Clean Energy(CLNE) - 2023 Q4 - Annual Results

Financial Performance - Revenue for Q4 2023 was $106.9 million, a decrease from $113.8 million in Q4 2022[5] - Net loss attributable to Clean Energy for Q4 2023 was $(18.7) million, or $(0.08) per share, compared to $(12.3) million, or $(0.06) per share in Q4 2022[5] - Adjusted EBITDA for Q4 2023 was $21.2 million, significantly higher than $12.2 million in Q4 2022[5] - Total revenue for the year ended December 31, 2023, was $425.2 million, slightly up from $420.2 million in 2022, indicating a growth of 1%[11] - Total revenue for Q4 2023 was $106.857 million, a decrease of 6.5% compared to $113.756 million in Q4 2022[37] - Product revenue for Q4 2023 was $93.2 million, down from $101.3 million in Q4 2022, reflecting a decrease of 8%[11] - Service revenue increased to $13.668 million in Q4 2023 from $12.481 million in Q4 2022, showing a growth of 9.5%[37] - Operating loss for Q4 2023 was $(6.569) million, compared to an operating loss of $(11.149) million in Q4 2022, indicating an improvement of 41.7%[37] Future Outlook - The 2024 outlook includes a GAAP net loss of approximately $(111) million to $(101) million and an adjusted EBITDA of $62 million to $72 million[5] - GAAP net loss for 2024 is projected to be between $(111) million and $(101) million, including estimated Amazon warrant charges of approximately $69 million[18] - Adjusted EBITDA for 2024 is estimated to range from $62 million to $72 million, reflecting the company's operational performance expectations[18] - The company anticipates volume growth and customer expansion in fiscal 2024, with a focus on alternative vehicle fuels[30] Revenue Sources - Renewable natural gas (RNG) gallons sold reached 57.0 million in Q4 2023, a 4.8% increase compared to Q4 2022; total RNG gallons sold for 2023 were 225.7 million, up 13.9% from 198.2 million in 2022[3] - Q4 2023 included $5.9 million of alternative fuel excise tax credit (AFTC) revenue, compared to $5.5 million in Q4 2022[6] - RIN and LCFS revenues for Q4 2023 were $11.5 million, up from $10.2 million in Q4 2022, driven by higher RIN credit prices[7] - RIN Credits revenue increased from $7.7 million in Q4 2022 to $9.2 million in Q4 2023, a growth of 19%[11] - LCFS Credits revenue remained stable at approximately $2.4 million in Q4 2023 compared to $2.5 million in Q4 2022[11] Assets and Liabilities - Total assets increased from $1,082,357 million as of December 31, 2022, to $1,259,458 million as of December 31, 2023, representing a growth of approximately 16.3%[40] - Total current assets slightly decreased from $471,720 million in 2022 to $470,175 million in 2023, a decline of about 0.3%[40] - Cash and cash equivalents increased from $125,950 million to $139,569 million, a rise of approximately 10.7%[40] - Accounts receivable rose from $91,430 million to $98,426 million, reflecting an increase of about 7.2%[40] - Total liabilities increased significantly from $354,886 million in 2022 to $525,811 million in 2023, marking an increase of approximately 48.1%[40] - Long-term debt rose from $145,471 million to $261,123 million, an increase of about 79.5%[40] - Stockholders' equity increased from $727,471 million to $733,647 million, a growth of approximately 0.9%[40] - The accumulated deficit widened from $(829,975) million to $(929,472) million, indicating a decrease in retained earnings[40] - Operating lease right-of-use assets increased from $52,586 million to $92,324 million, a growth of approximately 75.5%[40] - Inventory increased from $37,144 million to $45,335 million, reflecting a rise of about 22.0%[40] Strategic Initiatives - Completed construction on two dairy farm RNG digester projects with total costs of $72 million, involving 11,500 dairy cows[3] - The company plans to continue expanding its network of fueling stations across the U.S. and Canada to support its growth strategy[24] - The company is focused on decarbonizing transportation through the development and delivery of renewable natural gas (RNG)[23] - The company is exploring investments in hydrogen stations and modifications to existing fueling stations to support hydrogen and electric vehicle charging[31] Market Conditions and Risks - The company faces risks including market competition, regulatory changes, and the impact of the COVID-19 pandemic on operations and demand[31] - The company reported a weighted-average common shares outstanding of 223,016,010 for Q4 2023, slightly up from 222,429,591 in Q4 2022[37]