Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 6, 2024

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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, 2024

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 October 30, 2024, there were 223,456,532 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

33

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

46

Item 4.—Controls and Procedures

47

PART II.—OTHER INFORMATION

48

Item 1.—Legal Proceedings

48

Item 1A.—Risk Factors

48

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

61

Item 3.—Defaults Upon Senior Securities

61

Item 4.—Mine Safety Disclosures

61

Item 5.—Other Information

61

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.

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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, 

2023

2024

Assets

Current assets:

 

  

 

  

Cash, cash equivalents and current portion of restricted cash

$

106,963

$

119,003

Short-term investments

 

158,186

 

126,570

Accounts receivable, net of allowance of $1,475 and $1,772 as of December 31, 2023 and September 30, 2024, respectively

 

98,426

 

93,046

Other receivables

 

19,770

 

29,653

Inventory

 

45,335

 

45,833

Prepaid expenses and other current assets

 

41,495

 

28,265

Total current assets

 

470,175

 

442,370

Operating lease right-of-use assets

92,324

93,051

Land, property and equipment, net

 

331,758

 

354,449

Notes receivable and other long-term assets, net

 

35,735

 

33,153

Investments in other entities

 

258,773

 

250,712

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

6,365

 

6,365

Total assets

$

1,259,458

$

1,244,428

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

38

$

44

Current portion of finance lease obligations

1,758

1,813

Current portion of operating lease obligations

6,687

7,787

Accounts payable

 

56,995

 

31,475

Accrued liabilities

 

91,534

 

97,522

Deferred revenue

 

4,936

 

5,842

Derivative liabilities, related party

1,875

Total current liabilities

 

163,823

 

144,483

Long-term portion of debt

261,123

264,032

Long-term portion of finance lease obligations

1,839

1,353

Long-term portion of operating lease obligations

89,065

90,976

Other long-term liabilities

 

9,961

 

12,448

Total liabilities

 

525,811

 

513,292

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; 223,026,966 shares and 223,430,400 shares issued and outstanding as of December 31, 2023 and September 30, 2024, respectively

 

22

 

22

Additional paid-in capital

 

1,658,339

 

1,709,622

Accumulated deficit

 

(929,472)

 

(982,383)

Accumulated other comprehensive loss

 

(2,119)

 

(2,508)

Total Clean Energy Fuels Corp. stockholders’ equity

 

726,770

 

724,753

Noncontrolling interest in subsidiary

 

6,877

 

6,383

Total stockholders’ equity

 

733,647

 

731,136

Total liabilities and stockholders’ equity

$

1,259,458

$

1,244,428

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 Operations

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

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2024

    

2023

    

2024

    

Revenue:

 

  

 

  

 

  

 

  

 

Product revenue

$

81,279

$

89,900

$

276,635

$

262,274

Service revenue

 

14,292

 

14,976

 

41,667

 

44,265

Total revenue

 

95,571

 

104,876

 

318,302

 

306,539

Operating expenses:

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

Product cost of sales

 

65,427

 

63,867

 

240,655

 

184,206

Service cost of sales

 

9,002

 

9,322

 

25,204

 

28,524

Selling, general and administrative

 

29,117

 

28,865

 

87,314

 

83,444

Depreciation and amortization

 

13,389

 

11,350

 

34,960

 

33,796

Total operating expenses

 

116,935

 

113,404

 

388,133

 

329,970

Operating loss

 

(21,364)

 

(8,528)

 

(69,831)

 

(23,431)

Interest expense

 

(3,893)

 

(8,357)

 

(12,612)

 

(24,040)

Interest income

 

2,551

 

3,600

 

8,034

 

10,818

Other income (expense), net

 

14

 

35

 

85

 

93

Loss from equity method investments

 

(3,304)

 

(5,022)

 

(7,109)

 

(16,215)

Loss before income taxes

 

(25,996)

 

(18,272)

 

(81,433)

 

(52,775)

Income tax (expense) benefit

 

47

 

(50)

 

166

 

(630)

Net loss

 

(25,949)

 

(18,322)

 

(81,267)

 

(53,405)

Loss attributable to noncontrolling interest

 

137

 

147

 

457

 

494

Net loss attributable to Clean Energy Fuels Corp. 

