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Clean Energy Reports Revenue of $90.5 Million and 58.6 Million RNG Gallons Sold for the Second 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 second quarter of 2023.\n\n\nFinancial Highlights\n\n\n\nRevenue of $90.5 million in Q2 2023 compared to $97.2 million in Q2 2022.\n\n\n\nNet loss attributable to Clean Energy for Q2 2023 was $(16.3) million, or $(0.07) per share, on a GAAP (as defined below) basis, compared to $(13.2) million, or $(0.06) per share, for Q2 2022.\n\n\n\nAdjusted EBITDA (as defined below) was $12.1 million for Q2 2023, compared to $10.0 million for Q2 2022.\n\n\n\nCash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $191.7 million as of June 30, 2023.\n\n\n\nReaffirming 2023 outlook:\n\n\nGAAP net loss approximately $(105) million to $(115) million.\n\n\n\nAdjusted EBITDA of $50 million to $60 million.\n\n\n\n\n\n\nOperational and Strategic Highlights\n\n\n\nRenewable natural gas (“RNG”) gallons sold of 58.6 million gallons in Q2 2023, a 17.2% increase compared to Q2 2022.\n\n\n\nAnnounced in April a joint development agreement with Tourmaline, Canada’s largest natural gas producer, to develop a network of compressed natural gas (“CNG”) fueling stations across Western Canada.\n\n\n\nAnnounced in June new RNG fueling agreements with several well-known consumer brands and some of the nation’s largest and most environmentally-conscious transit agencies.\n\n\n\nCommentary by Andrew J. Littlefair, President and Chief Executive Officer\n\n\n“We saw a nice rebound in our financial results coming off historically high natural gas prices in California in the first quarter of 2023.”\n\n\n“We were also pleased with the announcement in June from the EPA on the final renewable volume obligation (“RVO”) demand targets that averaged approximately 30% annual growth for the next three years. We believe this new RVO for a three-year period is supportive of continued growth in RNG development and RNG’s use as a low-carbon fuel for the transportation sector.”\n\n\n“Demand for RNG by our fleet customers remains strong and we remain very excited about the multitude of positive factors taking shape around RNG and the positive impact we can have on de-carbonizing the heavy-duty truck transportation sector. And reducing emissions is exactly what’s in store with our expansion in Wester...