Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the fourth
quarter of 2024 and year ended December 31, 2024.
Financial Highlights
- Revenue of $109.3 million in Q4 2024 compared to $106.9 million
in Q4 2023.
- Revenue of $415.9 million for the year 2024, compared to $425.2
million for 2023.
- Net loss attributable to Clean Energy for Q4 2024 was $(30.2)
million, or $(0.13) per share, on a GAAP (as defined below) basis,
compared to $(18.7) million, or $(0.08) per share, for Q4
2023.
- Net loss attributable to Clean Energy for the year 2024 was
$(83.1) million, or $(0.37) per share, on a GAAP basis, compared to
$(99.5) million, or $(0.45) per share, for 2023.
- Adjusted EBITDA (as defined below) was $23.6 million for Q4
2024, compared to $21.2 million for Q4 2023.
- Adjusted EBITDA was $76.6 million for the year 2024, compared
to $43.6 million for 2023.
- Cash, Cash Equivalents (less restricted cash) and Short-Term
Investments totaled $217.5 million as of December 31, 2024.
- 2025 outlook:
- GAAP net loss of approximately $(160) million to $(155)
million.
- Inclusive of up to approximately $55 million of accelerated
depreciation expense from the potential abandonment of certain LNG
station assets located at 55 Pilot Flying J locations.
- Excludes alternative fuel excise tax credit (“AFTC”) that
expired in 2024, amounting to approximately $24 million in revenue
in 2024.
- Adjusted EBITDA of $50 million to $55 million.
- Excludes AFTC that expired in 2024, amounting to approximately
$24 million in revenue in 2024.
Operational and Strategic Highlights
- Renewable natural gas (“RNG”) gallons sold of 62.0 million
gallons in Q4 2024, an 8.8% increase compared to Q4 2023. RNG
gallons sold for the year 2024 were 236.7 million gallons versus
225.7 million gallons in 2023, a 4.9% increase.
- Expanded a RNG fueling station owned by the LA County
Sanitation District dispensing 1 million gallons a year and
utilizing the Districts’ RNG generated from wastewater and organic
matter together with RNG sourced from Clean Energy.
- Closed numerous RNG deals with cross-industry customers such as
DHL, Food Express, LA Metro, and Estes Express Lines.
- Awarded design and construction contract for a new hydrogen
station for Riverside Transit.
Commentary by Andrew J. Littlefair, President and Chief
Executive Officer
“Hats off to the Clean Energy team for finishing the year strong
with a 9% year over year increase in quarterly RNG delivered and
ending 2024 at the low end of our GAAP loss guidance range and
exceeding the high end of our Adjusted EBITDA guidance range,
leaving us on strong financial footing. Our growing fuel volumes of
RNG are contributing positively to our favorable financial results
even before the anticipated impact of the additional volumes driven
by trucks hitting the road with the new Cummins X15N engine, which
should occur later in 2025 and beyond. And we’ve already begun to
work with the new Administration as it focuses on solutions rather
than mandates when it comes to transportation energy needs. Because
of its environmental and economic development benefits to both
urban and rural areas, RNG already has broad bipartisan support and
should be part of every discussion regarding the heavy-duty
transportation sector across the US and Canada.”
Summary and Review of Results
The Company’s revenue for the fourth quarter of 2024 was reduced
by $18.0 million of non-cash stock-based sales incentive
contra-revenue charges (“Amazon warrant charges”) related to the
warrant issued to Amazon.com NV Investment Holdings LLC (the
“Amazon warrant”), compared to Amazon warrant charges of $16.1
million in Q4 2023. Q4 2024 includes $6.1 million of AFTC revenue
versus $5.9 million of AFTC in Q4 2023. Q4 2024 station
construction revenues of $6.1 million versus $8.9 million of
station construction revenues in Q4 2023. Revenue for Q4 2024 also
included an unrealized loss of $0.4 million on commodity swap and
customer fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized loss of $1.7 million
in Q4 2023. Q4 2023 also included an unrealized gain from commodity
swaps of $1.8 million related to the Zero Now truck financing
program. Q4 2024 renewable identification number (“RIN”) and low
carbon fuel standards (“LCFS”) revenues of $13.5 million versus
$11.5 million of RIN and LCFS revenues in Q4 2023 reflecting
principally an increase in gallons of RNG fuel sold, increased mix
of low carbon intensity dairy RNG, increased share of RIN values
and higher LCFS prices partially offset by lower RIN credit prices
in Q4 2024 versus 2023.