$

(25,812)

$

(18,175)

$

(80,810)

$

(52,911)

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

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.12)

$

(0.08)

$

(0.36)

$

(0.24)

Weighted-average common shares outstanding:

 

 

  

 

 

  

Basic and diluted

 

222,973,575

 

223,428,900

 

222,867,303

 

223,310,150

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

September 30, 

September 30, 

September 30, 

    

2023

    

2024

    

2023

    

2024

    

2023

    

2024

Net loss

$

(25,812)

$

(18,175)

$

(137)

$

(147)

$

(25,949)

$

(18,322)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2023 and 2024

 

(864)

 

772

 

 

 

(864)

 

772

Unrealized gains (losses) on available-for-sale securities, net of $0 tax in 2023 and 2024

 

(1,097)

 

255

 

 

 

(1,097)

 

255

Total other comprehensive income (loss)

 

(1,961)

 

1,027

 

 

 

(1,961)

 

1,027

Comprehensive loss

$

(27,773)

$

(17,148)

$

(137)

$

(147)

$

(27,910)

$

(17,295)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Nine Months Ended

Nine Months Ended

Nine Months Ended

September 30, 

September 30, 

September 30, 

    

2023

    

2024

    

2023

    

2024

    

2023

    

2024

Net loss

$

(80,810)

$

(52,911)

$

(457)

$

(494)

$

(81,267)

$

(53,405)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2023 and 2024

 

182

 

(564)

 

 

 

182

 

(564)

Unrealized gains on available-for-sale securities, net of $0 tax in 2023 and 2024

 

260

 

175

 

 

 

260

 

175

Total other comprehensive income (loss)

 

442

 

(389)

 

 

 

442

 

(389)

Comprehensive loss

$

(80,368)

$

(53,300)

$

(457)

$

(494)

$

(80,825)

$

(53,794)

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; 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, 2022

 

222,437,429

$

22

$

1,553,668

$

(829,975)

$

(3,722)

$

7,478

$

727,471

Issuance of common stock

 

470,351

 

 

332

 

 

 

 

332

Shares withheld related to net share settlement

 

 

 

(175)

 

 

 

 

(175)

Stock-based compensation

 

 

 

6,096

 

 

 

 

6,096

Stock-based sales incentive charges

 

8,172

 

8,172

Net loss

 

 

 

 

(38,697)

 

 

(135)

 

(38,832)

Other comprehensive income

 

 

 

 

 

705

 

 

705

Balance, March 31, 2023

 

222,907,780

22

1,568,093

(868,672)

(3,017)

7,343

703,769

Issuance of common stock

 

2,277

3

 

3

Stock-based compensation

 

6,093

 

6,093

Stock-based sales incentive charges

 

7,820

 

7,820

Net loss

 

(16,301)

(185)

 

(16,486)

Other comprehensive income

 

1,698

 

1,698

Balance, June 30, 2023

 

222,910,057

22

1,582,009

(884,973)

(1,319)

7,158

702,897

Issuance of common stock

 

77,191

284

 

284

Stock-based compensation

 

6,091

 

6,091

Stock-based sales incentive charges

 

10,250

 

10,250

Net loss

 

(25,812)

(137)

 

(25,949)

Other comprehensive loss

 

(1,961)

 

(1,961)

Balance, September 30, 2023

 

222,987,248

$

22

$

1,598,634

$

(910,785)

$

(3,280)

$

7,021

$

691,612

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Table of Contents

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2023

 

223,026,966

$

22

$

1,658,339

$

(929,472)

$

(2,119)

$

6,877

$

733,647

Issuance of common stock

 

236,089

 

 

231

 

 

 

 

231

Shares withheld related to net share settlement

(304)

(304)

Stock-based compensation

 

 

 

2,629

 

 

 

 

2,629

Stock-based sales incentive charges

12,897

12,897

Net loss

 

 

 

 

(18,443)

 

 

(173)

 

(18,616)

Other comprehensive loss

 

 

 

 

 

(875)

 

 

(875)

Balance, March 31, 2024

 

223,263,055

22

1,673,792

(947,915)

(2,994)

6,704

729,609

Issuance of common stock

 

69,447

 

 

 

 

 

 

Stock-based compensation

2,862

2,862

Stock-based sales incentive charges

 

 

 

14,079

 

 

 

 

14,079

Issuance of common stock warrants

29

29

Net loss

 

 

 

 

(16,293)

 

 

(174)

 

(16,467)

Other comprehensive loss

 

 

 

 

 

(541)

 

 

(541)

Balance, June 30, 2024

 

223,332,502

22

1,690,762

(964,208)

(3,535)

6,530

729,571

Issuance of common stock

 

97,898

 

 

223

 

 

 

 

223

Stock-based compensation

 

 

 

2,863

 

 

 

 

2,863

Stock-based sales incentive charges

15,766

15,766

Issuance of common stock warrants

8

8

Net loss

 

 

 

 

(18,175)

 

 

(147)

 

(18,322)

Other comprehensive income

 

 

 

 

 

1,027

 

 

1,027

Balance, September 30, 2024

 

223,430,400

$

22

$

1,709,622

$

(982,383)

$

(2,508)

$

6,383

$

731,136

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)