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Clean Energy Reports Revenue of $95.6 Million and 56.7 Million RNG Gallons Sold for the Third 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 third quarter of 2023.\n\n\nFinancial Highlights\n\n\n\nRevenue of $95.6 million in Q3 2023 compared to $125.7 million in Q3 2022.\n\n\n\nNet loss attributable to Clean Energy for Q3 2023 was $(25.8) million, or $(0.12) per share, on a GAAP (as defined below) basis, compared to $(9.0) million, or $(0.04) per share, for Q3 2022.\n\n\n\nAdjusted EBITDA (as defined below) was $14.2 million for Q3 2023, compared to $23.9 million for Q3 2022.\n\n\n\nCash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $174.4 million as of September 30, 2023.\n\n\n\nUpdating 2023 outlook:\n\n\nGAAP net loss approximately $(98) million to $(103) million.\n\n\n\nAdjusted EBITDA of $42 million to $47 million.\n\n\n\n\n\n\nOperational and Strategic Highlights\n\n\n\nRenewable natural gas (“RNG”) gallons sold of 56.7 million gallons in Q3 2023, a 4.8% increase compared to Q3 2022.\n\n\n\nMonetized $0.5 million of RNG at our Del Rio dairy project joint venture from RINs, Oregon LCFS and commodity revenue.\n\n\n\nThe Cummins 15-liter natural gas engine, that will de-carbonize heavy duty transportation when running RNG, continues to make good traction with major fleets who are successfully running test units across some of the most demanding trucking routes in the U.S.\n\n\n\nCommentary by Andrew J. Littlefair, President and Chief Executive Officer\n\n\n“We continue to perform well and position ourselves for significant growth through the acceleration of RNG in transportation. Our investments in upstream supply dairy projects, several of which are coming online in Q4, positions us very well for the market optimism of Cummins’s new 15-liter natural gas engine when it hits the market next year. The timing of this critical new product launch coincides nicely as heavy-duty fleets are struggling to find other viable solutions that can achieve their de-carbonization goals. RNG is sustainable, affordable, and available today. And we believe the combination of our own RNG supply coming online and our fueling infrastructure footprint will allow us to capture a large portion of the market share of fleets moving to this solution.”\n\n\nSummary and Review of Results\n\n\nThe Company’...