Financial Data and Key Metrics Changes - In Q4 2024, the company reported a GAAP net loss of $29.8 million on revenues of $109.3 million, while adjusted non-GAAP net income was $3.6 million [35] - For the full year 2024, the GAAP net loss was $83.1 million, which was at the low end of the guidance range, and adjusted EBITDA was $76.6 million, exceeding the top-end of the guidance range [35][36] - The adjusted EBITDA outlook for 2025 is projected to be between $50 million and $55 million, a decrease from $77 million in 2024, primarily due to the absence of alternative-fuel tax credit (AFTC) revenue and lower Renewable Identification Number (RIN) prices [32][34] Business Line Data and Key Metrics Changes - The company sold 62 million gallons of renewable natural gas (RNG) in Q4 2024, a 9% increase year-over-year, and 237 million gallons for the full year, a nearly 5% increase from 2023 [8][9] - The downstream RNG fueling business generated almost $89 million of EBITDA in 2024 [11] - The upstream dairy RNG production projects are expected to produce 4 million to 6 million gallons of RNG in 2025, with six projects currently operating [27][46] Market Data and Key Metrics Changes - The company noted a 20% decline in average RIN prices for 2025, resulting in an approximate $10 million reduction in RIN revenue compared to 2024 [41] - California's Low Carbon Fuel Standard (LCFS) prices are expected to average in the low $70s for 2025, compared to around $61 in 2024, potentially providing a $2 million upside in LCFS revenue [43] Company Strategy and Development Direction - The company is focusing on the adoption of RNG in the heavy-duty trucking sector, particularly with the new Cummins X15 engine, which is seen as a significant growth opportunity [16][24] - The company plans to exit 55 Pilot Flying J locations, which primarily housed LNG fueling equipment, as the market for LNG trucks has diminished [30][31] - The company is optimistic about federal and state policies supporting a technology-neutral approach to lower transportation sector emissions [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and recurring revenue business model, positioning it well for growth opportunities in fuel distribution and RNG production [34] - The management highlighted the importance of customer relationships and the ongoing transition of transit agencies to lower emissions fuels [14][24] - Management remains cautious about the regulatory environment, particularly regarding the AFTC and Section 45Z Clean Fuel Production credit, but is optimistic about potential resolutions [26][132] Other Important Information - The company has not included any AFTC revenue in its 2025 outlook, which contributed nearly $24 million to its results in 2024 [32][40] - The company is actively educating the new administration about the benefits of domestically produced RNG [29] Q&A Session Summary Question: How is the company looking at the clarifications under 45Z? - Management believes the technical issues will be resolved soon, potentially reinstating the rules by April [56][108] Question: Do you see any volumes in the transportation sector going towards power generation for data centers? - Management indicated that transportation still accounts for 75%-80% of RNG usage, but some volumes may eventually be directed towards power generation [66] Question: Can you discuss volume growth in key sectors for Q4 and 2025? - Management noted growth in fueling operations, particularly in fleet categories, with modest growth expected in 2025 [76][77] Question: How will the 15-liter engine rollout utilize the existing station footprint? - Management expects the existing network to accommodate the new engine's rollout, with significant volume growth anticipated [95][96] Question: What is the outlook for project development beyond Maas? - Management is focused on optimizing current projects and is cautious about new greenfield projects due to regulatory uncertainties [124][126] Question: What is the likelihood of a positive revision for 45Z guidance? - Management is optimistic about the potential for a positive revision, citing congressional support and industry advocacy [132]

LNG Production and Infrastructure - In 2024, the company produced 93% of its LNG at its own plants, with the Boron Plant capable of producing 98.5 million gallons per year and the Pickens Plant producing 36.5 million gallons per year[30][31]. - The company operates a fleet of 74 tanker trailers for LNG delivery to fueling stations, where it is stored and dispensed in liquid form[31]. - The company has constructed over 470 natural gas fueling stations since 2008, serving as a general contractor or supervising third-party contractors[34]. - The company has served as a general contractor for over 460 fueling stations since 2008, showcasing its expertise in the construction of fueling infrastructure[77]. Renewable Natural Gas (RNG) Development - The company generated Environmental Credits from RNG sales, with market prices for RINs fluctuating between $2.08 and $3.57, and LCFS Credits ranging from $40.00 to $78.50 in 2024[32]. - RNG use as a transportation fuel increased by 92% from 2019 levels, displacing 6.96 million metric