Net loss attributable to Clean Energy for Q4 2024 included an
impairment of investments in equity securities of $8.1 million
versus no such charge in Q4 2023 and Q4 2024 had higher Amazon
warrant charges when compared to Q4 2023. Q4 2024 non-operating net
interest expenses were lower than Q4 2023 primarily due to debt
extinguishment expense in Q4 2023. Q4 2024 losses from equity
method investments were higher than Q4 2023 due to the ramp up of
operations of our dairy RNG projects in 2024. Selling, general and
administrative expenses were higher in Q4 2024 compared to Q4 2023
by approximately $3.8 million mainly due to higher wages and
salaries expense and business insurance costs, partially offset by
lower stock compensation expense in Q4 2024.
Non-GAAP income (loss) per share (as defined below) for Q4 2024
was $0.02, compared to $0.01 per share for Q4 2023.
Adjusted EBITDA was $23.6 million for Q4 2024, compared to $21.2
million for Q4 2023.
In this press release, Clean Energy refers to various GAAP (U.S.
generally accepted accounting principles) and non-GAAP financial
measures. The non-GAAP financial measures may not be comparable to
similarly titled measures being used and disclosed by other
companies. Clean Energy believes that this non-GAAP information is
useful to an understanding of its operating results and the ongoing
performance of its business. Non-GAAP income (loss) per share and
Adjusted EBITDA are defined below and reconciled to GAAP net income
(loss) per share attributable to Clean Energy and GAAP net income
(loss) attributable to Clean Energy, respectively.
The table below shows GAAP and non-GAAP income (loss)
attributable to Clean Energy per share and also reconciles GAAP net
income (loss) attributable to Clean Energy to the non-GAAP net
income (loss) attributable to Clean Energy figure used in the
calculation of non-GAAP income (loss) per share:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands, except share and per
share data)
2023
2024
2023
2024
Net loss attributable to Clean Energy
Fuels Corp.
$
(18,687
)
$
(30,159
)
$
(99,497
)
$
(83,070
)
Amazon warrant charges
16,136
18,022
60,609
60,764
Stock-based compensation expense
5,056
2,449
23,336
10,803
Loss from Rimere equity method
investment
—
4,460
—
8,854
Loss from SAFE&CEC S.r.l. equity
method investment
376
334
1,700
2,218
Loss (gain) from change in fair value of
derivative instruments
(146
)
398
158
131
Impairment of investments in equity
securities
—
8,102
—
8,102
Amortization of investment tax credit from
RNG equity method investments
—
(23
)
—
(390
)
Non-GAAP net income (loss) attributable to
Clean Energy Fuels Corp.
$
2,735
$
3,583
$
(13,694
)
$
7,412
Diluted weighted-average common shares
outstanding
224,461,577
224,648,677
222,904,785
224,285,371
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.08
)
$
(0.13
)
$
(0.45
)
$
(0.37
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
0.01
$
0.02
$
(0.06
)
$
0.03
The table below shows Adjusted EBITDA and also reconciles this
figure to GAAP net loss attributable to Clean Energy:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2023
2024
2023
2024
Net loss attributable to Clean Energy
Fuels Corp.
