Clean Energy Fuels (CLNE) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $98 million, up from $90.5 million in Q2 2023, with Adjusted EBITDA rising to $18.9 million from $12.1 million and net loss steady at $16.3 million ($0.07/share).

• Cash, cash equivalents, and short-term investments totaled nearly $250 million at quarter-end, supporting robust liquidity.

• Expanded RNG production capacity through new partnerships, including Maas Energy, and completed a $22 million dairy RNG project.

• Operated or supplied over 600 fueling stations in North America, serving more than 1,000 fleet customers, and signed new agreements with major fleets.

• Cash provided by operating activities improved to $21.4 million for H1 2024, compared to $7 million used in H1 2023.

Financial highlights

• Adjusted EBITDA for Q2 2024 was $18.9 million, up from $12.1 million in Q2 2023.

• GAAP net loss for Q2 2024 was $16.3 million ($0.07/share), unchanged from Q2 2023.

• Product revenue rose to $83 million, and service revenue was $15 million in Q2 2024.

• Year-to-date GAAP net loss improved to $34.7 million from $55 million in H1 2023; adjusted EBITDA rose to $31.8 million from $8.2 million.

• RNG volumes sold in Q2 2024 were 57.1 million gallons, down 2.6% year-over-year.

Outlook and guidance

• 2024 GAAP net loss guidance is $(91)–$(81) million, improved by $20 million from prior guidance.

• 2024 Adjusted EBITDA guidance remains $62–$72 million, with expectations to reach the higher end depending on volumes.

• RNG volume target for 2024 is 245 million gallons, with current outlook to achieve 95–100% of this goal.

• Guidance excludes impacts from acquisitions, divestitures, new JVs, and extraordinary events.

• Company expects to fund $60 million in capital expenditures and up to $120 million for RNG facility development in 2024.