tons of carbon dioxide equivalent in 2023[43]. - The company has three 100% owned ADG RNG projects under development, expected to produce a total of 3.6 million GGEs of RNG annually, available for sale to the vehicle fuels market[54]. - The TotalEnergies joint venture aims to invest up to $400 million in ADG RNG production facilities, with one project currently operational producing up to 0.8 million GGEs of RNG annually[52]. - The bp joint venture has collectively contributed approximately $455.5 million in equity, with six ADG RNG projects estimated to produce up to 8.2 million GGEs of RNG annually[53]. - The company sources RNG from over 150 supply sources, with 34% from ADG and 66% from LFG in 2024[29]. - RNG volume accounted for 89% of the company's vehicle fuel sales in 2024, with a goal of achieving 100% RNG sales[75]. - The company has over 150 RNG supply sources, providing a competitive advantage in the RNG industry[69]. Financial Performance and Projections - Total revenue for 2023 was $425.2 million, a slight increase from $420.2 million in 2022, while projected revenue for 2024 is $415.9 million, indicating a decrease of approximately 2.5%[223]. - The net loss attributable to Clean Energy Fuels Corp. increased from $58.7 million in 2022 to $99.5 million in 2023, with a projected loss of $83.1 million in 2024[227]. - The company may incur up to approximately $55.0 million in accelerated depreciation expense if agreements for certain fueling stations are not renewed, impacting financial results[143]. - As of December 31, 2024, the company had total consolidated indebtedness of $268.1 million, net of debt discount[158]. - The company entered into a senior secured term loan agreement for $300 million, with an additional $100 million of delayed draw term loans available[158]. Market and Regulatory Environment - The California LCFS program mandates a 20% total reduction in carbon intensity of petroleum-based fuels by 2030[95]. - The Advanced Clean Trucks regulation mandates that by 2045, every new commercial vehicle sold in California must be zero-emission, impacting the company's vehicle fuel solutions[170]. - The Advanced Clean Fleets regulation requires all public transit truck fleets to be zero-emission by 2042, which may limit the market for the company's current fuel offerings[171]. - The company faces competition from various alternative fuel suppliers, including renewable diesel and electric vehicle charging stations[89]. - The company is subject to stringent federal, state, and local regulations that could impact operational costs and compliance[91]. Risks and Challenges - The adoption of RNG and conventional natural gas vehicle fuels has been slower than anticipated, particularly in heavy-duty trucking and other fleet markets[110]. - The company faces risks related to the supply and demand for RNG, including competition from other vehicle fuel providers and potential production difficulties[121]. - Environmental Credit markets have been volatile, affecting revenue generation from RNG sales, with potential adverse impacts from regulatory changes[120]. - The company may encounter challenges integrating operations and realizing synergies from strategic transactions or partnerships[126]. - The bankruptcy of a dairy farm partner could materially impact RNG production and investment in related projects[116]. - Livestock waste and dairy farm projects are heavily dependent on LCFS credits, with potential revenue declines if CARB reduces the CI score, impacting the commercial viability of these projects[128]. Strategic Initiatives and Investments - The company plans to invest up to $132 million in ADG RNG production projects through a joint development agreement with Maas Energy Works, LLC, with a revenue-sharing model of 49% for the company and 51% for Maas[56]. - The company contributed $5.5 million to the TotalEnergies Joint Venture in June 2023, which is expected to enhance RNG production capabilities[230]. - A joint development agreement with Tourmaline Oil Corp. was established for CAD $70 million to build CNG stations in Western Canada, with plans for additional stations in 2025[233]. - The construction of the RNG production facility at South Fork Dairy is expected to be completed in 2025 at a cost of approximately $85 million, producing an anticipated 2.6 million GGEs of RNG annually[235]. Safety and Operational Performance - The company's Total Recordable Incident Rate (TRIR) for 2024 was 1.98, lower than the national average of 2.7, indicating strong safety performance[74]. - The company relies on licensed subcontractors for construction work, which could expose it to liabilities for damages or injuries[144]. Future Outlook - The company expects sales of renewable natural gas (RNG) and conventional natural gas to grow as demand for sustainable fuel increases, driven by regulatory and investment community pressures[250]. - The market for vehicle fuels is relatively new and developing, leading to slow and unpredictable growth, particularly in the heavy-duty trucking sector[251]. - The company anticipates that the lower GHG emissions associated with RNG will result in increased demand for this fuel in key customer markets[253].

