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Clean Energy Reports Revenue of $103.8 Million and 50.6 Million RNG Gallons Sold for the First Quarter of 2025
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 first quarter of 2025.\n\nFinancial Highlights\n\n\nRevenue of $103.8 million in Q1 2025 compared to $103.7 million in Q1 2024.\n\n\nNet loss attributable to Clean Energy for Q1 2025 was $(135.0) million, or $(0.60) per share, on a GAAP (as defined below) basis, compared to $(18.4) million, or $(0.08) per share, for Q1 2024. The Q1 2025 net loss includes non-cash charges totaling $(115.0) million, consisting of a $(64.3) million write-down of our Goodwill and $(50.7) million of accelerated depreciation expense.\n\n\nAdjusted EBITDA (as defined below) was $17.1 million for Q1 2025, compared to $12.8 million for Q1 2024.\n\n\nCash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $226.6 million as of March 31, 2025, compared to $217.5 million as of December 31, 2024.\n\n\nOperational and Strategic Highlights\n\n\nWe executed several new RNG supply agreements with customers including transit agencies in Michigan, Texas and Alabama.\n\n\nWe resumed repurchases of shares of the Company’s common stock pursuant to the Company’s existing Share Repurchase Program. There is approximately $26.1 million of remaining capacity for repurchase under the Program as of March 31, 2025.\n\n\nRenewable natural gas (“RNG”) gallons sold of 50.6 million gallons in Q1 2025, a 12.8% decrease compared to Q1 2024. The decrease was attributed to cold weather conditions at the start of the year, resulting in a reduced supply of RNG in January and February 2025.\n\n\nCommentary by Andrew J. Littlefair, President and Chief Executive Officer\n\n“As the markets continue to evaluate the macro-economic environment and remain volatile, we are fortunate that we have a stable, recurring business with many existing long-term customers like transit agencies and waste companies. We also believe that RNG is the commonsense solution for the heavy-duty trucking market. Thousands of heavy-duty trucks are already fueling in our network of natural gas stations across the US and Canada, proving that fleets can economically achieve significant emissions reductions. Our first quarter operating results, apart from the non-cash charges, resulted in a net increase in cash and investments. We rema...