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 the second quarter of 2023.

Financial Highlights

  • Revenue of $90.5 million in Q2 2023 compared to $97.2 million in Q2 2022.
  • Net 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.
  • Adjusted EBITDA (as defined below) was $12.1 million for Q2 2023, compared to $10.0 million for Q2 2022.
  • Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $191.7 million as of June 30, 2023.
  • Reaffirming 2023 outlook:
    • GAAP net loss approximately $(105) million to $(115) million.
    • Adjusted EBITDA of $50 million to $60 million.

Operational and Strategic Highlights

  • Renewable natural gas (“RNG”) gallons sold of 58.6 million gallons in Q2 2023, a 17.2% increase compared to Q2 2022.
  • Announced 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.
  • Announced 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.

Commentary by Andrew J. Littlefair, President and Chief Executive Officer

“We saw a nice rebound in our financial results coming off historically high natural gas prices in California in the first quarter of 2023.”

“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.”

“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 Western Canada where we share this common goal with our joint development partner Tourmaline.”

Summary and Review of Results

The Company’s revenue for the second quarter of 2023 was reduced by $13.9 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 $4.8 million in the second quarter of 2022. Revenue for the second quarter of 2023 also included an unrealized gain of $3.6 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $1.1 million in the second quarter of 2022. Q2 2023 renewable identification number (“RIN”) and low carbon fuel standards (“LCFS”) revenues of $7.9 million versus $13.9 million of RIN and LCFS revenues in the second quarter of 2022 reflecting principally lower prices for both RIN and LCFS in the second quarter of 2023 versus 2022. Q2 2023 includes $5.1 million of alternative fuel excise tax credit (“AFTC”) revenue whereas no AFTC revenue was recognized in the second quarter of 2022 as AFTC was not reinstated and extended until the third quarter of 2022 under the Inflation Reduction Act of 2022. Natural gas costs were lower in the second quarter of 2023 compared to the second quarter of 2022 resulting in lower sales prices in the second quarter of 2023 which are based off the costs of natural gas, partially offset by an increase in gallons of fuel and services sold and serviced, respectively, in the second quarter of 2023 compared to the second quarter of 2022.

Net loss attributable to Clean Energy for the second quarter of 2023 had higher Amazon warrant charges than Q2 2022, offset by unrealized gains on derivative instruments relating to the Company’s Zero Now truck financing program compared to unrealized losses in Q2 2022 and the AFTC which was not in place in Q2 2022. However, Q2 2023 RIN and LCFS revenues were lower than Q2 2022 due to lower credit pricing, and Q2 2023 non-operating net interest expenses and losses from equity method investments were higher than Q2 2022 due to our expansion of RNG investment. Results were also negatively impacted by $(1.4) million due to our Texas LNG plant being down for repairs for an extended period.

Non-GAAP income (loss) per share (as defined below) for the second quarter of 2023 was $(0.00), compared to $(0.00) per share for the second quarter of 2022.

Adjusted EBITDA (as defined below) was $12.1 million for the second quarter of 2023, compared to $10.0 million for the second quarter of 2022.

In this press release, Clean Energy refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures may not be comparable to similarly titled measures being used and disclosed by other companies. Clean Energy believes that this non-GAAP information is useful to an understanding of its operating results and the ongoing performance of its business. Non-GAAP income (loss) per share and Adjusted EBITDA are defined below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.

The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and also reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

(in thousands, except share and per share data)

 

2022

 

2023

 

2022

 

2023

Net loss attributable to Clean Energy Fuels Corp.

 

$

(13,235

)

 

$

(16,301

)

 

$

(37,426

)

 

$

(54,998

)

Amazon warrant charges

 

 

4,777

 

 

 

13,922

 

 

 

8,533

 

 

 

27,652

 

Stock-based compensation

 

 

6,468

 

 

 

6,093

 

 

 

14,721

 

 

 

12,189

 

Loss (income) from SAFE&CEC S.r.l. equity method investment

 

 

63

 

 

 

(193

)

 

 

221

 

 

 

253

 

Loss (gain) from change in fair value of derivative instruments

 

 

1,079

 

 

 

(3,600

)

 

 

2,114

 

 

 

(1,068

)

Non-GAAP net loss attributable to Clean Energy Fuels Corp.

