Good morning, and welcome to the Genie Energy Limited's Third Quarter 2025 Earnings Call. In today's presentation, Genie Energy management will discuss Genie's financial and operational results for the 3 months ended September 30, 2025. During prepared remarks by Genie Energy's Chief Executive Officer, Michael Stein; and Chief Financial Officer, Avi Goldin [Operator Instructions]. After Avi Goldin's remarks, Michael and Avi will take questions from investors. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, the specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation either to update any forward-looking statement that may have been made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A session, Genie Energy's management may refer to non-GAAP measures, including adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. A schedule provided in the Genie Energy earnings release reconciles adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share to the nearest corresponding GAAP measures. Please note that the Genie Energy earnings release is available on the Investor Relations page of the Genie website. The earnings release has also been filed on Form 8-K with the SEC. I will now turn the conference over to Mr. Michael Stein. Sir, the floor is yours.

Thank you, operator. Genie Energy achieved another quarter of double-digit top line growth, leading to record high third quarter revenue. The revenue increase was fueled by an increase in per meter electricity consumption, rising commodity prices and RCE-based growth at GRE. However, the challenging market conditions that impacted GRE's second quarter results persisted in the third quarter and again weighed on our bottom line with diluted EPS decreasing to $0.26 per share from $0.38 per share. Throughout 2023 and 2024, we were able to generate strong margins, thanks to favorable market conditions and our ability to monetize a portion of our forward hedge positions. So far this year, the rapid run-up in energy commodity prices has cut against us and outstripped the protection afforded by our commodity hedges. The financial impact of this rapidly rising commodity price environment has been somewhat amplified by the increasing percentage of fixed price contracts in our retail book, most notably the large municipal aggregation deal that expires during Q4. These negotiated fixed rate price contracts typically generate large sales volumes at significantly lower margins than the individual customer and small business accounts that comprise the balance of our retail book. Previous aggregation deals we won were reasonably profitable. This one has been less successful due to the market volatility. However, margin volatility is inherent in our retail business, and we do expect conditions to improve. In fact, we are seeing indications that, that process is underway now in Q4, and we expect that margins will continue to strengthen as we get further into 2026. Our management team has successfully operated this business through a variety of different margin cycles, and I'm confident that this one will be no different. At GRE, we continue to prioritize the acquisition of high-consumption electric meters. In the third…

Thank you, Michael, and thanks to everyone on the call for joining us this morning. My remarks today cover our financial results for the 3 months ended September 30, 2025. In my commentary, I will compare the results for the third quarter of 2025 to the third quarter of 2024 to remove from consideration the seasonal factors that impact our results, particularly within our retail energy business. The third quarter is typically characterized by relatively high levels of electricity consumption as it includes most of the summer's peak cooling season. Our financial results this quarter were highlighted by record revenue, continued margin compression in our retail business and investment in growth initiatives in our Renewables segment. Consolidated revenue in the third quarter increased 24% to $138.3 million, driven by sales at our retail supply business, GRE. GRE's revenue increased 25% to $132.4 million in the third quarter, reflecting several factors. They included an increase in the average electricity consumption per meter, the year-over-year growth of our customer base as measured in RCEs that Michael mentioned and a slight increase in revenue per kilowatt hour sold. Electricity revenue increased 26% to $126.6 million, contributing 96% of GRE's revenues. Kilowatt hours sold increased by 21%, while our revenue per kilowatt hour sold increased 4%. Natural gas revenue increased 15% to $5.8 million. Therm sold were substantially unchanged, while revenue per therm sold increased 14%. At GREW, third quarter revenue decreased slightly to $6 million. Continued strong growth from our retail brokerage and advisory business Diversegy was substantially offset by top line declines in other lines of business. Consolidated gross profit decreased 21% to $30 million, while gross margin decreased from 33.9% to 21.7%. At GRE, gross profit declined 23% to $27.6 million, reflecting significant increases in our wholesale electricity and natural gas…

[Operator Instructions] Okay. As we have no questions on the lines at this time, this will conclude the question-and-answer session and today's call. We thank you for attending today's presentation, and you may now disconnect.