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Mar 31, 2021
Clean Energy Q1 2021 Earnings Report
Clean Energy's first quarter results were announced, revealing a decrease in revenue and gallons delivered compared to the same period last year, but progress was made in RNG fuel agreements and supply expansion.
Key Takeaways
Clean Energy Fuels Corp. reported a decrease in revenue to $77.1 million and a net loss of $7.2 million for the first quarter of 2021. The company delivered 92.4 million gallons, a 7% decrease year-over-year, although RNG gallons increased by 3%. The company highlighted a fuel agreement with Amazon and joint ventures to expand RNG supply.
Clean Energy reported a revenue of $77.1 million, a 10.3% decrease compared to Q1 2020.
The company delivered 92.4 million gallons, a 7% decrease from Q1 2020, impacted by COVID-19.
RNG gallons delivered increased 3% compared to the first quarter of 2020.
Net loss attributable to Clean Energy was $(7.2) million, or $(0.04) per share, compared to a net income of $1.7 million, or $0.01 per share in Q1 2020.
Revenue by Segment
Forward Guidance
Clean Energy Fuels provided its outlook for 2021, expecting a GAAP net loss of approximately $76 million, which includes non-cash contra revenue charges related to the Amazon Warrant. Adjusted EBITDA for 2021 is projected to range from $60 million to $62 million.
Positive Outlook
- Adjusted EBITDA for 2021 is expected to range from $60 million to $62 million.
- Expects to see improvements as the economy and commerce continues to gradually open up.
- Strategy to make Clean Energy synonymous with RNG took a big leap forward with the announcement of fuel agreement with Amazon.
- Continuing to make great progress on expanding our supply of RNG by formalizing joint ventures with Total and bp.
Challenges Ahead
- GAAP net loss for 2021 is expected to be approximately $(76) million.
- Assumes a prolonged effect and a flatter recovery curve from the COVID-19 pandemic through the middle of 2021.
- Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap contracts could significantly affect the Company’s estimated GAAP net income (loss) for 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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