Via Renewables Reports Expanded Unit Margins -- EnergyChoiceMatters.com

Via Renewables Reports Expanded Unit Margins

November 2, 2023

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Via Renewables, Inc. ("Via Renewables" or the "Company") reported financial results for the quarter ended September 30, 2023 (third quarter of 2023)

Via's total RCE count as of September 30, 2023 was 337,000, versus 346,000 as of June 30, 2023, and 336,000 a year ago

Via said that it added approximately 24,000 RCEs in the third quarter of 2023 through organic sales channels, compared to 10,000 in the third quarter of 2022. Via said that average quarterly attrition is down to 3.1% compared to 4.0% for the same period last year

For the quarter ended September 30, 2023, Via Renewables reported Adjusted EBITDA of $12.8 million compared to Adjusted EBITDA of $15.1 million for the quarter ended September 30, 2022. The decrease was driven by a decrease in Retail Electricity Segment Gross Margin and an increase in G&A expense due to higher sales and marketing expenses and broker fees.

For the quarter ended September 30, 2023, Via Renewables reported Retail Gross Margin of $31.9 million compared to Retail Gross Margin of $30.5 million for the quarter ended September 30, 2022. Higher volumes and unit margins resulted in an increase in Natural Gas Segment Gross Margin. Lower volumes partially offset by higher unit margins resulted in a decrease in Electric Retail Gross Margin

Electric Retail Gross Margin was $26.0 million for the third quarter of 2023, versus $28.5 million a year ago

Electric Retail Gross Margin per MWh was $41.40 per MWh for the third quarter of 2023, versus $41.07 per MWh a year ago

Natural Gas Retail Gross Margin was $5.2 million for the third quarter of 2023, versus $1.9 million a year ago

Natural Gas Retail Gross Margin per MMBtu was $3.64 per MMBtu for the third quarter of 2023, versus $1.67 per MMBtu a year ago

Via's total liquidity increased to $98.8 million as of September 30, 2023

Keith Maxwell, Via Renewables' President and Chief Executive Officer, stated, "Commodity prices have come down from this same time last year which allows us to be more competitive with our product offerings. Via will continue to strategically invest in customer growth through our organic and inorganic sales channels. The more diversity we can bring to our product offerings and customer base, the better we'll be able to adapt to changing market dynamics and meet the preferences of a broader range of consumers."

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