Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the third
quarter of 2024.
Financial Highlights
- Revenue of $104.9 million in Q3 2024 compared to $95.6 million
in Q3 2023.
- Net loss attributable to Clean Energy for Q3 2024 was $(18.2)
million, or $(0.08) per share, on a GAAP (as defined below) basis,
compared to $(25.8) million, or $(0.12) per share, for Q3
2023.
- Adjusted EBITDA (as defined below) was $21.3 million for Q3
2024, compared to $14.2 million for Q3 2023.
- Cash, Cash Equivalents (less restricted cash) and Short-Term
Investments totaled $243.5 million as of September 30, 2024.
- 2024 outlook:
- GAAP net loss of approximately $(91) million to $(81) million
(unchanged).
- Adjusted EBITDA of $62 million to $72 million (unchanged).
Operational and Strategic Highlights
- Renewable natural gas (“RNG”) gallons sold of 59.6 million
gallons in Q3 2024, a 5.1% increase compared to Q3 2023.
- Broke ground on a RNG production facility at South Fork Dairy
home to 16,000 cows, anticipating the production of 2.6 million
annual gallons.
- Launched a demo program for customers to test a heavy-duty
truck equipped with the new Cummins X15N with JB Hunt.
- Announced an agreement with Metropolitan Transit Authority of
Harris County in Houston to build a private natural gas fueling
station that is expected to consume 2 million gallons a year.
- Announced the opening of two CNG fueling stations in Western
Canada with our joint development partner Tourmaline, bringing the
total to three stations, with at least an additional four in
process in the near term.
Commentary by Andrew J. Littlefair, President and Chief
Executive Officer
“Great progress continued in the third quarter with growing RNG
fuel volumes, additional investment into dairy RNG projects,
fueling stations coming online increasing our network in strategic
locations, and leading heavy-duty truck fleets signing up to test
our demo truck with the new Cummins X15N engine. I’m particularly
pleased that we continued our strong financial performance and it’s
exciting to see the enthusiasm in the use of RNG as heavy-duty
fleets have a new RNG engine that meets their demands when other
alternative technologies continue to disappoint.”
Summary and Review of Results
The Company’s revenue for the third quarter of 2024 was reduced
by $15.8 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 $16.8
million in the third quarter of 2023. Q3 2024 volume-related fuel
sales revenues of $64.1 million, net of the $15.8 million Amazon
warrant charge, were higher than the third quarter of 2023 by 6.8%
due to increased volumes of vehicle fueling at the Company’s
stations and increased bulk fuel sales into the marine sector, with
partial offsets due to lower underlying natural gas commodity
prices in Q3 2024 versus Q3 2023. Q3 2024 renewable identification
number (“RIN”) and low carbon fuel standards (“LCFS”) revenues
totaled $13.0 million versus $9.6 million of RIN and LCFS revenues
in the third quarter of 2023, reflecting principally higher RIN
credit prices and higher share of RIN values, partially offset by
lower LCFS credit prices in the third quarter of 2024. Q3 2024
includes $6.4 million of alternative fuel excise tax credit
(“AFTC”) revenue versus $5.4 million of AFTC in the third quarter
of 2023. Q3 2024 includes station construction revenues of $7.8
million versus $7.7 million of station construction revenues in Q3
2023 due to increased construction activities.
Net loss attributable to Clean Energy for the third quarter of
2024 had lower Amazon warrant charges when compared to Q3 2023. Q3
2024 non-operating net interest expenses and losses from equity
method investments were higher than Q3 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 Q3 2024 by approximately $0.2 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
third quarter of 2024 was $0.02, compared to $(0.00) per share for
the third quarter of 2023.
Adjusted EBITDA (as defined below) was $21.3 million for the
third quarter of 2024, compared to $14.2 million for the third
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
Nine Months Ended
September 30,
September 30,
(in thousands, except share and per
share data)
2023
2024
2023
2024
Net loss attributable to Clean Energy
Fuels Corp.