$
(18,687
)
$
(30,159
)
$
(99,497
)
$
(83,070
)
Income tax expense (benefit)
(257
)
2,062
(423
)
2,692
Interest expense
10,312
8,139
22,924
32,179
Interest income
(3,114
)
(3,187
)
(11,148
)
(14,005
)
Depreciation and amortization
10,714
10,941
45,674
44,737
Impairment of investments in equity
securities
—
8,102
—
8,102
Amazon warrant charges
16,136
18,022
60,609
60,764
Stock-based compensation expense
5,056
2,449
23,336
10,803
Loss from Rimere equity method
investment
—
4,460
—
8,854
Loss from SAFE&CEC S.r.l. equity
method investment
376
334
1,700
2,218
Loss (gain) from change in fair value of
derivative instruments
(146
)
398
158
131
Depreciation and amortization from RNG
equity method investments
957
2,582
1,666
6,067
Interest expense from RNG equity method
investments
266
174
992
1,386
Interest income from RNG equity method
investments
(462
)
(684
)
(2,420
)
(3,826
)
Amortization of investment tax credit from
RNG equity method investments
—
(23
)
—
(390
)
Adjusted EBITDA
$
21,151
$
23,610
$
43,571
$
76,642
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2023
2024
2023
2024
Net loss attributable to fuel
distribution
$
(15,045
)
$
(24,580
)
$
(92,606
)
$
(67,549
)
Income tax expense (benefit)
(257
)
2,062
(423
)
2,692
Interest expense
10,312
8,139
22,924
32,179
Interest income
(3,114
)
(3,187
)
(11,148
)
(14,005
)
Depreciation and amortization
10,714
10,941
45,674
44,737
Impairment of investments in equity
securities
—
8,102
—
8,102
Amazon warrant charges
16,136
18,022
60,609
60,764
Stock-based compensation expense
5,056
2,449
23,336
10,803
Loss from Rimere equity method
investment
—
4,460
—
8,854
Loss from SAFE&CEC S.r.l. equity
method investment
376
334
1,700
2,218
Loss (gain) from change in fair value of
derivative instruments
(146
)
398
158
131
Adjusted EBITDA attributable to fuel
distribution
$
24,032
$
27,140
$
50,224
$
88,926
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands)
2023
2024
2023
2024
Net loss from RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(3,642
)
$
(5,579
)
$
(6,891
)
$
(15,521
)
Depreciation and amortization from RNG
equity method investments
957
2,582
1,666
6,067
Interest expense from RNG equity method
investments
266
174
992
1,386
Interest income from RNG equity method
investments
(462
)
(684
)
(2,420
)
(3,826
)
Amortization of investment tax credit from
RNG equity method investments
—
(23
)
—
(390
)
Adjusted EBITDA of RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(2,881
)
$
(3,530
)
$
(6,653
)
$
(12,284
)
Fuel and Service Volume
The following tables present, for the three months and year
ended December 31, 2023 and 2024, (1) the amount of total fuel
volume the Company sold to customers with particular focus on RNG
volume as a subset of total fuel volume and (2) operation and
maintenance (“O&M”) services volume dispensed at facilities the
Company does not own but at which it provides O&M services on a
per-gallon or fixed fee basis. Certain gallons are included in both
fuel and service volumes when the Company sells fuel (product
revenue) to a customer and provides maintenance services (service
revenue) to the same customer.
Three Months Ended
Year Ended
Fuel volume, GGEs(1) sold (in
millions),
December 31,
December 31,
correlating to total volume-related
product revenue
2023
2024
2023
2024
RNG
57.0
62.0
225.7
236.7
Conventional natural gas
15.9
16.5
62.5
60.8
Total fuel volume
72.9
78.5
288.2
297.5
Three Months Ended
Year Ended
O&M services volume, GGEs(1)
serviced (in millions),
December 31,
December 31,
correlating to volume-related O&M
services revenue
2023
2024
2023
2024
O&M services volume
64.9
64.4
256.9
263.2
____________________
(1)
The Company calculates one
gasoline gallon equivalent (“GGE”) to equal 125,000 British Thermal
Units (“BTUs”), and, as such, one million BTUs (“MMBTU”) equal
eight GGEs.
