Genie Energy Ltd. 8-K

What Happened

• On March 9, 2026 Genie Energy Ltd. (GNE) announced its Audit Committee and management concluded previously issued financial statements for the years ended Dec. 31, 2023 and Dec. 31, 2024 (and related 2024–2025 quarterly reports) should not be relied upon and will be restated. The errors relate to accounting for the liability of its captive insurance subsidiary and led to material misstatements of cash, restricted cash, deferred tax assets (net), income taxes payable, captive insurance liabilities and related expense items.
• The need for the restatement emerged during re-audits triggered after the Public Company Accounting Oversight Board revoked the registration of the Company’s prior auditor, Zwick CPA, PLLC. Genie plans to include the restated audited financials and affected interim periods in its Comprehensive Form 10‑K for the year ended Dec. 31, 2025 and will not file separate amended prior-period reports.

Key Details

• Estimated impact (preliminary): 2023 increases — Income from Operations +$45.1M, Provision for Income Taxes +$12.4M, Net Income +$32.7M.
• Estimated impact (preliminary): 2024 increases — Income from Operations +$33.6M, Provision for Income Taxes +$10.7M, Net Income +$22.9M.
• Management identified material weaknesses in internal control over financial reporting and concluded disclosure controls and internal control were not effective as of Dec. 31, 2025.
• Genie expects to file a Form 12b‑25 by March 16, 2026 to extend the time to file its Comprehensive 10‑K by 15 days; the review is ongoing and figures may change.

Why It Matters

• Restatements and identified control weaknesses can affect investor confidence, comparability of prior-period results, and the timing of the company’s 2025 annual filing. The preliminary adjustments materially increase reported operating income and net income for both 2023 and 2024, which investors should expect to see detailed and audited in the forthcoming Comprehensive 10‑K.