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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-33480

CLEAN ENERGY FUELS CORP.

(Exact name of registrant as specified in its charter)

Delaware

33-0968580

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4675 MacArthur Court, Suite 800, Newport Beach, CA 92660

(Address of principal executive offices, including zip code)

(949) 437-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.0001 par value per share

CLNE

The Nasdaq Select Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of July 30, 2021, there were 222,992,133 shares of the registrant’s common stock, par value $0.0001 per share, issued and outstanding.

Table of Contents

CLEAN ENERGY FUELS CORP. AND SUBSIDIARIES

INDEX

Table of Contents

PART I.—FINANCIAL INFORMATION

3

Item 1.—Financial Statements (Unaudited)

3

Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

42

Item 4.—Controls and Procedures

43

PART II.—OTHER INFORMATION

45

Item 1.—Legal Proceedings

45

Item 1A.—Risk Factors

45

Item 2.—Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.—Defaults upon Senior Securities

60

Item 4.—Mine Safety Disclosures

60

Item 5.—Other Information

60

Item 6.—Exhibits

61

Unless the context indicates otherwise, all references to “Clean Energy,” the “Company,” “we,” “us,” or “our” in this report refer to Clean Energy Fuels Corp. together with its consolidated subsidiaries.

This report contains forward-looking statements. See the cautionary note regarding these statements in Part I, Item 2.-Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

We own registered or unregistered trademark rights to Clean Energy™. Although we do not use the “®” or “™” symbol in each instance in which one of our trademarks appears in this report, this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Any other service marks, trademarks and trade names appearing in this report are the property of their respective owners.

2

Table of Contents

PART I.—FINANCIAL INFORMATION

Item 1.—Financial Statements (Unaudited)

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

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

December 31, 

June 30, 

2020

2021

Assets

Current assets:

 

  

 

  

Cash and cash equivalents

$

108,977

$

134,041

Short-term investments

 

29,528

 

120,208

Accounts receivable, net of allowance of $1,335 and $1,184 as of December 31, 2020 and June 30, 2021, respectively

 

61,784

 

66,497

Other receivables

 

23,655

 

14,859

Inventory

 

28,100

 

27,968

Prepaid expenses and other current assets

 

9,404

 

19,973

Derivative assets, related party

 

1,591

 

Total current assets

 

263,039

 

383,546

Operating lease right-of-use assets

25,967

34,586

Land, property and equipment, net

 

290,911

 

274,686

Restricted cash

 

11,000

 

7,004

Notes receivable and other long-term assets, net

 

27,299

 

70,214

Long-term portion of derivative assets, related party

 

4,057

 

Investments in other entities

 

27,962

 

78,007

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

464

 

171

Total assets

$

715,027

$

912,542

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

3,592

$

8,689

Current portion of finance lease obligations

840

807

Current portion of operating lease obligations

2,822

3,154

Accounts payable

 

17,310

 

18,031

Accrued liabilities

 

52,637

 

50,351

Deferred revenue

 

2,642

 

3,089

Derivative liabilities, related party

709

Total current liabilities

 

79,843

 

84,830

Long-term portion of debt

82,088

29,569

Long-term portion of finance lease obligations

2,552

2,593

Long-term portion of operating lease obligations

23,698

31,704

Long-term portion of derivative liabilities, related party

984

Other long-term liabilities

 

3,996

 

7,619

Total liabilities

 

192,177

 

157,299

Commitments and contingencies (Note 17)

 

  

 

  

Stockholders’ equity:

 

  

 

  

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

 

 

Common stock, $0.0001 par value. 304,000,000 and 454,000,000 shares authorized; 198,491,204 shares and 222,966,955 shares issued and outstanding as of December 31, 2020 and June 30, 2021, respectively

 

20

 

22

Additional paid-in capital

 

1,191,791

 

1,511,742

Accumulated deficit

 

(678,096)

 

(764,932)

Accumulated other comprehensive loss

 

(209)

 

(373)

Total Clean Energy Fuels Corp. stockholders’ equity

 

513,506

 

746,459

Noncontrolling interest in subsidiary

 

9,344

 

8,784

Total stockholders’ equity

 

522,850

 

755,243

Total liabilities and stockholders’ equity

$

715,027

$

912,542

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

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, 

    

