Clean Energy(US:CLNE)2025-11-04 21:31Revenue and Sales Performance - Total revenue for the three months ended September 30, 2025, was $106.1 million, a 1.1% increase from $104.9 million in the same period of 2024[195] - Product revenue for the nine months ended September 30, 2025, reached $268.3 million, up from $262.3 million in 2024, reflecting a 2.3% growth[195] - For the three months ended September 30, 2025, product revenue increased by $1 million to $90.9 million, representing 85.6% of total revenue, driven by increased vehicle fueling volumes and higher pricing[228] - Product revenue for the nine months ended September 30, 2025, increased by $6 million to $268.3 million, representing 85.9% of total revenue, compared to $262.3 million, representing 85.6% of total revenue for the same period in 2024[242] - Service revenue for the nine months ended September 30, 2025, decreased by $0.1 million to $44.2 million, representing 14.1% of total revenue, compared to $44.2 million, representing 14.4% of total revenue for the same period in 2024[243] Expenses and Losses - The company reported a net loss attributable to Clean Energy Fuels Corp. of $23.8 million for the three months ended September 30, 2025, compared to a net loss of $18.2 million in the same period of 2024[198] - Total operating expenses increased to $127.1 million for the nine months ended September 30, 2025, from $107.6 million in the same period of 2024, with an operating loss of $(27.1) million[241] - Product cost of sales increased by $5.4 million to $69.2 million, representing 65.2% of total revenue, primarily due to higher natural gas commodity costs[232] - Selling, general and administrative expenses decreased by $2.6 million to $26.3 million, attributed to lower stock-based compensation and general business expenses[234] - Depreciation and amortization increased by $3.3 million to $14.7 million, primarily due to additional depreciation related to the Pilot fueling station equipment removal[235] - Loss from equity method investments increased by $2.5 million to $7.5 million, reflecting the operating results of SAFE S.p.A., Rimere, and the joint venture with bp[238] - Depreciation and amortization increased by $53.1 million to $86.9 million in the nine months ended September 30, 2025, from $33.8 million in the same period of 2024[248] - Impairment of goodwill increased by $64.3 million in the nine months ended September 30, 2025, from $0 million in the same period of 2024[249] Cash Flow and Capital Expenditures - Cash provided by operating activities was $72.4 million in the nine months ended September 30, 2025, compared to $42.7 million in the same period of 2024[258] - Cash provided by investing activities was $30.0 million in the nine months ended September 30, 2025, compared to cash used in investing activities of $30.6 million in the same period of 2024[259] - The company plans approximately $30.0 million in capital expenditures for 2025, primarily for fueling stations and LNG plant costs[262] - As of September 30, 2025, the company had total cash and cash equivalents and short-term investments of $232.2 million, compared to $217.5 million as of December 31, 2024[271] - The company expects cash provided by operating activities to fluctuate based on operating results and other factors[272] - Cash and cash equivalents, along with anticipated cash from operations, are expected to meet business requirements for at least the next 12 months[273] - The company may need to raise additional capital for planned or unanticipated expenditures, investments, or debt repayments[273] - Additional capital may be required for developing ADG RNG production facilities and fueling stations[274] - The company may raise capital through equity offerings, restructuring debt, or selling assets, but may face challenges in doing so[275] Joint Ventures and Projects - The TotalEnergies joint venture project is expected to produce up to 0.8 million GGEs of RNG annually, with operations starting in 2023[201] - Five of six projects under the bp joint venture are estimated to produce up to 8.2 million GGEs of RNG annually, with four projects operational by summer 2024[202] - The joint venture with bp has invested approximately $258 million in the ADG RNG production project, with remaining costs to complete estimated at $16 million, expected to produce 3.5 million gallons of RNG annually[212] Other Financial Information - As of September 30, 2025, the company recognized $55.7 million in accelerated depreciation and asset retirement obligations related to the removal of LNG fueling station equipment[208] - The company recognized a goodwill impairment loss of $64.3 million for the period ended March 31, 2025, resulting in no remaining goodwill as of September 30, 2025[224] - The company was in compliance with all financial and non-financial covenants related to its outstanding debt as of September 30, 2025[216] - Total indebtedness as of September 30, 2025, was approximately $318.5 million, with expected payments of $315.0 million due in 2029[267] - As of September 30, 2025, the company had off-balance sheet arrangements related to surety bonds for construction contracts[276] - A note purchase agreement was entered into with Rimere LLC for up to $10.0 million in delayed draw loans[277] - The company has a fixed supply arrangement with UPS for the supply and sale of 170.0 million GGEs of RNG through March 2026[278]