided by investing activities of continuing operations			(2,229)	3,483
Net cash used in investing activities of discontinued operations			(49,446)
Net cash (used in) provided by investing activities			(51,675)	3,483
Financing activities
Dividends paid			(4,669)	(740)
Repurchases of Class B common stock from employees			(71)
Repurchases of Class B common stock			(4,414)	(2,435)
Redemption of preferred stock			(2,000)
Net cash used in by financing activities			(11,154)	(3,175)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash			(120)	(54)
Net decrease in cash, cash equivalents, and restricted cash			(35,398)	(5,618)
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	66,751	37,566	66,751	37,566
Less: Cash of discontinued operations at end of period		1,906		1,906
Cash, cash equivalents, and restricted cash (excluding discontinued operations) at end of period	$ 66,751	$ 35,660	$ 66,751	$ 35,660

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Basis of Presentation and Business Changes and Development

6 Months Ended

Jun. 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. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The balance sheet at December 31, 2021 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”). 

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 LLC ("GRE International" or "GREI") and 95.5% of Genie Renewables. 

GRE owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, Inc. (“Residents Energy”), Town Square Energy, LLC and Town Square Energy East, LLC (collectively, "TSE"), Southern Federal Power LLC ("Southern Federal") and Mirabito Natural Gas, LLC (“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. 

GRE International holds the Company's 91.6% controlling interest in Lumo Energia Oyj ("Lumo Finland"), a REP serving residential customers in Finland, and its 97.7% interest in Lumo Energi AB ("Lumo Sweden"). GRE International also held the Company's 98.8% interest in venture in Japan, which the Company sold on May 11, 2021. GRE International also holds 100% interest in Orbit Energy, a REP operating in the United Kingdom ("U.K."), which was discontinued in November 2021 as discussed below.

Genie Renewables consists of Genie Solar Energy ("Genie Solar"), a rooftop solar system sales and general contracting company, a 93.5% interest in CityCom Solar, a marketer of community solar energy solutions, Diversegy LLC ("Diversegy"), an energy broker for commercial customers, and GRE's 60.0% interest in Prism Solar Technology, Inc. ("Prism"), a solar solutions company that is engaged in U.S.-based manufacturing of solar panels, solar installation design and solar energy project management.  

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.  

The Company determined that the discontinued operations in the United Kingdom represented a strategic shift that will have a major effect on the Company's operations and financial statements. Since the appointment of the Administrators, 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 June 30, 2022 and December 31, 2021. Since the Company lost control of the management of Orbit in favor of the Administrators, the accounts of Orbit were deconsolidated effective December 1, 2021 and the Company estimated the remaining liability related to its ownership of Orbit.

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 $2.5 million in additional costs related to the price increases, which were included in the cost of revenue in the six months ended June 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 $13.0 million in additional costs of revenue for the six months ended June 30, 2021. 

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, the Public Utility Commission of Texas ("PUC") approved the Debt Obligation Order to grant ERCOT's application for a debt financing mechanism to pay for certain costs associated with Winter Storm Uri. Under the Debt Obligation Order, the amount that the Company is entitled to recover increased to approximately $3.4 million. In the third quarter of 2021, the Company recorded an additional reduction in the cost of revenues of $1.9 million for an aggregate amount of $3.4 million for the year ended December 31, 2021. In June 2022, the Company received $3.5 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 2021 and 2020, 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 2021 and 2020, 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. 

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Cash, Cash Equivalents, and Restricted Cash

6 Months Ended

Jun. 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:

	June 30, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	61,093	$	95,492
Restricted cash—short-term		5,658		6,657
Total cash, cash equivalents, and restricted cash	$	66,751	$	102,149

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 18) and Credit Agreement with JPMorgan Chase (see Note 19).

Included in the cash and cash equivalents as of  December 31, 2021 is cash received from Orbit Energy (see Note 5).  

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Inventories

6 Months Ended

Jun. 30, 2022

Inventories [Abstract]

Inventories

Note 3—Inventories

Inventories consisted of the following:

	June 30, 2022		December 31, 2021
	(in thousands)
Natural gas	$	2,130	$	1,891
Renewable credits		13,737		15,610
Solar Panels:
Finished goods		176		219
Totals	$	16,043	$	17,720

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Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue Recognition [Abstract]

Revenue Recognition

Note 4—Revenue Recognition

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. Variable quantities in requirements contracts are considered to be options for additional goods and services because the customer has a current contractual right to choose the amount of additional distinct goods to purchase. 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 GRE’s REPs 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. Incremental customer acquisition cost of certain GRE International entities are capitalized and amortized over the range of between eighteen and twenty-four months. These costs and the related amortization are recorded within sales and marketing expenses. Total capitalized customer acquisition costs to obtain customer contracts were $0.1 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively. Total capitalized customer acquisition costs to obtain customer contracts were $0.2 million and $0.6 million for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, customer acquisition costs of $0.5 million and $0.1 million included in other current assets and other assets, respectively, on the consolidated balance sheet. The Company recognized $0.1 million and $0.2 million of amortization of capitalized customer acquisition cost for the three months ended June 30, 2022 and 2021, respectively. The Company recognized $0.2 million and $0.4 million of amortization of capitalized customer acquisition cost for the six months ended June 30, 2022 and 2021, respectively. The Company continuously monitors its customer relationship periods to ensure compliance with the application of the standard.

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 June 30, 2022
Fixed rate	$	20,615	$	2,311	$	—	$	22,926
Variable rate		40,217		7,787		—		48,004
Other		—		—		4,096		4,096
Total	$	60,832	$	10,098	$	4,096	$	75,026
Three Months Ended June 30, 2021
Fixed rate	$	33,967	$	808	$	—	$	34,775
Variable rate		34,714		4,274		—		38,988
Other		—		—		2,616		2,616
Total	$	68,681	$	5,082	$	2,616	$	76,379
Six Months Ended June 30, 2022
Fixed rate	$	41,120	$	6,094	$	—	$	47,214
Variable rate		91,496		28,507		—		120,003
Other		—		—		6,337		6,337
Total	$	132,616	$	34,601	$	6,337	$	173,554
Six Months Ended June 30, 2021
Fixed rate	$	72,872	$	2,550	$	—	$	75,422
Variable rate		83,422		19,812		—		103,234
Other		—		—		5,214		5,214
Total	$	156,294	$	22,362	$	5,214	$	183,870

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 June 30, 2022
Non-Commercial Channel	$	51,299	$	6,669	$	—	$	57,968
Commercial Channel		9,533		3,429		—		12,962
Other		—		—		4,096		4,096
Total	$	60,832	$	10,098	$	4,096	$	75,026
Three Months Ended June 30, 2021
Non-Commercial Channel	$	51,222	$	3,805	$	—	$	55,027
Commercial Channel		17,459		1,277		—		18,736
Other		—		—		2,616		2,616
Total	$	68,681	$	5,082	$	2,616	$	76,379
Six Months Ended June 30, 2022
Non-Commercial Channel	$	113,460	$	26,305	$	—	$	139,765
Commercial Channel		19,156		8,296		—		27,452
Other		—		—		6,337		6,337
Total	$	132,616	$	34,601	$	6,337	$	173,554
Six Months Ended June 30, 2021
Non-Commercial Channel	$	124,368	$	18,976	$	—	$	143,344
Commercial Channel		31,926		3,386		—		35,312
Other		—		—		5,214		5,214
Total	$	156,294	$	22,362	$	5,214	$	183,870

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Discontinued Operations and Divestiture

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Divestiture [Abstract]

Discontinued Operations and Divestiture

Note 5—Discontinued Operations and Divestiture

United Kingdom Operations

On July 17, 2017, the Company’s subsidiary, Genie Energy UK Ltd. (“GEUK”), entered into a definitive agreement with Energy Global Investments Pty Ltd (“EGC”) to launch Shoreditch Energy Limited (“Shoreditch”), a joint venture to offer electricity and natural gas service to residential and small business customers in the U.K., under the trade name Orbit Energy. Prior to October 8, 2020, the Company owned 77.0% of the outstanding equity of Shoreditch.

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. Following the transaction, Shoreditch became a wholly-owned subsidiary of GEUK.

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. The Company believes that the funds 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. 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 June 30, 2022 and December 31, 2021.

As a result of loss of control, the Company deconsolidated Orbit effective December 1, 2021 and 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 June 30, 2021				Six Months Ended June 30, 2021
	(in thousands)
Total revenues	$	21,327		$	49,178
Cost of revenues		18,769			41,745
Gross  profit		2,558			7,433
Selling, general and administrative expenses		5,739			11,724
Net loss before taxes		(3,181	)		(4,291	)
Provision for income taxes		14			14
Loss from discontinued operations, net of taxes	$	(3,195	)	$	(4,305	)

The carrying value of the Company's interest in Orbit was net investments of  $18.7 million as of June 30, 2022 and net liabilities of $30.8 million as December 31, 2021. The carrying value was determined by estimating the net realizable values of assets and fair values of remaining liabilities which approximates its carrying values as of June 30, 2022 and December 31, 2021. 

The following table presents a summary of cash flows of the discontinued operations for the six months ended June 30, 2021:

Net loss	$	(4,305	)
Non-cash items		3,199
Changes in assets and liabilities		(2,718	)
Cash flows used in operating activities of discontinued operations	$	(3,824	)

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. 

