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Jun 30, 2024
Clean Energy Q2 2024 Earnings Report
Clean Energy's revenue increased, but net loss remained consistent with the previous year, despite growth in strategic initiatives.
Key Takeaways
Clean Energy Fuels Corp. reported a revenue increase to $98.0 million for Q2 2024, compared to $90.5 million in Q2 2023. However, the net loss attributable to Clean Energy remained at $(16.3) million, or $(0.07) per share. The company sold 57.1 million RNG gallons, a 2.6% decrease compared to Q2 2023.
Revenue increased to $98.0 million in Q2 2024 from $90.5 million in Q2 2023.
Net loss attributable to Clean Energy was $(16.3) million, or $(0.07) per share, consistent with Q2 2023.
Adjusted EBITDA increased to $18.9 million in Q2 2024 from $12.1 million in Q2 2023.
RNG gallons sold decreased slightly to 57.1 million gallons in Q2 2024.
Revenue by Segment
Forward Guidance
The company provided its 2024 outlook, expecting a GAAP net loss between $(91) million and $(81) million and an Adjusted EBITDA between $62 million and $72 million.
Positive Outlook
- Adjusted EBITDA for 2024 is estimated to range from approximately $62 million to $72 million.
- The company anticipates growth in its RNG business.
- The company is expanding its RNG production facilities.
- The company's fueling network provides easy access to cleaner fueling solutions.
- The company expects to benefit from government legislation, regulations, programs and incentives that promote natural gas.
Challenges Ahead
- GAAP net loss for 2024 is expected to range from approximately $(91) million to $(81) million.
- Changes in diesel and natural gas market conditions could affect the estimated GAAP net loss.
- Significant variations in the vesting of the Amazon warrant could affect the estimated GAAP net loss.
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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