2020

    

2021

    

2020

    

2021

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

50,426

$

(8,965)

$

126,128

$

58,727

Service revenue

 

9,448

 

9,445

 

19,752

 

18,896

Total revenue

 

59,874

 

480

 

145,880

 

77,623

Operating expenses:

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

  

Product cost of sales

 

33,054

 

41,294

 

79,727

 

86,102

Service cost of sales

 

5,499

 

5,617

 

11,758

 

11,210

Change in fair value of derivative warrants

 

(445)

 

 

(40)

 

Selling, general and administrative

 

16,892

 

21,606

 

35,151

 

43,047

Depreciation and amortization

 

12,050

 

11,381

 

23,974

 

23,116

Total operating expenses

 

67,050

 

79,898

 

150,570

 

163,475

Operating loss

 

(7,176)

 

(79,418)

 

(4,690)

 

(85,852)

Interest expense

 

(1,841)

 

(1,002)

 

(4,051)

 

(2,438)

Interest income

 

273

 

240

 

654

 

494

Other income, net

 

2,287

 

166

 

2,462

 

844

Income (loss) from equity method investments

 

(502)

 

121

 

(357)

 

(305)

Loss before income taxes

 

(6,959)

 

(79,893)

 

(5,982)

 

(87,257)

Income tax expense

 

(78)

 

(56)

 

(156)

 

(139)

Net loss

 

(7,037)

 

(79,949)

 

(6,138)

 

(87,396)

Loss attributable to noncontrolling interest

 

301

 

282

 

1,106

 

560

Net loss attributable to Clean Energy Fuels Corp. 

$

(6,736)

$

(79,667)

$

(5,032)

$

(86,836)

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

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.03)

$

(0.38)

$

(0.02)

$

(0.43)

Weighted-average common shares outstanding:

 

  

 

  

 

  

 

  

Basic and diluted

 

200,670,137

 

207,047,221

 

202,831,346

 

203,043,580

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(In thousands; Unaudited)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Three Months Ended

Three Months Ended

Three Months Ended

June 30, 

June 30, 

June 30, 

    

2020

    

2021

    

2020

    

2021

    

2020

    

2021

Net loss

$

(6,736)

$

(79,667)

$

(301)

$

(282)

$

(7,037)

$

(79,949)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2020 and 2021

 

1,007

 

719

 

 

 

1,007

 

719

Unrealized losses on available-for-sale securities, net of $0 tax in 2020 and 2021

 

(1)

 

(3)

 

 

 

(1)

 

(3)

Total other comprehensive income

 

1,006

 

716

 

 

 

1,006

 

716

Comprehensive loss

$

(5,730)

$

(78,951)

$

(301)

$

(282)

$

(6,031)

$

(79,233)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Six Months Ended

Six Months Ended

Six Months Ended

June 30, 

June 30, 

June 30, 

    

2020

    

2021

    

2020

    

2021

    

2020

    

2021

Net loss

$

(5,032)

$

(86,836)

$

(1,106)

$

(560)

$

(6,138)

$

(87,396)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2020 and 2021

 

(914)

 

(161)

 

 

 

(914)

 

(161)

Unrealized gains (losses) on available-for-sale securities, net of $0 tax in 2020 and 2021

 

5

 

(3)

 

 

 

5

 

(3)

Total other comprehensive loss

 

(909)

 

(164)

 

 

 

(909)

 

(164)

Comprehensive loss

$

(5,941)

$

(87,000)

$

(1,106)

$

(560)

$

(7,047)

$

(87,560)

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands; except share data)

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2019

 

204,723,055

$

20

$

1,203,186

$

(668,232)

$

(1,566)

$

9,621

$

543,029

Issuance of common stock

 

871,010

 

 

194

 

 

 

 

194

Repurchase of common stock

(2,810,449)

(4,244)

 

(4,244)

Stock-based compensation

 

 

 

1,054

 

 

 

 

1,054

Net income (loss)

 

 

 

 

1,704

 

 

(805)

 

899

Other comprehensive loss

 

 

 

 

 

(1,915)

 

(1,915)

Increase in ownership in subsidiary

 

 

 

(1,388)

 

 

 

1,388

Balance, March 31, 2020

 