$
(25,812
)
$
(18,175
)
$
(80,810
)
$
(52,911
)
Amazon warrant charges
16,821
15,766
44,473
42,742
Stock-based compensation
6,091
2,863
18,280
8,354
Loss (income) from Rimere equity method
investment
—
1,850
—
4,394
Loss (income) from SAFE&CEC S.r.l.
equity method investment
1,071
16
1,324
1,884
Loss (gain) from change in fair value of
derivative instruments
1,372
1,416
304
(267
)
Amortization of investment tax credit from
RNG equity method investments
—
(268
)
—
(367
)
Non-GAAP net income (loss) attributable to
Clean Energy Fuels Corp.
$
(457
)
$
3,468
$
(16,429
)
$
3,829
Diluted weighted-average common shares
outstanding
222,973,575
224,430,603
222,867,303
224,164,054
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.12
)
$
(0.08
)
$
(0.36
)
$
(0.24
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
(0.00
)
$
0.02
$
(0.07
)
$
0.02
The table below shows Adjusted EBITDA and also reconciles this
figure to GAAP net loss attributable to Clean Energy:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands)
2023
2024
2023
2024
Net loss attributable to Clean Energy
Fuels Corp.
$
(25,812
)
$
(18,175
)
$
(80,810
)
$
(52,911
)
Income tax expense (benefit)
(47
)
50
(166
)
630
Interest expense
3,893
8,357
12,612
24,040
Interest income
(2,551
)
(3,600
)
(8,034
)
(10,818
)
Depreciation and amortization
13,389
11,350
34,960
33,796
Amazon warrant charges
16,821
15,766
44,473
42,742
Stock-based compensation
6,091
2,863
18,280
8,354
Loss (income) from Rimere equity method
investment
—
1,850
—
4,394
Loss (income) from SAFE&CEC S.r.l.
equity method investment
1,071
16
1,324
1,884
Loss (gain) from change in fair value of
derivative instruments
1,372
1,416
304
(267
)
Depreciation and amortization from RNG
equity method investments
299
1,927
709
3,485
Interest expense from RNG equity method
investments
238
664
726
1,212
Interest income from RNG equity method
investments
(518
)
(936
)
(1,958
)
(3,142
)
Amortization of investment tax credit from
RNG equity method investments
—
(268
)
—
(367
)
Adjusted EBITDA
$
14,246
$
21,280
$
22,420
$
53,032
The tables below present a further breakdown of the above
consolidated Adjusted EBITDA:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands)
2023
2024
2023
2024
Net loss attributable to fuel
distribution
$
(24,497
)
$
(15,026
)
$
(77,560
)
$
(42,969
)
Income tax expense (benefit)
(47
)
50
(166
)
630
Interest expense
3,893
8,357
12,612
24,040
Interest income
(2,551
)
(3,600
)
(8,034
)
(10,818
)
Depreciation and amortization
13,389
11,350
34,960
33,796
Amazon warrant charges
16,821
15,766
44,473
42,742
Stock-based compensation
6,091
2,863
18,280
8,354
Loss (income) from Rimere equity method
investment
—
1,850
—
4,394
Loss (income) from SAFE&CEC S.r.l.
equity method investment
1,071
16
1,324
1,884
Loss (gain) from change in fair value of
derivative instruments
1,372
1,416
304
(267
)
Adjusted EBITDA attributable to fuel
distribution
$
15,542
$
23,042
$
26,193
$
61,786
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands)
2023
2024
2023
2024
Net loss from RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(1,315
)
$
(3,149
)
$
(3,250
)
$
(9,942
)
Depreciation and amortization from RNG
equity method investments
299
1,927
709
3,485
Interest expense from RNG equity method
investments
238
664
726
1,212
Interest income from RNG equity method
investments
(518
)
(936
)
(1,958
)
(3,142
)
Amortization of investment tax credit from
RNG equity method investments
—
(268
)
—
(367
)
Adjusted EBITDA of RNG equity method
investments attributable to Clean Energy Fuels Corp.
