Clean Energy(CLNE) - 2024 Q4 - Annual Results

Q4 2024 Earnings Release Financial and Operational Highlights 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] - RNG gallons sold increased by 8.8% to 62.0 million gallons in Q4 2024, with full-year 2024 growth of 4.9%[5] - Key operational achievements include new deals with DHL and LA Metro and expansion of RNG infrastructure[5] CEO Commentary 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] - Growing RNG fuel volumes are positively impacting results ahead of the new Cummins X15N engine launch in 2025[4] - The company is engaging with the new Administration, emphasizing RNG's bipartisan support for transportation solutions[4][6] Detailed Financial Results This section details revenue composition, factors influencing net loss, non-GAAP reconciliations, and fuel volume data Summary and Review of Results 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] - 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] - The Q4 2024 net loss included an $8.1 million impairment of investments in equity securities[8] - SG&A expenses rose by approximately $3.8 million in Q4 2024, mainly due to higher wages and insurance costs[8] Non-GAAP Reconciliations 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 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 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] 2025 Outlook 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] - The outlook includes up to $55 million in accelerated depreciation from potential LNG station abandonments[19] - The 2025 guidance excludes the impact of the AFTC, which contributed approximately $24 million in revenue in 2024[5] Supplementary Information This section provides corporate details, definitions of non-GAAP measures, and a Safe Harbor Statement on forward-looking risks About Clean Energy Fuels Corp. 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] Non-GAAP Financial Measures 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] - Non-GAAP income (loss) per share is adjusted for Amazon warrant charges, stock-based compensation, and other items[25] - Adjusted EBITDA is defined as net income (loss) adjusted for taxes, interest, depreciation, amortization, and other non-core items[27] Safe Harbor Statement 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] - Key risks include the rate of consumer adoption of natural gas vehicles, ability to manage its RNG business, and fuel price volatility[29] - Other risks involve the availability of government incentives, regulatory compliance, and general economic conditions[30] Consolidated Financial Statements This section presents the unaudited consolidated balance sheets and statements of operations as of December 31, 2024 Consolidated Balance Sheets 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 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) |