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Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 6—Fair Value Measurements 

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)
June 30, 2022
Assets:
Marketable equity securities	$	490	$	—	$	—	$	490
Derivative contracts	$	51,890	$	—	$	—	$	51,890
Liabilities:
Derivative contracts	$	4,202	$	—	$	—	$	4,202
December 31, 2021
Assets:
Marketable equity securities	$	1,336	$	—	$	—	$	1,336
Derivative contracts	$	14,405	$	44	$	—	$	14,449
Liabilities:
Derivative contracts	$	1,230	$	—	$	—	$	1,230

(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 six months ended June 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 June 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 June 30, 2022 and December 31, 2021, other assets included notes receivable. At June 30, 2022, the carrying amount of the note receivable and loans payable approximated fair value. The fair values were estimated based on the Company’s assumptions, and were classified as Level 3 of the fair value hierarchy.

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% of consolidated net trade receivables at June 30, 2022 and December 31, 2021 (no other single customer accounted for 10.0% or greater of our consolidated net trade receivable as June 30, 2022 or December 31, 2021):

	June 30, 2022			December 31, 2021
Customer A		12.5	%		na

na-less than 10.0% of consolidated revenue in the period

The following table summarizes the percentage of revenues by customers that equal or exceed 10.0% of consolidated revenues for the three and six months ended June 30, 2022 and 2021 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the  three and six months ended June 30, 2022 or 2021):

		Three Months Ended June 30				Six Months Ended June 30
	2022		2021			2022		2021
Customer B		na		13.6	%		na		na
Customer A		na		10.2			na		na

na-less than 10.0% of consolidated revenue in the period 

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Derivative Instruments

6 Months Ended

Jun. 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 by entering into transactions with high-quality counterparties. At June 30, 2022, GRE’s swaps and options were traded on the Intercontinental Exchange. GRE International's swaps and options were traded through counterparties.

The summarized volume of GRE’s outstanding contracts and options at June 30, 2022 was as follows (MWh – Megawatt hour and Dth – Decatherm):

Settlement Dates	Volume
	Electricity (in MWH)		Gas (in Dth)
Third quarter 2022		108,368		258,440
Fourth quarter 2022		102,816		1,189,500
First quarter 2023		108,920		1,344,440
Second quarter 2023		53,904		154,000
Third quarter 2023		44,816		114,050
Fourth quarter 2023		51,528		585,150
First quarter 2024		30,576		820,050
Second quarter 2024		11,616		89,550
Third quarter of 2024		8,832		59,400
Fourth quarter of 2024		13,248		60,400
First quarter of 2025		11,472		285,550
Second quarter of 2025		—		258,300
Third quarter of 2025		18,400		230,000
Fourth quarter of 2025		—		230,000

The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows:

Asset Derivatives	Balance Sheet Location	June 30, 2022		December 31, 2021
		(in thousands)
Derivatives not designated or not qualifying as hedging instruments:
Energy contracts and options1	Other current assets	$	43,408	$	13,750
Energy contracts and options	Other assets		8,482		699
Total derivatives not designated or not qualifying as hedging instruments — Assets		$	51,890	$	14,449
Liability Derivatives	Balance Sheet Location	June 30, 2022		December 31, 2021
		(in thousands)
Derivatives not designated or not qualifying as hedging instruments:
Energy contracts and options1	Other current liabilities	$	2,584	$	697
Energy contracts and options	Other liabilities		1,618		533
Total derivatives not designated or not qualifying as hedging instruments — Liabilities		$	4,202	$	1,230

(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.

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 June 30,				Six Months Ended June 30,
hedging instruments	on Derivatives		2022		2021		2022		2021
		(in thousands)				(in thousands)
Energy contracts and options	Cost of revenues	$	61,820	$	1,908	$	99,548	$	4,795

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Other Current Assets and Other Assets

6 Months Ended

Jun. 30, 2022

Other Current Assets [Abstract]

Other Current Assets

Note 8—Other Current Assets and Other Assets

Other current assets consisted of the following:  

	June 30, 2022		December 31, 2021
	(in thousands)
Fair value of derivative contracts—current	$	43,408	$	13,750
Receivables from the settlement of derivative contracts		1,617		4,655
Other current assets		3,367		3,384
Total other current assets	$	48,392	$	21,789

Other assets consisted of the following: 

	June 30, 2022		December 31, 2021
	(in thousands)
Fair value of derivative contracts—noncurrent	$	8,482	$	699
Security deposits		5,119		4,867
Right-of-use assets, net of amortization		1,618		1,656
Other assets		2,983		1,939
Total other assets	$	18,202	$	9,161

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 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 June 30, 2022:

	GRE		GRE International			Genie Renewables		Total
	(in thousands)
Balance at January 1, 2022	$	9,998	$	1,757		$	—	$	11,755
Cumulative translation adjustment		—		(138	)		—		(138	)
Balance at June 30, 2022	$	9,998	$	1,619		$	—	$	11,617

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)
June 30, 2022
Patents and trademarks		17.1  years	$	3,822	$	(1,275	)	$	2,547
Customer relationships		9.0  years		1,100		(591	)		509
Licenses		10.0  years		479		(127	)		352
Total			$	5,401	$	(1,993	)	$	3,408
December 31, 2021
Trademark		17.1 years	$	3,805	$	(1,103	)	$	2,702
Customer relationships		9.0 years		1,100		(530	)		570
Licenses		10.0 years		479		(103	)		376
Total			$	5,384	$	(1,736	)	$	3,648

Amortization expense of intangible assets (including minimal amounts reported in cost of revenues) was $0.2 million and $0.3 million in the three and six months ended June 30, 2022, respectively. Amortization expense of intangible assets (including minimal amounts reported in cost of revenues) was $0.3 million and $0.5 million in the three and six months ended June 30, 2021, respectively. The Company estimates that amortization expense of intangible assets will be $0.2 million, $0.4 million, $0.4 million, $0.4 million, $0.3 million and $1.7 million for the remainder of 2022, and for 2023, 2024, 2025, 2026 and thereafter, respectively.

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Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2022

Accrued Expenses and Other Liabilities [Abstract]

Accrued Expenses and Other Liabilities

Note 10—Accrued Expenses and Other Liabilities

Accrued expenses consisted of the following: 

	June 30, 2022		December 31, 2021
	(in thousands)
Renewable energy	$	17,911	$	23,247
Liability to customers related to promotions and retention incentives		9,079		9,071
Payroll and employee benefit		3,863		3,297
Other accrued expenses		2,918		3,908
Total accrued expenses	$	33,771	$	39,523

Other liabilities consisted of the following: 

	June 30, 2022		December 31, 2021
	(in thousands)
Deferred tax liabilities	$	7,342	$	—
Fair value of derivative contracts—noncurrent		1,618		533
Other noncurrent liabilities		1,700		1,851
Total other liabilities	$	10,660	$	2,384

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Leases

6 Months Ended

Jun. 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 2022 and 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 borrowing rate is estimated to approximate the interest rate on a collateralized borrowing rate based on information available at the lease commencement date. ROU assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company use the base, non-cancelable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.

	June 30, 2022		December 31, 2021
	(in thousands)
ROU Assets	$	1,618	$	1,656
Current portion of operating lease liabilities		245		229
Noncurrent portion of operating lease liabilities		1,450		1,495
Total	$	1,695	$	1,724

At June 30, 2022, the weighted average remaining lease term is 6.9 years and the weighted average discount rate is 6.5%.

Supplemental cash flow information for ROU assets and operating lease liabilities are as follows: 

	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating activities	$	299	$	183
ROU assets obtained in the exchange for lease liabilities
Operating leases	$	98	$	—

Future lease payments under operating leases as of June 30, 2022 were as follows:

(in thousands)
Remainder of 2022	$	174
2023		352
2024		319
2025		245
2026		239
Thereafter		832
Total future lease payments		2,161
Less imputed interest		(466	)
Total operating lease liabilities	$	1,695

Rental expenses under operating leases were $0.2 million and $0.3 million in the three and six months ended June 30, 2022. Rental expenses under operating leases were $0.3 million and $0.5 million in the three and six months ended June 30, 2021.   

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Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Note 12—Equity 

Dividend Payments

The following table summarizes the quarterly dividends paid by the Company during the six months ended June 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
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

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. However, 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.

In second quarter of 2022, the Company accrued Additional Dividends of $0.1132 per share on its Preferred Stock, equal to $0.2 million, in respect of the GRE results of operations through June 30, 2022, which is expected to be paid around May 15, 2023. 

On July 14, 2022, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the second quarter of 2022. The dividend will be paid on or about August 15, 2022 to stockholders of record as of the close of business August 8, 2022.

On August 3, 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 second quarter of 2022. The dividend will be paid on or about August 26, 2022 to stockholders of record as of the close of business on August 18, 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. In the three and six months ended June 30, 2022, the Company acquired 639,393 Class B common stock under the stock purchase program for an aggregate amount of $4.4 million. In the three and six months ended June 30, 2021, the Company acquired 392,932 Class B common stock under the stock purchase program for an aggregate amount of $2.4 million. At June 30, 2022, 4.9 million shares remained available for repurchase under the stock repurchase program.

