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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, 2022

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 Stock 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 28, 2022, there were 222,221,908 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

31

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

44

Item 4.—Controls and Procedures

45

PART II.—OTHER INFORMATION

47

Item 1.—Legal Proceedings

47

Item 1A.—Risk Factors

47

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

61

Item 3.—Defaults upon Senior Securities

62

Item 4.—Mine Safety Disclosures

62

Item 5.—Other Information

62

Item 6.—Exhibits

62

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, 

2021

2022

Assets

Current assets:

 

  

 

  

Cash and cash equivalents

$

99,448

$

57,495

Short-term investments

 

129,722

 

130,018

Accounts receivable, net of allowance of $1,205 and $1,451 as of December 31, 2021 and June 30, 2022, respectively

 

87,433

 

83,356

Other receivables

 

24,447

 

4,750

Inventory

 

31,302

 

34,931

Prepaid expenses and other current assets

 

37,584

 

67,501

Total current assets

 

409,936

 

378,051

Operating lease right-of-use assets

42,537

42,389

Land, property and equipment, net

 

261,761

 

253,583

Restricted cash

 

7,008

 

Notes receivable and other long-term assets, net

 

56,189

 

32,399

Investments in other entities

 

109,811

 

157,588

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

5,500

 

5,915

Total assets

$

957,070

$

934,253

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

12,845

$

7,321

Current portion of finance lease obligations

846

865

Current portion of operating lease obligations

3,551

3,712

Accounts payable

 

24,352

 

31,753

Accrued liabilities

 

75,159

 

69,339

Deferred revenue

 

7,251

 

5,926

Derivative liabilities, related party

1,900

7,116

Total current liabilities

 

125,904

 

126,032

Long-term portion of debt

23,215

25,089

Long-term portion of finance lease obligations

2,427

2,133

Long-term portion of operating lease obligations

39,431

39,062

Long-term portion of derivative liabilities, related party

2,483

3,918

Other long-term liabilities

 

8,199

 

8,513

Total liabilities

 

201,659

 

204,747

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. 454,000,000 shares authorized; 222,684,923 shares and 222,177,172 shares issued and outstanding as of December 31, 2021 and June 30, 2022, respectively

 

22

 

22

Additional paid-in capital

 

1,519,918

 

1,533,118

Accumulated deficit

 

(771,242)

 

(808,668)

Accumulated other comprehensive loss

 

(1,622)

 

(2,789)

Total Clean Energy Fuels Corp. stockholders’ equity

 

747,076

 

721,683

Noncontrolling interest in subsidiary

 

8,335

 

7,823

Total stockholders’ equity

 

755,411

 

729,506

Total liabilities and stockholders’ equity

$

957,070

$

934,253

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, 

    

2021

    

2022

    

2021

    

2022

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

(8,965)

$

85,853

$

58,727

$

158,360

Service revenue

 

9,445

 

11,371

 

18,896

 

22,361

Total revenue

 

480

 

97,224

 

77,623

 

180,721

Operating expenses:

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

Product cost of sales

 

41,294

 

65,933

 

86,102

 

123,548

Service cost of sales

 

5,617

 

6,127

 

11,210

 

12,749

Selling, general and administrative

 

21,606

 

26,481

 

43,047

 

54,408

Depreciation and amortization

 

11,381

 

10,556

 

23,116

 

21,946

Total operating expenses

 

79,898

 

109,097

 

163,475

 

212,651

Operating loss

 

(79,418)

 

(11,873)

 

(85,852)

 

(31,930)

Interest expense

 

(1,002)

 

(732)

 

(2,438)

 

(3,809)

Interest income

 

240

 

490

 

494

 

754

Other income, net

 

166

 

14

 

844

 

34

Income (loss) from equity method investments

 

121

 

(1,193)

 

(305)

 

(2,870)

Loss before income taxes

 

(79,893)

 

(13,294)

 

(87,257)

 

(37,821)

Income tax expense

 

(56)

 

(68)

 

(139)

 

(117)

Net loss

 

(79,949)

 

(13,362)

 

(87,396)

 

(37,938)

Loss attributable to noncontrolling interest

 

282

 

127

 

560

 

512

Net loss attributable to Clean Energy Fuels Corp. 

$

(79,667)

$

(13,235)

$

(86,836)

$

(37,426)

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

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.38)

$

(0.06)

$

(0.43)

$

(0.17)

Weighted-average common shares outstanding:

 

 

  

 

 

  

Basic and diluted

 

207,047,221

 

222,433,900

 

203,043,580

 

222,496,426

See accompanying notes to condensed consolidated financial statements.

4

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, 

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

Net loss

$

(79,667)

$

(13,235)

$

(282)

$

(127)

$

(79,949)

$

(13,362)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2021 and 2022

 

719

 

(1,297)

 

 

 

719

 

(1,297)

Unrealized losses on available-for-sale securities, net of $0 tax in 2021 and 2022

 

(3)

 

(119)

 

 

 

(3)

 

(119)

Total other comprehensive income (loss)

 

716

 

(1,416)

 

 

 

716

 

(1,416)

Comprehensive loss

$

(78,951)

$

(14,651)

$

(282)

$

(127)

$

(79,233)

$

(14,778)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Six Months Ended

Six Months Ended

Six Months Ended

June 30, 

June 30, 

June 30, 

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

Net loss

$

(86,836)

$

(37,426)

$

(560)

$

(512)

$

(87,396)

