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Mar 31, 2023
Clean Energy Q1 2023 Earnings Report
Clean Energy reported a revenue increase driven by higher natural gas prices and increased gallons sold, but profitability was impacted by high natural gas costs in California.
Key Takeaways
Clean Energy Fuels Corp. reported a revenue of $132.2 million for Q1 2023, a $48.7 million increase compared to Q1 2022. However, the company faced challenges due to high natural gas prices in California, which negatively impacted profits. RNG deliveries increased by 35% compared to the previous year, driven by strong demand.
Revenue increased to $132.2 million, up from $83.5 million in the first quarter of 2022.
The company sold 53.4 million gallons of RNG, a 34.5% increase compared to the first quarter of 2022.
Net loss attributable to Clean Energy was $(38.7) million, or $(0.17) per share, compared to $(24.2) million, or $(0.11) per share, for the first quarter of 2022.
Non-GAAP loss per share was $(0.07) and Adjusted EBITDA was $(4.0) million.
Forward Guidance
Clean Energy Fuels anticipates a GAAP net loss between $(105) million and $(115) million and Adjusted EBITDA between $50 million and $60 million for 2023.
Positive Outlook
- Adjusted EBITDA for 2023 is estimated to range from approximately $50 million to $60 million.
- The guidance assumes the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2023 that management deems appropriate to exclude.
- Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific).
Challenges Ahead
- GAAP net loss for 2023 is expected to range from approximately $(105) million to $(115) million, assuming no unrealized gains or losses on commodity swap and customer contracts relating to the Company’s Zero Now truck financing program and including Amazon warrant charges estimated to range from $60 million to $70 million.
- Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, and significant variations in the vesting of the Amazon warrant could significantly affect the Company’s estimated GAAP net loss for 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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