As of June 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  $18.5 million and $14.1 million, respectively, at a weighted average cost per share of  $6.97 and $7.01, respectively.

On March 21, 2020, the Board of Directors of the Company approved a program to redeem up to $4.0 million par value of the Company's Preferred Stock in accordance with the Certificate of Designations for the preferred stock. There was no redemption under this program in three and Six Months Ended June 30, 2022 and 2021 and the program has terminated.

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 three and six months ended June 30, 2022, the Company redeemed 235,294 Preferred Stock under this program for an aggregate amount of $2.0 million. The Company accrued and paid $0.1296 per share on the redeemed Preferred Stock for a minimal aggregate amount.

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 addition, on June 12, 2018, the Company sold to a third-party investor treasury shares of the Company’s Class B common stock for an aggregate sales price of $1.0 million and warrants to purchase an additional 209,644 shares of the Company’s Class B common stock at an exercise price of $4.77 per share, for an aggregate exercise price of $1.0 million.

In May 2022, a holder of common stock warrants exercised 209,644 common stock warrants through a cashless exercise and the Company issued 72,657 common shares with the remaining 136,987 warrants being cancelled to settle the exercise price.

As of June 30, 2022, there were outstanding 1,048,218 warrants to purchase the Company’s Class B common stock at $4.77 per share, all of which will expire in 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.

As of June 30, 2022, there were approximately $5.5 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 1.7 years.

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Variable Interest Entity

6 Months Ended

Jun. 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 June 30,					Six Months Ended June 30,
	2022		2021			2022			2021
	(in thousands)					(in thousands)
Net income (loss)	$	622	$	(52	)	$	(364	)	$	(373	)
Aggregate funding paid to (provided by) the Company, net	$	1,381	$	(125	)	$	(77	)	$	(528	)

Summarized combined balance sheet amounts related to CCE was as follows:

	June 30, 2022			December 31, 2021
	(in thousands)
Assets
Cash, cash equivalents and restricted cash	$	287		$	559
Trade accounts receivable		420			544
Prepaid expenses and other current assets		426			367
Other assets		359			359
Total assets	$	1,492		$	1,829
Liabilities and noncontrolling interests
Current liabilities	$	497		$	547
Due to IDT Energy		5,745			5,668
Noncontrolling interests		(4,750	)		(4,386	)
Total liabilities and noncontrolling interests	$	1,492		$	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.

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Income Taxes

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Reported tax rate	22.1	%	27.0	%	24.0	%	34.8	%

The reported tax rate for the three months ended June 30, 2022 was 22.1%, a decrease compared to the same period in 2021. The decrease is mainly from the change in the mix of tax rates in the jurisdictions where the Company earned taxable income. The decrease in the reported tax rate for the six months ended June 30, 2022 compared to the same period in 2021 is a result of favorable results of operations in the U.S. and changes in the mix of jurisdictions in which the taxable income was earned which was not offset by income tax benefit in some jurisdictions that had losses due to valuation allowances in those jurisdictions in the prior period. 

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Earnings Per Share

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic weighted-average number of shares		25,463		25,804		25,613		25,903
Effect of dilutive securities:
Stock options and warrants		475		353		384		468
Non-vested restricted Class B common stock		132		70		91		75
Diluted weighted-average number of shares		26,070		26,227		26,088		26,446

The following shares were excluded from the diluted earnings per share computations:  

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Shares underlying options and warrants		126		295		126		295
Non-vested deferred stock units		580		610		580		610

Stock options were excluded from the diluted earnings per share computation in the  three and six months ended June 30, 2022 and 2021  because the exercise prices of the stock options were greater than the average market prices of the Company's stock during the period.

 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 June 30, 2022 and 2021.

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Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 16—Related Party Transactions 

On December 7, 2020, the Company invested $5.0 million to purchase 218,245 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 Chairman of the Board of Directors of Rafael. In connection with the purchase, Rafael issued to the Company warrants to purchase an additional 43,649 shares of Rafael's Class B common stock with an exercise price of $22.91 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 $1.0 million. The Company does not exercise significant influence over the operating or financial policies of Rafael. For the three and six months ended June 30, 2022, the Company recognized unrealized loss on investment of $0.2 million and $0.8 million, respectively. For the three and six months ended June 30, 2022, the Company recognized unrealized gain on investment of $2.9 million and $6.5 million, respectively.  At June 30, 2022, the carrying values of investments in the common stock was $0.5 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 IDT’s foreign subsidiaries. Howard Jonas is the Chairman of the Board of IDT.

The Company leases office space and parking in New Jersey from Rafael. The leases expire in April 2025.

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  June 30,					Six Months Ended June 30,
	2022		2021			2022		2021
	(in thousands)				(in thousands)
Amount IDT charged the Company	$	387	$	268		$	780	$	518
Amount the Company charged IDT	$	30	$	33		$	67	$	72
Amount Rafael charged the Company	$	58	$	57		$	115	$	113

The following table presents the balance of receivables and payables to IDT and Rafael:  

	June 30, 2022		December 31, 2021
	(in thousands)
Due to IDT	$	168	$	551
Due from IDT	$	20	$	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 six months ended June 30, 2022 and 2021 related to this debt. The outstanding balance, including accrued interest was $0.1 million as of June 30, 2022. 

The Company obtains insurance policies from several insurance brokers, one of which is IGM Brokerage Corp. (“IGM”). IGM is owned by the mother of Howard S. Jonas and Joyce Mason, who is a Director and Corporate Secretary of the Company. Jonathan Mason, husband of Joyce Mason and brother-in-law of Howard S. Jonas, provides insurance brokerage services via IGM. Based on information the Company received from IGM, the Company believes that IGM received commissions and fees from payments made by the Company (including payments from third party brokers). The Company paid IGM a total of $0.3 million in 2021 related to premium of various insurance policies that were brokered by IGM. There was no outstanding payable to IGM was as of June 30, 2022. Neither Howard S. Jonas nor Joyce Mason has any ownership or other interest in IGM other than via the familial relationships with their mother and Jonathan Mason.  

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 $1.7 million as at June 30, 2022) with Natan Ohayon (the "Ohayon Loan"). Natan Ohayon is a the holder of a minority interest in Petrocycle Ltd ("Petrocycle"), a subsidiary of the Company. Petrocycle is a preoperating entity engaged in the development of a process to recycle used engine oil into usable gasoline.  The Ohayon Loan, which is secured by 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 June 30, 2022, the outstanding balance, including accrued interest, of the Ohayon Loan was NIS4.5 million (equivalent to $1.4 million), included in other assets in the consolidated balance sheets.  

Investments in Atid 613

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 did not recognize any equity in net loss from Atid 613 for the six months ended June 30, 2022 and 2021. The carrying value of the Company's investments in Atid was $0.1 million at June 30, 2022 and December 31, 2021 included in other noncurrent assets in the consolidated balance sheets.

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. As of June 30, 2022, the outstanding balance of Credit Facility was nil.

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 $1.5 million at June 30, 2022), including the Company's commitment to extend up to NIS1.9 million (equivalent to $0.5 million at June 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, Atid 613 paid the outstanding balance of the loan of $0.2 million. At June 30, 2022, the balance of loan receivables from Atid 613 was nil.

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Business Segment Information

6 Months Ended

Jun. 30, 2022

Business Segment Information [Abstract]

Business Segment Information

Note 17—Business Segment Information 

The Company has three reportable business segments: GRE, GRE International 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. GRE International, operates REPs in Finland and Sweden. Genie Renewables 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		GRE International		Genie Renewables			Corporate			Total
Three Months Ended June 30, 2022
Revenues	$	63,161	$	8,086	$	3,779		$	—		$	75,026
Income (loss) from operations		14,413		36,365		(517	)		(1,785	)		48,476
Depreciation and amortization		84		153		11			—			248
Stock-based compensation		230		—		35			465			730
Provision for (benefit from) income taxes		3,705		7,266		—			(390	)		10,581
Three Months Ended June 30, 2021
Revenues	$	66,977	$	7,058	$	2,344		$	—		$	76,379
Income (loss) from operations		5,509		145		334			(1,452	)		4,536
Depreciation and amortization		88		216		11			—			315
Stock-based compensation		186		40		—			333			559
Provision for (benefit from) income taxes		2,263		884		—			(4)			3,143

Six Months Ended June 30, 2022
Revenues	$	147,044	$	20,689		$	5,821		$	—		$	173,554
Income (loss) from operations		44,589		33,557			(997	)		(4,241	)		72,908
Depreciation and amortization		169		341			21			1			532
Stock-based compensation		476		70			—			1,024			1,570
Provision for (benefit from) income taxes		11,538		6,445			—			(889	)		17,094
Six Months Ended June 30, 2021
Revenues	$	157,644	$	21,394		$	4,832		$	—		$	183,870
Income (loss) from operations		6,712		(5,404	)		894			(3,130	)		(928	)
Depreciation and amortization		205		467			23			1			696
Stock-based compensation		348		72			—			728			1,148
Provision for (benefit from) income taxes		3,449		47			128			55			3,679

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

(in thousands)	GRE		GRE International		Genie Renewables		Corporate		Total
Total assets:
June 30, 2022	$	144,677	$	74,214	$	5,985	$	14,359	$	239,235
December 31, 2021		174,442		34,674		3,946		16,403		229,465

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 18—Commitments and Contingencies

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—Discontinued Operations and Divestiture, for discussion related to the administration of Orbit.

