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Clean Energy Reports Revenue of $103.7 Million and 58.0 Million RNG Gallons Sold for the First 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 first quarter of 2024.\n\n\nFinancial Highlights\n\n\n\nRevenue of $103.7 million in Q1 2024 compared to $132.2 million in Q1 2023.\n\n\n\nNet loss attributable to Clean Energy for Q1 2024 was $(18.4) million, or $(0.08) per share, on a GAAP (as defined below) basis, compared to $(38.7) million, or $(0.17) per share, for Q1 2023.\n\n\n\nAdjusted EBITDA (as defined below) was $12.8 million for Q1 2024, compared to $(4.0) million for Q1 2023.\n\n\n\nCash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $248.9 million as of March 31, 2024.\n\n\n\n2024 outlook (Unchanged):\n\n\nGAAP net loss of approximately $(111) million to $(101) million.\n\n\n\nAdjusted EBITDA of $62 million to $72 million.\n\n\n\n\n\n\nOperational and Strategic Highlights\n\n\n\nRenewable natural gas (“RNG”) gallons sold of 58.0 million gallons in Q1 2024, an 8.6% increase compared to Q1 2023.\n\n\n\nOpened two new fueling stations in Texas offering RNG accommodating public and private fueling for over 250 trucks.\n\n\n\nCompleted construction on another dairy farm RNG digester project totaling $26 million and 6,000 dairy cows.\n\n\n\nCommentary by Andrew J. Littlefair, President and Chief Executive Officer\n\n\n“What a difference a year makes. Not only did our first quarter results rebound compared to a year ago, but we also exceeded our own expectations in several metrics including Adjusted EBITDA. Our fuel volumes continue to grow thanks in large part to the newly opened fleet stations, we’re moving forward on all fronts with our dairy digestor projects, and our balance sheet remains strong. As we’ve discussed, 2024 will be transformational on a variety of fronts with our dairy projects coming online and going into operations and loading capacity at newly built large fueling stations. A solid first quarter helps to position us to come out well through this transition as we continue to steadily improve RNG fuel volumes and financial results.”\n\n\nSummary and Review of Results\n\n\nThe Company’s revenue for the first quarter of 2024 was reduced by $12.9 million of non-cash stock-based sales incentive contra-revenue charges (“Amazon warrant charges”) relating to the warrant...