Consolidated Highlights
(Unless otherwise noted, results are for 2Q26 and are compared to 2Q25)
| ? | Revenue decreased to | |
| ? | Gross profit increased to $33.7 million from $23.5 million; Gross margin increased to 33.5% from 22.3%; | |
| ? | Income from operations increased to $6.5 million from $2.3 million; | |
| ? | Net income attributable to Genie common stockholders increased to $11.4 million from $2.3 million; | |
| ? | EPS increased to | |
| ? | Adjusted EBITDA1 increased to $7.5 million from $3.0 million; | |
| ? | Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $204.3 million at | |
| ? | Genie will pay a | |
| ? | Genie repurchased approximately 48 thousand shares of its Class |
| 1 | Adjusted EBITDA for all periods presented is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP for |
Management Commentary -
Genie delivered strong bottom line results in the second quarter.
At
At GREW, the topline was flat year-over-year. However, the segment generated positive EBITDA powered by contributions from our Diversegy energy brokerage and
Both Diversegy and
For the balance of the year, we are working to boost cash generation across GRE, Diversegy and
Segment Highlights
The year-over-year increases in GRE's income from operations and Adjusted EBITDA were driven by gross margin expansion. The increase in SG&A expense primarily reflected higher customer acquisition spending resulting from a shift in the sales mix to certain high value customer segments with higher costs of acquisition. The year over year decreases in RCE's and meters largely reflects the expiration of low margin aggregation deals.
| GRE Operational and Financial Results* | 2Q26 | 1Q26 | 2Q25 | 2Q26-2Q25 | ||||||||||||
| Operational metrics (RCEs** and meters in '000s at end of period) | ||||||||||||||||
| RCEs | 345 | 354 | 413 | (68 | ) | |||||||||||
| Electricity | 265 | 273 | 332 | (67 | ) | |||||||||||
| Natural gas | 80 | 82 | 82 | (2 | ) | |||||||||||
| Meters | 363 | 364 | 419 | (56 | ) | |||||||||||
| Electricity | 267 | 272 | 332 | (65 | ) | |||||||||||
| Natural gas | 95 | 92 | 87 | 8 | ||||||||||||
| Gross meter additions during the period | 65 | 84 | 70 | (5 | ) | |||||||||||
| Churn*** | 5.9 | % | 5.8 | % | 4.8 | % | 110 bps | |||||||||
| Financial metrics (in millions except for gross margin) | 2Q26 | 2Q25 | Change | |||||||||
| Revenue | $ | 94.1 | $ | 99.0 | (4.9 | )% | ||||||
| Electricity | $ | 83.6 | $ | 89.9 | (7.0 | )% | ||||||
| Gas | $ | 10.6 | $ | 9.1 | 16.2 | % | ||||||
| Gross profit | $ | 30.3 | $ | 21.3 | 42.2 | % | ||||||
| Gross margin | 32.2 | % | 21.5 | % | 1070 bps | |||||||
| Selling, general and administrative expenses | $ | 22.0 | $ | 17.3 | 27.0 | % | ||||||
| Income from operations | $ | 8.3 | $ | 4.0 | 108.3 | % | ||||||
| Adjusted EBITDA | $ | 8.7 | $ | 4.4 | 96.7 | % | ||||||
| * | Numbers may not foot due to rounding |
| ** | RCE (residential customer equivalent) is a measure of annual residential commodity consumption for a typical single-family household equal to 10,000 kWh (electricity) or 1,000 therms (gas) |
| *** | Excludes the impacts of aggregation deal expirations |
Genie Renewables (GREW)
