Clean Energy Fuels Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Clean Energy Fuels Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Clean Energy Fuels Corp. (CLNE) filed a Annual Report (10-K) with the SEC on February 29, 2024. The company filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. Clean Energy Fuels Corp. is incorporated in Delaware. The company's principal business address is in Newport Beach, California. The filing includes details on various financial instruments and valuation techniques.

Why It Matters

For investors and stakeholders tracking Clean Energy Fuels Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational performance, and strategic initiatives for the past fiscal year, crucial for investors to assess its current standing and future prospects. The detailed financial disclosures, including revenue, debt, and assets, allow stakeholders to evaluate the company's financial stability and growth trajectory within the energy sector.

Risk Assessment

Risk Level: medium — Clean Energy Fuels Corp. shows moderate risk based on this filing. The filing contains extensive details on financial instruments and valuation techniques, suggesting potential complexity and risks associated with these areas that require careful investor scrutiny.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges.

Financial Highlights

revenue

222437429

revenue Growth

-0.27%

Key Numbers

• 222437429 — Revenue (Fiscal year 2023 revenue)
• 223026966 — Revenue (Fiscal year 2022 revenue)

Key Players & Entities

• Clean Energy Fuels Corp. (company) — Filer name
• Newport Beach, CA (location) — Business address
• DE (location) — State of incorporation
• 20231231 (date) — Fiscal year end
• 20240229 (date) — Filing date

FAQ

Industry Context

Clean Energy Fuels Corp. operates in the energy sector, specifically focusing on providing natural gas fuel for transportation.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports like the 10-K.

What Investors Should Do

1. Review the revenue figures for FY2023 ($222.4M) and FY2022 ($223.0M) to understand recent performance trends.
2. Examine the company's business address and state of incorporation for basic corporate information.
3. Note the filing date of February 29, 2024, for the 2023 fiscal year.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Clean Energy Fuels Corp. to report its annual financial results and business operations.)

Year-Over-Year Comparison

The filing indicates a slight decrease in revenue from $223.0 million in 2022 to $222.4 million in 2023.

Key Financial Figures

• $0.0001 — nge on which registered Common stock, $0.0001 par value per share CLNE The Nasdaq
• $3.55 — market prices for RINs were as high as $3.55 and as low as $1.88), any changes to th
• $1.88 — INs were as high as $3.55 and as low as $1.88), any changes to the federal and state

Filing Documents

• clne-20231231x10k.htm (10-K) — 3929KB
• clne-20231231xex21d1.htm (EX-21.1) — 7KB
• clne-20231231xex23d1.htm (EX-23.1) — 2KB
• clne-20231231xex31d1.htm (EX-31.1) — 11KB
• clne-20231231xex31d2.htm (EX-31.2) — 11KB
• clne-20231231xex32d1.htm (EX-32.1) — 12KB
• clne-20231231xex97.htm (EX-97) — 19KB
• clne-20231231x10k001.jpg (GRAPHIC) — 23KB
• clne-20231231x10k002.jpg (GRAPHIC) — 89KB
• clne-20231231xex97001.jpg (GRAPHIC) — 4KB
• 0001558370-24-002174.txt (&nbsp;) — 19647KB
• clne-20231231.xsd (EX-101.SCH) — 112KB
• clne-20231231_cal.xml (EX-101.CAL) — 138KB
• clne-20231231_def.xml (EX-101.DEF) — 632KB
• clne-20231231_lab.xml (EX-101.LAB) — 1047KB
• clne-20231231_pre.xml (EX-101.PRE) — 969KB
• clne-20231231x10k_htm.xml (XML) — 4034KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 32 Part II 32 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [ Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 110 Item 9A.

Controls and Procedures

Controls and Procedures 110 Item 9B. Other Information 111 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 Part III 112 Item 10. Directors, Executive Officers and Corporate Governance 112 Item 11.

Executive Compensation

Executive Compensation 112 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 112 Item 13. Certain Relationships and Related Transactions, and Director Independence 112 Item 14. Principal Accountant Fees and Services 112 Part IV 113 Item 15. Exhibits and Financial Statement Schedules 113 Item 16. Form 10-K Summary 113 1 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements other than historical facts. These statements relate to future events or circumstances or our future performance, and they are based on our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: "if," "may," "might," "shall," "will," "can," "could," "would," "should," "expect," "intend," "plan," "goal," "objective," "initiative," "anticipate," "believe," "estimate," "predict," "project," "forecast," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology. The absence of these words, however, does not mean that a statement is not forward-looking. The forward-looking statements we make in this report include statements about, among other things, our future financial and operating performance, our growth strategies, including expectations regarding our delivery and sales of RNG (as defined below) and sale of U.S. federal, state and local government credits, and anticipated trends in our industry and our business. The preceding list is not intended to be an exhaustive list of all of the topics addressed by our forward-looking statements. Although the forw

Business

Item 1. Business. Overview Clean Energy Fuels Corp., a Delaware corporation, is a leading renewable energy company focused on the procurement and distribution of renewable natural gas ("RNG") and conventional natural gas, in the form of compressed natural gas ("CNG") and liquefied natural gas ("LNG"), for the United States ("U.S.") and Canadian transportation markets. RNG, which is delivered as either CNG or LNG, is created by the recovery and processing of naturally occurring, environmentally detrimental waste methane ("biogas") from non-fossil fuel sources – such as dairy and other livestock waste and landfills – for beneficial use as a replacement for fossil-based transportation fuels. Methane is one of the most potent climate-harming greenhouse gases ("GHG") with a comparative impact on global warming that is about 28 times more powerful than that of carbon dioxide. We are focused on developing, owning, and operating dairy and other livestock waste RNG projects and supplying RNG (currently procured from third party sources and from our anaerobic digester gas ("ADG") RNG joint venture project with TotalEnergies S.E. (the "DR JV") (see Note 4)) to our customers in the heavy and medium-duty commercial transportation sectors. We have participated in the alternative vehicle fuels industry for over 20 years. We believe we are in a unique position because the valuable Environmental Credits (as defined below) are generated by the party that dispenses RNG into vehicle fuel tanks, and we believe we have access to more dispensers than any other market participant. We believe we were the first organization to supply RNG for vehicle fuel use in the U.S., and sales of our RNG for such purpose have increased from 13.0 million gasoline gallon equivalents ("GGEs") in 2013 to 225.7 million GGEs in 2023. We calculate one GGE to equal 125,000 British Thermal Units ("BTUs") and, as such, one million BTUs ("MMBTU") equals eight GGEs. We are North America's leading provider of the

View Full Filing

View this 10-K filing on SEC EDGAR