 

$

(848

)

 

$

(79

)

 

$

(11,837

)

 

$

(15,972

)

Diluted weighted-average common shares outstanding

 

 

222,433,900

 

 

 

222,908,402

 

 

 

222,496,426

 

 

 

222,813,286

 

GAAP loss attributable to Clean Energy Fuels Corp. per share

 

$

(0.06

)

 

$

(0.07

)

 

$

(0.17

)

 

$

(0.25

)

Non-GAAP loss attributable to Clean Energy Fuels Corp. per share

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.05

)

 

$

(0.07

)

The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

(in thousands)

 

2022

 

2023

 

2022

 

2023

Net loss attributable to Clean Energy Fuels Corp.

 

$

(13,235

)

 

$

(16,301

)

 

$

(37,426

)

 

$

(54,998

)

Income tax expense (benefit)

 

 

68

 

 

 

(55

)

 

 

117

 

 

 

(119

)

Interest expense

 

 

732

 

 

 

4,365

 

 

 

3,809

 

 

 

8,719

 

Interest income

 

 

(490

)

 

 

(2,766

)

 

 

(754

)

 

 

(5,483

)

Depreciation and amortization

 

 

10,556

 

 

 

10,893

 

 

 

21,946

 

 

 

21,571

 

Amazon warrant charges

 

 

4,777

 

 

 

13,922

 

 

 

8,533

 

 

 

27,652

 

Stock-based compensation

 

 

6,468

 

 

 

6,093

 

 

 

14,721

 

 

 

12,189

 

Loss (income) from SAFE&CEC S.r.l. equity method investment

 

 

63

 

 

 

(193

)

 

 

221

 

 

 

253

 

Loss (gain) from change in fair value of derivative instruments

 

 

1,079

 

 

 

(3,600

)

 

 

2,114

 

 

 

(1,068

)

Depreciation and amortization from RNG equity method investments

 

 

 

 

 

301

 

 

 

 

 

 

410

 

Interest expense from RNG equity method investments

 

 

 

 

 

359

 

 

 

 

 

 

488

 

Interest income from RNG equity method investments

 

 

(52

)

 

 

(876

)

 

 

(176

)

 

 

(1,440

)

Adjusted EBITDA

 

$

9,966

 

 

$

12,142

 

 

$

13,105

 

 

$

8,174

Fuel and Service Volume

The following tables present, for the three and six months ended June 30, 2022 and 2023, (1) the amount of total fuel volume the Company sold to customers with particular focus on RNG volume as a subset of total fuel volume and (2) operation and maintenance (“O&M”) services volume dispensed at facilities the Company does not own but at which it provides O&M services on a per-gallon or fixed fee basis. Certain gallons are included in both fuel and service volumes when the Company sells fuel (product revenue) to a customer and provides maintenance services (service revenue) to the same customer.

 

 

Three Months Ended

 

Six Months Ended

Fuel volume, GGEs(2) sold (in millions),

 

June 30,

 

June 30,

correlating to total volume-related product revenue

 

2022

 

2023

 

2022

 

2023

RNG(1)

 

 

50.0

 

 

58.6

 

 

89.7

 

 

112.0

Conventional natural gas(1)

 

 

16.0

 

 

14.1

 

 

34.6

 

 

29.5

Total fuel volume

 

 

66.0

 

 

72.7

 

 

124.3

 

 

141.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

O&M services volume, GGEs(2) serviced (in millions),

 

June 30,

 

June 30,

correlating to volume-related O&M services revenue

 

2022

 

2023

 

2022

 

2023

O&M services volume

 

 

60.5

 

 

65.9

 

 

116.1

 

 

125.5

(1)

All RNG and conventional natural gas sold were sourced from third-party suppliers.

 

 

 

(2)

The Company calculates one gasoline gallon equivalent (“GGE”) to equal 125,000 British Thermal Units (“BTUs”), and, as such, one million BTUs (“MMBTU”) equal eight GGEs.

