Note 18 - Business Segment Information

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 18—Business Segment Information 

The Company has two reportable business segments: GRE and GREW. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Evergreen Energy, Mirabito. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. GREW develops, constructs and operates utility-scale solar energy projects, distributes solar panels, offers energy procurement and advisory services and also markets alternative products and services complementary to its energy offerings. 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 ("CODM), the chief executive officer. 

The CODM uses segment income (loss) from operations to allocate resources for each segment. The CODM considers revenues and income (loss) from operations to assess performance and make decisions about allocating resources to the segments.

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations to segments.  

Operating results for the business segments of the Company were as follows:

(in thousands)	GRE		GREW			Corporate			Total
Three Months Ended June 30, 2025
Revenues	$	98,992	$	6,259		$	—		$	105,251
Cost of revenues		77,670		4,101			—			81,771
Gross profit		21,322		2,158			—			23,480
Marketing and customer acquisition expenses		8,257		164			—			8,421
Employee-related expenses		3,900		1,314			925			6,139
Provision for credit losses		547		—			—			547
Stock-based compensation		260		22			324			606
Depreciation and amortization		75		161			—			236
Provision for captive insurance liabilities		—		—			265			265
Impairment of assets		—		35			—			35
Other selling, general and administrative expenses		4,295		643			290			5,228
Income (loss) from operations	$	3,988	$	(181	)	$	(1,804	)	$	2,003
Provision for (benefit from) income taxes	$	1,380	$	(162	)	$	(139	)	$	1,079
Three Months Ended June 30, 2024
Revenues	$	86,718	$	3,978		$	—		$	90,696
Cost of revenues		54,449		2,911			—			57,360
Gross profit		32,269		1,067			—			33,336
Marketing and customer acquisition expenses		8,443		145			—			8,588
Employee-related expenses		4,476		1,164			979			6,619
Provision for credit losses		481		—			—			481
Stock-based compensation		260		9			189			458
Depreciation and amortization		46		150			—			196
Provision for captive insurance liabilities		—		—			640			640
Impairment of assets		—		118			—			118
Other selling, general and administrative expenses		3,952		871			850			5,673
Income (loss) from operations	$	14,611	$	(1,390	)	$	(2,658	)	$	10,563
Provision for (benefit from) income taxes	$	4,454	$	(231	)	$	(758	)	$	3,465
Six Months Ended June 30, 2025
Revenues	$	231,467	$	10,591		$	—		$	242,058
Cost of revenues		174,244		6,971			—			181,215
Gross profit		57,223		3,620			—			60,843
Marketing and customer acquisition expenses		16,926		356			—			17,282
Employee-related expenses		8,959		2,566			1,361			12,886
Provision for credit losses		856		—			—			856
Stock-based compensation		518		45			782			1,345
Depreciation and amortization		149		321			—			470
Provision for captive insurance liabilities		—		—			910			910
Impairment of assets		—		35			—			35
Other selling, general and administrative expenses		8,980		1,333			1,912			12,225
Income (loss) from operations	$	20,835	$	(1,036	)	$	(4,965	)	$	14,834
Provision for (benefit from) income taxes	$	7,118	$	(395	)	$	(1,265	)	$	5,458
Six Months Ended June 30, 2024
Revenues	$	199,183	$	11,201		$	—		$	210,384
Cost of revenues		134,720		8,542			—			143,262
Gross profit		64,463		2,659			—			67,122
Marketing and customer acquisition expenses		16,961		302			19			17,282
Employee-related expenses		9,019		2,303			2,196			13,518
Provision for credit losses		1,210		—			—			1,210
Stock-based compensation		507		17			683			1,207
Depreciation and amortization		151		264			—			415
Provision for captive insurance liabilities		—		—			1,676			1,676
Impairment of assets		—		118			—			118
Other selling, general and administrative expenses		7,755		1,691			1,838			11,284
Income (loss) from operations	$	28,860	$	(2,036	)	$	(6,412	)	$	20,412
Provision for (benefit from) income taxes	$	8,543	$	(841	)	$	(1,317	)	$	6,385

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

			Genie
(in thousands)	GRE		Renewables		Corporate		Total
Total assets:
June 30, 2025	$	209,600	$	43,389	$	130,103	$	383,092
December 31, 2024		204,470		38,302		128,503		371,275

The total assets of the corporate segment includes the total assets of discontinued operations of Lumo Finland and Lumo Sweden with an aggregate net book value of $7.0 million and $6.8 million at June 30, 2025 and December 31, 2024, respectively.