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 $0.4 million. Town Square has also agreed to voluntarily refrain from in-person marketing activities in Connecticut for a period of 15 months. For the three and six months ended June 30, 2022, Town Square’s gross revenues from sales in Connecticut was $4.4 million and $8.1 million, respectively. 

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 $1.5 million in penalties, along with a suspension of license, auditing of marketing practices upon reinstatement and an invitation for settlement discussions.

In June 2022, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Residents Energy paid $0.3 million and volunteered to withdraw from the market in Connecticut for a period of 36 months.

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. As of June 30, 2022, no claims or demands have been made against Residents Energy by the IL AG, and there is insufficient basis to deem any loss probable or to assess the amount of any possible loss. For the three and six months ended June 30, 2022, Resident Energy’s gross revenues from sales in Illinois was $6.1 million and $14.4 million, respectively.

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 six months ended June 30, 2022, Town Square’s gross revenues from sales in Maine was $0.4 million and $0.8million, respectively. 

Other Commitments

Purchase Commitments

The Company had future purchase commitments of $130.9 million at June 30, 2022, of which $103.7 million was for future purchase of electricity. The purchase commitments outstanding as of June 30, 2022 are expected to be paid as follows: 

(in thousands)
Remainder of 2022	$	45,148
2023		68,226
2024		16,530
2025		1,005
2026		—
Thereafter		—
Total payments	$	130,909

In the three months ended June 30, 2022, the Company purchased $12.1 million and $7.0 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the six months ended June 30, 2022, the Company purchased $25.4 million and $10.5 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the three months ended June 30, 2021, the Company purchased $6.6 million and $5.8 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the six months ended June 30, 2021, the Company purchased $6.5 million and $8.4 million of electricity and renewable energy credits, respectively, under these purchase commitments. 

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 June 30, 2022, GRE had commitments to purchase renewable energy credits of $27.2 million.

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 June 30, 2022, GRE had aggregate performance bonds of $15.5 million outstanding and minimal amount of unused letters of credit.  

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 June 30, 2022, the Company was in compliance with such covenants. At June 30, 2022, restricted cash—short-term of $0.5 million and trade accounts receivable of $42.1 million were pledged to BP as collateral for the payment of trade accounts payable to BP of $13.2 million at June 30, 2022.

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Debt

6 Months Ended

Jun. 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 Note 5)

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, June 30, 2022, there are no letters of credit issued by JP Morgan Chase Bank. At June 30, 2022, the cash collateral of $5.2 million was included in restricted cash—short-term in the consolidated balance sheet.

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Recently Issued Accounting Standards

6 Months Ended

Jun. 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. 

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Subsequent Event

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

Note 21—Subsequent Events

Lumo Finland and Lumo Sweden 

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 Finland and Lumo Sweden for a gross aggregate amount of €41.1 million (equivalent to approximately $41.4 million) 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 €35.8 million (equivalent to $35.8 million) as of June 30, 2022.

In July 2022, Lumo Sweden entered into a transaction to transfer, effective August 5, 2022, its customers to a third party for nominal consideration. The Company is exploring alternatives for ongoing servicing of the customers of Lumo Finland.

The aggregate net assets of Lumo Finland and Lumo Sweden was $39.8 million as of June 30, 2022, including $35.8 million in the net book value of derivative contracts disclosed above. The aggregate revenue of Lumo Finland and Lumo Sweden was $8.1 million and $20.7 million in the three and six months ended June 30, 2022, respectively and $6.3 million and $17.5 million in the three and six months ended June 30, 2021, respectively. The assets, liabilities and results of operations of Lumo Finland and Sweden are included in the GRE International segment. 

The Company anticipates that the assets and liabilities of Lumo Finland and Lumo Sweden that are expected to be sold or disposed will be reclassified as assets and liabilities held for sale. A potential disposal would represent a strategic shift that would have a major effect on the Company’s operations and financial statements and would be accounted for as a discontinued operation upon completion of disposal in 2022. Upon completion of the disposal of the assets and liabilities of Lumo Finland and Lumo Sweden, the remaining assets and liabilities of GRE International would be combined with the corporate segment. 

Redemption of Preferred Stock

In July 2022, the Company elected to exercise its right to redeem 117,647 shares of its outstanding Preferred Stock on August 15, 2022 (the “Redemption Date”) at a price of $8.50 per share (an aggregate of $1.0 million), together with an amount equal to all dividends accrued and unpaid up to, but not including, the Redemption Date. 

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Cash, Cash Equivalents, and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2022

Cash, Cash Equivalents, and Restricted Cash [Abstract]

Schedule of reconciliation of cash, cash equivalents, and restricted cash

	June 30, 2022		December 31, 2021
	(in thousands)
Cash and cash equivalents	$	61,093	$	95,492
Restricted cash—short-term		5,658		6,657
Total cash, cash equivalents, and restricted cash	$	66,751	$	102,149

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Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventories [Abstract]

Schedule of Inventories

	June 30, 2022		December 31, 2021
	(in thousands)
Natural gas	$	2,130	$	1,891
Renewable credits		13,737		15,610
Solar Panels:
Finished goods		176		219
Totals	$	16,043	$	17,720

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Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue Recognition [Abstract]

Schedule of revenues disaggregated

	Electricity		Natural Gas		Other		Total
	(in thousands)
Three Months Ended June 30, 2022
Fixed rate	$	20,615	$	2,311	$	—	$	22,926
Variable rate		40,217		7,787		—		48,004
Other		—		—		4,096		4,096
Total	$	60,832	$	10,098	$	4,096	$	75,026
Three Months Ended June 30, 2021
Fixed rate	$	33,967	$	808	$	—	$	34,775
Variable rate		34,714		4,274		—		38,988
Other		—		—		2,616		2,616
Total	$	68,681	$	5,082	$	2,616	$	76,379
Six Months Ended June 30, 2022
Fixed rate	$	41,120	$	6,094	$	—	$	47,214
Variable rate		91,496		28,507		—		120,003
Other		—		—		6,337		6,337
Total	$	132,616	$	34,601	$	6,337	$	173,554
Six Months Ended June 30, 2021
Fixed rate	$	72,872	$	2,550	$	—	$	75,422
Variable rate		83,422		19,812		—		103,234
Other		—		—		5,214		5,214
Total	$	156,294	$	22,362	$	5,214	$	183,870

	Electricity		Natural Gas		Other		Total
	(in thousands)
Three Months Ended June 30, 2022
Non-Commercial Channel	$	51,299	$	6,669	$	—	$	57,968
Commercial Channel		9,533		3,429		—		12,962
Other		—		—		4,096		4,096
Total	$	60,832	$	10,098	$	4,096	$	75,026
Three Months Ended June 30, 2021
Non-Commercial Channel	$	51,222	$	3,805	$	—	$	55,027
Commercial Channel		17,459		1,277		—		18,736
Other		—		—		2,616		2,616
Total	$	68,681	$	5,082	$	2,616	$	76,379
Six Months Ended June 30, 2022
Non-Commercial Channel	$	113,460	$	26,305	$	—	$	139,765
Commercial Channel		19,156		8,296		—		27,452
Other		—		—		6,337		6,337
Total	$	132,616	$	34,601	$	6,337	$	173,554
Six Months Ended June 30, 2021
Non-Commercial Channel	$	124,368	$	18,976	$	—	$	143,344
Commercial Channel		31,926		3,386		—		35,312
Other		—		—		5,214		5,214
Total	$	156,294	$	22,362	$	5,214	$	183,870

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Discontinued Operations and Divestiture (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Divestiture [Abstract]

Schedule of operations of discontinued operations

The summary of results of operations of the discontinued operations were as follows:

	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	(in thousands)
Total revenues	$	21,327		$	49,178
Cost of revenues		18,769			41,745
Gross  profit		2,558			7,433
Selling, general and administrative expenses		5,739			11,724
Net loss before taxes		(3,181	)		(4,291	)
Provision for income taxes		14			14
Loss from discontinued operations, net of taxes	$	(3,195	)	$	(4,305	)

Schedule of cash flow of discontinued operations

The following table presents a summary of cash flows of the discontinued operations for the six months ended June 30, 2021:

Net loss	$	(4,305	)
Non-cash items		3,199
Changes in assets and liabilities		(2,718	)
Cash flows used in operating activities of discontinued operations	$	(3,824	)

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

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 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)
June 30, 2022
Assets:
Marketable equity securities	$	490	$	—	$	—	$	490
Derivative contracts	$	51,890	$	—	$	—	$	51,890
Liabilities:
Derivative contracts	$	4,202	$	—	$	—	$	4,202
December 31, 2021
Assets:
Marketable equity securities	$	1,336	$	—	$	—	$	1,336
Derivative contracts	$	14,405	$	44	$	—	$	14,449
Liabilities:
Derivative contracts	$	1,230	$	—	$	—	$	1,230

(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% of consolidated revenues for the three and six months ended June 30, 2022 and 2021 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the  three and six months ended June 30, 2022 or 2021):

