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Clean Energy Reports 104.2 Million Gallons Delivered and Revenue of $86.1 Million for the Third Quarter of 2021
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":" NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the third quarter of 2021.\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Volumes have increased as the economy continues to open and as we see more Amazon trucks fueling across our network. I look forward to seeing my daily reports that show such a big fleet utilizing our network and conducting their transportation in the cleanest way we believe possible. We’re also moving into the marine sector with our new customer Pasha and its brand-new LNG ships, which we expect to be an important and significant improvement to their carbon profile. Our expansion into owning and developing dairy RNG production projects made solid progress with our JV’s. Between the demand side growth with new large fleets like Amazon, and our investment in additional RNG supply beginning to see momentum, our team is executing on all cylinders to be the continued leader in providing low carbon solutions for customers.”\n\nThe Company delivered 104.2 million gallons in the third quarter of 2021, a 6.7% increase from 97.7 million in the third quarter of 2020. This increase was principally from the continued return to a more normal travel and goods movements environment primarily in our airports and public transit customer markets, which were negatively impacted by the COVID-19 pandemic in 2020. Renewable natural gas (“RNG”) delivered was 42.2 million gallons in the third quarter of 2021, a 5% increase compared to the third quarter of 2020.\n\nThe Company’s revenue for the third quarter of 2021 was $86.1 million, an increase of 21.5% compared to $70.9 million for the third quarter of 2020. Revenue for the third quarter of 2021 included 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”) of $2.2 million. Revenue for the third quarter of 2021 also included an unrealized gain of $0.3 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $0.1 million in the third quarter of 2020. Excluding the effects of the Amazon warrant charges and the commodit...