The following is a summary of the Via Renewables, Inc. (VIA) Q1 2024 Earnings Call Transcript:
Financial Performance:
Via Renewables observed a decrease in adjusted EBITDA in Q1 2024, down to $15.1 million from last year's $18.8 million due to lower unit margins and reduced gas volumes incited by milder weather.
The retail electricity and natural gas segments also saw a decrease in gross margins.
Net income for the quarter increased to $19.1 million, or $1.81 per fully diluted share, mainly due to a mark-to-market gain of $11.2 million this quarter compared to a loss of $22.6 million in 2023.
Business Progress:
The company has managed to growing its customer book, lessen credit risk and bad debt exposure by elevating the percentage of its customer base in POR markets.
Via Renewables also entered an agreement to acquire approximately 12,500 RCEs in its existing markets, aiming to boost their bottom line from Q2 2024, and remains open to potential future acquisitions.
More details: Via Renewables IR
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