		Three Months Ended June 30				Six Months Ended June 30
	2022		2021			2022		2021
Customer B		na		13.6	%		na		na
Customer A		na		10.2			na		na

na-less than 10.0% of consolidated revenue in the period 

Consolidated revenues [Member] | Customer Concentration Risk [Member]

Concentration Risk [Line Items]

Schedule of concentration risk

	June 30, 2022			December 31, 2021
Customer A		12.5	%		na

na-less than 10.0% of consolidated revenue in the period

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments [Abstract]

Schedule of volume of GRE's outstanding contracts and options

Settlement Dates	Volume
	Electricity (in MWH)		Gas (in Dth)
Third quarter 2022		108,368		258,440
Fourth quarter 2022		102,816		1,189,500
First quarter 2023		108,920		1,344,440
Second quarter 2023		53,904		154,000
Third quarter 2023		44,816		114,050
Fourth quarter 2023		51,528		585,150
First quarter 2024		30,576		820,050
Second quarter 2024		11,616		89,550
Third quarter of 2024		8,832		59,400
Fourth quarter of 2024		13,248		60,400
First quarter of 2025		11,472		285,550
Second quarter of 2025		—		258,300
Third quarter of 2025		18,400		230,000
Fourth quarter of 2025		—		230,000

Schedule of fair value of outstanding derivative instruments recorded as assets and liability

Asset Derivatives	Balance Sheet Location	June 30, 2022		December 31, 2021
		(in thousands)
Derivatives not designated or not qualifying as hedging instruments:
Energy contracts and options1	Other current assets	$	43,408	$	13,750
Energy contracts and options	Other assets		8,482		699
Total derivatives not designated or not qualifying as hedging instruments — Assets		$	51,890	$	14,449
Liability Derivatives	Balance Sheet Location	June 30, 2022		December 31, 2021
		(in thousands)
Derivatives not designated or not qualifying as hedging instruments:
Energy contracts and options1	Other current liabilities	$	2,584	$	697
Energy contracts and options	Other liabilities		1,618		533
Total derivatives not designated or not qualifying as hedging instruments — Liabilities		$	4,202	$	1,230

(1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.

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 June 30,				Six Months Ended June 30,
hedging instruments	on Derivatives		2022		2021		2022		2021
		(in thousands)				(in thousands)
Energy contracts and options	Cost of revenues	$	61,820	$	1,908	$	99,548	$	4,795

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Other Current Assets and Other Assets (Tables)

6 Months Ended

Jun. 30, 2022

Other Current Assets [Abstract]

Schedule of other current assets

Other current assets consisted of the following:  

	June 30, 2022		December 31, 2021
	(in thousands)
Fair value of derivative contracts—current	$	43,408	$	13,750
Receivables from the settlement of derivative contracts		1,617		4,655
Other current assets		3,367		3,384
Total other current assets	$	48,392	$	21,789

Schedule of Other Assets

	June 30, 2022		December 31, 2021
	(in thousands)
Fair value of derivative contracts—noncurrent	$	8,482	$	699
Security deposits		5,119		4,867
Right-of-use assets, net of amortization		1,618		1,656
Other assets		2,983		1,939
Total other assets	$	18,202	$	9,161

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Other Intangible Assets [Abstract]

Schedule of goodwill

	GRE		GRE International			Genie Renewables		Total
	(in thousands)
Balance at January 1, 2022	$	9,998	$	1,757		$	—	$	11,755
Cumulative translation adjustment		—		(138	)		—		(138	)
Balance at June 30, 2022	$	9,998	$	1,619		$	—	$	11,617

Schedule of other intangible assets

	Weighted Average Amortization Period		Gross Carrying Amount		Accumulated Amortization			Net Balance
	(in thousands)
June 30, 2022
Patents and trademarks		17.1  years	$	3,822	$	(1,275	)	$	2,547
Customer relationships		9.0  years		1,100		(591	)		509
Licenses		10.0  years		479		(127	)		352
Total			$	5,401	$	(1,993	)	$	3,408
December 31, 2021
Trademark		17.1 years	$	3,805	$	(1,103	)	$	2,702
Customer relationships		9.0 years		1,100		(530	)		570
Licenses		10.0 years		479		(103	)		376
Total			$	5,384	$	(1,736	)	$	3,648

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Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Expenses and Other Liabilities [Abstract]

Schedule of accrued expenses

	June 30, 2022		December 31, 2021
	(in thousands)
Renewable energy	$	17,911	$	23,247
Liability to customers related to promotions and retention incentives		9,079		9,071
Payroll and employee benefit		3,863		3,297
Other accrued expenses		2,918		3,908
Total accrued expenses	$	33,771	$	39,523

Schedule of other liabilities

	June 30, 2022		December 31, 2021
	(in thousands)
Deferred tax liabilities	$	7,342	$	—
Fair value of derivative contracts—noncurrent		1,618		533
Other noncurrent liabilities		1,700		1,851
Total other liabilities	$	10,660	$	2,384

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Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of operating lease expense

	June 30, 2022		December 31, 2021
	(in thousands)
ROU Assets	$	1,618	$	1,656
Current portion of operating lease liabilities		245		229
Noncurrent portion of operating lease liabilities		1,450		1,495
Total	$	1,695	$	1,724

Schedule of supplemental cash flow information

	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(in thousands)
Operating cash flows from operating activities	$	299	$	183
ROU assets obtained in the exchange for lease liabilities
Operating leases	$	98	$	—

Schedule of future operating lease

(in thousands)
Remainder of 2022	$	174
2023		352
2024		319
2025		245
2026		239
Thereafter		832
Total future lease payments		2,161
Less imputed interest		(466	)
Total operating lease liabilities	$	1,695

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Equity (Tables)

6 Months Ended

Jun. 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
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

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Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 2022

Variable Interest Entity [Abstract]

Schedule of net loss related to CCE and aggregate net funding

	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021			2022			2021
	(in thousands)					(in thousands)
Net income (loss)	$	622	$	(52	)	$	(364	)	$	(373	)
Aggregate funding paid to (provided by) the Company, net	$	1,381	$	(125	)	$	(77	)	$	(528	)

Schedule of combined balance sheet amounts related to CCE

	June 30, 2022			December 31, 2021
	(in thousands)
Assets
Cash, cash equivalents and restricted cash	$	287		$	559
Trade accounts receivable		420			544
Prepaid expenses and other current assets		426			367
Other assets		359			359
Total assets	$	1,492		$	1,829
Liabilities and noncontrolling interests
Current liabilities	$	497		$	547
Due to IDT Energy		5,745			5,668
Noncontrolling interests		(4,750	)		(4,386	)
Total liabilities and noncontrolling interests	$	1,492		$	1,829

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Schedule of company's effective tax rate

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Reported tax rate	22.1	%	27.0	%	24.0	%	34.8	%

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Earnings Per Share (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Basic weighted-average number of shares		25,463		25,804		25,613		25,903
Effect of dilutive securities:
Stock options and warrants		475		353		384		468
Non-vested restricted Class B common stock		132		70		91		75
Diluted weighted-average number of shares		26,070		26,227		26,088		26,446

Schedule of shares were excluded from the diluted earnings per share

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Shares underlying options and warrants		126		295		126		295
Non-vested deferred stock units		580		610		580		610

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Related Party Transactions [Abstract]

Schedule of related party transactions

	Three Months Ended  June 30,					Six Months Ended June 30,
	2022		2021			2022		2021
	(in thousands)				(in thousands)
Amount IDT charged the Company	$	387	$	268		$	780	$	518
Amount the Company charged IDT	$	30	$	33		$	67	$	72
Amount Rafael charged the Company	$	58	$	57		$	115	$	113

Schedule of receivables and payables

	June 30, 2022		December 31, 2021
	(in thousands)
Due to IDT	$	168	$	551
Due from IDT	$	20	$	19
Due to Rafael	$	—	$	—

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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Business Segment Information [Abstract]

Schedule of operating results for the business segments

Six Months Ended June 30, 2022
Revenues	$	147,044	$	20,689		$	5,821		$	—		$	173,554
Income (loss) from operations		44,589		33,557			(997	)		(4,241	)		72,908
Depreciation and amortization		169		341			21			1			532
Stock-based compensation		476		70			—			1,024			1,570
Provision for (benefit from) income taxes		11,538		6,445			—			(889	)		17,094
Six Months Ended June 30, 2021
Revenues	$	157,644	$	21,394		$	4,832		$	—		$	183,870
Income (loss) from operations		6,712		(5,404	)		894			(3,130	)		(928	)
Depreciation and amortization		205		467			23			1			696
Stock-based compensation		348		72			—			728			1,148
Provision for (benefit from) income taxes		3,449		47			128			55			3,679

(in thousands)	GRE		GRE International		Genie Renewables			Corporate			Total
Three Months Ended June 30, 2022
Revenues	$	63,161	$	8,086	$	3,779		$	—		$	75,026
Income (loss) from operations		14,413		36,365		(517	)		(1,785	)		48,476
Depreciation and amortization		84		153		11			—			248
Stock-based compensation		230		—		35			465			730
Provision for (benefit from) income taxes		3,705		7,266		—			(390	)		10,581
Three Months Ended June 30, 2021
Revenues	$	66,977	$	7,058	$	2,344		$	—		$	76,379
Income (loss) from operations		5,509		145		334			(1,452	)		4,536
Depreciation and amortization		88		216		11			—			315
Stock-based compensation		186		40		—			333			559
Provision for (benefit from) income taxes		2,263		884		—			(4)			3,143