GREW achieved positive Adjusted EBITDA in 2Q26 as Diversegy and
| GREW Financial Results* | 2Q26 | 2Q25 | Change | |||||||||
| Revenue | $ | 6.3 | $ | 6.3 | 0.2 | % | ||||||
| Gross profit | $ | 3.3 | $ | 2.2 | 55.0 | % | ||||||
| Selling, general and administrative expenses | $ | 3.3 | $ | 2.3 | 42.2 | % | ||||||
| Income from operations | $ | 0.1 | $ | (0.2 | ) | nm | ||||||
| Adjusted EBITDA | $ | 0.3 | $ | (0.1 | ) | nm | ||||||
* Numbers may not foot due to rounding
nm - not meaningful
Balance Sheet Highlights
As of
Total assets as of June 30, 2026 were
Trended Financial Information*
| (in millions except EPS)** | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 2024 | 2025 | ||||||||||||||||||||||||
| Total Revenue | $ | 136.8 | $ | 105.3 | $ | 138.3 | $ | 121.6 | $ | 142.3 | $ | 100.4 | $ | 425.2 | $ | 502.0 | ||||||||||||||||
| $ | 132.5 | $ | 99.0 | $ | 132.4 | $ | 114.6 | $ | 134.8 | $ | 94.1 | $ | 403.3 | $ | 478.5 | |||||||||||||||||
| Electricity | $ | 104.1 | $ | 89.9 | $ | 126.6 | $ | 92.3 | $ | 99.4 | $ | 83.6 | $ | 350.5 | $ | 412.8 | ||||||||||||||||
| Natural gas | $ | 28.4 | $ | 9.1 | $ | 5.8 | $ | 22.4 | $ | 35.4 | $ | 10.6 | $ | 52.1 | $ | 65.7 | ||||||||||||||||
| Others | $ | 0.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.7 | $ | 0.0 | ||||||||||||||||
| Genie Renewables | $ | 4.3 | $ | 6.3 | $ | 6.0 | $ | 7.0 | $ | 7.5 | $ | 6.3 | $ | 21.9 | $ | 23.5 | ||||||||||||||||
| Gross Profit | $ | 37.4 | $ | 23.5 | $ | 30.0 | $ | 33.8 | $ | 29.8 | $ | 33.7 | $ | 138.5 | $ | 124.7 | ||||||||||||||||
| $ | 35.9 | $ | 21.3 | $ | 27.6 | $ | 33.8 | $ | 29.1 | $ | 30.3 | $ | 132.2 | $ | 118.5 | |||||||||||||||||
| Genie Renewables | $ | 1.5 | $ | 2.2 | $ | 2.5 | $ | 0.1 | $ | 0.7 | $ | 3.3 | $ | 6.3 | $ | 6.1 | ||||||||||||||||
| Gross Margin | 27.3 | % | 22.3 | % | 21.7 | % | 27.8 | % | 20.9 | % | 33.5 | % | 32.6 | % | 24.8 | % | ||||||||||||||||
| 27.1 | % | 21.5 | % | 20.8 | % | 29.5 | % | 21.6 | % | 32.2 | % | 32.8 | % | 24.8 | % | |||||||||||||||||
| Genie Renewables | 33.7 | % | 34.5 | % | 41.3 | % | 1.0 | % | 9.9 | % | 53.4 | % | 29.0 | % | 26.1 | % | ||||||||||||||||
| Income from operations | $ | 13.5 | $ | 2.3 | $ | 7.4 | $ | 4.6 | $ | 1.9 | $ | 6.5 | $ | 44.9 | $ | 27.7 | ||||||||||||||||
| $ | 16.8 | $ | 4.0 | $ | 10.2 | $ | 13.2 | $ | 6.6 | $ | 8.3 | $ | 56.5 | $ | 44.2 | |||||||||||||||||
| Genie Renewables | $ | (0.9 | ) | $ | (0.2 | ) | $ | (0.3 | ) | $ | (5.7 | ) | $ | (2.4 | ) | $ | 0.1 | $ | (3.0 | ) | $ | (7.1 | ) | |||||||||
| Net income attributable to Genie common stockholders | $ | 10.4 | $ | 2.3 | $ | 6.4 | $ | 4.8 | $ | 2.8 | $ | 11.4 | $ | 35.5 | $ | 24.0 | ||||||||||||||||
| Diluted earnings per share | $ | 0.40 | $ | 0.09 | $ | 0.25 | $ | 0.16 | $ | 0.11 | $ | 0.43 | $ | 1.31 | $ | 0.90 | ||||||||||||||||
| Adjusted EBITDA | $ | 14.4 | $ | 3.0 | $ | 8.2 | $ | 6.9 | $ | 2.8 | $ | 7.5 | $ | 48.5 | $ | 32.6 | ||||||||||||||||
| * | ||
| ** | Numbers may not foot due to rounding | |
Conference Call with Genie Energy Management
At
To participate in the conference call, dial 1-877-545-0320 (
Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (
About Genie Energy Ltd.
Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) holds Genie’s energy brokerage and advisory business, a portfolio of solar generation assets, and early stage growth initiatives. For more information, visit https://genie.com/
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
Contact
Bill Ulrey
Investor Relations
Genie Energy, Ltd.
wulrey@genie.com
GENIE ENERGY LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 184,841 | $ | 203,516 | ||||
| Restricted cash | 10,148 | 7,936 | ||||||
| Marketable equity securities | 9,319 | 409 | ||||||
| Trade accounts receivable, net of allowance for credit losses of | 55,953 | 70,062 | ||||||
| Inventory | 15,251 | 12,370 | ||||||
| Prepaid expenses | 15,333 | 10,567 | ||||||
| Other current assets | 12,941 | 17,154 | ||||||
| Current assets of discontinued operations | 1,293 | 1,419 | ||||||
| Total current assets | 305,079 | 323,433 | ||||||
| Property and equipment, net | 29,474 | 28,303 | ||||||
| 13,898 | 12,978 | |||||||
| Other intangibles, net | 1,655 | 1,804 | ||||||
| Deferred income tax assets, net | 2,309 | 2,309 | ||||||
| Other assets | 17,304 | 20,553 | ||||||
| Total assets | $ | 369,719 | $ | 389,380 | ||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 30,141 | $ | 41,094 | ||||
| Accrued expenses | 49,606 | 50,782 | ||||||
| Income taxes payable | 12,820 | 28,851 | ||||||
| Current debt, net | 370 | 2,139 | ||||||
| Due to IDT Corporation, net | 99 | 112 | ||||||
| Other current liabilities | 9,500 | 10,052 | ||||||
| Current liabilities of discontinued operations | 2,981 | 2,996 | ||||||
| Total current liabilities | 105,517 | 136,026 | ||||||
| Noncurrent debt, net | 6,477 | 6,529 | ||||||
| Other liabilities | 2,490 | 2,379 | ||||||
| Total liabilities | 114,484 | 144,934 | ||||||
| Commitments and contingencies | — | — | ||||||
| Equity: | ||||||||
| Preferred stock, | ||||||||
| Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 0 shares issued and outstanding at | — | — | ||||||
| Class A common stock, | 16 | 16 | ||||||
| Class B common stock, | 293 | 293 | ||||||
| Additional paid-in capital | 159,163 | 157,763 | ||||||
| (49,451 | ) | (48,274 | ) | |||||
| Accumulated other comprehensive income | 5,259 | 4,921 | ||||||
| Retained earnings | 146,357 | 136,183 | ||||||
| Total | 261,637 | 250,902 | ||||||
| Noncontrolling interests: | ||||||||
| Noncontrolling interests | (6,402 | ) | (6,034 | ) | ||||
| Receivable from issuance of equity | — | (422 | ) | |||||
| Total noncontrolling interests | (6,402 | ) | (6,456 | ) | ||||
| Total equity | 255,235 | 244,446 | ||||||
| Total liabilities and equity | $ | 369,719 | $ | 389,380 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues: | ||||||||||||||||
| Electricity | $ | 83,550 | $ | 89,885 | $ | 182,962 | $ | 193,948 | ||||||||
| Natural gas | 10,581 | 9,107 | 45,932 | 37,516 | ||||||||||||
| Other | 6,268 | 6,259 | 13,817 | 10,594 | ||||||||||||
| Total revenues | 100,399 | 105,251 | 242,711 | 242,058 | ||||||||||||
| Cost of revenues | 66,726 | 81,771 | 179,217 | 181,215 | ||||||||||||
| Gross profit | 33,673 | 23,480 | 63,494 | 60,843 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 27,148 | 21,177 | 55,097 | 45,064 | ||||||||||||
| Impairment of assets | — | 35 | — | 35 | ||||||||||||
| Income from operations | 6,525 | 2,268 | 8,397 | 15,744 | ||||||||||||
| Interest income | 1,511 | 1,998 | 3,162 | 3,979 | ||||||||||||
| Interest expense | (121 | ) | (156 | ) | (245 | ) | (345 | ) | ||||||||
| Other income, net | 3,761 | 54 | 4,471 | 216 | ||||||||||||
| Income before income taxes | 11,676 | 4,164 | 15,785 | 19,594 | ||||||||||||
| Provision for income taxes | (239 | ) | (1,822 | ) | (1,824 | ) | (7,034 | ) | ||||||||
| Net income from continuing operations | 11,437 | 2,342 | 13,961 | 12,560 | ||||||||||||
| Income (loss) from discontinued operations, net of taxes | 3 | 47 | (8 | ) | (57 | ) | ||||||||||
| Net income | 11,440 | 2,389 | 13,953 | 12,503 | ||||||||||||
| Net income (loss) attributable to noncontrolling interests, net | 65 | 45 | (200 | ) | (284 | ) | ||||||||||
| Net income attributable to | $ | 11,375 | $ | 2,344 | $ | 14,153 | $ | 12,787 | ||||||||
