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Clean Energy Reports Revenue of $98.0 Million and 57.1 Million RNG Gallons Sold for the Second 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 second quarter of 2024.\n\n\nFinancial Highlights\n\n\n\nRevenue of $98.0 million in Q2 2024 compared to $90.5 million in Q2 2023.\n\n\n\nNet loss attributable to Clean Energy for Q2 2024 was $(16.3) million, or $(0.07) per share, on a GAAP (as defined below) basis, compared to $(16.3) million, or $(0.07) per share, for Q2 2023.\n\n\n\nAdjusted EBITDA (as defined below) was $18.9 million for Q2 2024, compared to $12.1 million for Q2 2023.\n\n\n\nCash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $249.3 million as of June 30, 2024.\n\n\n\n2024 outlook:\n\n\nGAAP net loss of approximately $(91) million to $(81) million (updated).\n\n\n\nAdjusted EBITDA of $62 million to $72 million (unchanged).\n\n\n\n\n\n\nOperational and Strategic Highlights\n\n\n\nRenewable natural gas (“RNG”) gallons sold of 57.1 million gallons in Q2 2024, a 2.6% decrease compared to Q2 2023.\n\n\n\nJoined forces with Maas Energy, the nation’s largest dairy digester developer to build up to nine RNG production facilities costing an estimated $130 million to build, totaling 35,000 cows and making approximately 4 million gallons of RNG annually at capacity.\n\n\n\nCompleted construction on another dairy farm RNG project totaling $22 million and 1,850 cows bringing the total number of dairy farm RNG projects completed to six as of June 30, 2024.\n\n\n\nCommentary by Andrew J. Littlefair, President and Chief Executive Officer\n\n\n“Building off a solid first quarter our second quarter was even stronger, putting us in a healthy financial position at this mid-point of 2024. The recurring daily fueling of RNG by our customers within our extensive fueling network is driving our results. After building out a network of over 600 RNG and CNG fueling stations, fleets can easily access cleaner fueling solutions. During the second quarter, we saw new stations opened and additional RNG projects come online due to the great team here at Clean Energy giving me reason to remain extremely enthusiastic about RNG for transportation which is as exciting and relevant as it ever has been.”\n\n\nSummary and Review of Results\n\n\nThe Company’s revenue for the second quarter of 2024 was reduced ...