NASDAQ: VIASP
Via Renewables, Inc.CIK 0001606268 · SIC 4931 · Electric & Other Services Combined
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Via Renewables to redeem 1.9M Series A Preferred shares at $25 on June 30
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Via Renewables closes up to $300M credit facility with CEO-controlled entity backstop
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revenue $159.0M, net income $2.1M. Via Renewables Q1 profit drops 11.8% on winter storm; redeems preferred stock
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Via Renewables to redeem 209,437 Series A Preferred shares at $25 on May 20
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Latest financial statements
From 10-Q filed Apr 30, 2026 (period ending Mar 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| Revenues: | ||
| Retail revenues | 155,368 | 144,503 |
| Net asset optimization gain (expense) | 3,661 | (2,249) |
| Other revenue | — | 3 |
| Total Revenues | 159,029 | 142,257 |
| Operating Expenses: | ||
| Retail cost of revenues | 132,618 | 95,393 |
| General and administrative | 15,721 | 16,992 |
| Depreciation and amortization | 5,874 | 5,028 |
| Total Operating Expenses | 154,213 | 117,413 |
| Operating income | 4,816 | 24,844 |
| Other (expense): | ||
| Interest expense | (2,520) | (1,818) |
| Interest and other (expense)/income | (128) | 37 |
| Total other expenses | (2,648) | (1,781) |
| Income before income tax expense | 2,168 | 23,063 |
| Income tax expense | 454 | 4,596 |
| Net income | 1,714 | 18,467 |
| Less: Net (loss) income attributable to non-controlling interests | (339) | 9,669 |
| Net income attributable to Via Renewables, Inc. stockholders | 2,053 | 8,798 |
| Less: Dividend on Series A Preferred Stock | 1,597 | 2,328 |
| Net income attributable to stockholders of Class A common stock | 456 | 6,470 |
| Net income (loss) attributable to Via Renewables, Inc. per share of Class A common stock | ||
| Basic | 0.12 | 1.83 |
| Diluted | (0.01) | 1.83 |
| Weighted average shares of Class A common stock outstanding | ||
| Basic | 3,792 | 3,533 |
| Diluted | 7,323 | 3,533 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share counts)
| Description | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 50,591 | 41,760 |
| Restricted cash | — | 1,121 |
| Accounts receivable, net of allowance for credit losses of $2,490 at March 31, 2026 and $2,670 at December 31, 2025 | 74,193 | 85,884 |
| Accounts receivable—affiliates | 5,926 | 6,265 |
| Inventory | 753 | 2,928 |
| Fair value of derivative assets, net | 3,007 | 2,565 |
| Customer acquisition costs, net | 8,038 | 7,761 |
| Customer relationships, net | 4,205 | 6,955 |
| Deposits | 3,955 | 4,903 |
| Renewable energy credit asset | 29,257 | 25,521 |
| Other current assets | 9,308 | 10,562 |
| Total current assets | 189,233 | 196,225 |
| Property and equipment, net | 5,916 | 6,447 |
| Fair value of derivative assets, net (1) | 482 | 711 |
| Customer acquisition costs, net | 3,171 | 3,101 |
| Customer relationships, net | 83 | 251 |
| Deferred tax assets | 1,619 | 1,839 |
| Goodwill | 120,343 | 120,343 |
| Other assets | 2,135 | 2,372 |
| Total assets | 322,982 | 331,289 |
| Liabilities, Series A Preferred Stock and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | 29,421 | 40,938 |
| Accounts payable—affiliates | 571 | 663 |
| Accrued liabilities | 16,693 | 20,243 |
| Renewable energy credit liability | 15,972 | 13,040 |
| Fair value of derivative liabilities, net | 5,191 | 2,156 |
| Other current liabilities | 58 | 58 |
| Total current liabilities | 67,906 | 77,098 |
| Long-term liabilities: | ||
| Fair value of derivative liabilities, net | 728 | 55 |
| Long-term portion of Senior Credit Facility | 130,000 | 120,000 |
| Total liabilities | 198,634 | 197,153 |
| Commitments and contingencies (Note 12) | ||
| Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 2,094,372 shares issued and outstanding at March 31, 2026 and 2,327,080 shares issued and outstanding at December 31, 2025 | 50,927 | 56,766 |
| Stockholders’ equity: | ||
| Common Stock: | ||
| Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 3,792,493 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 38 | 38 |
| Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 3,530,836 shares issued and outstanding at March 31, 2026 and December 31, 2025 | 35 | 35 |
| Additional paid-in capital | 40,785 | 40,538 |
| Accumulated other comprehensive loss | (40) | (40) |
| Retained earnings | 25,494 | 27,110 |
| Total stockholders’ equity | 66,312 | 67,681 |
| Non-controlling interest in Spark HoldCo, LLC | 7,109 | 9,689 |
| Total equity | 73,421 | 77,370 |
| Total liabilities, Series A Preferred Stock and Stockholders’ equity | 322,982 | 331,289 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 1,714 | 18,467 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Depreciation and amortization expense | 5,874 | 5,028 |
| Deferred income taxes | 220 | 2,030 |
| Amortization of deferred financing costs | 229 | 167 |
| Bad debt expense | 229 | 688 |
| Gain on derivatives, net | (9,086) | (4,386) |
| Current period cash settlements on derivatives, net | 13,026 | 3,900 |
| Other | 136 | 62 |
| Changes in assets and liabilities: | ||
| Decrease (increase) in accounts receivable | 11,462 | (5,688) |
| Decrease (increase) in accounts receivable—affiliates | 340 | (141) |
| Decrease in inventory | 2,175 | 1,387 |
| Increase in customer acquisition costs | (2,811) | (1,500) |
| Increase in prepaid and other current assets | (2,209) | (599) |
| Decrease in intangible assets—customer acquisition costs | — | 7,717 |
| Decrease in other assets | 136 | 170 |
| Decrease in accounts payable and accrued liabilities | (11,951) | (3,397) |
| (Decrease) increase in accounts payable—affiliates | (92) | 919 |
| Increase in other current liabilities | — | 126 |
| Net cash provided by operating activities | 9,392 | 24,950 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (245) | (1,415) |
| Acquisition of Customers | — | (12,590) |
| Net cash used in investing activities | (245) | (14,005) |
| Cash flows from financing activities: | ||
| Redemption of Series A Preferred Stock | (5,874) | (143) |
| Borrowings on notes payable | 120,000 | 138,000 |
| Payments on notes payable | (110,000) | (143,000) |
| Payment of distribution to Class A common stockholders | (2,072) | — |
| Payment of distributions to non-controlling unitholders | (1,928) | (6,000) |
| Payment of Preferred Stock dividends | (1,563) | (2,429) |
| Net cash used in financing activities | (1,437) | (13,572) |
| (Decrease) increase in Cash, cash equivalents and Restricted cash | 7,710 | (2,627) |
| Cash, cash equivalents and Restricted cash—beginning of period | 42,881 | 70,259 |
| Cash, cash equivalents and Restricted cash—end of period | 50,591 | 67,632 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Non-cash items: | ||
| Property and equipment purchase accrual | (249) | (16) |
| Cash paid during the period for: | ||
| Interest | 2,152 | 1,621 |
| Taxes | 96 | 104 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands, except share counts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