Schedule of total assets for the business segments

(in thousands)	GRE		GRE International		Genie Renewables		Corporate		Total
Total assets:
June 30, 2022	$	144,677	$	74,214	$	5,985	$	14,359	$	239,235
December 31, 2021		174,442		34,674		3,946		16,403		229,465

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies [Abstract]

Schedule of purchase commitments outstanding

(in thousands)
Remainder of 2022	$	45,148
2023		68,226
2024		16,530
2025		1,005
2026		—
Thereafter		—
Total payments	$	130,909

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Concentrations and Associated Credit Risk (Tables)

6 Months Ended

Jun. 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% of consolidated revenues for the three and six months ended June 30, 2022 and 2021 (no other single customer accounted for 10.0% or greater of our consolidated revenues for the  three and six months ended June 30, 2022 or 2021):

		Three Months Ended June 30				Six Months Ended June 30
	2022		2021			2022		2021
Customer B		na		13.6	%		na		na
Customer A		na		10.2			na		na

na-less than 10.0% of consolidated revenue in the period 

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Basis of Presentation and Business Changes and Development (Details) - USD ($)		1 Months Ended			3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	May 11, 2021	Jun. 30, 2022	Nov. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Jun. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Basis of Presentation and Business Changes and Development (Textual)
Company's investment, ownership percentage in subsidiary	98.80%		100.00%
Percentage of gas revenue generated in given period					30.30%	44.50%	31.80%	47.70%
Interest rate		100.00%							100.00%
Cost of revenue		$ 3,500			$ 1,900,000				$ 1,500,000	$ 3,400,000	$ 3,400,000
Minimum [Member]
Basis of Presentation and Business Changes and Development (Textual)
Cost of revenue				$ 1,500,000
Maximum [Member]
Basis of Presentation and Business Changes and Development (Textual)
Cost of revenue				2,600,000
Genie Japan [Member]
Basis of Presentation and Business Changes and Development (Textual)
Additional costs included in cost of revenue									$ 2,500,000
Genie Retail Energy [Member]
Basis of Presentation and Business Changes and Development (Textual)
Company's investment, ownership percentage in subsidiary									100.00%
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			60.00%
Lumo Energia Oyj [Member]
Basis of Presentation and Business Changes and Development (Textual)
Company's investment, ownership percentage in subsidiary									97.70%
Business acquired interest		91.60%							91.60%
GRE International Corporation [Member]
Basis of Presentation and Business Changes and Development (Textual)
Company's investment, ownership percentage in subsidiary									99.50%
Cost of revenue				$ 13,000,000
Genie Retail Energy International [Member]
Basis of Presentation and Business Changes and Development (Textual)
Company's investment, ownership percentage in subsidiary									100.00%
CityCom Solar [Member]
Basis of Presentation and Business Changes and Development (Textual)
Company's investment, ownership percentage in subsidiary									93.50%

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Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Cash, Cash Equivalents, and Restricted Cash [Abstract]
Cash and cash equivalents	$ 61,093	$ 95,492
Restricted cash—short-term	5,658	6,657
Total cash, cash equivalents, and restricted cash	$ 66,751	$ 102,149	$ 35,660

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Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventories [Abstract]
Natural gas	$ 2,130	$ 1,891
Renewable credits	13,737	15,610
Solar Panels:
Finished goods	176	219
Totals	$ 16,043	$ 17,720

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Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 75,026	$ 76,379	$ 173,554	$ 183,870
Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues	60,832	68,681	132,616	156,294
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	10,098	5,082	34,601	22,362
Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,096	2,616	6,337	5,214
Fixed rate [Member]
Disaggregation of Revenue [Line Items]
Total revenues	22,926	34,775	47,214	75,422
Fixed rate [Member] | Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues	20,615	33,967	41,120	72,872
Fixed rate [Member] | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	2,311	808	6,094	2,550
Fixed rate [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Variable rate [Member]
Disaggregation of Revenue [Line Items]
Total revenues	48,004	38,988	120,003	103,234
Variable rate [Member] | Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues	40,217	34,714	91,496	83,422
Variable rate [Member] | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	7,787	4,274	28,507	19,812
Variable rate [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,096	2,616	6,337	5,214
Other [Member] | Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Other [Member] | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,096	$ 2,616	$ 6,337	$ 5,214

XML

Revenue Recognition (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 75,026	$ 76,379	$ 173,554	$ 183,870
Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues	60,832	68,681	132,616	156,294
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	10,098	5,082	34,601	22,362
Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,096	2,616	6,337	5,214
Non-Commercial Channel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	57,968	55,027	139,765	143,344
Non-Commercial Channel [Member] | Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues	51,299	51,222	113,460	124,368
Non-Commercial Channel [Member] | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	6,669	3,805	26,305	18,976
Non-Commercial Channel [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Commercial Channel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	12,962	18,736	27,452	35,312
Commercial Channel [Member] | Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues	9,533	17,459	19,156	31,926
Commercial Channel [Member] | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues	3,429	1,277	8,296	3,386
Commercial Channel [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,096	2,616	6,337	5,214
Other [Member] | Electricity [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Other [Member] | Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Total revenues
Other [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,096	$ 2,616	$ 6,337	$ 5,214

XML

Revenue Recognition (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue Recognition
Amortization of capitalized customer acquisition cost	$ 0.1	$ 0.2	$ 0.2	$ 0.4
Minimum [Member]
Revenue Recognition
Capitalized customer acquisition costs, amortization period	18 months		18 months
Maximum [Member]
Revenue Recognition
Capitalized customer acquisition costs, amortization period	24 months		24 months
Other Current Assets [Member]
Revenue Recognition
Other asset current	$ 0.5		$ 0.5
Other Assets [Member]
Revenue Recognition
Other assets	0.1		0.1
Selling and Marketing Expense [Member]
Revenue Recognition
Total capitalized customer acquisition costs	$ 0.1	$ 0.3	$ 0.2	$ 0.6

XML

Discontinued Operations and Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Loss from discontinued operations, net of taxes		$ (3,195)		$ (4,305)
Discontinued Operations [Member]
Schedule of Equity Method Investments [Line Items]
Total revenues		21,327		49,178
Cost of revenues		18,769		41,745
Gross profit		2,558		7,433
Selling, general and administrative expenses		5,739		11,724
Net loss before taxes		(3,181)		(4,291)
Net loss before taxes		14		14
Loss from discontinued operations, net of taxes		$ (3,195)		$ (4,305)

XML

Discontinued Operations and Divestiture (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Discontinued Operations and Divestiture [Abstract]
Loss from discontinued operations, net of taxes		$ 3,195		$ 4,305
Non-cash items				3,199
Changes in assets and liabilities				(2,718)
Cash flows used in operating activities of discontinued operations				$ (3,824)

XML

Discontinued Operations and Divestiture (Details 2) $ in Thousands	May 11, 2021 USD ($)
Discontinued Operations and Divestiture [Abstract]
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

XML

Discontinued Operations and Divestiture (Details Textual) ¥ in Millions, $ in Millions					1 Months Ended	6 Months Ended
	May 11, 2021 JPY (¥)	May 11, 2021 USD ($)	Apr. 26, 2021 JPY (¥)	Apr. 26, 2021 USD ($)	Feb. 28, 2022 USD ($)	Jun. 30, 2022 USD ($)	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					$ 28.3
Net realized values						$ 18.7	$ 30.8
Company agreed interest			¥ 570.0	$ 5.3
Cash consideration	¥ 570.0	$ 5.2
Recognized pre-tax gain						4.2
Commission paid						0.6
Amount transferred to court's registry						$ 28.3
Other Investments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Outstanding equity percentage								77.00%	37.50%

XML

Fair Value Measurements (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Assets:
Marketable equity securities		$ 490	$ 1,336
Recurring [Member]
Assets:
Marketable equity securities		490	1,336
Derivative contracts		51,890	14,449
Liabilities:
Derivative contracts		4,202	1,230
Level 1 [Member] | Recurring [Member]
Assets:
Marketable equity securities	[1]	490	1,336
Derivative contracts	[1]	51,890	14,405
Liabilities:
Derivative contracts	[1]	4,202	1,230
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

XML

Fair Value Measurements (Details 2)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Sales Revenue, Net [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration risk, percentage			12.50%
Consolidated gross trade accounts receivable [Member] | Customer A [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		10.20%
Consolidated gross trade accounts receivable [Member] | Customer B [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		13.60%

XML

Fair Value Measurements (Details Textual)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Fair Value Measurements (Textual)
Concentration risk, percentage	10.00%	10.00%	10.00%
Customer A [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Fair Value Measurements (Textual)
Concentration risk, percentage	10.00%
Customer A [Member] | Revenue from Rights Concentration Risk [Member] | Revenues [Member]
Fair Value Measurements (Textual)
Concentration risk, percentage	10.00%