Sources of Revenue

The following table shows the Company’s sources of revenue for the three and six months ended June 30, 2022 and 2023:

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

Revenue (in millions)

 

2022

 

2023

 

2022

 

2023

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Volume-related(1)

 

 

 

 

 

 

 

 

 

 

 

 

Fuel sales(2)

 

$

67.1

 

 

$

53.3

 

$

125.8

 

 

$

160.2

Change in fair value of derivative instruments(3)

 

 

(1.1

)

 

 

3.6

 

 

(2.1

)

 

 

1.1

RIN Credits

 

 

9.8

 

 

 

5.4

 

 

17.7

 

 

 

9.9

LCFS Credits

 

 

4.1

 

 

 

2.4

 

 

7.5

 

 

 

4.7

AFTC

 

 

 

 

 

5.1

 

 

0.2

 

 

 

9.6

Total volume-related product revenue

 

 

79.9

 

 

 

69.8

 

 

149.1

 

 

 

185.5

Station construction sales

 

 

6.0

 

 

 

5.8

 

 

9.3

 

 

 

9.9

Total product revenue

 

 

85.9

 

 

 

75.6

 

 

158.4

 

 

 

195.4

Service revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Volume-related, O&M services

 

 

11.0

 

 

 

13.9

 

 

21.7

 

 

 

25.9

Other services

 

 

0.3

 

 

 

1.0

 

 

0.6

 

 

 

1.4

Total service revenue

 

 

11.3

 

 

 

14.9

 

 

22.3

 

 

 

27.3

Total revenue

 

$

97.2

 

 

$

90.5

 

$

180.7

 

 

$

222.7

(1)

The Company’s volume-related product revenue primarily consists of sales of RNG and conventional natural gas, in the form of CNG and LNG, and sales of RINs and LCFS Credits in addition to changes in fair value of our derivative instruments.

 

 

 

(2)

 

Includes $4.8 million and $8.5 million of Amazon warrant non-cash stock-based sales incentive contra-revenue charges for the three and six months ended June 30, 2022, respectively. Includes $13.9 million and $27.7 million of Amazon warrant non-cash stock-based sales incentive contra-revenue charges for the three and six months ended June 30, 2023, respectively.

 

 

 

(3)

 

The change in fair value of derivative instruments is related to the Company’s commodity swap and customer fueling contracts. The amounts are classified as revenue because the Company’s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company’s Zero Now truck financing program.

2023 Outlook

GAAP net loss for 2023 is expected to range from approximately $(105) million to $(115) million, assuming no unrealized gains or losses on commodity swap and customer contracts relating to the Company’s Zero Now truck financing program and including Amazon warrant charges estimated to range from $60 million to $70 million. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, and significant variations in the vesting of the Amazon warrant could significantly affect the Company’s estimated GAAP net loss for 2023. Adjusted EBITDA for 2023 is estimated to range from approximately $50 million to $60 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions and other extraordinary events; any lingering negative effects associated directly or indirectly with the COVID-19 pandemic; and macroeconomic conditions and global supply chain issues. Additionally, the expectations regarding 2023 Adjusted EBITDA assumes the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2023 that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.

(in thousands)

 

2023 Outlook

GAAP Net loss attributable to Clean Energy Fuels Corp.

 

$

(105,000) - (115,000

Income tax expense (benefit)

 

 

600

 

Interest expense

 

 

18,000

 

Interest income

 

 

(5,600

)

Depreciation and amortization

 

 

53,500

 

Stock-based compensation

 

 

32,500

 

Loss (income) from SAFE&CEC S.r.l. equity method investment

 

 

 

Loss (gain) from change in fair value of derivative instruments

 

 

 

Amazon warrant charges

 

 

66,000

 

Adjusted EBITDA

 

$

50,000 - 60,000

 

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.0784 from the U.S. and international callers can dial 1.201.689.8560. A telephone replay will be available approximately three hours after the call concludes through Saturday, September 9, 2023, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13739979. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (“RNG”), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on X (formerly known as Twitter).

Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance for the following reasons: (1) they allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) they exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) they are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Non-GAAP Income (Loss) Per Share

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the SAFE&CEC S.r.l. equity method investment, and plus (minus) any loss (gain) from changes in the fair value of derivative instruments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to the Amazon warrant charges provides useful information to investors regarding the Company’s performance because the Amazon warrant charges are measured based upon a fair value determined using a variety of assumptions and estimates, and the Amazon warrant charges do not affect the Company’s operating cash flows related to the delivery and sale of vehicle fuel to its customer. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. Similarly, the Company believes excluding the non-cash results from the SAFE&CEC S.r.l. equity method investment is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments.

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus (minus) income tax expense (benefit), plus interest expense (including any losses from the extinguishment of debt), minus interest income, plus depreciation and amortization expense, plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the SAFE&CEC S.r.l. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus depreciation and amortization expense from RNG equity method investments, plus interest expense from RNG equity method investments, and minus interest income from RNG equity method investments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, our fiscal 2023 outlook, our volume growth, customer expansion, production sources, joint ventures, governmental regulations, and the benefits of our fuels.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the direct and indirect impact of the COVID-19 pandemic; macroeconomic conditions and supply chain issues and the related impact on our operations, liquidity and financial condition; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and to compete successfully in these markets; the potential adoption of government policies or programs or increased publicity or popular sentiment in favor of other vehicle fuels; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to further develop and manage its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the potential commercial viability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility that the Company could incur additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and charge electric vehicles; the Company’s ability to realize the expected benefits from the commercial arrangement with Amazon and related transactions; the future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and increase its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; the future availability of and the Company’s access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government legislation, regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government regulations; the impact of the foregoing on the trading price of the Company’s common stock; and general political, regulatory, economic and market conditions.

The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company’s periodic reports filed with the Securities and Exchange Commission (www.sec.gov), including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 that the Company expects to file with the Securities and Exchange Commission on or about August 9, 2023, contain additional information about these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release, and such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the Securities and Exchange Commission.

Clean Energy Fuels Corp. and Subsidiaries

 

Condensed Consolidated Balance Sheets

 

(In thousands, except share and per share data; Unaudited)

 

 

 

 

 

 

 

 

 

December 31,

 

June 30,

 

 

2022

 

2023

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash, cash equivalents and current portion of restricted cash

 

$

125,950

 

 

$

55,162

 

Short-term investments

 

 

139,569

 

 

 

138,569

 

Accounts receivable, net of allowance of $1,375 and $1,501 as of December 31, 2022 and June 30, 2023, respectively

 

 

91,430

 

 

 

74,746

 

Other receivables

 

 

17,026

 

 

 

27,088

 

Inventory

 

 

37,144

 

 

 

38,517

 

Prepaid expenses and other current assets

 

 

60,601

 

 

 

58,279

 

Total current assets

 

 

471,720

 

 

 

392,361

 

Operating lease right-of-use assets

 

 

52,586

 

 

 

63,093

 

Land, property and equipment, net

 

 

264,068

 

 

 

292,463

 

Notes receivable and other long-term assets, net

 

 

30,467

 

 

 

31,004

 

Investments in other entities

 

 

193,273

 

 

 

196,770

 

Goodwill

 

 

64,328

 

 

 

64,328

 

Intangible assets, net

 

 

5,915

 

 

 

6,365

 

Total assets

 

$

1,082,357

 

 

$

1,046,384

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of debt

 

$

93

 

 

$

38

 

Current portion of finance lease obligations

 

 

948

 

 

 

961

 

Current portion of operating lease obligations

 

 

4,206

 

 

 

5,075

 

Accounts payable

 

 

44,435

 

 

 

37,943

 

Accrued liabilities

 

 

90,079

 

 

 

76,609

 

Deferred revenue

 

 

5,970

 

 

 

4,920

 

Derivative liabilities, related party

 

 

2,415

 

 

 

2,779

 

Total current liabilities

 

 

148,146

 

 

 

128,325

 

Long-term portion of debt

 

