v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
14. Segment Reporting

Our reportable business segments are retail electricity and retail natural gas. The retail electricity segment consists of electricity sales and transmission to residential and commercial customers. The retail natural gas segment consists of natural gas sales to, and natural gas transportation and distribution for, residential and commercial customers. The Chief Executive Officer, who is also the Chief Operating Decision Maker (“CODM”), determines the reportable business segments by considering the strategic operating units used to make financial decisions, allocate resources and assess performance of our business.

The primary metric used by the CODM in managing the Company, assessing segment performance, and allocating resources is retail gross margin. We use retail gross margin to assess the performance of our operating segments. We define retail gross margin as gross profit less (i) net asset optimization (expenses) revenues, (ii) net (losses) gains on non-trading derivative instruments, (iii) net current period cash settlements on non-trading derivative instruments, and (iv) gains (losses) from non-recurring events (including non-recurring market volatility).

We deduct net gains (losses) on non-trading derivative instruments, excluding current period cash settlements, from the retail gross margin calculation in order to remove the non-cash impact of net gains and losses on these derivative instruments. We deduct net gains (losses) from non-recurring events (including non-recurring market volatility) to ensure retail gross margin reflects operating performance that is not distorted by non-recurring events or extreme market volatility. Retail gross margin should not be considered an alternative to, or more meaningful than, operating income (loss), as determined in accordance with GAAP.

The Company’s CODM reviews significant expenses on a consolidated level.
  
  
Three Months Ended June 30,
Financial data for business segments are as follows (in thousands):
Three Months Ended June 30, 2025
Retail
Electricity (1)
Retail
Natural Gas		Corporate
and Other		EliminationsConsolidated
Total revenues$66,810 $23,825 $(606)$— $90,029 
Retail cost of revenues46,607 16,439 9 — 63,055 
Less:
Net asset optimization expense(2)
— — (636)— (636)
Net, loss on non-trading derivative instruments(4,842)(1,558)— — (6,400)
Current period settlements on non-trading derivatives1,514 (226)— — 1,288 
Retail Gross Margin$23,531 $9,170 $21 $— $32,722 
Add: Reconciling items (3)
(5,748)
Gross Profit$26,974 
Total Assets at June 30, 2025$2,062,179 $197,693 $334,443 $(2,277,972)$316,343 
Goodwill at June 30, 2025$117,813 $2,530 $— $— $120,343 
(1) Retail Electricity includes related services.
(2) For the three months ended June 30, 2025 we recorded asset optimization revenues of $2.8 million and asset optimization cost of revenues of $3.4 million, which are presented on a net basis in asset optimization revenues.
(3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments and current period settlements on non-trading activities.


Three Months Ended June 30, 2024
Retail
Electricity(1)
Retail
Natural Gas		Corporate
and Other		EliminationsConsolidated
Total revenues$71,148 $15,812 $(264)$— $86,696 
Retail cost of revenues37,127 5,663 207 — 42,997 
Less:
Net asset optimization expense (2)
— — (531)— (531)
Net, loss on non-trading derivative instruments2,607 553 — — 3,160 
Current period settlements on non-trading derivatives6,103 1,580 — — 7,683 
Retail Gross Margin$25,311 $8,016 $60 $— $33,387 
Add: Reconciling items (3)
10,312 
Gross Profit$43,699 
Total Assets at December 31, 2024$1,867,055 $126,911 $317,408 $(1,966,435)$344,939 
Goodwill at December 31, 2024$117,813 $2,530 $— $— $120,343 

(1) Retail Electricity includes related services.
(2) For the three months ended June 30, 2024, we recorded asset optimization revenues of $3.2 million and asset optimization cost of revenues and $3.7 million, respectively, which are presented on a net basis in asset optimization revenues.
(3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments and current period settlements on non-trading activities.
Six Months Ended June 30, 2025
Retail
Electricity(1)
Retail
Natural Gas		Corporate
and Other		EliminationsConsolidated
Total revenues$147,530 $87,608 $(2,852)$— $232,286 
Retail cost of revenues104,809 53,628 11 — 158,448 
Less:
Net asset optimization expense (2)
— — (2,885)— (2,885)
Net, gain on non-trading derivatives21 133 — — 154 
Current period settlements on non-trading derivatives(2,245)(367)— — (2,612)
Retail Gross Margin$44,945 $34,214 $22 $— $79,181 
Add: Reconciling items (3)
(5,343)
Gross Profit$73,838 
Total Assets at June 30, 2025$2,062,179 $197,693 $334,443 $(2,277,972)$316,343 
Goodwill at June 30, 2025$117,813 $2,530 $— $— $120,343 
(1) Retail Electricity includes related services.
(2) For the six months ended June 30, 2025, we recorded asset optimization revenues of $22.8 million and asset optimization cost of revenues of $25.7 million, which are presented on a net basis in asset optimization revenues.
(3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments, and current period settlements on non-trading activities.

Six Months Ended June 30, 2024
Retail
Electricity(1)
Retail
Natural Gas		Corporate
and Other		EliminationsConsolidated
Total revenues$148,477 $52,871 $(596)$— $200,752 
Retail cost of revenues86,258 24,866 835 — 111,959 
Less:
Net asset optimization expense (2)
— — (2,128)— (2,128)
Net, loss on non-trading derivatives(1,229)93 — — (1,136)
Current period settlements on non-trading derivatives19,226 3,699 — — 22,925 
Retail Gross Margin$44,222 $24,213 $697 $— $69,132 
Add: Reconciling items (3)
19,661 
Gross Profit$88,793 
Total Assets at December 31, 2024$1,867,055 $126,911 $317,408 $(1,966,435)$344,939 
Goodwill at December 31, 2024$117,813 $2,530 $— $— $120,343 
(1) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments, and current period settlements on non-trading activities.
(2) For the six months ended June 30, 2024, we recorded asset optimization revenues of $14.7 million and asset optimization cost of revenues of $16.8 million, which are presented on a net basis in net asset optimization revenues.
(3) Reconciling item includes net asset optimization expenses, net loss and gain on non-trading derivative instruments, and current period settlements on non-trading activities.