Sources of Revenue
The following table shows the Company’s sources of revenue for
the three months and year ended December 31, 2023 and 2024:
Three Months Ended
Year Ended
December 31,
December 31,
Revenue (in millions)
2023
2024
2023
2024
Product revenue:
Volume-related (1)
Fuel sales(2) (4)
$
66.8
$
69.1
$
287.0
$
258.9
Change in fair value of derivative
instruments(3)
0.1
(0.4
)
(0.2
)
(0.1
)
RIN Credits
9.2
9.6
25.9
39.0
LCFS Credits
2.4
3.9
9.9
9.9
AFTC
5.9
6.1
20.9
23.8
Total volume-related product revenue
84.4
88.3
343.5
331.5
Station construction sales
8.8
6.1
26.4
25.2
Total product revenue
93.2
94.4
369.9
356.7
Service revenue:
Volume-related, O&M services
13.1
14.3
52.7
56.9
Other services
0.6
0.6
2.6
2.3
Total service revenue
13.7
14.9
55.3
59.2
Total revenue
$
106.9
$
109.3
$
425.2
$
415.9
____________________
(1)
The Company’s volume-related
product revenue primarily consists of sales of RNG and conventional
natural gas, in the form of CNG and LNG, and sales of RINs and LCFS
Credits in addition to changes in fair value of our derivative
instruments.
(2)
Includes $16.1 million and $60.6
million of Amazon warrant non-cash stock-based sales incentive
contra-revenue charges for the three months and year ended December
31, 2023, respectively. Includes $18.0 million and $60.8 million of
Amazon warrant non-cash stock-based sales incentive contra-revenue
charges for the three months and year ended December 31, 2024,
respectively.
(3)
The change in fair value of
unsettled derivative instruments is related to the Company’s
commodity swap and customer fueling contracts. The amounts are
classified as revenue because the Company’s commodity swap
contracts are used to economically offset the risk associated with
the diesel-to-natural gas price spread resulting from customer
fueling contracts under the Company’s truck financing program.
(4)
Includes net settlement of the
Company’s commodity swap derivative instruments. For the three
months and year ended December 31, 2023, net settlement payments
recognized in fuel revenue were $1.9 million and $4.9 million,
respectively. For the three months and year ended December 31,
2024, net settlement payments recognized in fuel revenue were $0.0
million and $2.4 million, respectively.
2025 Outlook
Our GAAP net loss for 2025 is expected to range from
approximately $(160) million to $(155) million, assuming no
unrealized gains or losses on customer contracts relating to the
Company’s truck financing program and including Amazon warrant
charges estimated to be approximately $53 million, and up to
approximately $55 million in accelerated depreciation expense from
the potential abandonment of certain LNG station assets located at
55 Pilot Flying J locations. Changes in diesel and natural gas
market conditions resulting in unrealized gains or losses on the
Company’s customer fueling contracts relating to the Company’s
truck financing program, and significant variations in the vesting
of the Amazon warrant could significantly affect the Company’s
estimated GAAP net loss for 2025. Adjusted EBITDA for 2025 is
estimated to range from approximately $50 million to $55 million.
These expectations exclude the impact of any acquisitions,
divestitures, new joint ventures, transactions and other
extraordinary events; and macroeconomic conditions and global
supply chain issues. Additionally, the expectations regarding 2025
Adjusted EBITDA assume the calculation of this non-GAAP financial
measure in the same manner as described above and adding back the
estimated Amazon warrant charges described above and without
adjustments for any other items that may arise during 2025 that
management deems appropriate to exclude. These expectations are
forward-looking statements and are qualified by the statement under
“Safe Harbor Statement” below.
(in thousands)
2025 Outlook
Net loss attributable to Clean Energy
Fuels Corp.