$
(1,296
)
$
(1,762
)
$
(3,773
)
$
(8,754
)
Fuel and Service Volume
The following tables present, for the three and nine months
ended September 30, 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
Nine Months Ended
Fuel volume, GGEs(1) sold (in
millions),
September 30,
September 30,
correlating to total volume-related
product revenue
2023
2024
2023
2024
RNG
56.7
59.6
168.7
174.7
Conventional natural gas
17.1
13.9
46.6
44.2
Total fuel volume
73.8
73.5
215.3
218.9
Three Months Ended
Nine Months Ended
O&M services volume, GGEs(1)
serviced (in millions),
September 30,
September 30,
correlating to volume-related O&M
services revenue
2023
2024
2023
2024
O&M services volume
66.2
65.6
191.7
198.9
_______________________________
(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 and nine months ended September 30, 2023 and 2024:
Three Months Ended
Nine Months Ended
September 30,
September 30,
Revenue (in millions)
2023
2024
2023
2024
Product revenue:
Volume-related (1)
Fuel sales(2) (4)
$
60.0
$
64.1
$
220.2
$
189.7
Change in fair value of derivative
instruments(3)
(1.4
)
(1.4
)
(0.3
)
0.3
RIN Credits
6.8
11.1
16.7
29.4
LCFS Credits
2.8
1.9
7.5
6.0
AFTC
5.4
6.4
15.0
17.8
Total volume-related product revenue
73.6
82.1
259.1
243.2
Station construction sales
7.7
7.8
17.6
19.1
Total product revenue
81.3
89.9
276.7
262.3
Service revenue:
Volume-related, O&M services
13.7
14.4
39.6
42.5
Other services
0.6
0.6
2.0
1.7
Total service revenue
14.3
15.0
41.6
44.2
Total revenue
$
95.6
$
104.9
$
318.3
$
306.5
_______________________________
(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 $16.8 million and $45.5 million
of Amazon warrant non-cash stock-based sales incentive
contra-revenue charges for the three and nine months ended
September 30, 2023, respectively. Includes $15.8 million and $42.7
million of Amazon warrant non-cash stock-based sales incentive
contra-revenue charges for the three and nine months ended
September 30, 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 and nine
months ended September 30, 2023, net settlement payments recognized
in fuel revenue were $1.9 million and $2.9 million, respectively.
For the three and nine months ended September 30, 2024, net
settlement payments recognized in fuel revenue were $0.0 million
and $2.4 million, respectively.
2024 Outlook
Our GAAP net loss for 2024 is expected to range from
approximately $(91) million to $(81) million, assuming no
unrealized gains or losses on commodity swap and customer contracts
relating to the Company’s truck financing program and including
Amazon warrant charges estimated to be approximately $63 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 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.
$
(91,000) - (81,000)
Income tax expense (benefit)
700
Interest expense
31,200
Interest income
(13,000)
Depreciation and amortization
47,500
Stock-based compensation
11,000
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
63,000
Depreciation and amortization from RNG
equity method investments
4,000
Interest expense from RNG equity method
investments
600
Interest income from RNG equity method
investments
(2,000)
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
$
(74,300) - (68,300)
Income tax expense (benefit)
700
Interest expense
31,200
Interest income
(13,000)
Depreciation and amortization
47,500
Stock-based compensation
11,000
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
63,000
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.
