Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the first
quarter of 2024.
Financial Highlights
- Revenue of $103.7 million in Q1 2024 compared to $132.2 million
in Q1 2023.
- Net loss attributable to Clean Energy for Q1 2024 was $(18.4)
million, or $(0.08) per share, on a GAAP (as defined below) basis,
compared to $(38.7) million, or $(0.17) per share, for Q1
2023.
- Adjusted EBITDA (as defined below) was $12.8 million for Q1
2024, compared to $(4.0) million for Q1 2023.
- Cash, Cash Equivalents (less restricted cash) and Short-Term
Investments totaled $248.9 million as of March 31, 2024.
- 2024 outlook (Unchanged):
- GAAP net loss of approximately $(111) million to $(101)
million.
- Adjusted EBITDA of $62 million to $72 million.
Operational and Strategic Highlights
- Renewable natural gas (“RNG”) gallons sold of 58.0 million
gallons in Q1 2024, an 8.6% increase compared to Q1 2023.
- Opened two new fueling stations in Texas offering RNG
accommodating public and private fueling for over 250 trucks.
- Completed construction on another dairy farm RNG digester
project totaling $26 million and 6,000 dairy cows.
Commentary by Andrew J. Littlefair, President and Chief
Executive Officer
“What a difference a year makes. Not only did our first quarter
results rebound compared to a year ago, but we also exceeded our
own expectations in several metrics including Adjusted EBITDA. Our
fuel volumes continue to grow thanks in large part to the newly
opened fleet stations, we’re moving forward on all fronts with our
dairy digestor projects, and our balance sheet remains strong. As
we’ve discussed, 2024 will be transformational on a variety of
fronts with our dairy projects coming online and going into
operations and loading capacity at newly built large fueling
stations. A solid first quarter helps to position us to come out
well through this transition as we continue to steadily improve RNG
fuel volumes and financial results.”
Summary and Review of Results
The Company’s revenue for the first quarter of 2024 was reduced
by $12.9 million of non-cash stock-based sales incentive
contra-revenue charges (“Amazon warrant charges”) relating to the
warrant issued to Amazon.com NV Investment Holdings LLC (the
“Amazon warrant”), compared to Amazon warrant charges of $13.7
million in the first quarter of 2023. Q1 2024 includes $5.4 million
of alternative fuel excise tax credit (“AFTC”) revenue versus $4.5
million of AFTC in the first quarter of 2023. Q1 2024 station
construction revenues of $5.6 million versus $4.1 million of
station construction revenues in Q1 2023. Revenue for the first
quarter of 2024 also included an unrealized gain of $1.6 million on
commodity swap and customer fueling contracts relating to the
Company’s Zero Now truck financing program, compared to an
unrealized loss of $2.5 million in the first quarter of 2023. Q1
2024 renewable identification number (“RIN”) and low carbon fuel
standards (“LCFS”) revenues combined of $8.6 million versus $6.8
million of RIN and LCFS revenues in the first quarter of 2023
reflecting principally higher RIN credit prices and an increase in
gallons of fuel sold, partially offset by lower LCFS revenue due to
the timing of a contract for the sale of certain LCFS credits being
transacted in April 2024. Natural gas costs were lower in the first
quarter of 2024 compared to the first quarter of 2023 resulting in
lower sales prices, which are based off the costs of natural gas.
Effects of lower sales prices in Q1 2024 were partially offset by
an increase in gallons of fuel and services sold and serviced,
respectively, in the first quarter of 2024 compared to the first
quarter of 2023.
Net loss attributable to Clean Energy for the first quarter of
2024 had lower Amazon warrant charges and an unrealized gain on
derivative instruments relating to the Company’s Zero Now truck
financing program when compared to Q1 2023. Q1 2024 non-operating
net interest expenses and losses from equity method investments
were higher than Q1 2023 primarily due to higher outstanding
indebtedness combined with higher amortization of debt discount and
issuance costs and expansion of our RNG investments, respectively.
