Spark Energy, Inc.

CIK:0001606268|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Net asset optimization gain (expense)	$ 3,661	$ (2,249)
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, basic	456	6,470
Net income attributable to stockholders of Class A common stock, diluted	$ 456	$ 6,470
Net income (loss) attributable to Via Renewables, Inc. per share of Class A common stock
Basic (in dollars per share)	$ 0.12	$ 1.83
Diluted (in dollars per share)	$ (0.01)	$ 1.83
Weighted average shares of Class A common stock outstanding
Basic (in shares)	3,792	3,533
Diluted (in shares)	7,323	3,533
Retail revenues
Revenues:
Retail revenues	$ 155,368	$ 144,503
Other revenue
Revenues:
Retail revenues	$ 0	$ 3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 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	0	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	0	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	0	(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)	0
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
Non-cash items:
Property and equipment purchase accrual	(249)	(16)
Cash paid during the period for:
Interest	2,152	1,621
Taxes	$ 96	$ 104

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 50,591

$ 41,760

Restricted cash

1,121

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

251

Deferred tax assets

1,619

1,839

Goodwill

120,343

Other assets

2,135

2,372

Total assets

322,982

331,289

Current liabilities:

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

Total current liabilities

67,906

77,098

Long-term liabilities:

Fair value of derivative liabilities, net

728

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:

Additional paid-in capital

40,785

40,538

Accumulated other comprehensive loss

(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

Nonrelated Party

Current assets:

Accounts receivable

74,193

85,884

Current liabilities:

Accounts payable

29,421

40,938

Related Party

Current assets:

Accounts receivable

5,926

6,265

Fair value of derivative assets, net

1,200

100

Current liabilities:

Accounts payable

571

663

Common Class A

Stockholders’ equity:

Common stock

Common Class B

Stockholders’ equity:

Common stock

$ 35

[1]	Fair value of derivative asset includes $1.2 million and $0.1 million as of March 31, 2026 and December 31, 2025, respectively, related to affiliates.