top of page
Via Renewables Understates Net Loss By More Than Fifty Percent
Energy firm restates two years of financials after disclosing multiple accounting errors.
April 10, 2023
Via Renewables (VIA), a door-to-door seller of electricity and natural gas, revealed a myriad accounting errors related to the calculation of net income, deferred tax assets, accrued liabilities and other items. The company acknowledged a control deficiency in its latest annual report and corrected the errors made in 2020 and 2021 including:
—In 2020, Via overstated net income attributable to stockholders of Class A common stock by $1.9 million, or 9.59%
—In 2021, Via understated its net loss attributable to stockholders of Class A common stock by $1.4 million, or 53.84%
The company concluded the errors were immaterial.
Separately, in October 2022 Via paid $1.5 million and agreed to stop doing business in Connecticut to settle allegations it violated electric supplier marketing laws. The company paid another $1.5 million to settle similar allegations in New York and $1.1 million to settle regulatory matters in Pennsylvania.
In February 2023, the state of Maine announced it’s investigating whether Via is complying with the state’s rules.
Become a DuDil Insider
Get our due diligence alerts before they're released publicly & be first to know.
bottom of page