Selling, general and administrative expenses were lower in Q1 2024
by approximately $3.4 million mainly due to lower stock-based
compensation expense resulting from vesting of equity awards
granted in prior years.
Non-GAAP income (loss) per share (as defined below) for the
first quarter of 2024 was $(0.01), compared to $(0.07) per share
for the first quarter of 2023.
Adjusted EBITDA (as defined below) was $12.8 million for the
first quarter of 2024, compared to $(4.0) million for the first
quarter of 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
March 31,
(in thousands, except share and per
share data)
2023
2024
Net loss attributable to Clean Energy
Fuels Corp.
$
(38,697
)
$
(18,443
)
Amazon warrant charges
13,730
12,897
Stock-based compensation
6,096
2,629
Loss (income) from Rimere equity method
investment
—
1,188
Loss (income) from SAFE&CEC S.r.l.
equity method investment
446
1,021
Loss (gain) from change in fair value of
derivative instruments
2,532
(1,622
)
Non-GAAP net loss attributable to Clean
Energy Fuels Corp.
$
(15,893
)
$
(2,330
)
Diluted weighted-average common shares
outstanding
222,717,113
223,210,309
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.17
)
$
(0.08
)
Non-GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.07
)
$
(0.01
)
The table below shows Adjusted EBITDA and also reconciles this
figure to GAAP net loss attributable to Clean Energy:
Three Months Ended
March 31,
(in thousands)
2023
2024
Net loss attributable to Clean Energy
Fuels Corp.
$
(38,697
)
$
(18,443
)
Income tax expense (benefit)
(64
)
(178
)
Interest expense
4,354
7,762
Interest income
(2,717
)
(3,579
)
Depreciation and amortization
10,678
11,182
Amazon warrant charges
13,730
12,897
Stock-based compensation
6,096
2,629
Loss (income) from Rimere equity method
investment
—
1,188
Loss (income) from SAFE&CEC S.r.l.
equity method investment
446
1,021
Loss (gain) from change in fair value of
derivative instruments
2,532
(1,622
)
Depreciation and amortization from RNG
equity method investments
109
850
Interest expense from RNG equity method
investments
129
282
Interest income from RNG equity method
investments
(564
)
(1,183
)
Adjusted EBITDA
$
(3,968
)
$
12,806
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
Three Months Ended
March 31,
(in thousands)
2023
2024
Net loss attributable to fuel
distribution
$
(37,965
)
$
(15,250
)
Income tax expense (benefit)
(64
)
(178
)
Interest expense
4,354
7,762
Interest income
(2,717
)
(3,579
)
Depreciation and amortization
10,678
11,182
Amazon warrant charges
13,730
12,897
Stock-based compensation
6,096
2,629
Loss (income) from Rimere equity method
investment
—
1,188
Loss (income) from SAFE&CEC S.r.l.
equity method investment
446
1,021
Loss (gain) from change in fair value of
derivative instruments
2,532
(1,622
)
Adjusted EBITDA attributable to fuel
distribution
$
(2,910
)
$
16,050
Three Months Ended
March 31,
(in thousands)
2023
2024
Net loss from RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(732
)
$
(3,193
)
Depreciation and amortization from RNG
equity method investments
109
850
Interest expense from RNG equity method
investments
129
282
Interest income from RNG equity method
investments
(564
)
(1,183
)
Adjusted EBITDA of RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(1,058
)
$
(3,244
)
Fuel and Service Volume
The following tables present, for the three months ended March
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
Fuel volume, GGEs(1) sold (in
millions),
March 31,
correlating to total volume-related
product revenue
2023
2024
RNG
53.4
58.0
Conventional natural gas
15.4
17.0
Total fuel volume
68.8
75.0
Three Months Ended
O&M services volume, GGEs(1)
serviced (in millions),
March 31,
correlating to volume-related O&M
services revenue
2023
2024
O&M services volume
59.6
65.4
(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 ended March 31, 2023 and 2024:
Three Months Ended
March 31,
Revenue (in millions)
2023
2024
Product revenue:
Volume-related (1)
Fuel sales(2)
$
106.9
$
68.2
Change in fair value of derivative
instruments(3)
(2.5
)
1.6
RIN Credits
4.5
8.8
LCFS Credits
2.3
(0.2
)
AFTC
4.5
5.4
Total volume-related product revenue
115.7
83.8
Station construction sales
4.1
5.6
Total product revenue
119.8
89.4
Service revenue:
Volume-related, O&M services
12.0
13.7
Other services
0.4
0.6
Total service revenue
12.4
14.3
Total revenue
$
132.2
$
103.7
_______________________
(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 $13.7 million and $12.9 million
of Amazon warrant non-cash stock-based sales incentive
contra-revenue charges for the three months ended March 31, 2023
and 2024, respectively.