$
(160,000) - (155,000
)
Income tax expense
700
Interest expense
31,200
Interest income
(6,000
)
Depreciation and amortization
104,000
Stock-based compensation
11,000
Loss from SAFE&CEC S.r.l. and Rimere
equity method investments
6,000
Loss from change in fair value of
derivative instruments
—
Amazon warrant charges
53,000
Depreciation and amortization from RNG
equity method investments
10,000
Interest expense from RNG equity method
investments
600
Interest income from RNG equity method
investments
(500
)
Adjusted EBITDA
$
50,000 - 55,000
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
(in thousands)
2025 Outlook
Net loss attributable to fuel
distribution
$
(140,400) - (138,400
)
Income tax expense
700
Interest expense
31,200
Interest income
(6,000
)
Depreciation and amortization
104,000
Stock-based compensation
11,000
Loss from SAFE&CEC S.r.l. and Rimere
equity method investments
6,000
Loss from change in fair value of
derivative instruments
—
Amazon warrant charges
53,000
Adjusted EBITDA attributable to fuel
distribution
$
59,500 - 61,500
(in thousands)
2025 Outlook
Net loss attributable to RNG upstream*
$
(19,600) - (16,600
)
Depreciation and amortization from RNG
upstream
10,000
Interest expense from RNG upstream
600
Interest income from RNG upstream
(500
)
Adjusted EBITDA attributable to RNG
upstream
$
(9,500) - (6,500
)
* RNG upstream combines net loss from RNG equity method
investments attributable to Clean Energy and the results of RNG
production projects owned by Clean Energy
Today’s Conference Call
The Company will host an investor conference call today at 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.800.225.9448 from the
U.S. (Conference ID: CLEAN) and international callers can dial
1.203.518.9708 (conference ID: CLEAN). A telephone replay will be
available approximately three hours after the call concludes
through Monday, March 24, 2025, by dialing 1.844.512.2921 from the
U.S., or 1.412.317.6671 from international locations, and entering
Replay Pin Number 11158183. There also will be a simultaneous, live
webcast available on the Investor Relations section of the
Company’s web site at www.cleanenergyfuels.com, which will be
available for replay for 30 days.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is the country’s largest provider of
the cleanest fuel for the transportation market. Our mission is to
decarbonize transportation through the development and delivery of
renewable natural gas (“RNG”), a sustainable fuel derived from
organic waste. Clean Energy allows thousands of vehicles, from
airport shuttles to city buses to waste and heavy-duty trucks, to
reduce their amount of climate-harming greenhouse gas. We operate a
vast network of fueling stations across the U.S. and Canada. Visit
www.cleanenergyfuels.com and follow @ce_renewables on X (formerly
known as Twitter).
Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial
statements presented in accordance with GAAP, the Company uses
non-GAAP financial measures that it calls non-GAAP income (loss)
per share (“non-GAAP income (loss) per share”) and adjusted EBITDA
(“Adjusted EBITDA”). Management presents non-GAAP income (loss) per
share and Adjusted EBITDA because it believes these measures
provide meaningful supplemental information about the Company’s
performance for the following reasons: (1) they allow for greater
transparency with respect to key metrics used by management to
assess the Company’s operating performance and make financial and
operational decisions; (2) they exclude the effect of items that
management believes are not directly attributable to the Company’s
core operating performance and may obscure trends in the business;
and (3) they are used by institutional investors and the analyst
community to help analyze the Company’s business. In future
quarters, the Company may adjust for other expenditures, charges or
gains to present non-GAAP financial measures that the Company’s
management believes are indicative of the Company’s core operating
performance.
Non-GAAP financial measures are limited as an analytical tool
and should not be considered in isolation from, or as a substitute
for, the Company’s GAAP results. The Company expects to continue
reporting non-GAAP financial measures, adjusting for the items
described below (and/or other items that may arise in the future as
the Company’s management deems appropriate), and the Company
expects to continue to incur expenses, charges or gains like the
non-GAAP adjustments described below. Accordingly, unless expressly
stated otherwise, the exclusion of these and other similar items in
the presentation of non-GAAP financial measures should not be
construed as an inference that these costs are unusual, infrequent,
or non-recurring. Non-GAAP income (loss) per share and Adjusted
EBITDA are not recognized terms under GAAP and do not purport to be
an alternative to GAAP income (loss), GAAP income (loss) per share
or any other GAAP measure as an indicator of operating performance.
Moreover, because not all companies use identical measures and
calculations, the Company’s presentation of non-GAAP income (loss)
per share and Adjusted EBITDA may not be comparable to other
similarly titled measures used by other companies.
