Executive Summary

Q1 2024 delivered a sharp year-over-year turn to profitability: Net Income was $19.1 million vs. $(6.8) million in Q1 2023, driven primarily by mark-to-market hedge gains and lower depreciation/interest/net asset optimization expenses .
Adjusted EBITDA declined year-over-year to $15.1 million (from $18.8 million) as lower electric and gas retail unit margins and volumes offset hedge gains; Retail Gross Margin fell to $35.7 million from $40.3 million .
Liquidity strengthened to $128.0 million; RCEs rose to 338k with 41k gross adds, though attrition increased to 3.9% due to intentional sales push .
Management highlighted a tuck-in acquisition of ~12,500 RCEs to be accretive beginning Q2 2024; dividend on Series A Preferred increased slightly QoQ to $0.76051/share .

What Went Well and What Went Wrong

What Went Well

Material YoY profit improvement: “Achieved $19.1 million in Net Income… for the first quarter,” supported by mark-to-market hedge gains and lower depreciation/interest/net asset optimization expenses .
Book growth with strong sales activity: “We ended the quarter with 338k RCEs, up from 335k at the end of 2023… We added approximately 41,000 RCEs in the first quarter” .
Strategic tuck-in pipeline: “We… entered into an agreement to acquire approximately 12,500 RCEs… accretive to our bottom line beginning in the second quarter” .

What Went Wrong

Core retail profitability compressed: Retail Gross Margin fell to $35.7 million vs. $40.3 million YoY; lower unit margins and volumes in gas, and lower unit margins in electricity, weighed on results .
Adjusted EBITDA down YoY: $15.1 million vs. $18.8 million, reflecting margin pressures and higher G&A/CAC spend .
Higher attrition as a byproduct of sales push: average monthly attrition rose to 3.9% vs. lower rates in prior periods (e.g., 3.1% in Q3 2023), potentially elevating replacement costs and CAC .

Financial Results

Metric	Q3 2023	Q4 2023	Q1 2024
Total Revenues ($USD Millions)	$110.239	$101.702	$114.056
Gross Profit ($USD Millions)	$39.189	$25.375	$45.094
Net Income ($USD Millions)	$14.659	$(0.869)	$19.064
EPS (Class A, Diluted) ($)	$1.47	—	$1.81
Retail Gross Margin ($USD Millions)	$31.888	$33.706	$35.745
Adjusted EBITDA ($USD Millions)	$12.756	$13.275	$15.068

Segment breakdown

Segment KPI	Q3 2023	Q4 2023	Q1 2024
Electricity Retail Gross Margin ($USD Millions)	$25.991	$18.112	$18.911
Electricity Volumes (MWh)	627,851	—	504,307
Electricity Margin per MWh ($)	$41.40	—	$37.50
Gas Retail Gross Margin ($USD Millions)	$5.160	$14.822	$16.197
Gas Volumes (MMBtu)	1,419,291	—	4,252,945
Gas Margin per MMBtu ($)	$3.64	—	$3.81

KPIs

KPI	Q3 2023	Q4 2023	Q1 2024
Total RCEs (000s)	337	335	338
Avg Monthly Attrition (%)	3.1%	—	3.9%
Total Liquidity ($USD Millions)	$98.843	$115.990	$128.015

Notes: EPS for Q4 2023 was not disclosed in the press release tables; electricity/gas volumes not disclosed for Q4 2023.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Series A Preferred Dividend per Share ($)	Q1 2024	$0.75960 (Q4 2023)	$0.76051	Raised
Common Stock Dividend	Ongoing	Suspended since Apr 19, 2023	No reinstatement discussed	Maintained (suspension)
RCE Tuck-in Acquisition	Q2 2024	N/A	~12,500 RCEs accretive beginning Q2	New

No formal quantitative guidance ranges for revenue, margins, OpEx, OI&E, or tax rate were provided in Q1 2024 materials .

Earnings Call Themes & Trends

Note: Full transcript retrieval via the document tools was unsuccessful; themes reflect management’s prepared remarks across press releases.

Topic	Previous Mentions (Q3 2023, Q4 2023)	Current Period (Q1 2024)	Trend
Commodity price environment	“Commodity prices have come down… more competitive products” (Q3) ; “favorable market conditions” (Q4)	“Commodity prices remained relatively stable”	Stable/benign
Weather impacts	“Hottest ERCOT summer on record… navigated via risk management” (Q3) ; “mild year aside from ERCOT summer” (Q4)	“Milder than normal weather”	Mild conditions
Customer acquisition/attrition	~24k adds; attrition down to 3.1% (Q3) ; “stay on top of attrition and slightly grow the book” (Q4)	~41k adds; attrition 3.9% (expected side-effect of sales activity)	Elevated attrition amidst growth push
Hedging/mark-to-market	MTM gains drove YoY improvement (Q3)	Q4 included $(6.2) million MTM loss, still better YoY	MTM gain drove Q1 profit
Liquidity/capital structure	Liquidity $98.8m; debt paydown (Q3)	Liquidity $116.0m (Q4)	Liquidity $128.0m (Q1)

Management Commentary

“In the first quarter commodity prices remained relatively stable and we experienced milder than normal weather. We ended the quarter with 338k RCEs… We added approximately 41,000 RCEs… average attrition of 3.9%.” — Keith Maxwell, CEO
“We’re pleased to announce… an agreement to acquire approximately 12,500 RCEs… accretive to our bottom line beginning in the second quarter.” — Keith Maxwell, CEO
“We finished the year with higher Net Income and Adjusted EBITDA compared to the prior year due to favorable market conditions… stay on top of attrition and slightly grow the book.” — Keith Maxwell, CEO (Q4 2023)
“Via was able to navigate one of the hottest ERCOT summers on record due to our proven risk management policies and portfolio diversification.” — Keith Maxwell, CEO (Q3 2023)

Q&A Highlights

The full Q1 2024 earnings call transcript is available on third-party sites (e.g., Seeking Alpha, Yahoo Finance), but was not retrievable through the document tools; therefore, Q&A detail cannot be verified and is omitted here .

Estimates Context

S&P Global consensus estimates for Q1 2024 EPS and revenue were not accessible due to request limits; Street comparisons are therefore unavailable, and no beat/miss determination can be made. Values retrieved from S&P Global were unavailable due to request limits.

Key Takeaways for Investors

Hedge-related mark-to-market gains were the primary catalyst for the YoY profit swing; monitor hedge positioning and commodity backdrop as key earnings drivers .
Core retail profitability compressed YoY (RGM and Adjusted EBITDA down), indicating margin pressures despite MTM benefits; watch unit margins and volumes in electric/gas segments .
Liquidity improved to $128.0 million, enhancing flexibility; debt trended lower vs year-end, supporting risk capacity and tuck-in execution .
Active customer acquisition strategy is scaling RCEs but lifting attrition to 3.9%; CAC spend increased vs prior year — execution discipline will be critical to sustain net growth and margin quality .
Preferred dividend increased slightly QoQ; common dividend remains suspended, signaling continued prioritization of balance sheet resilience amid market volatility .
Near-term catalyst: ~12,500 RCE tuck-in expected to be accretive starting Q2; track integration and realized per-unit margins post-close .
Medium-term thesis hinges on stable commodity prices, risk management discipline, and the ability to expand retail margins while controlling attrition and CAC, with hedging P&L effects likely to continue as a swing factor .

Via Renewables, Inc. (VIA)·Q1 2024 Earnings Summary