(3)
The change in fair value of 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 Zero Now truck financing program.
2024 Outlook (Unchanged)
Our 2024 outlook is unchanged from the 2024 outlook included in
our press release of February 27, 2024. As such, our GAAP net loss
for 2024 is expected to range from approximately $(111) million to
$(101) million, assuming no unrealized gains or losses on commodity
swap and customer contracts relating to the Company’s Zero Now
truck financing program and including Amazon warrant charges
estimated to be approximately $69 million. Changes in diesel and
natural gas market conditions resulting in unrealized gains or
losses on the Company’s commodity swap and customer fueling
contracts relating to the Company’s Zero Now truck financing
program, and significant variations in the vesting of the Amazon
warrant could significantly affect the Company’s estimated GAAP net
loss for 2024. Adjusted EBITDA for 2024 is estimated to range from
approximately $62 million to $72 million. These expectations
exclude the impact of any acquisitions, divestitures, new joint
ventures, transactions and other extraordinary events; any
lingering negative effects associated directly or indirectly with
the COVID-19 pandemic; and macroeconomic conditions and global
supply chain issues. Additionally, the expectations regarding 2024
Adjusted EBITDA assumes 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 2024 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)
2024 Outlook
GAAP Net loss attributable to Clean Energy
Fuels Corp.
$
(111,000) - (101,000)
Income tax expense (benefit)
—
Interest expense
28,100
Interest income
(8,000)
Depreciation and amortization
52,000
Stock-based compensation
18,000
Loss (income) from SAFE&CEC S.r.l. and
Rimere equity method investments
10,000
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
69,000
Depreciation and amortization from RNG
equity method investments
4,000
Interest expense from RNG equity method
investments
900
Interest income from RNG equity method
investments
(1,000)
Adjusted EBITDA
$
62,000 - 72,000
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
(in thousands)
2024 Outlook
GAAP Net loss attributable to fuel
distribution
$
(93,000) - (87,000)
Income tax expense (benefit)
—
Interest expense
28,100
Interest income
(8,000)
Depreciation and amortization
52,000
Stock-based compensation
18,000
Loss (income) from SAFE&CEC S.r.l. and
Rimere equity method investments
10,000
Loss (gain) from change in fair value of
derivative instruments
—
Amazon warrant charges
69,000
Adjusted EBITDA attributable to fuel
distribution
$
76,100 - 82,100
(in thousands)
2024 Outlook
Net loss from RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(18,000) - (14,000)
Depreciation and amortization from RNG
equity method investments
4,000
Interest expense from RNG equity method
investments
900
Interest income from RNG equity method
investments
(1,000)
Adjusted EBITDA of RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(14,100) - (10,100)
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 1.800.245.3047 and enter
Conference ID: CLEAN from the U.S. and international callers can
dial 1.203.518.9765 and enter Conference ID: CLEAN. A telephone
replay will be available approximately three hours after the call
concludes through Sunday, June 9, 2024, by dialing 1.844.512.2921
from the U.S., or 1.412.317.6671 from international locations, and
entering Replay Pin Number 11155700. 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, and plus (minus) any loss (gain) from changes in the
fair value of derivative instruments, 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 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 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.
