Clean Energy(US:CLNE)2025-08-07 20:31Revenue Performance - Total revenue for the three months ended June 30, 2025, was $102.6 million, a 4.7% increase from $98.0 million in the same period of 2024[181]. - Fuel sales increased from $57.4 million in Q2 2024 to $67.9 million in Q2 2025, representing a 18.0% growth[181]. - Renewable Natural Gas (RNG) sales volume reached 61.4 million GGEs for the three months ended June 30, 2025, compared to 57.1 million GGEs in the same period of 2024, marking a 4.9% increase[184]. - For the three months ended June 30, 2025, product revenue increased by $4.1 million to $87.1 million, representing 84.9% of total revenue, compared to $83.0 million, or 84.7% of total revenue, for the same period in 2024[212][215]. - Service revenue for the three months ended June 30, 2025, increased by $0.5 million to $15.5 million, representing 15.1% of total revenue, compared to $15.0 million, or 15.3% of total revenue, for the same period in 2024[216]. - Total revenue for the six months ended June 30, 2025 was $206.4 million, with product revenue increasing by $5.0 million to $177.4 million, representing 86.0% of total revenue[226]. Expenses and Losses - The net loss attributable to Clean Energy Fuels Corp. for the six months ended June 30, 2025, was $155.2 million, compared to a net loss of $83.1 million for the same period in 2024[184]. - Total operating expenses increased by $27.1 million to $134.5 million, primarily due to a $49.8 million increase in depreciation and amortization[226][232]. - Net loss for the six months ended June 30, 2025 was $44.2 million, compared to a net loss of $17.5 million for the same period in 2024[226]. - Product cost of sales increased by $11.3 million to $65.2 million, representing 63.5% of total revenue, from $53.9 million, or 55.0% of total revenue, in the same period of 2024[217]. - Service cost of sales decreased by $0.8 million to $9.2 million, representing 9.0% of total revenue, compared to $10.0 million, or 10.2% of total revenue, in the same period of 2024[218]. - Selling, general and administrative expenses decreased by $0.8 million to $27.5 million in the three months ended June 30, 2025, from $28.3 million in the same period of 2024[219]. - Depreciation and amortization decreased by $1.3 million to $10.0 million in the three months ended June 30, 2025, from $11.3 million in the same period of 2024[220]. - Interest expense decreased by $0.2 million to $7.7 million in the three months ended June 30, 2025, from $7.9 million in the same period of 2024[221]. - Interest income decreased by $0.5 million to $3.1 million in the three months ended June 30, 2025, from $3.6 million in the same period of 2024[222]. - Loss from equity method investments increased by $0.7 million to $6.5 million in the three months ended June 30, 2025, from $5.8 million in the same period of 2024[223]. - A goodwill impairment loss of $64.3 million was recognized for the period ended March 31, 2025, resulting in no goodwill remaining as of June 30, 2025[209][210]. Cash Flow and Financing - Cash provided by operating activities increased to $59.3 million in the six months ended June 30, 2025, compared to $21.4 million in the same period of 2024[242]. - Cash used in investing activities was $6.6 million, up from $3.9 million in the comparable 2024 period[243]. - Cash used in financing activities was $10.2 million, compared to cash provided of $0.9 million in the same period of 2024[244]. - Total indebtedness as of June 30, 2025 was approximately $313.0 million, with expected payments due in 2025 totaling approximately $0.5 million[251]. - The company plans approximately $30.0 million in capital expenditures for 2025, primarily for fueling stations and IT equipment[246]. - As of June 30, 2025, the company had total cash and cash equivalents of $240.8 million, an increase from $217.5 million as of December 31, 2024[255]. - The company expects cash provided by operating activities to fluctuate based on operating results and other risk factors[256]. - The company believes its cash and cash equivalents, along with anticipated cash from operations, will meet business requirements for at least the next 12 months[257]. - Additional capital may be required for planned or unanticipated expenditures, investments, or debt repayments[257]. - The company may raise additional capital through equity offerings, debt restructuring, or asset sales, but may face challenges in doing so[260]. - As of June 30, 2025, the company had off-balance sheet arrangements related to surety bonds for construction contracts, with no recorded liabilities[261]. - The company committed up to $10.0 million in delayed draw loans to support Rimere's working capital requirements[262]. Operational Developments - The company repurchased 4,913,818 shares of common stock during the six months ended June 30, 2025, utilizing $31.3 million from its Repurchase Program[190]. - The company recognized $50.7 million in accelerated depreciation expense related to the removal of fueling station equipment in Q1 2025[192]. - The joint venture with BP sold $29.5 million in Investment Tax Credits (ITCs) for gross proceeds of $27.2 million on June 30, 2025[189]. - The Pickens Plant resumed production of LNG in January 2025 after major repairs, generating $1.6 million in revenue for Q2 2025[191]. - The company expects the ADG RNG production project to produce approximately 3.5 million gallons of RNG annually upon completion, with remaining costs estimated at $33 million[195]. - The One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025, includes substantial changes to tax incentives affecting the company's operations[187]. - The company has a fixed supply arrangement with UPS for the supply and sale of 170.0 million GGEs of RNG through March 2026[263].