[Q4 2024 Earnings Release](index=1&type=section&id=Q4%202024%20Earnings%20Release) [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) The company reported Q4 revenue of $109.3 million, a full-year net loss of $83.1 million, and significant growth in Adjusted EBITDA Q4 & Full-Year 2024 Financial Highlights | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $109.3M | $106.9M | $415.9M | $425.2M | | GAAP Net Loss | $(30.2)M | $(18.7)M | $(83.1)M | $(99.5)M | | GAAP EPS | $(0.13) | $(0.08) | $(0.37) | $(0.45) | | Adjusted EBITDA | $23.6M | $21.2M | $76.6M | $43.6M | - **Cash, Cash Equivalents, and Short-Term Investments totaled $217.5 million** as of December 31, 2024[5](index=5&type=chunk) - **RNG gallons sold increased by 8.8%** to 62.0 million gallons in Q4 2024, with full-year 2024 growth of 4.9%[5](index=5&type=chunk) - Key operational achievements include **new deals with DHL and LA Metro** and expansion of RNG infrastructure[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=Commentary%20by%20Andrew%20J.%20Littlefair%2C%20President%20and%20Chief%20Executive%20Officer) The CEO highlighted a strong finish to 2024, exceeding Adjusted EBITDA guidance and anticipating future growth from the new Cummins engine - The company **exceeded its Adjusted EBITDA guidance** for 2024 while meeting its GAAP loss guidance[4](index=4&type=chunk) - Growing RNG fuel volumes are positively impacting results ahead of the new Cummins X15N engine launch in 2025[4](index=4&type=chunk) - The company is engaging with the new Administration, emphasizing **RNG's bipartisan support** for transportation solutions[4](index=4&type=chunk)[6](index=6&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) This section details revenue composition, factors influencing net loss, non-GAAP reconciliations, and fuel volume data [Summary and Review of Results](index=3&type=section&id=Summary%20and%20Review%20of%20Results) Q4 revenue was reduced by non-cash Amazon warrant charges, while the net loss was impacted by an equity security impairment - Q4 2024 revenue was negatively impacted by **$18.0 million in non-cash Amazon warrant charges**[7](index=7&type=chunk) - RIN and LCFS revenues increased to $13.5 million in Q4 2024, driven by higher RNG volume and a better mix of dairy RNG[7](index=7&type=chunk) - The Q4 2024 net loss included an **$8.1 million impairment of investments in equity securities**[8](index=8&type=chunk) - SG&A expenses rose by approximately $3.8 million in Q4 2024, mainly due to higher wages and insurance costs[8](index=8&type=chunk) [Non-GAAP Reconciliations](index=3&type=section&id=Non-GAAP%20Reconciliations) Adjusted EBITDA grew to $23.6 million for the quarter and $76.6 million for the full year, a significant increase from 2023 GAAP vs. Non-GAAP EPS | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | GAAP Loss per Share | $(0.13) | $(0.08) | $(0.37) | $(0.45) | | Non-GAAP Income (Loss) per Share | $0.02 | $0.01 | $0.03 | $(0.06) | Adjusted EBITDA Reconciliation Summary (in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Loss Attributable to Clean Energy | $(30,159) | $(18,687) | $(83,070) | $(99,497) | | Adjusted EBITDA | $23,610 | $21,151 | $76,642 | $43,571 | [Fuel and Service Volume](index=5&type=section&id=Fuel%20and%20Service%20Volume) Total fuel volume sold increased in Q4 and for the full year, driven by continued growth in RNG sales Fuel Volume Sold (in million GGEs) | Fuel Type | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | RNG | 62.0 | 57.0 | 236.7 | 225.7 | | Conventional Natural Gas | 16.5 | 15.9 | 60.8 | 62.5 | | **Total Fuel Volume** | **78.5** | **72.9** | **297.5** | **288.2** | [Sources of Revenue](index=5&type=section&id=Sources%20of%20Revenue) Total revenue for Q4 2024 was $109.3 million, with full-year revenue of $415.9 million impacted by Amazon warrant charges Revenue by Source (in millions) | Revenue Source | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Volume-related Fuel Sales | $69.1 | $66.8 | $258.9 | $287.0 | | RIN Credits | $9.6 | $9.2 | $39.0 | $25.9 | | LCFS Credits | $3.9 | $2.4 | $9.9 | $9.9 | | AFTC | $6.1 | $5.9 | $23.8 | $20.9 | | Station Construction Sales | $6.1 | $8.8 | $25.2 | $26.4 | | O&M Services | $14.3 | $13.1 | $56.9 | $52.7 | | **Total Revenue** | **$109.3** | **$106.9** | **$415.9** | **$425.2** | - Fuel sales revenue includes non-cash contra-revenue charges from the Amazon warrant, amounting to **$18.0 million for Q4 2024** and $60.8 