Clean Energy Fuels Reports Q3 Results, Revenue Down Slightly

TL;DR

CEFS Q3 revenue down YoY, net loss widens slightly. Cash pile still strong at $223M.

AI Summary

Clean Energy Fuels Corp. filed its 10-Q for the period ending September 30, 2024. The company reported total revenue of $175.6 million for the nine months ended September 30, 2024, a decrease from $183.8 million in the same period of 2023. Net loss for the nine months was $11.3 million, compared to a net loss of $10.6 million in the prior year. The company's cash and cash equivalents stood at $223.0 million as of September 30, 2024.

Why It Matters

This filing provides insight into Clean Energy Fuels' financial performance, including revenue trends and profitability, which are crucial for investors assessing the company's operational health and future prospects in the alternative fuels market.

Risk Assessment

Risk Level: medium — The company reported a net loss and a decrease in revenue, indicating potential financial challenges and market pressures.

Key Numbers

• $175.6M — Revenue (9 months ended 9/30/24) (Represents the company's top-line performance for the period.)
• $223.0M — Cash and Cash Equivalents (9/30/24) (Indicates the company's liquidity and financial stability.)
• -$11.3M — Net Loss (9 months ended 9/30/24) (Shows the company's profitability for the period.)

Key Players & Entities

• Clean Energy Fuels Corp. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• $175.6 million (dollar_amount) — Total revenue for the nine months ended September 30, 2024
• $183.8 million (dollar_amount) — Total revenue for the nine months ended September 30, 2023
• $11.3 million (dollar_amount) — Net loss for the nine months ended September 30, 2024
• $10.6 million (dollar_amount) — Net loss for the nine months ended September 30, 2023
• $223.0 million (dollar_amount) — Cash and cash equivalents as of September 30, 2024

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common stock, $0.0001 par value per share CLNE The Nasdaq

Filing Documents

• clne-20240930x10q.htm (10-Q) — 2617KB
• clne-20240930xex10d1.htm (EX-10.1) — 96KB
• clne-20240930xex31d1.htm (EX-31.1) — 15KB
• clne-20240930xex31d2.htm (EX-31.2) — 14KB
• clne-20240930xex32d1.htm (EX-32.1) — 15KB
• 0001558370-24-014634.txt ( ) — 11865KB
• clne-20240930.xsd (EX-101.SCH) — 75KB
• clne-20240930_cal.xml (EX-101.CAL) — 84KB
• clne-20240930_def.xml (EX-101.DEF) — 337KB
• clne-20240930_lab.xml (EX-101.LAB) — 627KB
• clne-20240930_pre.xml (EX-101.PRE) — 526KB
• clne-20240930x10q_htm.xml (XML) — 2375KB

—FINANCIAL INFORMATION

PART I.—FINANCIAL INFORMATION 3

—Financial Statements (Unaudited)

Item 1.—Financial Statements (Unaudited) 3

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

Item 2.—Management's Discussion and Analysis of Financial Condition and Results of Operations 33

—Quantitative and Qualitative Disclosures about Market Risk

Item 3.—Quantitative and Qualitative Disclosures about Market Risk 46

—Controls and Procedures

Item 4.—Controls and Procedures 47

—OTHER INFORMATION

PART II.—OTHER INFORMATION 48

—Legal Proceedings

Item 1.—Legal Proceedings 48

—Risk Factors

Item 1A.—Risk Factors 48

—Unregistered Sales of Equity Securities and Use of Proceeds

Item 2.—Unregistered Sales of Equity Securities and Use of Proceeds 61

—Defaults Upon Senior Securities

Item 3.—Defaults Upon Senior Securities 61

—Mine Safety Disclosures

Item 4.—Mine Safety Disclosures 61

—Other Information

Item 5.—Other Information 61

—Exhibits

Item 6.—Exhibits 62 Unless the context indicates otherwise, all references to "Clean Energy," the "Company," "we," "us," or "our" in this report refer to Clean Energy Fuels Corp. together with its consolidated subsidiaries. This report contains forward-looking statements. See the cautionary note regarding these statements in Part I, Item 2.-Management's Discussion and Analysis of Financial Condition and Results of Operations of this report. We own registered or unregistered trademark rights to Clean Energy. Although we do not use the "" or "" symbol in each instance in which one of our trademarks appears in this report, this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Any other service marks, trademarks and trade names appearing in this report are the property of their respective owners. 2 Table of Contents

—FINANCIAL INFORMATION

PART I.—FINANCIAL INFORMATION

—Financial Statements (Unaudited)

Item 1.—Financial Statements (Unaudited) Clean Energy Fuels Corp. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except share and per share data; Unaudited) December 31, September 30, 2023 2024 Assets Current assets: Cash, cash equivalents and current portion of restricted cash $ 106,963 $ 119,003 Short-term investments 158,186 126,570 Accounts receivable, net of allowance of $ 1,475 and $ 1,772 as of December 31, 2023 and September 30, 2024, respectively 98,426 93,046 Other receivables 19,770 29,653 Inventory 45,335 45,833 Prepaid expenses and other current assets 41,495 28,265 Total current assets 470,175 442,370 Operating lease right-of-use assets 92,324 93,051 Land, property and equipment, net 331,758 354,449 Notes receivable and other long-term assets, net 35,735 33,153 Investments in other entities 258,773 250,712 Goodwill 64,328 64,328 Intangible assets, net 6,365 6,365 Total assets $ 1,259,458 $ 1,244,428 Liabilities and Stockholders' Equity Current liabilities: Current portion of debt $ 38 $ 44 Current portion of finance lease obligations 1,758 1,813 Current portion of operating lease obligations 6,687 7,787 Accounts payable 56,995 31,475 Accrued liabilities 91,534 97,522 Deferred revenue 4,936 5,842 Derivative liabilities, related party 1,875 — Total current liabilities 163,823 144,483 Long-term portion of debt 261,123 264,032 Long-term portion of finance lease obligations 1,839 1,353 Long-term portion of operating lease obligations 89,065 90,976 Other long-term liabilities 9,961 12,448 Total liabilities 525,811 513,292 Commitments and contingencies (Note 17) Stockholders' equity: Preferred stock, $ 0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.0001 par value. 454,000,000 shares authorized; 223,026,966 shares and

View Full Filing

View this 10-Q filing on SEC EDGAR