Intel stock spikes after report of possible US government stake
Genie Energy Ltd. (NYSE:GNE) announced Wednesday that its Audit Committee has dismissed Zwick CPA, PLLC as its independent registered public accounting firm and appointed CBIZ (NYSE:CBZ) CPAs, P.C. as the company’s new auditor for the remainder of 2025. The decision was made following a competitive bidding process, according to a statement based on a recent SEC filing.
Zwick CPA’s reports on Genie Energy’s consolidated financial statements for the years ended December 31, 2024, and 2023 did not contain adverse opinions or disclaimers of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles. The company reported that during the fiscal years 2023 and 2024, and through July 9, 2025, there were no disagreements with Zwick CPA on accounting principles, financial statement disclosures, or audit procedures that would have required reference in Zwick’s reports.
Additionally, Genie Energy stated that there were no reportable events, as defined by SEC regulations, during the period covered by Zwick CPA’s service.
CBIZ CPAs, P.C. was appointed as the new independent auditor effective July 9, 2025. Genie Energy noted that it had not consulted CBIZ regarding accounting matters or events prior to the appointment.
The company has provided Zwick CPA with a copy of the disclosure and requested a letter addressed to the Securities and Exchange Commission confirming agreement with the statements made. This letter has been filed as an exhibit to the Form 8-K.
This information is based on a press release statement and details disclosed in Genie Energy Ltd.’s recent SEC filing.
In other recent news, Genie Energy reported robust financial results for the first quarter of 2025, with revenue increasing by 14.3% to $136.8 million. The company’s earnings per share (EPS) reached $0.42, exceeding market expectations and reflecting strong operational performance. This marks a continuation of Genie Energy’s trend of surpassing earnings forecasts, contributing to investor confidence. The company expanded its customer base significantly, adding over 48,000 net new meters, bringing the total to 413,000. Genie Energy’s electricity and natural gas revenues also saw substantial increases, indicating normalized market conditions after previous volatility. The firm’s gross profit rose by 10.6% to $37.4 million, while income from operations increased by 30.3% to $12.8 million. Analysts have noted the company’s strategic growth initiatives, including its market expansions in California and Kentucky, as key drivers of these positive results. Additionally, Genie Energy confirmed its full-year adjusted EBITDA guidance of $40-50 million, underscoring its commitment to growth and shareholder value.
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