Note 21 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information [Text Block]

Note 21 — Quarterly Financial Data (Unaudited)

The Company is presenting the restated unaudited interim condensed consolidated financial information for each of the previously reported quarters during the years ended December 31, 2025 and 2024 and for the year-to-date periods then ended. See Note 1 — Restatement of Previously Issued Financial Statements for additional information on the Restatement.

The following table summarizes the effect of the errors on the Company’s consolidated balance sheets as of March 31, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*March 31*							*March 31*
(in thousands)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Cash and cash equivalents	$	112,544	$	89,273		$	201,817	$	106,560	$	51,837		$	158,397
Restricted cash—short-term		27,178		(19,169	)		8,009		9,918		(6,296	)		3,622
Total current assets		238,508		70,104			308,612		227,823		45,541			273,364
Restricted cash—long-term		70,104		(70,104	)		—		45,541		(45,541	)		—
Deferred income tax assets, net		7,055		(1,432	)		5,623		5,200		(781	)		4,419
Total assets		384,378		(1,432	)		382,946		328,304		(781	)		327,523

Income taxes payable		13,596		22,469			36,065		9,614		12,274			21,888
Current captive insurance liability		9,236		(9,236	)		—		583		(583	)		—
Total current liabilities		117,317		13,233			130,550		100,585		11,691			112,276
Noncurrent captive insurance liability		70,104		(70,104	)		—		45,541		(45,541	)		—
Total liabilities		196,988		(56,871	)		140,117		148,889		(33,850	)		115,039

Retained earnings		73,178		55,439			128,617		66,198		33,069			99,267
Total Genie Energy Ltd. stockholders’ equity		198,006		55,439			253,445		192,856		33,069			225,925
Total equity		187,390		55,439			242,829		179,415		33,069			212,484
Total liabilities and equity		384,378		(1,432	)		382,946		328,304		(781	)		327,523

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported statements of operations for the three months ended March 31, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*Three months ended March 31*							*Three months ended March 31*
(in thousands, except per share data)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Provision for captive insurance liability	$	645	$	(645	)	$	—	$	1,036	$	(1,036	)	$	—
Income from operations		12,831		645			13,476		9,849		1,036			10,885
Income before income taxes		14,785		645			15,430		11,354		1,036			12,390
Provision for income taxes		4,380		832			5,212		2,920		673			3,593
Net income from continuing operations		10,405		(187	)		10,218		8,434		363			8,797
Net income		10,301		(187	)		10,114		8,169		363			8,532
Net income attributable to Genie Energy Ltd.		10,630		(187	)		10,443		8,123		363			8,486
Net income attributable to Genie Energy Ltd. common stockholders		10,630		(187	)		10,443		8,123		363			8,486

Income from continuing operations attributable to Genie Energy Ltd. common stockholders		10,734		(187	)		10,547		8,388		363			8,751

Basic earnings per share from continuing operations attributable to Genie Energy Ltd. common stockholders		0.40		—			0.40		0.31		0.02			0.33
Basic earnings per share attributable to Genie Energy Ltd. common stockholders		0.40		—			0.40		0.30		0.02			0.32
Diluted earnings per share from continuing operations attributable to Genie Energy Ltd. common stockholders		0.40		—			0.40		0.31		0.01			0.32
Diluted earnings per share attributable to Genie Energy Ltd. common stockholders		0.40		—			0.40		0.30		0.01			0.31

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported consolidated balance sheets as of June 30, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*June 30*							*June 30*
(in thousands)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Cash and cash equivalents	$	105,423	$	87,092		$	192,515	$	122,342	$	51,512		$	173,854
Restricted cash—short-term		25,267		(16,791	)		8,476		9,178		(5,112	)		4,066
Total current assets		230,746		70,301			301,047		216,128		46,400			262,528
Restricted cash—long-term		70,301		(70,301	)		—		46,400		(46,400	)		—
Deferred income tax assets, net		7,055		(1,432	)		5,623		5,209		(781	)		4,428
Total assets		383,092		(1,432	)		381,660		322,783		(781	)		322,002

Income taxes payable		7,819		23,213			31,032		9,062		12,852			21,914
Current captive insurance liability		9,304		(9,304	)		—		364		(364	)		—
Total current liabilities		115,728		13,909			129,637		83,380		12,488			95,868
Noncurrent captive insurance liability		70,301		(70,301	)		—		46,400		(46,400	)		—
Total liabilities		195,926		(56,392	)		139,534		133,229		(33,912	)		99,317

Retained earnings		73,990		54,960			128,950		73,779		33,131			106,910
Total Genie Energy Ltd. stockholders’ equity		197,039		54,960			251,999		202,078		33,131			235,209
Total equity		187,166		54,960			242,126		189,554		33,131			222,685
Total liabilities and equity		383,092		(1,432	)		381,660		322,783		(781	)		322,002

