Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 8, 2022

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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 September 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 November 1, 2022, there were 222,428,143 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

43

Item 4.—Controls and Procedures

44

PART II.—OTHER INFORMATION

46

Item 1.—Legal Proceedings

46

Item 1A.—Risk Factors

46

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

61

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, 

September 30, 

2021

2022

Assets

Current assets:

 

  

 

  

Cash and cash equivalents

$

99,448

$

23,123

Short-term investments

 

129,722

 

110,989

Accounts receivable, net of allowance of $1,205 and $1,457 as of December 31, 2021 and September 30, 2022, respectively

 

87,433

 

92,161

Other receivables

 

24,447

 

35,112

Inventory

 

31,302

 

35,927

Prepaid expenses and other current assets

 

37,584

 

58,262

Total current assets

 

409,936

 

355,574

Operating lease right-of-use assets

42,537

45,144

Land, property and equipment, net

 

261,761

 

248,902

Restricted cash

 

7,008

 

Notes receivable and other long-term assets, net

 

56,189

 

28,155

Investments in other entities

 

109,811

 

193,428

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

5,500

 

5,915

Total assets

$

957,070

$

941,446

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

12,845

$

4,165

Current portion of finance lease obligations

846

939

Current portion of operating lease obligations

3,551

3,920

Accounts payable

 

24,352

 

31,038

Accrued liabilities

 

75,159

 

85,200

Deferred revenue

 

7,251

 

4,927

Derivative liabilities, related party

1,900

3,912

Total current liabilities

 

125,904

 

134,101

Long-term portion of debt

23,215

24,390

Long-term portion of finance lease obligations

2,427

2,223

Long-term portion of operating lease obligations

39,431

41,682

Long-term portion of derivative liabilities, related party

2,483

1,694

Other long-term liabilities

 

8,199

 

8,633

Total liabilities

 

201,659

 

212,723

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 222,413,908 shares issued and outstanding as of December 31, 2021 and September 30, 2022, respectively

 

22

 

22

Additional paid-in capital

 

1,519,918

 

1,543,511

Accumulated deficit

 

(771,242)

 

(817,641)

Accumulated other comprehensive loss

 

(1,622)

 

(4,877)

Total Clean Energy Fuels Corp. stockholders’ equity

 

747,076

 

721,015

Noncontrolling interest in subsidiary

 

8,335

 

7,708

Total stockholders’ equity

 

755,411

 

728,723

Total liabilities and stockholders’ equity

$

957,070

$

941,446

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

Nine Months Ended

September 30, 

September 30, 

    

2021

    

2022

    

2021

    

2022

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

74,354

$

113,360

$

133,081

$

271,720

Service revenue

 

11,741

 

12,327

 

30,637

 

34,688

Total revenue

 

86,095

 

125,687

 

163,718

 

306,408

Operating expenses:

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

Product cost of sales

 

48,254

 

79,710

 

134,356

 

203,258

Service cost of sales

 

7,547

 

7,565

 

18,757

 

20,314

Selling, general and administrative

 

22,303

 

26,501

 

65,350

 

80,909

Depreciation and amortization

 

11,092

 

20,539

 

34,208

 

42,485

Total operating expenses

 

89,196

 

134,315

 

252,671

 

346,966

Operating loss

 

(3,101)

 

(8,628)

 

(88,953)

 

(40,558)

Interest expense

 

(1,038)

 

(670)

 

(3,476)

 

(4,479)

Interest income

 

334

 

1,019

 

828

 

1,773

Other income, net

 

62

 

25

 

906

 

59

Loss from equity method investments

 

(355)

 

(728)

 

(660)

 

(3,598)

Loss before income taxes

 

(4,098)

 

(8,982)

 

(91,355)

 

(46,803)

Income tax expense

 

(60)

 

(106)

 

(199)

 

(223)

Net loss

 

(4,158)

 

(9,088)

 

(91,554)

 

(47,026)

Loss attributable to noncontrolling interest

 

224

 

115

 

784

 

627

Net loss attributable to Clean Energy Fuels Corp. 

$

(3,934)

$

(8,973)

$

(90,770)

$

(46,399)

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

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.02)

$

(0.04)

$

(0.43)

$

(0.21)

Weighted-average common shares outstanding:

 

 

  

 

 

  

Basic and diluted

 

223,008,202

 

222,239,376

 

209,771,584

 

222,409,802

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

September 30, 

September 30, 

September 30, 

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

Net loss

$

(3,934)

$

(8,973)

$

(224)

$

(115)

$

(4,158)

$

(9,088)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

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

 

(838)

 

(1,901)

 

 

 

(838)

 

(1,901)

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

 

(26)

 

(187)

 

 

 

(26)

 

(187)

Total other comprehensive loss

 

(864)

 

(2,088)

 

 

 

(864)

 

(2,088)

Comprehensive loss

$

(4,798)

$

(11,061)

$

(224)

$

(115)

$

(5,022)

$

(11,176)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Nine Months Ended

Nine Months Ended

Nine Months Ended

September 30, 

September 30, 

September 30, 

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

Net loss

$

(90,770)

$

(46,399)

$

(784)

$

(627)

$

(91,554)

$

(47,026)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

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

 

(999)

 

(2,926)

 

 

 

(999)

 

(2,926)

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

 

(29)

 

(329)

 

 

 

(29)

 

(329)

Total other comprehensive loss

 

(1,028)

 

(3,255)

 

 

 

(1,028)

 

(3,255)

Comprehensive loss

$

(91,798)

$

(49,654)

$

(784)

$

(627)

$

(92,582)

$

(50,281)

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

Issuance of common stock

 

118,514

 

 

390

 

 

 

 

390

Stock-based compensation

 

 

 

3,434

 

 

 

 

3,434

Stock-based sales incentive charges

 

 

 

886

 

 

 

 

886

Net loss

 

 

 

 

(3,934)

 

 

(224)

 

(4,158)

Other comprehensive loss

 

(864)

 

(864)

Balance, September 30, 2021

 

223,085,469

$

22

$

1,516,452

$

(768,866)

$

(1,237)

$

8,560

$

754,931

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 loss

 

 

 

 

 

(1,416)

 

 

(1,416)

Balance, June 30, 2022

 

222,177,172

22

1,533,118

(808,668)

(2,789)

7,823

729,506

Issuance of common stock

 

236,736

 

 

744

 

 

 

 

744

Repurchase of common stock

Stock-based compensation

 

 

 

5,964

 

 

 

 

5,964

Stock-based sales incentive charges

3,685

3,685

Net loss

 

 

 

 

(8,973)

 

 

(115)

 

(9,088)

Other comprehensive loss

 

 

 

 

 

(2,088)

 

 

(2,088)

Balance, September 30, 2022

 

222,413,908

$

22

$

1,543,511

$

(817,641)

$

(4,877)

$

7,708

$

728,723

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)

Nine Months Ended September 30, 

    

2021

    

2022

Cash flows from operating activities:

Net loss

$

(91,554)

$

(47,026)

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

 

 

Depreciation and amortization

 

34,208

 

42,485

Provision for credit losses and inventory

 

955