Clean Energy(US:CLNE)2024-08-07 20:15Revenue Performance - Total revenue for the three months ended June 30, 2023, was $90,548,000, representing a 10.5% increase compared to $97,954,000 for the same period in 2024[9]. - Total revenue for the three months ended June 30, 2024, was $97.954 million, representing a 8.5% increase from $90.548 million in the same period of 2023[33]. - Total product revenue for the six months ended June 30, 2024, was $172.374 million, down from $195.356 million in the same period of 2023, a decrease of 11.7%[33]. - Total product revenue for the three months ended June 30, 2024, was $83.0 million, up from $75.6 million in the same period of 2023, representing a 19.5% increase[146]. - Volume-related product revenue increased to $77.304 million for the three months ended June 30, 2024, up from $69.777 million in the prior year, marking an increase of 10.9%[33]. - Fuel sales for the six months ended June 30, 2024, were $125.6 million, compared to $160.2 million for the same period in 2023, reflecting a decrease of 21.6%[146]. Profitability and Loss - Operating loss for the three months ended June 30, 2023, was $(13,055,000), compared to $(5,592,000) for the same period in 2024, reflecting a worsening of 133.3%[10]. - Net loss attributable to Clean Energy Fuels Corp. for the three months ended June 30, 2023, was $(16,301,000), compared to $(16,293,000) for the same period in 2024, showing a slight improvement of 0.05%[11]. - Basic and diluted net loss per share for the six months ended June 30, 2023, was $(0.25), while for the same period in 2024, it improved to $(0.16), a reduction of 36%[10]. - Comprehensive loss for the three months ended June 30, 2023, was $(14,603,000), while for the same period in 2024, it increased to $(16,834,000), representing a decline of 15.2%[12]. - The company reported a net loss attributable to Clean Energy Fuels Corp. of $34.7 million for the six months ended June 30, 2024[152]. Expenses and Costs - Total operating expenses for the three months ended June 30, 2023, were $103,603,000, which remained relatively stable compared to $103,546,000 for the same period in 2024[10]. - Interest expense for the three months ended June 30, 2023, was $(4,365,000), compared to $(7,921,000) for the same period in 2024, indicating a decrease of 44.5%[10]. - Selling, general and administrative expenses decreased by $0.2 million to $28.3 million in Q2 2024, primarily due to a $3.2 million decrease in stock-based compensation[175]. - Product cost of sales decreased by $1.7 million to $53.9 million, representing 55.0% of total revenue, down from $55.6 million or 61.4% in Q2 2023[174]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period on June 30, 2024, were $125,142 thousand, up from $55,162 thousand at the end of the previous period[16]. - The company reported net cash provided by operating activities of $21,355 thousand for the six months ended June 30, 2024, compared to a net cash used of $6,962 thousand in the same period of 2023[16]. - Cash flows from investing activities resulted in a net cash used of $(3,922) thousand for the six months ended June 30, 2024, compared to $(62,018) thousand in the same period of 2023[16]. - As of June 30, 2024, total cash and cash equivalents and short-term investments were $249.3 million, down from $263.1 million as of December 31, 2023[194]. Investments and Joint Ventures - The Company and Tourmaline Oil Corp. entered a CAD $70 million Joint Development Agreement to build up to 20 CNG fueling stations over the next five years, sharing costs and profits equally[24]. - The Company recorded a loss of $1.0 million and $0.5 million from the TotalEnergies joint venture in the three months ended June 30, 2023 and 2024, respectively[43]. - The Company has ongoing projects with TotalEnergies and BP for RNG production and management of fueling stations[138]. - The Company plans to invest up to $132.0 million in ADG RNG production projects through the Maas joint development agreement[47]. Debt and Financing - The total debt as of June 30, 2024, was $262,955,000, with an estimated fair value of $244,069,000[81]. - The Stonepeak Credit Agreement includes a senior secured term loan of $300 million with an interest rate of 9.50% per annum, maturing on December 12, 2029[91]. - The company has a total debt of $262.9 million as of June 30, 2024, slightly down from $261.2 million as of December 31, 2023, showing a marginal decrease of about 0.6%[90]. - The company may need to raise additional capital to fund planned or unanticipated capital expenditures, investments, or debt repayments, depending on various factors including natural gas fuel sales and new station construction[196]. Market and Strategic Initiatives - The Company is focused on developing renewable natural gas projects, particularly in the dairy and livestock waste sectors, to enhance its product offerings in the clean energy market[19]. - The company plans to expand hydrogen fuel availability for vehicle fleets, indicating a strategic shift towards cleaner energy solutions[140]. - The market for vehicle fuels has experienced slow and unpredictable growth, influenced by macroeconomic events and regulatory challenges[156]. - The company is closely monitoring the bankruptcy proceedings of a dairy farm partner involved in an ADG RNG production project, which may impact future operations[154].