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported statements of operations for the three and nine months ended June 30, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*Three months ended June 30*							*Three months ended June 30*							*Six months ended June 30*							*Six months ended June 30*
(in thousands, except per share data)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*		*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Provision for captive insurance liability	$	265	$	(265	)	$	—	$	640	$	(640	)	$	—	$	910	$	(910	)	$	—	$	1,676	$	(1,676	)	$	—
Income from operations		2,003		265			2,268		10,563		640			11,203		14,834		910			15,744		20,412		1,676			22,088
Income before income taxes		3,899		265			4,164		12,966		640			13,606		18,684		910			19,594		24,320		1,676			25,996
Provision for income taxes		1,079		743			1,822		3,465		577			4,042		5,458		1,576			7,034		6,385		1,250			7,635
Net income from continuing operations		2,820		(478	)		2,342		9,501		63			9,564		13,226		(666	)		12,560		17,935		426			18,361
Net income		2,867		(478	)		2,389		9,356		63			9,419		13,169		(666	)		12,503		17,525		426			17,951
Net income attributable to Genie Energy Ltd.		2,822		(478	)		2,344		9,612		63			9,675		13,453		(666	)		12,787		17,735		426			18,161
Net income attributable to Genie Energy Ltd. common stockholders		2,822		(478	)		2,344		9,612		63			9,675		13,453		(666	)		12,787		17,735		426			18,161

Income from continuing operations attributable to Genie Energy Ltd. common stockholders		2,775		(478	)		2,297		9,757		63			9,820		13,510		(666	)		12,844		18,145		426			18,571

Basic earnings per share from continuing operations attributable to Genie Energy Ltd. common stockholders		0.11		(0.02	)		0.09		0.37		—			0.37		0.51		(0.02	)		0.49		0.68		0.02			0.70
Basic earnings per share attributable to Genie Energy Ltd. common stockholders		0.11		(0.02	)		0.09		0.36		—			0.36		0.51		(0.02	)		0.49		0.66		0.02			0.68
Diluted earnings per share from continuing operations attributable to Genie Energy Ltd. common stockholders		0.11		(0.02	)		0.09		0.37		—			0.37		0.51		(0.03	)		0.48		0.67		0.02			0.69
Diluted earnings per share attributable to Genie Energy Ltd. common stockholders		0.11		(0.02	)		0.09		0.36		—			0.36		0.51		(0.03	)		0.48		0.65		0.02			0.67

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported consolidated balance sheets as of September 30, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*September 30*							*September 30*
(in thousands)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Cash and cash equivalents	$	109,280	$	87,522		$	196,802	$	136,295	$	51,177		$	187,472
Restricted cash—short-term		26,194		(16,844	)		9,350		7,686		(3,906	)		3,780
Total current assets		238,171		70,678			308,849		227,663		47,271			274,934
Restricted cash—long-term		70,678		(70,678	)		—		47,271		(47,271	)		—
Deferred income tax assets, net		7,055		(1,432	)		5,623		5,197		(781	)		4,416
Total assets		394,122		(1,432	)		392,690		341,681		(781	)		340,900

Income taxes payable		10,259		24,017			34,276		12,988		13,528			26,516
Current captive insurance liability		9,392		(9,392	)		—		487		(487	)		—
Total current liabilities		124,919		14,625			139,544		88,825		13,041			101,866
Noncurrent captive insurance liability		70,678		(70,678	)		—		47,271		(47,271	)		—
Total liabilities		205,299		(56,053	)		149,246		141,395		(34,230	)		107,165

Retained earnings		78,734		54,621			133,355		81,959		33,449			115,408
Total Genie Energy Ltd. stockholders’ equity		198,807		54,621			253,428		211,099		33,449			244,548
Total equity		188,823		54,621			243,444		200,286		33,449			233,735
Total liabilities and equity		394,122		(1,432	)		392,690		341,681		(781	)		340,900

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported statements of operations for the three and nine months ended September 30, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*Three months ended September 30*							*Three months ended September 30*							*Nine months ended September 30*							*Nine months ended September 30*
(in thousands, except per share data)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*		*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Provision for captive insurance liability	$	465	$	(465	)	$	—	$	991	$	(991	)	$	—	$	1,370	$	(1,370	)	$	—	$	2,667	$	(2,667	)	$	—
Income from operations		6,934		465			7,399		11,676		991			12,667		21,768		1,370			23,138		32,087		2,667			34,754
Income before income taxes		9,204		465			9,669		14,178		991			15,169		27,889		1,370			29,259		38,498		2,667			41,165
Provision for income taxes		2,469		804			3,273		3,924		674			4,598		7,928		2,380			10,308		10,309		1,924			12,233
Net income from continuing operations		6,735		(339	)		6,396		10,254		317			10,571		19,961		(1,010	)		18,951		28,189		743			28,932
Net income		6,730		(339	)		6,391		10,229		317			10,546		19,899		(1,010	)		18,889		27,754		743			28,497
Net income attributable to Genie Energy Ltd.		6,743		(339	)		6,404		10,199		317			10,516		20,196		(1,010	)		19,186		27,933		743			28,676
Net income attributable to Genie Energy Ltd. common stockholders		6,743		(339	)		6,404		10,199		317			10,516		20,196		(1,010	)		19,186		27,933		743			28,676