million for the full year[16](index=16&type=chunk) [2025 Outlook](index=6&type=section&id=2025%20Outlook) The company projects a 2025 GAAP net loss between $(160) million and $(155) million, excluding any revenue from the expired AFTC 2025 Financial Guidance | Metric | 2025 Outlook | | :--- | :--- | | GAAP Net Loss | $(160)M - $(155)M | | Adjusted EBITDA | $50M - $55M | - The 2025 GAAP net loss guidance includes approximately **$53 million in estimated Amazon warrant charges**[19](index=19&type=chunk) - The outlook includes up to **$55 million in accelerated depreciation** from potential LNG station abandonments[19](index=19&type=chunk) - The 2025 guidance excludes the impact of the AFTC, which contributed approximately $24 million in revenue in 2024[5](index=5&type=chunk) [Supplementary Information](index=7&type=section&id=Supplementary%20Information) This section provides corporate details, definitions of non-GAAP measures, and a Safe Harbor Statement on forward-looking risks [About Clean Energy Fuels Corp.](index=7&type=section&id=About%20Clean%20Energy%20Fuels%20Corp.) Clean Energy Fuels is the largest provider of clean fuel for the U.S. transportation market, focused on decarbonizing with RNG - The company's mission is to **decarbonize transportation** through the development and delivery of RNG[22](index=22&type=chunk) [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted EBITDA to provide supplemental information on core operating performance - Management uses non-GAAP measures to assess operating performance, make financial decisions, and for investor transparency[23](index=23&type=chunk) - Non-GAAP income (loss) per share is adjusted for Amazon warrant charges, stock-based compensation, and other items[25](index=25&type=chunk) - Adjusted EBITDA is defined as net income (loss) adjusted for taxes, interest, depreciation, amortization, and other non-core items[27](index=27&type=chunk) [Safe Harbor Statement](index=9&type=section&id=Safe%20Harbor%20Statement) Forward-looking statements on the 2025 outlook and growth are subject to risks like fuel price volatility and regulatory changes - Forward-looking statements cover the 2025 outlook, volume growth, and expectations for the X15N engine[28](index=28&type=chunk) - Key risks include the rate of consumer adoption of natural gas vehicles, ability to manage its RNG business, and fuel price volatility[29](index=29&type=chunk) - Other risks involve the availability of government incentives, regulatory compliance, and general economic conditions[30](index=30&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated balance sheets and statements of operations as of December 31, 2024 [Consolidated Balance Sheets](index=12&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, the company held total assets of $1.24 billion and total liabilities of $524.4 million Balance Sheet Summary (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $413,768 | $470,175 | | **Total Assets** | **$1,243,891** | **$1,259,458** | | Total Current Liabilities | $154,722 | $163,823 | | **Total Liabilities** | **$524,360** | **$525,811** | | **Total Stockholders' Equity** | **$719,531** | **$733,647** | [Consolidated Statements of Operations](index=13&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a Q4 2024 net loss of $30.2 million and a full-year 2024 net loss of $83.1 million Statement of Operations Summary (in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $109,326 | $106,857 | $415,865 | $425,159 | | Operating Loss | $(12,922) | $(6,569) | $(36,353) | $(76,400) | | Net Loss Attributable to CLNE | $(30,159) | $(18,687) | $(83,070) | $(99,497) | | Basic & Diluted EPS | $(0.13) | $(0.08) | $(0.37) | $(0.45) |

Financial Data and Key Metrics Changes - Clean Energy Fuels reported $21.3 million in adjusted EBITDA for Q3 2024, up from $14.2 million in Q3 2023 [7] - Revenue for the quarter was $105 million, compared to $96 million for the same quarter in 2023 [7] - Cash and investments at the end of the quarter totaled over $243 million [7][36] - Cash flow from operations for Q3 2024 was $21.4 million, compared to $7.7 million a year ago [36] - The company experienced a lower GAAP net loss and lower negative adjusted EBITDA in Q3 compared to the first two quarters of 2024 [35] Business Line Data and Key Metrics Changes - RNG volumes for Q3 2024 were 59.6 million gallons, a 5.1% increase from 56.7 million gallons in Q3 2023 [34] - The average credit prices for RINs in