v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity
4. Equity

Non-controlling Interest

We hold an economic interest and are the sole managing member in Spark HoldCo, with affiliates of Mr. Maxwell holding the remaining economic interests in Spark HoldCo. As a result, we consolidate the financial position and results of operations of Spark HoldCo, and reflect the economic interests owned by these affiliates as a non- controlling interest.

On March 31, 2025, Spark HoldCo distributed $6.0 million in cash to the non-controlling interest holder, and the non-controlling interest holder transferred 262,891 shares of Class B common stock to the Company. After the distribution and the share transfer, the Company’s equity ownership in Spark HoldCo increased by 3.59%, whereas the equity ownership of the non-controlling interest holder decreased by 3.59%.

During the three months ended March 31, 2026 Spark HoldCo distributed $1.9 million in cash to the non-controlling interest holder and distributed $2.1 million in cash to the controlling interest holder. The distribution during the three months ended March 31, 2026 did not result in share transfer and change in equity ownership.

The following table summarizes the effects of changes in the Company's ownership interest in Spark HoldCo's equity (in thousands):
Three Months Ended March 31,
20262025
Net income attributable to Via Renewables, Inc. stockholders$2,053 $8,798 
Transfers (to) from the non-controlling interest— — 
Decrease in Via Renewables additional paid in capital from the equity shift— (223)
Net transfers (to) from non-controlling interest— (223)
Changes from net income attributable to Via Renewables stockholders and transfers (to) from non-controlling interest$2,053 $8,575 

The Company and affiliates owned the following economic interests in Spark HoldCo at March 31, 2026 and December 31, 2025, respectively.

The CompanyAffiliated Owners
March 31, 202651.79 %48.21 %
December 31, 202551.79 %48.21 %

The following table summarizes the portion of net income and income tax expense attributable to non-controlling interest (in thousands):
Three Months Ended March 31,
20262025
Net (loss) income before taxes allocated to non-controlling interest$(345)$10,285 
Less: Income tax (benefit) expense allocated to non-controlling interest(6)616 
Net (loss) income attributable to non-controlling interests$(339)$9,669 


Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing net income attributable to stockholders (the numerator) by the weighted-average number of Class A common shares outstanding for the period (the denominator). Class B common shares are not included in the calculation of basic earnings per share because they are not participating securities and have no economic interests. Diluted earnings per share is similarly calculated except that the denominator is increased by potentially dilutive securities.

The following table presents the computation of basic and diluted income per share for the three months ended March 31, 2026 and 2025 (in thousands, except per share data):
Three Months Ended March 31,
20262025
Net income attributable to Via Renewables, Inc. stockholders$2,053 $8,798 
Less: Dividend on Series A Preferred Stock1,597 2,328 
Net income attributable to stockholders of Class A common stock$456 $6,470 
Basic weighted average Class A common shares outstanding3,792 3,533 
Basic earnings per share attributable to stockholders$0.12 $1.83 
Net income attributable to stockholders of Class A common stock$456 $6,470 
Effect of conversion of Class B common stock to shares of Class A common stock(505)— 
Diluted net (loss) income attributable to stockholders of Class A common stock$(49)$6,470 
Basic weighted average Class A common shares outstanding3,792 3,533 
Effect of dilutive Class B common stock3,531 — 
Diluted weighted average shares outstanding7,323 3,533 
Diluted (loss) earnings per share attributable to stockholders$(0.01)$1.83 

The computation of diluted earnings per share for the three months ended March 31, 2025, excludes 3.8 million shares of Class B common stock because the effect of their conversion was antidilutive. The Company’s outstanding shares of Series A Preferred Stock were not included in the calculation of diluted earnings per share because they contain only contingent redemption provisions that have not occurred.

Variable Interest Entity

Spark HoldCo is a variable interest entity due to its lack of rights to participate in significant financial and operating decisions and its inability to dissolve or otherwise remove its management. Spark HoldCo owns all of the outstanding membership interests in each of our operating subsidiaries. We are the sole managing member of Spark HoldCo, manage Spark HoldCo’s operating subsidiaries through this managing membership interest, and are considered the primary beneficiary of Spark HoldCo.

The assets of Spark HoldCo cannot be used to settle our obligations except through distributions to us, and the liabilities of Spark HoldCo cannot be settled by us except through contributions to Spark HoldCo. The following table includes the carrying amounts and classification of the assets and liabilities of Spark HoldCo that are included in our condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026December 31, 2025
Assets
Current assets:
   Cash and cash equivalents$50,510 $41,646 
   Accounts receivable73,542 85,819 
   Other current assets(2,100)12,564 
   Total current assets121,952 140,029 
Non-current assets:
   Goodwill120,343 120,343 
   Other assets13,138 14,000 
   Total non-current assets133,481 134,343 
   Total Assets$255,433 $274,372 
Liabilities
Current liabilities:
   Accounts payable and accrued liabilities$45,390 $60,540 
   Other current liabilities13,666 16,935 
   Total current liabilities59,056 77,475 
Long-term liabilities:
   Long-term portion of Senior Credit Facility130,000 120,000 
   Other long-term liabilities728 55 
   Total long-term liabilities130,728 120,055 
   Total Liabilities$189,784 $197,530