Via Renewables (NASDAQ: VIASP) is a retail energy company that sells electricity and natural gas to residential and commercial customers in deregulated markets across the United States. Revenue comes from the margin between wholesale commodity costs and the fixed or variable prices charged to retail customers under individual supply contracts. As of December 31, 2025, the company operated in 106 utility service territories across 21 states and the District of Columbia, serving approximately 421,000 residential customer equivalents (RCEs) under seven brands: Electricity Maine, ENH Power, Major Energy, Provider Power Mass, Spark Energy, Verde Energy, and Texans Choice Power. Total revenues were $463.5 million for the year ended December 31, 2025, split between a Retail Electricity segment with $88.9 million in retail gross margin and a Retail Natural Gas segment with $60.8 million in retail gross margin. The company grows its customer base through direct sales and portfolio acquisitions, targeting recovery of customer acquisition costs within 12 months. No single customer exceeded 1% of total retail energy sales in FY2025.
- Revenue model
- Transactional retail energy sales. Customers pay fixed or variable per-unit rates for electricity (per MWh) and natural gas (per MMBtu). Margin is earned on the spread between retail prices charged to customers and wholesale commodity procurement costs. Customer acquisition costs of $10.4 million (FY2025) are capitalized and amortized over one to two years.
- Products and services
- Fixed-price electricity contracts, variable-price electricity contracts, fixed-price natural gas contracts, variable-price natural gas contracts, and green energy contracts (including renewable energy certificate procurement to satisfy voluntary green contract terms and state renewable portfolio standard obligations). Sold under seven retail brands: Electricity Maine, ENH Power, Major Energy, Provider Power Mass, Spark Energy, Verde Energy, and Texans Choice Power.
- Customers and end markets
- Residential and commercial electricity and natural gas customers in deregulated utility markets. As of December 31, 2025, the company served 225,000 electricity RCEs and 196,000 natural gas RCEs, totaling 421,000 RCEs. Geographic mix by RCEs: Mid-Atlantic 40%, Southwest 30%, New England 16%, Midwest 14%. No single customer accounted for more than 1% of total retail energy sales in FY2025. Monthly attrition rate was 4.2% for the full year ended December 31, 2025.
- Value-chain role
- Retail energy provider. Sits between wholesale commodity markets and end-use customers, purchasing electricity and natural gas in wholesale markets and reselling to retail customers. Does not own generation, transmission, or distribution assets. Manages commodity price risk through derivative instruments.
- Geographic exposure
- 21 states and the District of Columbia as of December 31, 2025. Natural gas operations in 16 states: Arizona, California, Colorado, Connecticut, Florida, Illinois, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania, and Virginia. Electricity operations in 13 states: Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Texas, and Rhode Island, plus the District of Columbia.
