Thank you, operator. In the second quarter, Genie delivered strong bottom-line results in both operating segments while continuing to invest in growth opportunities across our businesses and return value to shareholders.

At Genie Retail Energy, relatively normalized wholesale energy market conditions enabled us to achieve gross margin on a level comparable to our long-term historical average, and that drove a significant year-over-year improvement in our bottom-line results. GRE's top line declined 5%, primarily reflecting the expiration of aggregation deals over the past year.

The deals typically generate low-margin revenue, the impact of their expiration on our bottom line was minimal. At quarter end, we served 345,000 RCEs and 363,000 meters, compared to 413,000 RCEs and 419,000 meters a year earlier.

During the second quarter, we added 65,000 gross new customers, compared to 70,000 a year earlier. Total customer acquisition expense increased materially as we acquired a higher percentage of customers through higher cost-of-acquisition channels and fewer through lower-cost channels.

We approached these low-cost channels opportunistically as they generate lower-margin customers compared to higher-cost channels. We allowed low-cost channel acquisition volumes to fluctuate depending on how competitive market rates compared to the incumbent utility's offerings.

In the second quarter, with these low-cost channels underperforming, we increased our investment in acquisitions through higher-cost channels, increasing our base of higher lifetime value customers and building a tailwind that we expect to positively impact the coming quarters. Acquisitions through high-cost channels also enabled us to prioritize further diversification of our customer base through strong growth in some of our newer markets, including Texas power market and California's gas market.

At GRE, the top line was flat year-over-year. However, contributions from our Diversegy energy brokerage and Genie Solar businesses enabled the segment to achieve positive EBITDA.

Diversegy had a particularly strong quarter as it continues to execute its growth strategy. Both Diversegy and Genie Solar are on track to further expand their bottom lines in the coming quarters.

Diversegy continues to build its book of business at a double-digit annualized growth rate. Even better, because new business frequently entails upfront customer payments, growth from a cash perspective has been stronger than what is reflected in EBITDA.

Moreover, this new business will drive revenue growth for several years to come as we earn revenue over the lifetime of the contracts. One of the key drivers for Diversegy's expansion has been our ability to leverage AI to optimize our customer acquisition efforts across channels, analyzing the energy requirements of our customers and their industries so that we can tailor our offerings to meet their needs with greater precision.

At Genie Solar, we turned on our second community solar project in New York State late in the second quarter, and that will positively impact results starting in the third quarter. GRE's second-quarter results also reflected our continued investment in several early-stage growth initiatives, most notably at Rodan.

As we've discussed previously, Rodan utilizes a patented recycling technology to manufacture useful plastic products from agricultural and other plastic waste. At Rodan, we made terrific progress during the quarter.

The company continued to expand production in Israel to meet strong local demand for its pallet products. In fact, we are already approaching the production capacity of our current facility and received the commitment from the Israeli Ministry of Environment to underwrite a material portion of the cost of constructing a larger manufacturing plant.

To diversify Rodan's revenue, we are preparing to begin manufacturing a second product utilizing the same recycled plastic feedstock. Also, the company was certified as a producer of plastic credits through Verra's Plastic Waste Reduction Standard program, a global platform to incentivize businesses to utilize the vast quantities of waste plastic that otherwise would end up in our oceans or our landfills.

This certification will enable Rodan to enhance profitability through the monetization of credits it receives for the plastic it collects and converts to finished product. Looking a little further ahead, Rodan is moving forward on an international extension.

The company has identified several potential manufacturing sites in the Southeastern US and is now working to select the final site, hire key managers, and design the initial pallets it will offer for the North American market. To wrap up, at Genie Energy, for the balance of year, we're looking to boost cash generation across GRE, Diversegy, and Genie Solar, make good on operational progress in our growth initiatives, and return value to shareholders through opportunistic stock purchases and our quarterly dividends.

Now, I will turn the call over to Avi for his discussion of our financial results.

Thank you, Michael, and thanks to everyone on the call for joining us this morning. My remarks today cover our financial results for the three months ended June 30th, 2026.

In my commentary, I'll compare the results for the second quarter 2026 to the second quarter of 2025 to remove from consideration the seasonal factors that impact our results, particularly our retail energy business. The second quarter, which includes spring and the early stages of the summer cooling season, is typically characterized by moderate levels of electricity consumption and low levels of natural gas consumption.

The quarter's financial results were highlighted by strong margin and adjusted EBITDA expansion at GRE and profitability at GRE, both of which helped to drive an increase in our consolidated bottom-line performance. Consolidated revenue in the second quarter decreased 4.6% to $100.4 million.

GRE revenue decreased 4.9% to $94.1 million as our customer base contracted due to the expiration of low-margin aggregation deals. Resulting decrease in consumption was partially offset by increased revenue per unit sold for both electricity and natural gas.

Sales of electricity, which contributed 89% of GRE's revenues, decreased 7% to $83.6 million. Kilowatt hours sold decreased by 17%, while revenue per kilowatt hour sold increased to 12%.

Natural gas revenue decreased 16.2% to $10.6 million. Therms sold decreased 23%, while revenue per therm sold increased to 50%.

At GRE, second quarter revenue was relatively unchanged at $6.3 million. Consolidated gross profit increased 43.4% to $33.7 million, while gross margin increased to 33.5%.

At GRE, gross profit increased 42.2% to $30.3 million, and gross margin increased to 32.2%. GRE achieved a gross margin within historical range given normalized commodity market conditions.