$
(16,700) - (12,700)
Depreciation and amortization from RNG
equity method investments
4,000
Interest expense from RNG equity method
investments
600
Interest income from RNG equity method
investments
(2,000)
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 1.800.225.9448 from the
U.S. and international callers can dial 1.203.518.9708, with a
conference ID of CLEAN. A telephone replay will be available
approximately three hours after the call concludes through Friday,
December 6, 2024, by dialing 1.844.512.2921 from the U.S., or
1.412.317.6671 from international locations, and entering Replay
Pin Number 11157173. 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
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 health
pandemics or epidemics such as the COVID-19 pandemic; 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
September 30, 2024 that the Company expects to file with the
Securities and Exchange Commission on or about November 6, 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,
September 30,
2023
2024
Assets
Current assets:
Cash, cash equivalents and current portion
of restricted cash
$
106,963
$
119,003
Short-term investments
158,186
126,570
Accounts receivable, net of allowance of
$1,475 and $1,772 as of December 31, 2023 and September 30, 2024,
respectively
98,426
93,046
Other receivables
19,770
29,653
Inventory
45,335
45,833
Prepaid expenses and other current
assets
41,495
28,265
Total current assets
470,175
442,370
Operating lease right-of-use assets
92,324
93,051
Land, property and equipment, net
331,758
354,449
Notes receivable and other long-term
assets, net
35,735
33,153
Investments in other entities
258,773
250,712
Goodwill
64,328
64,328
Intangible assets, net
6,365
6,365
Total assets
$
1,259,458
$
1,244,428
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
38
$
44
Current portion of finance lease
obligations
1,758
1,813
Current portion of operating lease
obligations
6,687
7,787
Accounts payable
56,995
31,475
Accrued liabilities
91,534
97,522
Deferred revenue
4,936
5,842
Derivative liabilities, related party
1,875
—
Total current liabilities
163,823
144,483
Long-term portion of debt
261,123
264,032
Long-term portion of finance lease
obligations
1,839
1,353
Long-term portion of operating lease
obligations
89,065
90,976
Other long-term liabilities
9,961
12,448
Total liabilities
525,811
513,292
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 223,430,400
shares issued and outstanding as of December 31, 2023 and September
30, 2024, respectively
22
22
Additional paid-in capital
1,658,339
1,709,622
Accumulated deficit
(929,472
)
(982,383
)
Accumulated other comprehensive loss
(2,119
)
(2,508
)
Total Clean Energy Fuels Corp.
stockholders’ equity
726,770
724,753
Noncontrolling interest in subsidiary
6,877
6,383
Total stockholders’ equity
733,647
731,136
Total liabilities and stockholders’
equity
$
1,259,458
$
1,244,428
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share data; Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Revenue:
Product revenue
$
81,279
$
89,900
$
276,635
$
262,274
Service revenue
14,292
14,976
41,667
44,265
Total revenue
95,571
104,876
318,302
306,539
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
65,427
63,867
240,655
184,206
Service cost of sales
9,002
9,322
25,204
28,524
Selling, general and administrative
29,117
28,865
87,314
83,444
Depreciation and amortization
13,389
11,350
34,960
33,796
Total operating expenses
116,935
113,404
388,133
329,970
Operating loss
(21,364
)
(8,528
)
(69,831
)
(23,431
)
Interest expense
(3,893
)
(8,357
)
(12,612
)
(24,040
)
Interest income
2,551
3,600
8,034
10,818
Other income, net
14
35
85
93
Loss from equity method investments
(3,304
)
(5,022
)
(7,109
)
(16,215
)
Loss before income taxes
(25,996
)
(18,272
)
(81,433
)
(52,775
)
Income tax (expense) benefit
47
(50
)
166
(630
)
Net loss
(25,949
)
(18,322
)
(81,267
)
(53,405
)
Loss attributable to noncontrolling
interest
137
147
457
494
Net loss attributable to Clean Energy
Fuels Corp.
$
(25,812
)
$
(18,175
)
$
(80,810
)
$
(52,911
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.12
)
$
(0.08
)
$
(0.36
)
$
(0.24
)
Weighted-average common shares
outstanding:
Basic and diluted
222,973,575
223,428,900
222,867,303
223,310,150
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241105600291/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)
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부터 10월(10) 2024 으로 11월(11) 2024
Clean Energy Fuels (NASDAQ:CLNE)
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부터 11월(11) 2023 으로 11월(11) 2024
