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Dec 31, 2022
Clean Energy Q4 2022 Earnings Report
Clean Energy reported revenue increase and growth in RNG deliveries despite headwinds.
Key Takeaways
Clean Energy Fuels Corp. announced strong Q4 2022 results with revenue of $113.8 million, up from $91.9 million in Q4 2021. The company sold 54.4 million RNG gallons, a 21% increase year-over-year. Despite challenges from lower environmental credit prices and high natural gas prices, the company is well-funded for 2023 growth.
Revenue increased to $113.8 million, up from $91.9 million year-over-year.
RNG sales volume increased by 21% to 54.4 million gallons.
GAAP net loss was $(12.3) million, or $(0.06) per share.
The company addressed near-term capital needs with a $150 million debt raise.
Forward Guidance
Clean Energy Fuels provided its 2023 outlook, expecting a GAAP net loss between $(105) million and $(115) million, and an Adjusted EBITDA between $50 million and $60 million.
Positive Outlook
- Adjusted EBITDA for 2023 is estimated to range from approximately $50 million to $60 million.
- Expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions or other extraordinary events
- Expectations exclude any lingering negative effects associated directly or indirectly with the COVID-19 pandemic, including macroeconomic conditions and global supply chain issues.
- Expectations regarding 2023 Adjusted EBITDA 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
- Expectations regarding 2023 Adjusted EBITDA exclude adjustments for any other items that may arise during 2023 that management deems appropriate to exclude.
Challenges Ahead
- GAAP net loss for 2023 is expected to range from approximately $(105) million to $(115) million
- Assumes no unrealized gains or losses on commodity swap and customer contracts relating to the Company’s Zero Now truck financing program
Historical Earnings Impact
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Avg. Return Before/After Earnings
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