Q3 2024 were $3.35, down from $3.01 in the previous year, while LCFS credits averaged $55.67, down from $74.20 [35] - The company opened a new fueling station in Bordentown, New Jersey, under a contract with Amazon, contributing to a 15% expansion of its fueling network [10] Market Data and Key Metrics Changes - The company is expanding its presence in Canada, with new stations opening in Calgary and Grand Prairie, Alberta, to support the adoption of natural gas heavy-duty trucking [15][16] - The transit market remains strong, with a contract awarded to Clean Energy by Harris County MTA in Houston for a private fueling station [17] Company Strategy and Development Direction - Clean Energy aims to provide multiple fueling solutions, including RNG and hydrogen, to meet customer needs and support decarbonization efforts [20][19] - The company is optimistic about the impact of the Cummins X15N engine on the heavy-duty market, with expectations for increased truck orders and deployments in 2025 [13][40] - The company is focused on expanding its RNG production through partnerships, with ongoing projects at dairy farms across the U.S. [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the regulatory environment in California, anticipating supportive adjustments to the Low Carbon Fuel Standard (LCFS) [24] - The company is cautiously optimistic about the future of RNG and its acceptance in the market, despite uncertainties surrounding the alternative fuel tax credit [25][29] - Management highlighted the importance of market forces in driving emissions reductions rather than government mandates [25] Other Important Information - The company is currently working on several RNG projects in partnership with Maas Energy, with expectations for production to ramp up in 2025 [22][44] - The company is also exploring hydrogen fueling solutions for transit agencies, with contracts awarded for new hydrogen stations [19][70] Q&A Session Summary Question: Opportunities with the Maas partnership - Management indicated that the partnership with Maas Energy involves multiple projects, with a focus on bringing them online by late 2025 or early 2026 [43][44] Question: Rollout of the Cummins X15N engine - Management expressed optimism about the X15N's market potential, noting that larger fleets are beginning to order the engine, which could lead to significant volume increases [46][50] Question: RNG production guidance for 2025 - The guidance of 4 million to 6 million gallons for 2025 was clarified as gross production from projects, with economics to be evaluated based on the production tax credit [56][57] Question: Impact of the LCFS and regulatory environment - Management discussed the upcoming vote on the LCFS and expressed confidence that the program will continue to support RNG production and pricing [76][78] Question: Differences in the Houston Metro contract - The new contract with Houston Metro represents a significant shift as they transition to natural gas for their bus fleet, marking a new partnership for Clean Energy [83][84]

Core Viewpoint - Clean Energy Fuels reported quarterly earnings of $0.02 per share, surpassing the Zacks Consensus Estimate of a loss of $0.02 per share, compared to break-even earnings per share a year ago [1] Group 1: Earnings Performance - The quarterly report represents an earnings surprise of 200%, with the company previously expected to post a loss of $0.04 per share but actually producing earnings of $0.01, resulting in a surprise of 125% [2] - Over the last four quarters, Clean Energy Fuels has exceeded consensus EPS estimates three times [2] Group 2: Revenue Performance - The company posted revenues of $104.88 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.30%, compared to year-ago revenues of $95.57 million [3] - Clean Energy Fuels has topped consensus revenue estimates just once over the last four quarters [3] Group 3: Stock Performance and Outlook - Clean Energy Fuels shares have declined approximately 19.1% since the beginning of the year, while the S&P 500 has gained 21.2% [4] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at -$0.01 on revenues of $107.68 million, and -$0.08 on revenues of $414.51 million for the current fiscal year [8] Group 4: Industry Context - The Utility - Gas Distribution industry, to which Clean Energy Fuels belongs, is currently in the top 37% of over 250 Zacks industries, indicating a favorable industry outlook [9] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can significantly impact stock performance [6][9]