$

(37,938)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2021 and 2022

 

(161)

 

(1,025)

 

 

 

(161)

 

(1,025)

Unrealized losses on available-for-sale securities, net of $0 tax in 2021 and 2022

 

(3)

 

(142)

 

 

 

(3)

 

(142)

Total other comprehensive loss

 

(164)

 

(1,167)

 

 

 

(164)

 

(1,167)

Comprehensive loss

$

(87,000)

$

(38,593)

$

(560)

$

(512)

$

(87,560)

$

(39,105)

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data; Unaudited)

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

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2021

 

222,684,923

$

22

$

1,519,918

$

(771,242)

$

(1,622)

$

8,335

$

755,411

Issuance of common stock

 

585,775

 

 

273

 

 

 

 

273

Repurchase of common stock

(511,010)

(3,001)

(3,001)

Stock-based compensation

 

 

 

8,253

 

 

 

 

8,253

Stock-based sales incentive charges

1,721

1,721

Net loss

 

 

 

 

(24,191)

 

 

(385)

 

(24,576)

Other comprehensive income

 

 

 

 

 

249

 

 

249

Balance, March 31, 2022

 

222,759,688

22

1,527,164

(795,433)

(1,373)

7,950

738,330

Issuance of common stock

 

96,728

 

 

300

 

 

 

 

300

Repurchase of common stock

(679,244)

(3,121)

(3,121)

Stock-based compensation

6,468

6,468

Stock-based sales incentive charges

 

 

 

2,307

 

 

 

 

2,307

Net loss

 

 

 

 

(13,235)

 

 

(127)

 

(13,362)

Other comprehensive income

 

 

 

 

 

(1,416)

 

 

(1,416)

Balance, June 30, 2022

 

222,177,172

$

22

$

1,533,118

$

(808,668)

$

(2,789)

$

7,823

$

729,506

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands; Unaudited)

Six Months Ended June 30, 

    

2021

    

2022

Cash flows from operating activities:

Net loss

$

(87,396)

$

(37,938)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

Depreciation and amortization

 

23,116

 

21,946

Provision for credit losses and inventory

 

560

 

1,006

Stock-based compensation expense

 

6,786

 

14,721

Stock-based sales incentive charges

78,053

8,533

Change in fair value of derivative instruments

 

2,507

 

2,114

Amortization of discount and debt issuance cost

 

26

 

(306)

Loss (gain) on disposal of property and equipment

 

174

 

(66)

Loss on extinguishment of debt

 

25

 

2,268

Loss from equity method investments

 

305

 

2,870

Non-cash lease expense

1,470

1,687

Deferred income taxes

61

62

Changes in operating assets and liabilities:

 

 

Accounts and other receivables

 

2,211

 

19,024

Inventory

 

(732)

 

(4,487)

Prepaid expenses and other assets

 

(11,722)

 

(2,002)

Operating lease liabilities

(1,751)

(1,747)

Accounts payable

 

1,547

 

6,912

Deferred revenue

 

388

 

(1,034)

Accrued liabilities and other

 

(2,711)

 

(1,325)

Net cash provided by operating activities

 

12,917

 

32,238

Cash flows from investing activities:

 

 

  

Purchases of short-term investments

 

(177,981)

 

(194,353)

Maturities and sales of short-term investments

 

87,301

 

194,250

Purchases of and deposits on property and equipment

 

(7,888)

 

(17,447)

Disbursements for loans receivable

 

(3,828)

 

(516)

Payments on and proceeds from sales of loans receivable

 

224

 

218

Cash received from sale of certain assets of subsidiary, net

 

887

 

3,885

Investments in other entities

 

(50,669)

 

(51,600)

Payment and deposits on equipment and manure rights for RNG production projects

 

 

(4,915)

Proceeds from disposal of property and equipment

 

1,577

 

80

Net cash used in investing activities

 

(150,377)

 

(70,398)

Cash flows from financing activities:

 

 

  

Issuance of common stock

 

203,923

 

573

Repurchase of common stock

(6,122)

Fees paid for issuance of common stock

 

(6,534)

 

Fees paid for debt issuance costs

(50)

Proceeds for Adopt-a-Port program

4,670

890

Repayment of proceeds for Adopt-a-Port program

(525)

Proceeds from debt instruments

 

4,400

 

14,000

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

 

(48,584)

 

(17,315)

Payments of debt extinguishment costs

(14)

(2,186)

Net cash provided by (used in) financing activities

 

158,361

 

(10,735)

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

 

167

 

(66)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

21,068

 

(48,961)

Cash, cash equivalents and restricted cash, beginning of period

 

119,977

 

106,456

Cash, cash equivalents and restricted cash, end of period

$

141,045

$

57,495

Supplemental disclosure of cash flow information:

 

  

 

  

Income taxes paid

$

10

$

50

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

$

2,460

$

923

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 engaged in the business of selling renewable and conventional natural gas as alternative fuels for vehicle fleets and related fueling solutions to its customers, primarily in the United States and Canada. The Company’s principal business is supplying renewable natural gas (“RNG”) and conventional natural gas, in the form of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), for medium and heavy-duty vehicles and providing operation and maintenance (“O&M”) services for public and private vehicle fleet customer stations. 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 CNG and LNG 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, 2022, results of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2021 and 2022, and cash flows for the six months ended June 30, 2021 and 2022. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2021 and 2022 are not necessarily indicative of the results to be expected for the