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, and minus interest income 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
2024 outlook, our volume growth, customer expansion, production
sources, joint ventures, governmental regulations, 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; the director and indirect impact of the
COVID-19 pandemic or other pandemics; 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 Quarterly Report on Form 10-Q for the quarter ended
March 31, 2024 that the Company expects to file with the Securities
and Exchange Commission on or about May 9, 2024, 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 Condensed Consolidated Balance Sheets (In thousands,
except share and per share data; Unaudited)
December 31,
March 31,
2023
2024
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
106,963
$
91,412
Short-term investments
158,186
159,486
Accounts receivable, net of allowance of
$1,475 and $1,536 as of December 31, 2023 and March 31, 2024,
respectively
98,426
85,478
Other receivables
19,770
21,817
Inventory
45,335
48,977
Prepaid expenses and other current
assets
41,495
41,736
Total current assets
470,175
448,906
Operating lease right-of-use assets
92,324
90,408
Land, property and equipment, net
331,758
335,772
Notes receivable and other long-term
assets, net
35,735
36,405
Investments in other entities
258,773
253,953
Goodwill
64,328
64,328
Intangible assets, net
6,365
6,365
Total assets
$
1,259,458
$
1,236,137
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
38
$
42
Current portion of finance lease
obligations
1,758
1,948
Current portion of operating lease
obligations
6,687
6,923
Accounts payable
56,995
41,833
Accrued liabilities
91,534
83,672
Deferred revenue
4,936
7,787
Derivative liabilities, related party
1,875
877
Total current liabilities
163,823
143,082
Long-term portion of debt
261,123
261,926
Long-term portion of finance lease
obligations
1,839
1,368
Long-term portion of operating lease
obligations
89,065
87,498
Other long-term liabilities
9,961
12,654
Total liabilities
525,811
506,528
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 223,263,055
shares issued and outstanding as of December 31, 2023 and March 31,
2024, respectively
22
22
Additional paid-in capital
1,658,339
1,673,792
Accumulated deficit
(929,472
)
(947,915
)
Accumulated other comprehensive loss
(2,119
)
(2,994
)
Total Clean Energy Fuels Corp.
stockholders’ equity
726,770
722,905
Noncontrolling interest in subsidiary
6,877
6,704
Total stockholders’ equity
733,647
729,609
Total liabilities and stockholders’
equity
$
1,259,458
$
1,236,137
Clean Energy Fuels Corp. and
Subsidiaries Condensed Consolidated Statements of Operations (In
thousands, except share and per share data; Unaudited)
Three Months Ended
March 31,
2023
2024
Revenue:
Product revenue
$
119,727
$
89,414
Service revenue
12,456
14,295
Total revenue
132,183
103,709
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
119,658
66,425
Service cost of sales
7,610
9,176
Selling, general and administrative
29,649
26,237
Depreciation and amortization
10,678
11,182
Total operating expenses
167,595
113,020
Operating loss
(35,412
)
(9,311
)
Interest expense
(4,354
)
(7,762
)
Interest income
2,717
3,579
Other income, net
43
98
Loss from equity method investments
(1,890
)
(5,398
)
Loss before income taxes
(38,896
)
(18,794
)
Income tax benefit
64
178
Net loss
(38,832
)
(18,616
)
Loss attributable to noncontrolling
interest
135
173
Net loss attributable to Clean Energy
Fuels Corp.
$
(38,697
)
$
(18,443
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.17
)
$
(0.08
)
Weighted-average common shares
outstanding:
Basic and diluted
222,717,113
223,210,309
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508058018/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)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Clean Energy Fuels (NASDAQ:CLNE)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024