Part I: Financial Information [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%E2%80%94Financial%20Statements%20(Unaudited)) The company reported a reduced net loss for Q3 and the first nine months of 2024, with significantly improved operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and current restricted cash | $119,003 | $106,963 | | Total current assets | $442,370 | $470,175 | | Total assets | $1,244,428 | $1,259,458 | | **Liabilities & Equity** | | | | Total current liabilities | $144,483 | $163,823 | | Total liabilities | $513,292 | $525,811 | | Total stockholders' equity | $731,136 | $733,647 | | Total liabilities and stockholders' equity | $1,244,428 | $1,259,458 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $104,876 | $95,571 | $306,539 | $318,302 | | Operating Loss | $(8,528) | $(21,364) | $(23,431) | $(69,831) | | Net Loss | $(18,322) | $(25,949) | $(53,405) | $(81,267) | | Net Loss per Share (Basic & Diluted) | $(0.08) | $(0.12) | $(0.24) | $(0.36) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $42,714 | $783 | | Net cash (used in) investing activities | $(30,553) | $(96,732) | | Net cash (used in) financing activities | $(93) | $(3,028) | | **Net increase (decrease) in cash** | **$12,040** | **$(98,851)** | [Note 1: Business Overview](index=9&type=section&id=Note%201%E2%80%94General) - The company's principal business is supplying renewable natural gas (RNG) and conventional natural gas (CNG and LNG) for medium and heavy-duty vehicles. It also develops, owns, and operates dairy and livestock waste RNG projects[25](index=25&type=chunk) - In addition to fuel sales, the company designs, builds, operates, and maintains fueling stations, sells related equipment, and generates revenue from selling government environmental credits (RINs and LCFS Credits)[26](index=26&type=chunk) [Note 2: Revenue from Contracts with Customers](index=13&type=section&id=Note%202%E2%80%94Revenue%20from%20Contracts%20with%20Customers) Revenue by Source (in thousands) | Revenue Source | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Fuel sales | $64,116 | $60,006 | $189,717 | $220,168 | | RIN Credits | $11,066 | $6,784 | $29,401 | $16,664 | | LCFS Credits | $1,924 | $2,846 | $6,079 | $7,618 | | AFTC | $6,390 | $5,422 | $17,750 | $14,977 | | Station construction sales | $7,820 | $7,593 | $19,060 | $17,512 | | O&M services | $14,406 | $13,646 | $42,563 | $39,603 | | **Total Revenue** | **$104,876** | **$95,571** | **$306,539** | **$318,302** | - Fuel sales revenue includes significant non-cash contra-revenue charges from the Amazon Warrant, amounting to **$15.8 million** in Q3 2024 and **$42.7 million** for the first nine months of 2024[45](index=45&type=chunk) - As of September 30, 2024, the company has **$33.8 million** in remaining performance obligations, primarily from station construction contracts, expected to be recognized as revenue over the next 12 to 24 months[48](index=48&type=chunk) [Note 3: Investments in Other Entities](index=19&type=section&id=Note%203%E2%80%94%20Investments%20in%20Other%20Entities) - The company has **50-50 joint ventures** with TotalEnergies and bp to develop, own, and operate anaerobic digester gas (ADG) RNG production facilities[55](index=55&type=chunk)[57](index=57&type=chunk) - In May 2024, the company entered a joint development agreement with Maas Energy Works, LLC, to fund and develop dairy farm RNG projects, contemplating an investment of up to **$132.0 million**[60](index=60&type=chunk)[62](index=62&type=chunk) - Losses from equity method investments for the nine months ended Sep 30, 2024, were **$16.2 million**, primarily driven by losses from the bpJV (**$8.5 million**) and SAFE&CEC S.r.l. (**$1.9 million**)[59](index=59&type=chunk)[65](index=65&type=chunk) [Note 12: Debt](index=36&type=section&id=Note%2012%E2%80%94Debt) - As of September 30, 2024, total debt was **$264.1 million**, net of financing costs. The primary component is a **$300 million** senior secured term loan from Stonepeak, entered into in December 2023[113](index=113&type=chunk)[114](index=114&type=chunk) - The Stonepeak Loan Facility includes a **$300 million** term loan and a **$100 million** delayed draw commitment. It bears a fixed interest rate of **9.50%** per annum and matures in December 2029[114](index=114&type=chunk)[115](index=115&type=chunk) [Note 14: Stock-Based Compensation](index=40&type=section&id=Note%2014%E2%80%94Stock-Based%20Compensation) - The company issued a warrant to Amazon to purchase up to **58.8 million shares**. Vesting is tied to fuel purchases by Amazon, resulting in non-cash contra-revenue charges of **$42.7 million** in the first nine months of 2024[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - As of September 30, 2024, **32.3 million shares** under the Amazon Warrant remained unvested[128](index=128&type=chunk) [Management's Discussion and Analysis (MD&A)](index=54&type=section&id=Item%202.