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Via Renewables, Inc. Reports Fourth Quarter Results
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Via Renewables, Inc. (“Via Renewables” or the “Company”) today reported financial results for the quarter and year ended December 31, 2023.
For the quarter ended December 31, 2023, Via Renewables reported Adjusted EBITDA of $13.3 million compared to Adjusted EBITDA of $12.6 million for the quarter ended December 31, 2022. The increase in Adjusted EBITDA was due to an increase in Retail Gross Margin and an add back related to cost associated with the pending merger transaction (background), Via said. This was mostly offset by increased net asset optimization expense, customer acquisition spend and G&A expense.
For the quarter ended December 31, 2023, Via Renewables reported Gross Profit of $25.4 million compared to Gross Loss of $(7.1) million for the quarter ended December 31, 2022. The increase was mainly due to a mark-to-market gain on hedges.
For the quarter ended December 31, 2023, Via Renewables reported Retail Gross Margin of $33.7 million compared to Retail Gross Margin of $31.9 million for the quarter ended December 31, 2022. This increase was attributable to higher natural gas unit margins, partially offset by both lower natural gas volumes and electric unit margins.
Keith Maxwell, Via Renewables’ Chief Executive Officer. said, “Our business does well in normal market conditions and weather patterns. 2023 was a mild year in terms of weather aside from the ERCOT summer, in which we were able to mitigate the impact of those months through our hedging strategy. We hope to see similar outcomes in 2024. We’ll continue to target organic growth by offering attractive products and services to our customers while also keeping the door open for any potential tuck-in acquisitions.”
"We finished the year with higher Net Income and Adjusted EBITDA compared to the prior year due to favorable market conditions. Our organic sales channels have performed well and we were able to stay on top of attrition and slightly grow the book for the year," said Maxwell
Via reported average monthly attrition of 3.4%
Via reported total liquidity of $116.0 million as of December 31, 2023
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February 28, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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