Non-GAAP Income (Loss) Per Share
Non-GAAP income (loss) per share, which the Company presents as
a non-GAAP measure of its performance, is defined as net income
(loss) attributable to Clean Energy Fuels Corp., plus Amazon
warrant charges, plus stock-based compensation expense, plus
(minus) loss (income) from Rimere equity method investment, plus
(minus) loss (income) from the SAFE&CEC S.r.l. equity method
investment, plus (minus) any loss (gain) from changes in the fair
value of derivative instruments, and minus amortization of
investment tax credit from RNG equity method investments, the total
of which is divided by the Company’s weighted-average common shares
outstanding on a diluted basis. The Company’s management believes
excluding non-cash expenses related to the Amazon warrant charges
provides useful information to investors regarding the Company’s
performance because the Amazon warrant charges are measured based
upon a fair value determined using a variety of assumptions and
estimates, and the Amazon warrant charges do not affect the
Company’s operating cash flows related to the delivery and sale of
vehicle fuel to its customer. The Company’s management believes
excluding non-cash expenses related to stock-based compensation
provides useful information to investors regarding the Company’s
performance because of the varying available valuation
methodologies, the volatility of the expense (which depends on
market forces outside of management’s control), the subjectivity of
the assumptions and the variety of award types that a company can
use, which may obscure trends in a company’s core operating
performance. In addition, the Company’s management believes
excluding the results from the Rimere equity method investment is
useful to investors because Rimere is an investment belonging to
the non-core operations of the Company, and its results are not
indicative of the Company’s ongoing operations. Similarly, the
Company’s management believes excluding the non-cash results from
the SAFE&CEC S.r.l. equity method investment is useful to
investors because these charges are not part of or representative
of the core operations of the Company. In addition, the Company’s
management believes excluding the non-cash loss (gain) from changes
in the fair value of derivative instruments is useful to investors
because the valuation of the derivative instruments is based on a
number of subjective assumptions, the amount of the loss or gain is
derived from market forces outside of management’s control, and the
exclusion of these amounts enables investors to compare the
Company’s performance with other companies that do not use, or use
different forms of, derivative instruments. Furthermore, the
Company’s management believes excluding other income relating to
the amortization of investment tax credit from RNG equity method
investments is useful to investors because such income is not
generated from the core operations of the Company and may obscure
trends of the Company’s core operations.
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP
measure of its performance, is defined as net income (loss)
attributable to Clean Energy Fuels Corp., plus (minus) income tax
expense (benefit), plus interest expense (including any losses from
the extinguishment of debt), minus interest income, plus
depreciation and amortization expense, plus Amazon warrant charges,
plus stock-based compensation expense, plus (minus) loss (income)
from the Rimere equity method investment, plus (minus) loss
(income) from the SAFE&CEC S.r.l. equity method investment,
plus (minus) any loss (gain) from changes in the fair value of
derivative instruments, plus depreciation and amortization expense
from RNG equity method investments, plus interest expense from RNG
equity method investments, minus interest income from RNG equity
method investments, and minus amortization of investment tax credit
from RNG equity method investments. The Company’s management
believes Adjusted EBITDA provides useful information to investors
regarding the Company’s performance for the same reasons discussed
above with respect to non-GAAP income (loss) per share. In
addition, management internally uses Adjusted EBITDA to determine
elements of executive and employee compensation.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements about, among other things, our fiscal
2025 outlook, our volume growth, customer expansion, production
sources, joint ventures, governmental regulations, expectations
regarding the X15N engine, and the benefits of our fuels.
