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Clean Energy Reports Revenue of $132.2 Million and 53.4 Million RNG Gallons Sold for the First Quarter of 2023
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 2023.\n\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “The first quarter of 2023 was overshadowed by the historic run up in the price of natural gas in California, costing us at least $10 million in lost profits. We passed along some of the cost to our customers, but ultimately, we had to bear much of the brunt of this unprecedented increase in commodity cost in our largest market. Fortunately, the California gas costs run up was isolated to principally January with prices moderating in California by March. Also on the positive side, natural gas costs declined and have remained consistently low outside of California while LCFS credit prices moved higher during the first quarter. Our RNG deliveries increased 35% from the first quarter of 2022 as demand remains strong. We also made an exciting announcement about a joint development agreement with Tourmaline, Canada’s largest natural gas producer to develop a network of CNG fueling stations across Western Canada as demand to run heavy-duty trucks on natural gas or renewable natural gas is expected to increase, particularly as the 15-liter Cummins near-zero natural gas engine becomes available.”\n\n\nThe Company sold 53.4 million gallons of renewable natural gas (“RNG”) in the first quarter of 2023, a 34.5% increase compared to the first quarter of 2022.\n\n\nThe Company’s revenue for the first quarter of 2023 was $132.2 million, an increase of $48.7 million compared to $83.5 million in the first quarter of 2022. Revenue for the first quarter of 2023 was reduced by $13.7 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 $3.8 million in the first quarter of 2022. Revenue for the first quarter of 2023 also included an unrealized loss of $2.5 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $1.0 million in the first quarter of 2022. The increase in revenue was principally the result of highe...