Clean Energy(CLNE) - 2024 Q2 - Quarterly Results

Financial Performance - Revenue for Q2 2024 was $98.0 million, a 8.3% increase from $90.5 million in Q2 2023[2] - Net loss attributable to Clean Energy for Q2 2024 was $(16.3) million, consistent with $(16.3) million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $18.9 million, up from $12.1 million in Q2 2023, representing a 56.6% increase[2] - Total product revenue for Q2 2024 was $83.0 million, an increase of 9.8% compared to $75.6 million in Q2 2023[14] - Non-GAAP income per share for Q2 2024 was $0.01, compared to $(0.00) per share for Q2 2023[6] - Operating loss for Q2 2024 was $(5,592), an improvement from $(13,055) in Q2 2023[34] - Net loss attributable to Clean Energy Fuels Corp. was $(16,293) in Q2 2024, compared to $(16,301) in Q2 2023[34] - Basic and diluted net loss per share for Q2 2024 was $(0.07), unchanged from Q2 2023[34] - Total operating expenses for Q2 2024 were $103,546, nearly flat compared to $103,603 in Q2 2023[34] - Interest expense decreased to $(7,921) in Q2 2024 from $(4,365) in Q2 2023[34] Revenue Sources - Q2 2024 volume-related fuel sales revenues were $57.4 million, net of $14.1 million Amazon warrant charge, a 7.7% increase from Q2 2023[4] - RIN and LCFS revenues in Q2 2024 totaled $13.9 million, compared to $7.9 million in Q2 2023, reflecting higher RIN credit prices[5] - RIN Credits revenue increased to $9.5 million in Q2 2024, up from $5.4 million in Q2 2023, marking a growth of 75.9%[14] Production and Sales Volume - Renewable natural gas (RNG) gallons sold in Q2 2024 totaled 57.1 million, a 2.6% decrease compared to Q2 2023[3] - Total fuel volume sold in Q2 2024 was 70.4 million GGEs, a decrease of 3.2% from 72.7 million GGEs in Q2 2023[13] - RNG volume sold in Q2 2024 was 57.1 million GGEs, down from 58.6 million GGEs in Q2 2023, representing a decline of 2.6%[13] - O&M services volume increased to 67.9 million GGEs in Q2 2024, up from 65.9 million GGEs in Q2 2023, reflecting a growth of 3.0%[13] Future Outlook - The updated 2024 outlook includes a GAAP net loss of approximately $(91) million to $(81) million and an unchanged Adjusted EBITDA of $62 million to $72 million[2] - Adjusted EBITDA for 2024 is estimated to range from $62 million to $72 million, excluding impacts from acquisitions and macroeconomic conditions[17] - GAAP net loss for 2024 is projected to be between $(91) million and $(81) million, including Amazon warrant charges of approximately $63 million[17] - The company anticipates volume growth and customer expansion in fiscal 2024, indicating a positive outlook[27] Investments and Assets - The company’s cash, cash equivalents, and short-term investments totaled $249.3 million as of June 30, 2024[2] - The total current assets decreased from $470,175,000 as of December 31, 2023, to $450,884,000 as of June 30, 2024[32] - The company's cash and cash equivalents increased from $106,963,000 to $125,142,000 during the same period[32] - The company has investments in other entities valued at $258,773,000 as of December 31, 2023, which decreased to $250,257,000 by June 30, 2024[32] Business Strategy - The company plans to build up to nine RNG production facilities with Maas Energy, estimated to cost $130 million and produce approximately 4 million gallons of RNG annually[3] - The company operates a vast network of fueling stations across the U.S. and Canada, focusing on decarbonizing transportation through renewable natural gas[21] - The company is focused on developing its RNG business and managing production sources to enhance revenue generation[28] - The company is exploring investments in hydrogen stations and modifications to fueling stations to support electric vehicles[29] Financial Reporting - The company expects to continue reporting non-GAAP financial measures to provide transparency regarding its core operating performance[22] - Adjusted EBITDA is presented as a non-GAAP measure, providing insights into the company's performance by excluding non-core operations and non-cash items[26] - The company reported a current portion of debt of $38,000 and finance lease obligations of $1,758,000 as of June 30, 2024[32] - Total liabilities decreased slightly from $525,811,000 to $516,715,000 between the two reporting periods[32]