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Clean Energy Reports Revenue of $109.3 Million and 62.0 Million RNG Gallons Sold for the Fourth Quarter of 2024
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 2024 and year ended December 31, 2024.\n\n\nFinancial Highlights\n\n\n\nRevenue of $109.3 million in Q4 2024 compared to $106.9 million in Q4 2023.\n\n\n\nRevenue of $415.9 million for the year 2024, compared to $425.2 million for 2023.\n\n\n\nNet loss attributable to Clean Energy for Q4 2024 was $(30.2) million, or $(0.13) per share, on a GAAP (as defined below) basis, compared to $(18.7) million, or $(0.08) per share, for Q4 2023.\n\n\n\nNet loss attributable to Clean Energy for the year 2024 was $(83.1) million, or $(0.37) per share, on a GAAP basis, compared to $(99.5) million, or $(0.45) per share, for 2023.\n\n\n\nAdjusted EBITDA (as defined below) was $23.6 million for Q4 2024, compared to $21.2 million for Q4 2023.\n\n\n\nAdjusted EBITDA was $76.6 million for the year 2024, compared to $43.6 million for 2023.\n\n\n\nCash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $217.5 million as of December 31, 2024.\n\n\n\n2025 outlook:\n\n\nGAAP net loss of approximately $(160) million to $(155) million.\n\n\nInclusive of up to approximately $55 million of accelerated depreciation expense from the potential abandonment of certain LNG station assets located at 55 Pilot Flying J locations.\n\n\n\nExcludes alternative fuel excise tax credit (“AFTC”) that expired in 2024, amounting to approximately $24 million in revenue in 2024.\n\n\n\n\n\n\nAdjusted EBITDA of $50 million to $55 million.\n\n\nExcludes AFTC that expired in 2024, amounting to approximately $24 million in revenue in 2024.\n\n\n\n\n\n\n\n\n\nOperational and Strategic Highlights\n\n\n\nRenewable natural gas (“RNG”) gallons sold of 62.0 million gallons in Q4 2024, an 8.8% increase compared to Q4 2023. RNG gallons sold for the year 2024 were 236.7 million gallons versus 225.7 million gallons in 2023, a 4.9% increase.\n\n\n\nExpanded a RNG fueling station owned by the LA County Sanitation District dispensing 1 million gallons a year and utilizing the Districts’ RNG generated from wastewater and organic matter together with RNG sourced from Clean Energy.\n\n\n\nClosed numerous RNG deals with cross-industry customers such as DHL, Food Express, LA Metro, and Estes Expres...