Forward-looking statements are statements other than historical
facts and relate to future events or circumstances or the Company’s
future performance, and are based on the Company’s current
assumptions, expectations and beliefs concerning future
developments and their potential effect on the Company and its
business. As a result, actual results, performance or achievements
and the timing of events could differ materially from those
anticipated in or implied by these forward-looking statements as a
result of many factors including, among others: the willingness of
fleets and other consumers to adopt natural gas as a vehicle fuel,
and the rate and level of any such adoption; the market’s
perception of the benefits of RNG and conventional natural gas
relative to other alternative vehicle fuels; natural gas vehicle
and engine cost, fuel usage, availability, quality, safety,
convenience, design, performance and residual value, as well as
operator perception with respect to these factors, in general and
in the Company’s key customer markets, including heavy-duty
trucking; the Company’s ability to further develop and manage its
RNG business, including its ability to procure adequate supplies of
RNG and generate revenues from sales of such RNG; the Company and
its suppliers’ ability to successfully develop and operate projects
and produce expected volumes of RNG; the impact of a bankruptcy or
failure of any source owners at our projects; the Company’s
dependence on the production of vehicles and engines by
manufacturers over which the Company has no control; the long and
variable development cycle required to secure ADG RNG from new
projects; the potential commercial viability, solvency, financial
capacity, and operational capability of livestock waste and dairy
farm projects to produce RNG; the Company’s history of net losses
and the possibility that the Company could incur additional net
losses in the future; the Company’s and its partners’ ability to
acquire, finance, construct and develop other commercial projects;
the Company’s ability to invest in hydrogen stations or modify its
fueling stations to reform its RNG to fuel hydrogen and charge
electric vehicles; the future supply, demand, use and prices of
crude oil, gasoline, diesel, natural gas, and other vehicle fuels,
including overall levels of and volatility in these factors;
changes in the competitive environment in which we operate,
including potentially increasing competition in the market for
vehicle fuels generally; the Company’s ability to manage and
increase its business of transporting and selling CNG for
non-vehicle purposes via virtual natural gas pipelines and
interconnects, as well as its station design and construction
activities; construction, permitting and other factors that could
cause delays or other problems at station construction projects;
the Company’s ability to procure and maintain contracts with
government entities; the Company’s ability to execute and realize
the intended benefits of any acquisitions, divestitures,
investments or other strategic relationships or transactions;
significant fluctuations in the Company’s results of operations,
which make it difficult to predict future results of operations;
the Company’s warranty reserves may not adequately cover its
warranty obligations; a future pandemic, epidemic or other
infectious disease outbreak; the future availability of and the
Company’s access to additional capital, which may include debt or
equity financing, in the amounts and at the times needed to fund
growth in the Company’s business and the repayment of its debt
obligations (whether at or before their due dates) or other
expenditures, as well as the terms and other effects of any such
capital raising transaction; the Company’s ability to generate
sufficient cash flows to repay its debt obligations as they come
due; the availability of environmental, tax and other government
legislation, regulations, programs and incentives that promote
natural gas, such as AFTC, or other alternatives as a vehicle fuel,
including long-standing support for gasoline- and diesel-powered
vehicles and growing support for electric and hydrogen-powered
vehicles that could result in programs or incentives that favor
these or other vehicles or vehicle fuels over natural gas; the
Company’s ability to comply with various registration and
regulatory requirements related to its RNG projects; the effect of,
or potential for changes to greenhouse gas emissions requirements
or other environmental regulations applicable to vehicles powered
by gasoline, diesel, natural gas or other vehicle fuels and crude
oil and natural gas fueling, drilling, production, transportation
or use; the Company’s ability to manage the health, safety and
environmental risks inherent in its operations; the Company’s
compliance with all applicable government and environmental
regulations; the impact of the foregoing on the trading price of
the Company’s common stock; the interests of the Company’s
significant stockholders may differ from the Company’s other
stockholders; the Company’s ability to protect against any material
failure, inadequacy, interruption or security failure of is
information technology; and general political, regulatory, economic
and market conditions.
The forward-looking statements made in this press release speak
only as of the date of this press release and the Company
undertakes no obligation to update publicly such forward-looking
statements to reflect subsequent events or circumstances, except as
otherwise required by law. The Company’s periodic reports filed
with the Securities and Exchange Commission (www.sec.gov),
including its Annual Report on Form 10-K for the year ended
December 31, 2024 that the Company expects to file with the
Securities and Exchange Commission on or about February 24, 2025,
contain additional information about these and other risk factors
that may cause actual results to differ materially from the
forward-looking statements contained in this press release, and
such risk factors may be amended, supplemented or superseded from
time to time by other reports the Company files with the Securities
and Exchange Commission.