XML

Derivative Instruments (Details)	6 Months Ended
	Jun. 30, 2022
Electricity (in MWH) [Member] | Third quarter 2022
Derivative [Line Items]
Volume	108,368
Electricity (in MWH) [Member] | Fourth quarter 2022
Derivative [Line Items]
Volume	102,816
Electricity (in MWH) [Member] | First quarter 2023
Derivative [Line Items]
Volume	108,920
Electricity (in MWH) [Member] | Second quarter 2023
Derivative [Line Items]
Volume	53,904
Electricity (in MWH) [Member] | Third quarter 2023
Derivative [Line Items]
Volume	44,816
Electricity (in MWH) [Member] | Fourth quarter 2023
Derivative [Line Items]
Volume	51,528
Electricity (in MWH) [Member] | First quarter 2024
Derivative [Line Items]
Volume	30,576
Electricity (in MWH) [Member] | Second quarter 2024
Derivative [Line Items]
Volume	11,616
Electricity (in MWH) [Member] | Third quarter of 2024
Derivative [Line Items]
Volume	8,832
Electricity (in MWH) [Member] | Fourth quarter of 2024
Derivative [Line Items]
Volume	13,248
Electricity (in MWH) [Member] | First quarter of 2025
Derivative [Line Items]
Volume	11,472
Electricity (in MWH) [Member] | Second quarter of 2025
Derivative [Line Items]
Volume
Electricity (in MWH) [Member] | Third quarter of 2025
Derivative [Line Items]
Volume	18,400
Electricity (in MWH) [Member] | Fourth quarter of 2025
Derivative [Line Items]
Volume
Gas (in Dth) [Member] | Third quarter 2022
Derivative [Line Items]
Volume	258,440
Gas (in Dth) [Member] | Fourth quarter 2022
Derivative [Line Items]
Volume	1,189,500
Gas (in Dth) [Member] | First quarter 2023
Derivative [Line Items]
Volume	1,344,440
Gas (in Dth) [Member] | Second quarter 2023
Derivative [Line Items]
Volume	154,000
Gas (in Dth) [Member] | Third quarter 2023
Derivative [Line Items]
Volume	114,050
Gas (in Dth) [Member] | Fourth quarter 2023
Derivative [Line Items]
Volume	585,150
Gas (in Dth) [Member] | First quarter 2024
Derivative [Line Items]
Volume	820,050
Gas (in Dth) [Member] | Second quarter 2024
Derivative [Line Items]
Volume	89,550
Gas (in Dth) [Member] | Third quarter of 2024
Derivative [Line Items]
Volume	59,400
Gas (in Dth) [Member] | Fourth quarter of 2024
Derivative [Line Items]
Volume	60,400
Gas (in Dth) [Member] | First quarter of 2025
Derivative [Line Items]
Volume	285,550
Gas (in Dth) [Member] | Second quarter of 2025
Derivative [Line Items]
Volume	258,300
Gas (in Dth) [Member] | Third quarter of 2025
Derivative [Line Items]
Volume	230,000
Gas (in Dth) [Member] | Fourth quarter of 2025
Derivative [Line Items]
Volume	230,000

XML

Derivative Instruments (Details 1) - Energy contracts and options [Member] - USD ($) $ in Thousands		Jun. 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		$ 51,890	$ 14,449
Liability Derivatives not designated or not qualifying as hedging instruments		4,202	1,230
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]	43,408	13,750
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		8,482	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]	2,584	697
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		$ 1,618	$ 533

[1] The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.

XML

Derivative Instruments (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 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	$ 61,820	$ 1,908	$ 99,548	$ 4,795

XML

Other Current Assets and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Current Assets [Abstract]
Fair value of derivative contracts	$ 43,408	$ 13,750
Receivables from the settlement of derivative contracts	1,617	4,655
Other current assets	3,367	3,384
Total other current assets	$ 48,392	$ 21,789

XML

Other Current Assets and Other Assets (Details 1) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Other Current Assets [Abstract]
Fair value of derivative contracts-noncurrent	$ 8,482	$ 699
Security deposits	5,119	4,867
Right-of-use assets, net of amortization	1,618	1,656
Other assets	2,983	1,939
Total other assets	$ 18,202	$ 9,161

XML

Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 11,755
Cumulative translation adjustment	(138)
Ending balance	11,617
GRE [Member]
Goodwill [Roll Forward]
Beginning balance	9,998
Cumulative translation adjustment
Ending balance	9,998
GRE International Corporation [Member]
Goodwill [Roll Forward]
Beginning balance	1,757
Cumulative translation adjustment	(138)
Ending balance	1,619
Genie Renewables [Member]
Goodwill [Roll Forward]
Beginning balance
Cumulative translation adjustment
Ending balance

XML

Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,401	$ 5,384
Accumulated Amortization	(1,993)	(1,736)
Net Balance	$ 3,408	$ 3,648
Patents and trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	17 years 1 month 6 days	17 years 1 month 6 days
Gross Carrying Amount	$ 3,822	$ 3,805
Accumulated Amortization	(1,275)	(1,103)
Net Balance	$ 2,547	$ 2,702
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	(591)	(530)
Net Balance	$ 509	$ 570
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	10 years	10 years
Gross Carrying Amount	$ 479	$ 479
Accumulated Amortization	(127)	(103)
Net Balance	$ 352	$ 376

XML

Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill And Other Intangible Assets (Textual)
Amortization expense of intangible assets	$ 0.2	$ 0.3	$ 0.3	$ 0.5
Amortization expense of finite lives intangible assets, remainder of 2022	0.2		0.2
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

XML

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses and Other Liabilities [Abstract]
Renewable energy	$ 17,911	$ 23,247
Liability to customers related to promotions and retention incentives	9,079	9,071
Payroll and employee benefit	3,863	3,297
Other accrued expenses	2,918	3,908
Total accrued expenses	$ 33,771	$ 39,523

XML

Accrued Expenses and Other Liabilities (Details 1) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses and Other Liabilities [Abstract]
Deferred tax liabilities	$ 7,342
Fair value of derivative contracts-noncurrent	1,618	533
Other noncurrent liabilities	1,700	1,851
Total other liabilities	$ 10,660	$ 2,384

XML

Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
ROU Assets	$ 1,618	$ 1,656
Current portion of operating lease liabilities	245	229
Noncurrent portion of operating lease liabilities	1,450	1,495
Total	$ 1,695	$ 1,724

XML

Leases (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating activities	$ 299	$ 183
ROU assets obtained in the exchange for lease liabilities
Operating leases	$ 98

XML

Leases (Details 2) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 174
2023	352
2024	319
2025	245
2026	239
Thereafter	832
Total future lease payments	2,161
Less imputed interest	(466)
Total operating lease liabilities	$ 1,695

XML

Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted average remaining lease term	6 years 10 months 24 days		6 years 10 months 24 days
Weighted average discount rate	6.50%		6.50%
Operating leases, rent expense	$ 0.2	$ 0.3	$ 0.3	$ 0.5

XML

Equity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares
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
Class A Common Stock and Class B Common Stock [Member] | February 7, 2022 [Member]
Class of Stock [Line Items]
Declaration Date	Feb. 07, 2022
Dividend Per Share | $ / shares	$ 0.075
Aggregate Dividend Amount | $	$ 1,934
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
Dividend Per Share | $ / shares	$ 0.075
Aggregate Dividend Amount | $	$ 1,964
Record Date	May 20, 2022
Payment Date	May 31, 2022

XML

Equity (Details Textual) - USD ($)					1 Months Ended						3 Months Ended				6 Months Ended		12 Months Ended
	Jul. 14, 2022	May 11, 2021	Jun. 12, 2018	Jun. 08, 2018	May 31, 2022	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2021	Mar. 31, 2020	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jul. 31, 2022	Feb. 28, 2022	Feb. 07, 2022	Mar. 08, 2021	Mar. 11, 2013
Equity (Textual)
Preferred stock dividend rate															$ 0.1132
Remaining number of shares available for repurchase											4,900,000				4,900,000
Dividends on preferred stock											$ 624,000	$ 370,000	$ 370,000	$ 370,000
Dividends declared per common share											$ 0.075	$ 0.075
Number of common stock shares issued					72,657
Warrants exercise price per share					$ 136,987
Percentage ownership after all transactions		98.80%					100.00%
Stockholders grant of options purchase
Unrecognized compensation cost											$ 5,500,000				$ 5,500,000
Weighted-average period															1 year 8 months 12 days
Deferred stock units granted																			290,000
Treasury stock outstanding															2,700,000		2,000,000
Treasury stock cost															$ 18,500,000		$ 14,100,000
Weighted average cost per share															$ 6.97		$ 7.01
Dividends on common stock											$ 0.075				$ 0.15
Cash dividend paid											$ 0.075	$ 0.075
Preferred stock dividend redeemable										$ 4,000,000
Common stock warrants exercised					209,644
Redemption of preferred stock											$ (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									$ 200,000
Stock Repurchase Program [Member]
Equity (Textual)
Price per share											$ 0.1296				$ 0.1296
Redemption of preferred stock, shares											235,294
Redemption of preferred stock											$ 2,000,000				$ 2,000,000
Subsequent Event [Member]
Equity (Textual)
Price per share																		$ 8.5
Preferred Stock [Member]
Equity (Textual)
Dividends on preferred stock
Stock option and incentive plan to reserve
Stockholders grant of options purchase
Redemption of preferred stock, shares											(235,000)
Redemption of preferred stock											$ (2,000,000)
Preferred Stock [Member] | Subsequent Event [Member]
Equity (Textual)
Preferred stock, dividends per share	$ 0.1594
Paid date of declared dividend	Aug. 15, 2022
Record date of declared dividend	Aug. 08, 2022
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											639,393		392,932		639,393	392,932
Aggregate amount of shares under stock purchase program											$ 4,400,000		$ 2,400,000		$ 4,400,000	$ 2,400,000
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												9,000		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											$ 75,000.000