%E2%80%94Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes improved operating results to lower natural gas costs and increased RIN revenue, with strategic investments in RNG projects underway [Performance Overview](index=58&type=section&id=Performance%20Overview) Key Operating Data (GGEs in millions) | Metric | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | **Fuel Volume Sold** | | | | RNG | 174.7 | 168.7 | | Conventional Natural Gas | 44.2 | 46.6 | | **Total Fuel Volume** | **218.9** | **215.3** | | **O&M Services Volume** | **198.9** | **191.7** | - In May 2024, the company entered a joint development agreement with Maas Energy Works to invest up to **$132.0 million** in dairy RNG projects[189](index=189&type=chunk) - A dairy farm partner for an ADG RNG project under construction with the bpJV filed for Chapter 11 bankruptcy in April 2024, creating substantial uncertainty and risk of investment loss[190](index=190&type=chunk)[191](index=191&type=chunk) [Results of Operations](index=67&type=section&id=Results%20of%20Operations) - **Q3 2024 vs Q3 2023:** Product revenue increased by **$8.6 million**, driven by higher bulk fuel sales, increased RIN revenue (**$4.3M**), and higher AFTC revenue (**$1.0M**). This was partially offset by lower LCFS revenue (**$0.9M**)[211](index=211&type=chunk) - **Nine Months 2024 vs 2023:** Product revenue decreased by **$14.4 million**, mainly due to lower average fuel prices. This was partially offset by a **$12.7 million** increase in RIN revenue and a **$2.8 million** increase in AFTC revenue[224](index=224&type=chunk) - **Nine Months 2024 vs 2023:** Product cost of sales decreased significantly by **$56.5 million**, primarily due to lower average prices of natural gas compared to the prior year, when California experienced a significant price spike[226](index=226&type=chunk) - **Nine Months 2024 vs 2023:** Selling, general and administrative expenses decreased by **$3.9 million**, driven by a **$9.9 million** decrease in stock-based compensation expense[230](index=230&type=chunk) [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2024, the company had total cash, cash equivalents, and short-term investments of **$243.5 million**[247](index=247&type=chunk) - Net cash provided by operating activities was **$42.7 million** for the first nine months of 2024, a significant improvement from **$0.8 million** in the same period of 2023, mainly due to better contributions from natural gas procurement and sales[239](index=239&type=chunk) - The company plans approximately **$60.0 million** in capital expenditures in 2024 for fueling stations, IT, and LNG plant costs. It also anticipates deploying up to **$65.0 million** to develop ADG RNG production facilities[243](index=243&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=78&type=section&id=Item%203.%E2%80%94Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from volatile natural gas prices, foreign currency fluctuations in Canadian operations, and interest rate exposure - The company is subject to market risk from volatile natural gas prices. Natural gas costs were **$89.8 million** of total cost of sales for the nine months ended September 30, 2024[257](index=257&type=chunk)[258](index=258&type=chunk) - Exposure to foreign currency risk is primarily from Canadian operations. A **10%** fluctuation in exchange rates would impact the value of net assets by approximately **$0.1 million**[259](index=259&type=chunk)[260](index=260&type=chunk) - As of September 30, 2024, the company had no debt that bears a variable rate of interest, mitigating near-term interest rate risk on existing debt[261](index=261&type=chunk) [Controls and Procedures](index=80&type=section&id=Item%204.%E2%80%94Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal controls - Management, including the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures and concluded they were effective as of September 30, 2024[264](index=264&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[266](index=266&type=chunk) Part II: Other Information [Legal Proceedings](index=81&type=section&id=Item%201.