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Mar 31, 2024
Clean Energy Q1 2024 Earnings Report
Clean Energy reported a decrease in revenue but an increase in RNG gallons sold, and exceeded Adjusted EBITDA expectations.
Key Takeaways
Clean Energy Fuels Corp. reported a decrease in revenue to $103.7 million compared to $132.2 million in Q1 2023, but an increase in renewable natural gas gallons sold by 8.6% to 58.0 million gallons. The company's net loss attributable to Clean Energy was $(18.4) million, or $(0.08) per share, compared to $(38.7) million, or $(0.17) per share, for Q1 2023. Adjusted EBITDA was $12.8 million, exceeding expectations, compared to $(4.0) million in Q1 2023.
Revenue decreased to $103.7 million in Q1 2024 from $132.2 million in Q1 2023.
RNG gallons sold increased by 8.6% to 58.0 million gallons in Q1 2024.
Net loss attributable to Clean Energy improved to $(18.4) million, or $(0.08) per share, compared to $(38.7) million, or $(0.17) per share, for Q1 2023.
Adjusted EBITDA rebounded to $12.8 million in Q1 2024, compared to $(4.0) million in Q1 2023.
Revenue by Segment
Forward Guidance
The company's 2024 outlook remains unchanged, expecting a GAAP net loss between $(111) million and $(101) million, and an Adjusted EBITDA ranging from $62 million to $72 million.
Positive Outlook
- GAAP net loss for 2024 is expected to range from approximately $(111) million to $(101) million.
- Adjusted EBITDA for 2024 is estimated to range from approximately $62 million to $72 million.
- Expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions and other extraordinary events.
- Expectations exclude any lingering negative effects associated directly or indirectly with the COVID-19 pandemic.
- Expectations exclude macroeconomic conditions and global supply chain issues.
Challenges Ahead
- GAAP net loss includes Amazon warrant charges estimated to be approximately $69 million.
- Changes in diesel and natural gas market conditions could result in unrealized gains or losses.
- Significant variations in the vesting of the Amazon warrant could significantly affect the Company’s estimated GAAP net loss for 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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