Load for the year-ago second quarter was impacted by unusually low natural gas profitability. At GRE, gross profit increased 55% to $3.3 million, driven by increased contributions from both Diversegy and Genie Solar, the two more mature businesses within the segment, both of which are already generating cash.

Consolidated SG&A increased 28% to $27.2 million, largely reflecting a mix shift in Genie Retail's customer acquisition channels towards higher per-acquisition cost methods. Despite their higher cost upfront, these channels typically generate customer cohorts with higher customer lifetime values.

The gross profit increase at GRE drove a $4.3 million year-over-year increase in consolidated income from operations to $6.5 million and a $4.5 million increase in adjusted EBITDA to $7.5 million. At GRE, income from operations increased 108.3% to $8.3 million, and adjusted EBITDA increased 96.7% to $8.7 million.

Strong contributions from Diversegy and Genie Solar enabled GRE to achieve profitability. Income from operations increased to $100,000 from the loss from operations of $200,000 a year earlier, and adjusted EBITDA increased to $200,000 from the adjusted EBITDA loss of $97,000 in the second quarter of 2025.

Consolidated net income attributable to Genie common stockholders was $11.4 million, or 43 cents per diluted share, compared to $2.3 million, or 9 cents per share, a year earlier. Turning now to the balance sheet.

At June 30th, 2026, cash, cash equivalents, long and short-term restricted cash, and marketable equity securities totaled $204.3 million. Working capital was $199.6 million.

Our net debt totaled $6.9 million, the largest component of which is the financing for a portfolio of operational solar arrays. We repurchased approximately 47,000 shares of our Class B common stock in the second quarter for $659,000, and we paid our regular quarterly dividend, returning an additional $2 million directly to our stockholders.

Wrapping up, normalized energy market conditions helped us to restore margins at GRE to their long-term range, while GRE generated positive EBITDA even as we continued to invest in early-stage growth initiatives. The improved performances helped to significantly enhance our profitability, while our balance sheet remains strong with robust levels of cash and minimal debt.

Operator, back to you for Q&A.

Yes, hi. Thank you so much.

Congratulations with strong results. My question is about the other income, which is quite significantly impact the bottom line.

Can you elaborate a little bit the breakdown of this other income and how do you see it going forward towards the end of the year? Thank you.

Sure. This is Avi.

Thank you for the question. The other income line reflects the change in value of other investments that we have, primarily when we invest balance sheet cash.

Those are where we have a very strong cash position. When we make investments that are to use that cash position to get value, those flow through the other investment line.

It's difficult to predict what those are going to be, but we expect that to hopefully continue to be positive for the company. Great.

Thank you. One more question is so we see that there is some sort of sensitivity of your profitability and the gas prices, basically, yeah, which drives also electricity prices.

Now with the lower gas prices in second quarter, we see positive impact also on your profitability, operating results. How do you see it going forward towards the year-end?

Do you expect also this trend to continue, or is it something to be revised from this point of view? Thank you.

Hi. Thanks for the question.

It's hard to predict, obviously, what markets are going to do. We feel like we're in a good position right now through the rest of the year to capitalize on where the market is.

Again, still achieve the guidance that we've set out.

Okay. Great.

Again, as you mentioned, it's more expensive acquisition of new clients. You also see it kind of to be paid back in the future as it's more profitable sort of clients you're onboarding, yes, through this higher general expense?

Is it correct what I understood? Thank you.

Our sales channels or our customer acquisition channels in general are a combination of our door-to-door, telemarketing, and digital marketing, direct mail, and other kinds of marketing efforts that we do. Some of those channels really yield higher-margin customers, and some of those channels generally are lower cost, but yield lower-margin customers.

What we were saying is that this quarter, let's say, versus last quarter, when we acquired a similar number of meters this quarter versus last year the same quarter, the acquisition expense was significantly higher, and that's because most of the customer acquisition that was done this quarter was dominated by acquiring those higher-margin customers, whereas last year in the same quarter, there was a much higher percentage of that customer acquisition that was coming from the lower-cost, but lower-margin acquisition channels.

Oh, yeah, interesting. Thank you so much.

The last one, if you afford, about your new plastic business, maybe you can share with us estimates, what's the overall market value in Israel, in Europe, where you potentially could expand? Just a little bit more on this particular market for the product you're now developed?

Thank you. For sure.

Without getting into specific numbers, what I can tell you is that we are currently, like you said, operating, and like we mentioned on the call, we intend to expand to the US, the US being obviously a significantly larger market than Israel. Our plan all along has been to start with selling pallets, and pallets is a huge, huge market.

Everything that gets shipped essentially goes out on pallets. Is our open intention to take market share in that space.

Because our cost of raw materials is significantly lower than that of our competitors who are also doing plastic pallets even for the same level of performance, we think we can take a good deal of market share. Obviously, it takes time to do manufacturing, but that works well.

What's great about technology and patents that we have is that the patent is not on creating pallets; the patent is on creating any finished product. As we mentioned on this call, we're already starting to make our second product custom for a customer.

We've already started designing it and working out the details with that customer, and they're interested. We know a whole bunch of customers who are also interested in that product.

Our intention is to continue to diversify our portfolio of products using the same waste material and the same technology so that the market potential is as large as possible. Obviously, as this thing gets more mature, we intend to share more numbers down the road.

Sure.

Thank you so much. Yeah.

Have a nice day. Thank you.

Thank you.

Thank you.