Financial Highlights
- Revenue reached $104.9 million in Q3 2024, up from $95.6 million in Q3 2023.
- Net loss attributable to Clean Energy was $18.2 million, or $(0.08) per share, compared to $25.8 million, or $(0.12) per share, in Q3 2023.
- Adjusted EBITDA rose to $21.3 million in Q3 2024, up from $14.2 million in Q3 2023.
- Cash, cash equivalents, and short-term investments totaled $243.5 million as of September 30, 2024.
2024 Guidance
- Expected GAAP net loss between $(91) million and $(81) million (unchanged).
- Adjusted EBITDA projected between $62 million and $72 million (unchanged).
Operational and Strategic Milestones
- Sold 59.6 million gallons of renewable natural gas (RNG) in Q3 2024, marking a 5.1% year-over-year increase.
- Initiated construction on a RNG facility at South Fork Dairy, expected to produce 2.6 million gallons annually.
- Launched a customer demo program featuring the new Cummins X15N heavy-duty truck engine in collaboration with JB Hunt.
- Partnered with the Metropolitan Transit Authority of Harris County to build a natural gas fueling station in Houston, estimated to consume 2 million gallons annually.
- Opened two new compressed natural gas (CNG) fueling stations in Western Canada with partner Tourmaline, with additional stations underway.
CEO Commentary
President and CEO Andrew J. Littlefair highlighted continued progress in the third quarter, with growth in RNG volumes, expanded investments in dairy RNG projects, and a broader fueling network. Littlefair noted the enthusiasm among heavy-duty fleet operators for the new RNG-powered Cummins engine, which aligns with Clean Energy’s mission as fleets seek reliable alternative energy solutions.
Summary of Q3 2024 Financials
Revenue in Q3 2024 included a $15.8 million non-cash charge from the Amazon warrant, a slight improvement from $16.8 million in Q3 2023. Excluding this charge, volume-related fuel sales revenue was $64.1 million, up 6.8% from the previous year, driven by increased vehicle fueling and bulk fuel sales to the marine sector. However, these gains were partially offset by lower natural gas commodity prices in Q3 2024 compared to Q3 2023. RIN and LCFS credits generated $13.0 million in Q3 2024, up from $9.6 million in the prior year, mainly due to higher RIN credit prices despite lower LCFS credit prices. Alternative Fuel Tax Credits (AFTC) generated $6.4 million, a rise from $5.4 million in Q3 2023. Station construction revenue remained stable at $7.8 million in Q3 2024.
Clean Energy’s net loss in Q3 2024 decreased due to lower Amazon warrant charges. However, interest expenses and equity method investment losses rose due to increased debt and RNG investment expansion. Selling, general, and administrative expenses were slightly lower, with a $0.2 million decrease driven by reduced stock-based compensation.
Non-GAAP Financial Measures
Non-GAAP income per share was $0.02 in Q3 2024, compared to $(0.00) in Q3 2023. Adjusted EBITDA rose from $14.2 million in Q3 2023 to $21.3 million in Q3 2024.
In its reporting, Clean Energy uses GAAP and non-GAAP financial measures. These non-GAAP measures provide additional insight into its operating results and are not directly comparable to similar measures used by other companies.