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Variable Interest Entity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Variable Interest Entity [Abstract]
Net loss	$ 622	$ (52)	$ (364)	$ (373)
Aggregate funding provided by the Company, net	$ 1,381	$ (125)	$ (77)	$ (528)

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Variable Interest Entity (Details 1) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract]
Total assets	$ 239,235	$ 229,465
CCE [Member]
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract]
Total assets	1,492	1,829
Total liabilities and noncontrolling interests	1,492	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	287	559
CCE [Member] | Trade accounts receivable [Member]
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract]
Total assets	420	544
CCE [Member] | Prepaid expenses and other current assets [Member]
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract]
Total assets	426	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	497	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	5,745	5,668
CCE [Member] | Noncontrolling interests [Member]
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract]
Total liabilities and noncontrolling interests	$ (4,750)	$ (4,386)

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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	100.00%
Forgiveness of loan	$ 0.5
Expiration date of the option	Oct. 22, 2023

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Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes (Textual)
Reported tax rate	22.10%	27.00%	24.00%	34.80%

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Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Reported tax rate	22.10%	27.00%	24.00%	34.80%

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Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings (Loss) Per Share [Abstract]
Basic weighted-average number of shares	25,463	25,804	25,613	25,903
Effect of dilutive securities:
Stock options and warrants	475	353	384	468
Non-vested restricted Class B common stock	132	70	91	75
Diluted weighted-average number of shares	26,070	26,227	26,088	26,446

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Earnings Per Share (Details 1) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	126	295	126	295
Non-vested Deferred Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	580	610	580	610

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Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
IDT [Member]
Summary of related party transactions
Amount charged the Company	$ 387	$ 268	$ 780	$ 518
Amount the Company charged IDT	30	33	67	72
Rafael [Member]
Summary of related party transactions
Amount charged the Company	$ 58	$ 57	$ 115	$ 113

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Related Party Transactions (Details 1) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
IDT [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 168	$ 551
Due from related parties	20	19
Rafael [Member]
Related Party Transaction [Line Items]
Due to related parties

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Related Party Transactions (Details Textual) $ / shares in Units, ₪ in Millions		1 Months Ended				3 Months Ended			6 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 ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 ILS (₪) shares	Jun. 30, 2022 USD ($) $ / shares shares	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						$ (146,000)	$ 2,915,000		$ (799,000)	$ 7,022,000
Outstanding balance					$ 100,000
New note payment terms, description					December 31, 2020 to December 2052.
Accrued interest									100,000
Equity in the net loss									(249,000)	164,000
Outstanding balance of Credit Facility
Balance of loan receivable									(249,000)	164,000
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																77.00%						37.50%
Rafael [Member]
Related Party Transactions (Textual)
Unrealized gain on investment						$ 200	$ 2,900,000		800,000	$ 6,500,000
Outstanding payable
Rafael [Member] | Class B common stock [Member]
Related Party Transactions (Textual)
Fair value of common stock	$ 5,000,000
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								$ 1,000,000
Carrying value of investments in the common stock													500,000
IGM Brokerage Corp. [Member]
Related Party Transactions (Textual)
Payment of insurance premium											300,000
Outstanding payable													0
Atid 613 [Member]
Related Party Transactions (Textual)
Outstanding balance															$ 200,000
Equity in the net loss
Carrying value of investment in equity method investees								$ 100,000			$ 100,000
Maximum principal amount on working capital financing													400,000
Agreed to loan amount													1,500,000								$ 5,100,000
Commitment to loan amount													$ 500,000							₪ 1.9
Additional loan amount																		₪ 0.8	$ 200,000
Annual interest rate												5.50%	5.50%				0.00%
Balance of loan receivable
Ohayon Loan [Member]
Related Party Transactions (Textual)
Outstanding balance												₪ 4.5	$ 1,400,000
Annual interest rate												3.23%	3.23%
Debt Instrument, Face Amount													$ 1,700,000	₪ 5.5
Maturity date									Dec. 31, 2023

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Business Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating results for the business segments
Revenues	$ 75,026	$ 76,379	$ 173,554	$ 183,870
Income (loss) from operations	48,476	4,536	72,908	(928)
Depreciation and amortization	248	315	532	696
Stock-based compensation	730	559	1,570	1,148
Provision for (benefit from) income taxes	10,581	3,143	17,094	3,679
GRE [Member]
Operating results for the business segments
Revenues	63,161	66,977	147,044	157,644
Income (loss) from operations	14,413	5,509	44,589	6,712
Depreciation and amortization	84	88	169	205
Stock-based compensation	230	186	476	348
Provision for (benefit from) income taxes	3,705	2,263	11,538	3,449
GRE International [Member]
Operating results for the business segments
Revenues	8,086	7,058	20,689	21,394
Income (loss) from operations	36,365	145	33,557	(5,404)
Depreciation and amortization	153	216	341	467
Stock-based compensation		40	70	72
Provision for (benefit from) income taxes	7,266	884	6,445	47
Genie Renewables [Member]
Operating results for the business segments
Revenues	3,779	2,344	5,821	4,832
Income (loss) from operations	(517)	334	(997)	894
Depreciation and amortization	11	11	21	23
Stock-based compensation	35
Provision for (benefit from) income taxes				128
Corporate [Member]
Operating results for the business segments
Revenues
Income (loss) from operations	(1,785)	(1,452)	(4,241)	(3,130)
Depreciation and amortization			1	1
Stock-based compensation	465	333	1,024	728
Provision for (benefit from) income taxes	$ (390)	$ (4)	$ (889)	$ 55

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Business Segment Information (Details 1) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 239,235	$ 229,465
GRE [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	144,677	174,442
GRE International [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	74,214	34,674
Genie Renewables [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,985	3,946
Corporate [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 14,359	$ 16,403

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Business Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2022 Segment
Business Segment Information (Textual)
Number of reportable segments	3

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Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies [Abstract]
Remainder of 2022	$ 45,148
2023	68,226
2024	16,530
2025	1,005
2026
Thereafter
Total payments	$ 130,909

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Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jul. 31, 2021	Mar. 12, 2021
Commitments and Contingencies (Textual)
Gross revenue		$ 6,100		$ 14,400
Future purchase commitments	$ 130,909	130,909		130,909
Aggregate performance bond outstanding	15,500	15,500		15,500
Electricity [Member]
Commitments and Contingencies (Textual)
Future purchase commitments	103,700	103,700		103,700
Purchase of Electricity expenses		12,100	$ 6,600	25,400	$ 6,500
Renewable energy credits [Member]
Commitments and Contingencies (Textual)
Future purchase commitments	27,200	27,200		27,200
Purchase of renewable energy credit		7,000	$ 5,800	10,500	$ 8,400
BP [Member]
Commitments and Contingencies (Textual)
Trade accounts payable	13,200	13,200		13,200
Trade Accounts Receivable [Member]
Commitments and Contingencies (Textual)
Assets pledged as collateral to BP Energy	42,100	42,100		42,100
Restricted Cash [Member]
Commitments and Contingencies (Textual)
Assets pledged as collateral to BP Energy	500	500		500
State of Connecticut Public Utilities Regulatory Authority [Member] | Town Square [Member] | Settlement Agreement [Member]
Commitments and Contingencies (Textual)
Gross revenue		4,400		8,100
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		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		0
State of Maine Public Utility Commission [Member] | Town Square [Member] | Settlement Agreement [Member]
Commitments and Contingencies (Textual)
Gross revenue		$ 400		$ 800

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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, June 30, 2022, there are no letters of credit issued by JP Morgan Chase Bank. At June 30, 2022, the cash collateral of $5.2 million was included in restricted cash—short-term in the consolidated balance sheet.

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Subsequent Event (Details) $ / shares in Units, $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Aug. 15, 2022 USD ($)	Jul. 31, 2022 EUR (€) shares	Jul. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 $ / shares
Subsequent Event [Line Items]
Cost of revenues	$ 7,552	$ 55,171	$ 60,539	$ 150,008
Preferred stock, par value | $ / shares									$ 0.01	$ 0.01
Debt instrument net value								€ 35.8	$ 35,800
Lumo Finland and Lumo Sweden [Member]
Subsequent Event [Line Items]
Aggregate net assets									$ 39,800
Cost of revenues	$ 8,100	$ 6,300	$ 20,700	$ 17,500
Subsequent Event [Member]
Subsequent Event [Line Items]
Gross aggregate amount						€ 41.1	$ 41,400
Redeem shares of outstanding preferred stock | shares						117,647	117,647
Price per share | $ / shares							$ 8.5
Dividends accrued and unpaid					$ 1,000