202,783,616

20

1,198,802

(666,528)

(3,481)

10,204

539,017

Issuance of common stock

 

25,214

 

 

41

 

 

 

 

41

Repurchase of common stock

 

(3,302,050)

 

 

(6,406)

 

 

 

 

(6,406)

Stock-based compensation

 

 

 

760

 

 

 

 

760

Net loss

 

 

 

 

(6,736)

 

 

(301)

 

(7,037)

Other comprehensive income

1,006

1,006

Balance, June 30, 2020

 

199,506,780

$

20

$

1,193,197

$

(673,264)

$

(2,475)

$

9,903

$

527,381

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2020

 

198,491,204

$

20

$

1,191,791

$

(678,096)

$

(209)

$

9,344

$

522,850

Issuance of common stock

 

1,323,814

 

 

3,216

 

 

 

 

3,216

Stock-based compensation

 

 

 

3,367

 

 

 

 

3,367

Net loss

 

 

 

 

(7,169)

 

 

(278)

 

(7,447)

Other comprehensive loss

 

 

 

 

 

(880)

 

 

(880)

Balance, March 31, 2021

 

199,815,018

20

1,198,374

(685,265)

(1,089)

9,066

521,106

Issuance of common stock, net of issuance costs

 

23,151,937

 

2

 

194,171

 

 

 

 

194,173

Stock-based compensation

3,419

3,419

Stock-based sales incentive charges

 

 

 

115,778

 

 

 

 

115,778

Net loss

 

 

 

 

(79,667)

 

 

(282)

 

(79,949)

Other comprehensive income

 

 

 

 

 

716

 

 

716

Balance, June 30, 2021

 

222,966,955

$

22

$

1,511,742

$

(764,932)

$

(373)

$

8,784

$

755,243

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands; Unaudited)

Six Months Ended

June 30, 

    

2020

    

2021

Cash flows from operating activities:

Net loss

$

(6,138)

$

(87,396)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

Depreciation and amortization

 

23,974

 

23,116

Provision for credit losses and inventory

 

1,056

 

560

Stock-based compensation expense

 

1,814

 

6,786

Stock-based sales incentive charges

78,053

Change in fair value of derivative instruments

 

(4,205)

 

2,507

Amortization of discount and debt issuance cost

 

(103)

 

26

Loss (gain) on disposal of property and equipment

 

(2,298)

 

174

Loss on extinguishment of debt

 

 

25

Gain from sale of certain assets of subsidiary

 

(176)

 

Loss from equity method investments

 

357

 

305

Non-cash lease expense

1,373

1,470

Deferred income taxes

60

61

Changes in operating assets and liabilities:

 

 

Accounts and other receivables

 

73,904

 

2,211

Inventory

 

218

 

(732)

Prepaid expenses and other assets

 

365

 

(11,722)

Operating lease liabilities

(1,604)

(1,751)

Accounts payable

 

(10,572)

 

1,547

Deferred revenue

 

(8,787)

 

388

Accrued liabilities and other

 

(19,479)

 

(2,711)

Net cash provided by operating activities

 

49,759

 

12,917

Cash flows from investing activities:

 

  

 

  

Purchases of short-term investments

 

(45,293)

 

(177,981)

Maturities and sales of short-term investments

 

85,850

 

87,301

Purchases of and deposits on property and equipment

 

(6,354)

 

(7,888)

Disbursements for loans receivable

 

(40)

 

(3,828)

Payments on and proceeds from sales of loans receivable

 

1,226

 

224

Cash received from sale of certain assets of subsidiary, net

 

4,951

 

887

Investments in other entities

 

 

(50,669)

Proceeds from disposal of property and equipment

 

3,224

 

1,577

Net cash provided by (used in) investing activities

 

43,564

 

(150,377)

Cash flows from financing activities:

 

  

 

  

Issuance of common stock

 

235

 

203,923

Repurchase of common stock

(10,650)

Fees paid for issuance of common stock

 

 

(6,534)

Proceeds for Adopt-a-Port program

4,670

Proceeds from debt instruments

 

200

 

4,400

Proceeds from revolving line of credit

1,150

Repayments of borrowing under revolving line of credit

 

 

(650)

Repayments of debt instruments and finance lease obligations

 

(52,960)

 