Income from continuing operations attributable to Genie Energy Ltd. common stockholders		6,748		(339	)		6,409		10,224		317			10,541		20,258		(1,010	)		19,248		28,368		743			29,111

Basic earnings per share from continuing operations attributable to Genie Energy Ltd. common stockholders		0.26		(0.01	)		0.25		0.38		0.02			0.40		0.77		(0.04	)		0.73		1.06		0.03			1.09
Basic earnings per share attributable to Genie Energy Ltd. common stockholders		0.26		(0.01	)		0.25		0.38		0.02			0.40		0.77		(0.04	)		0.73		1.04		0.03			1.07
Diluted earnings per share from continuing operations attributable to Genie Energy Ltd. common stockholders		0.26		(0.01	)		0.25		0.38		0.01			0.39		0.76		(0.04	)		0.72		1.04		0.03			1.07
Diluted earnings per share attributable to Genie Energy Ltd. common stockholders		0.26		(0.01	)		0.25		0.38		0.01			0.39		0.76		(0.04	)		0.72		1.03		0.03			1.06

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported statements of cash flows for the three months ended March 31, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*For the three months ended March 31,*							*For the three months ended March 31,*
(in thousands)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Net income	$	10,301	$	(187	)	$	10,114	$	8,169	$	363		$	8,532
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for captive insurance liability		645		(645	)		—		1,036		(1,036	)		—
Changes in income tax payable		4,400		832			5,232		2,914		673			3,587

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported statements of cash flows for the six months ended June 30, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*For the six months ended June 30,*								*For the six months ended June 30,*
(in thousands)	*2025*			*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)			(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Net income	$	13,169		$	(666	)	$	12,503	$	17,525	$	426		$	17,951
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for captive insurance liability		910			(910	)		—		1,676		(1,676	)		—
Changes in income tax payable		(1,377	)		1,576			199		2,362		1,250			3,612

The following table summarizes the effect of the errors on the specific line items in the Company’s previously reported statements of cash flows for the nine months ended September 30, 2025 and 2024 (see Note 1 — Restatement of Previously Issued Financial Statements):

	*For the nine months ended September 30,*							*For the nine months ended September 30,*
(in thousands)	*2025*		*2025*			*2025*		*2024*		*2024*			*2024*
	(As Reported)		(Adjustments)			(As Restated)		(As Reported)		(Adjustments)			(As Restated)

Net income	$	19,899	$	(1,010	)	$	18,889	$	27,754	$	743		$	28,497
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for captive insurance liability		1,370		(1,370	)		—		2,667		(2,667	)		—
Changes in income tax payable		1,064		2,380			3,444		6,289		1,924			8,213

The table below presents selected quarterly financial data of the Company for its fiscal quarters in 2025, 2024 and 2023.

											Net income (loss)
											attributable
Quarter Ended			Cost of		Income						to Genie			Earnings per common share
(in thousands, except per share data)	Revenues		Revenues		from operations			Net income			Energy Ltd.			Basic			Diluted
2025
December 31	$	121,319	$	87,766	$	4,574		$	4,821		$	4,815		$	0.17		$	0.16
September 30		138,324		108,305		7,399	*		6,391	*		6,404	*		0.25	*		0.25
June 30		105,521		81,771		2,268	*		2,389	*		2,344	*		0.09	*		0.09
March 31		136,807		99,444		13,476	*		10,114	*		10,443	*		0.40	*		0.40
TOTAL	$	501,971	$	377,286	$	27,717		$	23,715		$	24,006		$	0.91		$	0.90
2024
December 31	$	102,902	$	69,447	$	10,147	*	$	6,719	*	$	6,832	*	$	0.25	*	$	0.25
September 30		111,916		74,010		12,667	*		10,546	*		10,516	*		0.40	*		0.39
June 30		90,696		57,360		11,203	*		9,419	*		9,675	*		0.36	*		0.36
March 31		119,688		85,902		10,885	*		8,532	*		8,486	*		0.32	*		0.31
TOTAL	$	425,202	$	286,719	$	44,902		$	35,216		$	35,509		$	1.33		$	1.31
2023
December 31	$	104,933	$	71,291	$	10,912	*	$	9,054	*	$	8,530	*	$	0.35	*	$	0.35
September 30		125,048		83,967		17,886	*		14,198	*		14,459	*		0.54	*		0.53
June 30		93,463		55,255		15,035	*		15,339	*		14,980	*		0.58	*		0.57
March 31		105,264		71,989		11,264	*		14,392	*		14,274	*		0.56	*		0.54
TOTAL	$	428,708	$	282,502	$	55,097		$	52,983		$	52,243		$	2.03		$	1.99

* - As Restated.