 

145,471

 

 

 

144,837

 

Long-term portion of finance lease obligations

 

 

2,134

 

 

 

2,024

 

Long-term portion of operating lease obligations

 

 

48,911

 

 

 

59,393

 

Long-term portion of derivative liabilities, related party

 

 

1,430

 

 

 

 

Other long-term liabilities

 

 

8,794

 

 

 

8,908

 

Total liabilities

 

 

354,886

 

 

 

343,487

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value. 454,000,000 shares authorized; 222,437,429 shares and 222,910,057 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively

 

 

22

 

 

 

22

 

Additional paid-in capital

 

 

1,553,668

 

 

 

1,582,009

 

Accumulated deficit

 

 

(829,975

)

 

 

(884,973

)

Accumulated other comprehensive loss

 

 

(3,722

)

 

 

(1,319

)

Total Clean Energy Fuels Corp. stockholders’ equity

 

 

719,993

 

 

 

695,739

 

Noncontrolling interest in subsidiary

 

 

7,478

 

 

 

7,158

 

Total stockholders’ equity

 

 

727,471

 

 

 

702,897

 

Total liabilities and stockholders’ equity

 

$

1,082,357

 

 

$

1,046,384

 

Clean Energy Fuels Corp. and Subsidiaries

 

Condensed Consolidated Statements of Operations

 

(In thousands, except share and per share data; Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2022

 

2023

 

2022

 

2023

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

85,853

 

 

$

75,629

 

 

$

158,360

 

 

$

195,356

 

Service revenue

 

 

11,371

 

 

 

14,919

 

 

 

22,361

 

 

 

27,375

 

Total revenue

 

 

97,224

 

 

 

90,548

 

 

 

180,721

 

 

 

222,731

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

Product cost of sales

 

 

65,933

 

 

 

55,570

 

 

 

123,548

 

 

 

175,228

 

Service cost of sales

 

 

6,127

 

 

 

8,592

 

 

 

12,749

 

 

 

16,202

 

Selling, general and administrative

 

 

26,481

 

 

 

28,548

 

 

 

54,408

 

 

 

58,197

 

Depreciation and amortization

 

 

10,556

 

 

 

10,893

 

 

 

21,946

 

 

 

21,571

 

Total operating expenses

 

 

109,097

 

 

 

103,603

 

 

 

212,651

 

 

 

271,198

 

Operating loss

 

 

(11,873

)

 

 

(13,055

)

 

 

(31,930

)

 

 

(48,467

)

Interest expense

 

 

(732

)

 

 

(4,365

)

 

 

(3,809

)

 

 

(8,719

)

Interest income

 

 

490

 

 

 

2,766

 

 

 

754

 

 

 

5,483

 

Other income, net

 

 

14

 

 

 

28

 

 

 

34

 

 

 

71

 

Loss from equity method investments

 

 

(1,193

)

 

 

(1,915

)

 

 

(2,870

)

 

 

(3,805

)

Loss before income taxes

 

 

(13,294

)

 

 

(16,541

)

 

 

(37,821

)

 

 

(55,437

)

Income tax (expense) benefit

 

 

(68

)

 

 

55

 

 

 

(117

)

 

 

119

 

Net loss

 

 

(13,362

)

 

 

(16,486

)

 

 

(37,938

)

 

 

(55,318

)

Loss attributable to noncontrolling interest

 

 

127

 

 

 

185

 

 

 

512

 

 

 

320

 

Net loss attributable to Clean Energy Fuels Corp.

 

$

(13,235

)

 

$

(16,301

)

 

$

(37,426

)

 

$

(54,998

)

Net loss attributable to Clean Energy Fuels Corp. per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.06

)

 

$

(0.07

)

 

$

(0.17

)

 

$

(0.25

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

222,433,900

 

 

 

222,908,402

 

 

 

222,496,426

 

 

 

222,813,286

 

Investor Contact:
investors@cleanenergyfuels.com

News Media Contact:
Raleigh Gerber
Director of Corporate Communications
949.437.1397

Source: Clean Energy Fuels Corp.