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Clean Energy Reports 106.9 Million Gallons Delivered and Revenue of $97.2 Million for the Second Quarter of 2022
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":"\n \n\n NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the second quarter of 2022.\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “We are pleased with how the second quarter turned out with an increase in fuel volume and revenues. But more importantly, the margin on our fuel volumes increased by double digits despite the softness in RIN and LCFS prices, which is a testament to the diverse and recurring nature of our business model. Our RNG upstream investing and construction activities remained on pace, if not ahead of the plan that we announced in January. We also continued good progress with the construction of new RNG stations to accommodate Amazon’s growing fleet of trucks and volumes.”\n\nThe Company delivered 106.9 million gallons in the second quarter of 2022, a 5.4% increase from 101.4 million in the second quarter of 2021. This increase was principally from continued growth in Amazon and in our airports, public transit and refuse customer markets. Renewable natural gas (“RNG”) delivered was 50.0 million gallons in the second quarter of 2022, a 16.6% increase compared to the second quarter of 2021.\n\nThe Company’s revenue for the second quarter of 2022 was $97.2 million, an increase of $96.7 million compared to $0.5 million in the second quarter of 2021. Revenue for the second quarter of 2022 was reduced by $4.8 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 $78.1 million in the second quarter of 2021. Revenue for the second quarter of 2022 also included an unrealized loss of $1.1 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $0.5 million in the second quarter of 2021. The increase in revenue was principally the result of the decrease in the Amazon warrant charges, as well as higher fuel prices driven by higher natural gas prices and renewable identification number (“RIN”) prices, along with an increase in the number of gallons delivered. No alternative fuel excise tax credit (“AFTC”) reve...