| Net income (loss) attributable to | ||||||||||||||||
| Continuing operations | $ | 11,372 | $ | 2,297 | $ | 14,161 | $ | 12,844 | ||||||||
| Discontinued operations | 3 | 47 | (8 | ) | (57 | ) | ||||||||||
| Net income attributable to | $ | 11,375 | $ | 2,344 | $ | 14,153 | $ | 12,787 | ||||||||
| Earnings per share attributable to | ||||||||||||||||
| Basic: | ||||||||||||||||
| Continuing operations | $ | 0.44 | $ | 0.09 | $ | 0.54 | $ | 0.49 | ||||||||
| Discontinued operations | — | — | — | — | ||||||||||||
| Earnings per share attributable to | $ | 0.44 | $ | 0.09 | $ | 0.54 | $ | 0.49 | ||||||||
| Diluted | ||||||||||||||||
| Continuing operations | $ | 0.43 | $ | 0.09 | $ | 0.54 | $ | 0.48 | ||||||||
| Discontinued operations | — | — | — | — | ||||||||||||
| Earnings per share attributable to | $ | 0.43 | $ | 0.09 | $ | 0.54 | $ | 0.48 | ||||||||
| Weighted-average number of shares used in calculation of earnings per share: | ||||||||||||||||
| Basic | 26,069 | 26,173 | 26,060 | 26,287 | ||||||||||||
| Diluted | 26,152 | 26,516 | 26,171 | 26,631 | ||||||||||||
| Dividends declared per common share | $ | 0.075 | $ | 0.075 | $ | 0.150 | $ | 0.150 | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Operating activities | ||||||||
| Net income | $ | 13,953 | $ | 12,503 | ||||
| Net loss from discontinued operations, net of tax | (8 | ) | (57 | ) | ||||
| Net income from continuing operations | 13,961 | 12,560 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||||||||
| Stock-based compensation | 1,350 | 1,345 | ||||||
| Provision for credit losses | 1,258 | 856 | ||||||
| Depreciation and amortization | 704 | 470 | ||||||
| Impairment of assets | — | 35 | ||||||
| Inventory valuation allowance | 939 | — | ||||||
| Unrealized gain on marketable equity securities and investments and other, net | (3,913 | ) | (622 | ) | ||||
| Gain from sale of investment property | (735 | ) | — | |||||
| Changes in assets and liabilities: | ||||||||
| Trade accounts receivable | 12,878 | (320 | ) | |||||
| Inventory | (1,986 | ) | (4,682 | ) | ||||
| Prepaid expenses | (4,764 | ) | (142 | ) | ||||
| Other current assets and other assets | (1,244 | ) | (882 | ) | ||||
| Trade accounts payable, accrued expenses and other liabilities | (12,323 | ) | 5,382 | |||||
| Due to IDT Corporation, net | (13 | ) | (8 | ) | ||||
| Income taxes payable | (16,031 | ) | 199 | |||||
| Net cash (used in) provided by operating activities of continuing operations | (9,919 | ) | 14,191 | |||||
| Net cash (used in) provided by operating activities of discontinued operations | (13 | ) | 2,274 | |||||
| Net cash (used in) provided by operating activities | (9,932 | ) | 16,465 | |||||
| Investing activities | ||||||||
| Capital expenditures | (3,560 | ) | (3,682 | ) | ||||
| Purchases of marketable equity securities and other investments, net of cash acquired | (6,655 | ) | (3,667 | ) | ||||
| Improvements in investment property | (49 | ) | (1,075 | ) | ||||
| Proceeds from sale of investment property, net | 6,474 | — | ||||||
| Proceeds from return of investments | 4,289 | 1,173 | ||||||
| Net cash used in investing activities | 499 | (7,251 | ) | |||||
| Financing activities | ||||||||
| Dividends paid | (3,979 | ) | (4,036 | ) | ||||
| Repurchases of Class B common stock from employees | (517 | ) | (462 | ) | ||||
| Repayment of debt | (1,978 | ) | — | |||||
| Repurchases of Class B common stock | (660 | ) | (4,619 | ) | ||||
| Net cash used in financing activities | (7,134 | ) | (9,117 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 70 | (64 | ) | |||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (16,497 | ) | 33 | |||||
| Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period | 212,438 | 201,958 | ||||||
| Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period | 195,941 | 201,991 | ||||||
| Less: Cash of discontinued operations at end of period | 952 | 1,000 | ||||||
| Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period | $ | 194,989 | $ | 200,991 | ||||
Reconciliation of Non-GAAP Financial Measures for 2Q26
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in
Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.
Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the loss of equity method investees, net.
Management believes that Genie’s measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making.
Management also uses Adjusted EBITDA to evaluate operating performance in relation to Genie’s competitors. Disclosure of Adjusted EBITDA may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition,
Management refers to Adjusted EBITDA as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.
Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.
Stock-based compensation recognized by
Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Impairment of assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie's continuing operations.
Following are the reconciliations of Adjusted EBITDA on a consolidated basis and for GRE to its most directly comparable GAAP measure, income from operations.
Non-GAAP Reconciliation - Consolidated Adjusted EBITDA
| (In millions. Numbers may not foot due to rounding.) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 2024 | 2025 | ||||||||||||||||||||||||
| Income from operations | $ | 13.5 | $ | 2.3 | $ | 7.4 | $ | 4.6 | $ | 1.9 | $ | 6.5 | $ | 44.9 | $ | 27.7 | ||||||||||||||||
| Add back | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | 0.3 | $ | 0.4 | $ | 0.3 | $ | 0.9 | $ | 1.0 | ||||||||||||||||
| Non-cash compensation | $ | 0.7 | $ | 0.6 | $ | 0.6 | $ | 0.6 | $ | 0.7 | $ | 0.6 | $ | 2.3 | $ | 2.5 | ||||||||||||||||
| Impairment | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 1.6 | $ | 0.0 | $ | 0.0 | $ | 0.2 | $ | 1.6 | ||||||||||||||||
| Equity in net loss (income) of equity method investees | $ | (0.0 | ) | $ | (0.1 | ) | $ | (0.0 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | 0.0 | $ | 0.1 | $ | (0.3 | ) | ||||||||||
| Adjusted EBITDA | $ | 14.4 | $ | 3.0 | $ | 8.2 | $ | 6.9 | $ | 2.8 | $ | 7.5 | $ | 48.5 | $ | 32.6 | ||||||||||||||||
Non-GAAP Reconciliation - GRE Adjusted EBITDA
| (In millions. Numbers may not foot due to rounding.) | 2Q26 | 2Q25 | ||||||
| Income from operations | $ | 8.3 | $ | 4.0 | ||||
| Add back | ||||||||
| Depreciation and amortization | $ | 0.1 | $ | 0.1 | ||||
| Stock-based compensation | $ | 0.3 | $ | 0.3 | ||||
| Equity in the income of equity method investees | $ | — | $ | 0.1 | ||||
| Adjusted EBITDA | $ | 8.7 | $ | 4.4 | ||||
Non-GAAP Reconciliation - GREW Adjusted EBITDA
| (In millions. Numbers may not foot due to rounding.) | 2Q26 | 2Q25 | ||||||
| Income from operations | $ | 0.1 | $ | (0.2 | ) | |||
| Add back | ||||||||
| Depreciation and amortization | $ | 0.3 | $ | 0.2 | ||||
| Stock-based compensation | $ | 0.0 | $ | 0.0 | ||||
| Impairment | $ | — | $ | 0.0 | ||||
| Equity in the income of equity method investees | $ | (0.0 | ) | $ | (0.1 | ) | ||
| Adjusted EBITDA | $ | 0.3 | $ | (0.1 | ) | |||
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