(48,584)

Payments of debt extinguishment costs

(14)

Net cash (used in) provided by financing activities

 

(63,175)

 

158,361

Effect of exchange rates on cash, cash equivalents and restricted cash

 

(199)

 

167

Net increase in cash, cash equivalents and restricted cash

 

29,949

 

21,068

Cash, cash equivalents and restricted cash, beginning of period

 

53,222

 

119,977

Cash, cash equivalents and restricted cash, end of period

$

83,171

$

141,045

Supplemental disclosure of cash flow information:

 

  

 

  

Income taxes paid

$

65

$

10

Interest paid, net of $98 and $0 capitalized, respectively

$

3,906

$

2,460

See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1—General

Nature of Business

Clean Energy Fuels Corp., together with its majority and wholly owned subsidiaries (hereinafter collectively referred to as the “Company,” unless the context or the use of the term indicates or requires otherwise) is a leading renewable energy company focused on the procurement and distribution of renewable natural gas (“RNG”) and conventional natural gas, in the form of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), for the United States and Canadian transportation markets. The Company is also focused on developing, owning, and operating dairy and other livestock waste RNG projects and supplying RNG (procured from our own projects or from third parties) to its customers in the heavy and medium -duty commercial transportation sector.

As a comprehensive clean energy solution provider, the Company also designs and builds, as well as operates and maintains, public and private vehicle fueling stations in the United States and Canada; sells and services compressors and other equipment used in RNG production and at fueling stations; transports and sells its fuels via “virtual” natural gas pipelines and interconnects; sells U.S. federal, state and local government credits it generates by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California and the Oregon Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtains federal, state and local tax credits, grants and incentives.

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s consolidated financial position as of June 30, 2021, results of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2020 and 2021, and cash flows for the six months ended June 30, 2020 and 2021. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six month periods ended June 30, 2020 and 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or any future year.

Certain information and disclosures normally included in the notes to consolidated financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), but the resultant disclosures contained herein are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as they apply to interim reporting. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020 that are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2021.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and these notes. Actual results could differ from those estimates and may result in material effects on the Company’s operating results and financial position. Significant estimates made in preparing the accompanying condensed consolidated financial statements include (but are not limited to) those related to revenue recognition, fair value measurements, goodwill and long-lived asset valuations and impairment assessments, income tax valuations, stock-based compensation expense and stock-based sales incentive charges.

8

Table of Contents

Amazon Warrant

The Amazon Warrant (defined in Note 14) is accounted for as an equity instrument and measured in accordance with Accounting Standards Codification (“ASC”) 718, Compensation – Stock Compensation. This instrument is classified in the condensed consolidated statements of operations in accordance with ASC 606, Revenue from Contracts with Customers. For awards granted to a customer, which are not in exchange for distinct goods or services, the fair value of the awards earned based on service or performance conditions is recorded as a reduction of the transaction price, in accordance with ASC 606. To determine the fair value of the Amazon Warrant in accordance with ASC 718, the Company used the Black-Scholes option pricing model which is based in part on assumptions that require management to use judgment. Based on the fair value of the award, the Company determines the amount of non-cash stock-based sales incentive charges on the customer’s pro-rata achievement of vesting conditions, which is recorded as a reduction of revenue in the condensed consolidated statements of operations. See Note 14 for additional information.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The new standard clarifies and simplifies the accounting for income taxes, including guidance related to intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences, the methodology for calculating income taxes in an interim period, and the application of income tax guidance to franchise taxes that are partially based on income. The Company adopted this standard in the first quarter of 2021. Adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

Note 2—Revenue from Contracts with Customers

Revenue Recognition Overview

The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration to which it expects to be entitled in exchange for the goods or services. To achieve that core principle, a five-step approach is applied: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue allocated to each performance obligation when the Company satisfies the performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for revenue recognition.

The Company is generally the principal in its customer contracts because it has control over the goods and services prior to their transfer to the customer, and as such, revenue is recognized on a gross basis. Sales and usage-based taxes are excluded from revenue. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The table below presents the Company’s revenue disaggregated by revenue source (in thousands):

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2021

    

2020

    

2021

Volume-related (1) (2)

$

50,231

$

(10,829)

$

125,290

$

57,297

Station construction sales