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Sep 30, 2023
Clean Energy Q3 2023 Earnings Report
Clean Energy reported a revenue of $95.6 million and RNG gallons sold reached 56.7 million for Q3 2023.
Key Takeaways
Clean Energy Fuels Corp. reported a revenue of $95.6 million for Q3 2023, compared to $125.7 million in Q3 2022. The net loss attributable to Clean Energy was $(25.8) million, or $(0.12) per share, compared to $(9.0) million, or $(0.04) per share, for Q3 2022. Renewable natural gas (RNG) gallons sold were 56.7 million gallons, a 4.8% increase compared to Q3 2022.
Revenue for Q3 2023 was $95.6 million, a decrease from $125.7 million in Q3 2022.
Net loss attributable to Clean Energy for Q3 2023 was $(25.8) million, or $(0.12) per share.
Adjusted EBITDA was $14.2 million for Q3 2023, compared to $23.9 million for Q3 2022.
RNG gallons sold increased by 4.8% to 56.7 million gallons in Q3 2023.
Forward Guidance
Clean Energy Fuels provided its outlook for 2023, expecting a GAAP net loss between $(98) million and $(103) million and an Adjusted EBITDA between $42 million and $47 million.
Positive Outlook
- The Cummins 15-liter natural gas engine is making good traction with major fleets.
- Investments in upstream supply dairy projects are coming online in Q4.
- The timing of Cummins’s new 15-liter natural gas engine launch coincides nicely as heavy-duty fleets are struggling to find other viable solutions that can achieve their de-carbonization goals.
- RNG is sustainable, affordable, and available today.
- The combination of Clean Energy's own RNG supply coming online and fueling infrastructure footprint will allow them to capture a large portion of the market share of fleets moving to this solution.
Challenges Ahead
- GAAP net loss for 2023 is expected to range from approximately $(98) million to $(103) 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 could significantly affect the Company’s estimated GAAP net loss for 2023.
Historical Earnings Impact
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