Business
Clean Energy Reports 104.6 Million Gallons Delivered and Revenue of $91.9 Million for the Fourth 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 fourth quarter of 2021.\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Our fuel volumes continue to increase because of higher demand for RNG by Amazon, large transit customers like New York City Metro and Los Angeles County Metro, and other customers. Not only is RNG a clean, renewable fuel, it’s incredibly practical for heavy-duty vehicles which is driving demand. As we explained in detail during our RNG Day presentation on January 26, our nation-wide distribution business is extremely important in providing the infrastructure and access necessary to deliver and monetize RNG. Despite the lingering effects of the pandemic, 2021 turned out to be strategically one of the best years for the company as we expanded into RNG development and supply, signed on a very important customer in Amazon and continued to lead the overall shift into clean transportation.”\n\nThe Company delivered 104.6 million gallons in the fourth quarter of 2021, a 9% increase from 96.0 million in the fourth quarter of 2020. This increase was principally from continued growth in Refuse, Amazon and increased RNG deliveries into transit customers. Renewable natural gas (“RNG”) delivered was 44.9 million gallons in the fourth quarter of 2021, a 9% increase compared to the fourth quarter of 2020.\n\nThe Company’s revenue for the fourth quarter of 2021 was $91.9 million, an increase of 22.6% compared to $75.0 million for the fourth quarter of 2020. Revenue for the fourth 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 $3.4 million. Revenue for the fourth quarter of 2021 also included an unrealized loss of $1.3 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $1.9 million in the fourth quarter of 2020. Excluding the effects of the Amazon warrant charges and the commodity swap and customer fueling contracts unrealized losses, revenue for the fourth quarter of 2021 increased by 25.7% to $96.6 million compared t...