%E2%80%94Legal%20Proceedings) The company is not currently a party to any material pending legal proceedings - In the opinion of management, the company is not currently a party to any material pending legal proceedings[268](index=268&type=chunk) [Risk Factors](index=81&type=section&id=Item%201A.%E2%80%94Risk%20Factors) The company faces significant risks including fuel adoption challenges, RNG business volatility, financial losses, and adverse regulatory changes - **Business Risk:** Success depends on the willingness of fleets to adopt natural gas fuels, which has been slower than anticipated, and on a limited number of engine manufacturers like Cummins[270](index=270&type=chunk)[277](index=277&type=chunk) - **RNG Risk:** The RNG business is dependent on securing sufficient RNG supply and favorable pricing for Environmental Credits (RINs and LCFS), which are volatile and subject to regulatory changes[278](index=278&type=chunk)[281](index=281&type=chunk) - **Regulatory Risk:** California regulations like the Advanced Clean Trucks and Advanced Clean Fleets rules, which mandate a transition to zero-emission vehicles, pose a significant threat by aiming to phase out internal combustion engines[338](index=338&type=chunk)[340](index=340&type=chunk) - **Financial Risk:** The company has a history of losses and may incur more in the future. A sustained decline in stock price could trigger goodwill impairment charges[295](index=295&type=chunk) - **Concentration Risk:** Three equity holders (TotalEnergies, Amazon, Stonepeak) have or could have significant ownership, potentially influencing corporate decisions in ways that may differ from other stockholders' interests[348](index=348&type=chunk)[349](index=349&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk) [Other Information](index=107&type=section&id=Item%205.%E2%80%94Other%20Information) Several executive officers adopted Rule 10b5-1 trading plans in Q3 2024, and the board approved new indemnification agreements for directors and officers - In September 2024, CEO Andrew J. Littlefair, CFO Robert M. Vreeland, and SVP Barclay F. Corbus each adopted Rule 10b5-1 trading plans for future sales of company stock[359](index=359&type=chunk)[360](index=360&type=chunk)[361](index=361&type=chunk)[362](index=362&type=chunk) - On November 5, 2024, the board of directors approved a new form of indemnification agreement to be entered into with the company's directors and certain officers[363](index=363&type=chunk)

Exhibit 99.1 Commentary by Andrew J. Littlefair, President and Chief Executive Officer Summary and Review of Results Clean Energy Reports Revenue of $104.9 Million and 59.6 Million RNG Gallons Sold for the Third Quarter of 2024 NEWPORT BEACH, Calif. — (BUSINESS WIRE) — November 6, 2024 — Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced its operating results for the third quarter of 2024. Financial Highlights o Revenue of $104.9 million in Q3 2024 compared to $95.6 mi ...

For Immediate ReleasesChicago, IL – November 1, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include including Clean Energy Fuels Corp. (CLNE) , BP plc (BP) , TotalEnergies (TTE) and Amazon (AMZN) . Here are highlights from Friday’s Analyst Blog:Pre-Q3 Earnings, Is Clean Energy Stock a Buy, Hold or Sell?Natural gas sup ...

Natural gas supplier Clean Energy Fuels Corp. (CLNE) is slated to release third-quarter 2024 results on Nov. 6, after market close. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a loss of 2 cents on revenues of $105.2 million.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The earnings estimates for the to-be-reported quarter have remained unchanged over the past 30 days. The bottom-line projection indicates a decline from break-even earnings achieved in the ...

Shares of natural gas supplier Clean Energy Fuels Corp. (CLNE) have gained 24% in the past six months to close at $2.84 yesterday, significantly outperforming the industry and the S&P 500. This uptick in stock price was triggered by the company’s strong position in the renewable natural gas (“RNG”) market, robust EBITDA growth and supportive collaborations.CLNE 6-Month Stpck Performance  Image Source: Zacks Investment ResearchSo, are Clean Energy shares still worth buying, or should we hold tight? Some migh ...