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Balance
Sheets
(In thousands, except share
and per share data)
December 31,
December 31,
2023
2024
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
106,963
$
91,562
Short-term investments
158,186
127,970
Accounts receivable, net of allowance of
$1,475 and $1,965 as of December 31, 2023 and December 31, 2024,
respectively
98,426
107,683
Other receivables
17,440
14,630
Inventory
45,335
43,434
Notes receivable - related party
2,330
2,372
Prepaid expenses and other current
assets
41,495
26,117
Total current assets
470,175
413,768
Operating lease right-of-use assets
92,324
90,598
Land, property and equipment, net
331,758
365,319
Notes receivable and other long-term
assets, net
35,735
38,245
Investments in other entities
258,773
265,268
Goodwill
64,328
64,328
Intangible assets, net
6,365
6,365
Total assets
$
1,259,458
$
1,243,891
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
38
$
40
Current portion of finance lease
obligations
1,758
920
Current portion of operating lease
obligations
6,687
8,027
Accounts payable
56,995
33,301
Accrued liabilities
91,534
105,563
Deferred revenue
4,936
6,871
Derivative liabilities, related party
1,875
—
Total current liabilities
163,823
154,722
Long-term portion of debt
261,123
265,327
Long-term portion of finance lease
obligations
1,839
1,766
Long-term portion of operating lease
obligations
89,065
89,049
Other long-term liabilities
9,961
13,496
Total liabilities
525,811
524,360
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value.
1,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock, $0.0001 par value.
454,000,000 shares authorized; 223,026,966 shares and 223,456,994
shares issued and outstanding as of December 31, 2023 and December
31, 2024, respectively
22
22
Additional paid-in capital
1,658,339
1,730,090
Accumulated deficit
(929,472
)
(1,012,542
)
Accumulated other comprehensive loss
(2,119
)
(4,297
)
Total Clean Energy Fuels Corp.
stockholders’ equity
726,770
713,273
Noncontrolling interest in subsidiary
6,877
6,258
Total stockholders’ equity
733,647
719,531
Total liabilities and stockholders’
equity
$
1,259,458
$
1,243,891
Clean Energy Fuels Corp. and
Subsidiaries
Consolidated Statements of
Operations
(In thousands, except share
and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2024
2023
2024
Revenue:
Product revenue
$
93,189
$
94,435
$
369,824
$
356,709
Service revenue
13,668
14,891
55,335
59,156
Total revenue
106,857
109,326
425,159
415,865
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
69,246
65,421
309,901
249,627
Service cost of sales
8,515
9,394
33,719
37,918
Selling, general and administrative
24,951
28,390
112,265
111,834
Depreciation and amortization
10,714
10,941
45,674
44,737
Impairment of investments in equity
securities
—
8,102
—
8,102
Total operating expenses
113,426
122,248
501,559
452,218
Operating loss
(6,569
)
(12,922
)
(76,400
)
(36,353
)
Interest expense
(10,312
)
(8,139
)
(22,924
)
(32,179
)
Interest income
3,114
3,187
11,148
14,005
Other income, net
80
13
165
106
Loss from equity method investments
(5,401
)
(10,361
)
(12,510
)
(26,576
)
Loss before income taxes
(19,088
)
(28,222
)
(100,521
)
(80,997
)
Income tax (expense) benefit
257
(2,062
)
423
(2,692
)
Net loss
(18,831
)
(30,284
)
(100,098
)
(83,689
)
Loss attributable to noncontrolling
interest
144
125
601
619
Net loss attributable to Clean Energy
Fuels Corp.
$
(18,687
)
$
(30,159
)
$
(99,497
)
$
(83,070
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.08
)
$
(0.13
)
$
(0.45
)
$
(0.37
)
Weighted-average common shares
outstanding:
Basic and diluted
223,016,010
223,453,274
222,904,785
223,346,127
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250221445778/en/
Media Contact: Gary Foster (949) 437-1113
Gary.Foster@cleanenergyfuels.com Investor Contact: Thomas
Driscoll (949) 437-1191 Thomas.Driscoll@cleanenergyfuels.com
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jan 2025 to Feb 2025
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Feb 2024 to Feb 2025
