Clean Energy Fuels (CLNE) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $109.3 million, up from $106.9 million in Q4 2023, with full-year 2024 revenue at $415.9 million and 62 million gallons of RNG sold, up 9% year-over-year.

• Full-year 2024 RNG sales totaled 237 million gallons, a 5% increase over 2023, and adjusted EBITDA rose to $77 million.

• The company operates over 600 stations, with downstream RNG fueling generating nearly $89 million in EBITDA for 2024.

• Major fleet customers are adopting RNG, and the new Cummins X15N engine is expected to drive future growth.

• Ended 2024 with $217.5 million in cash, cash equivalents, and short-term investments.

Financial highlights

• GAAP net loss for Q4 2024 was $30.2 million on $109.3 million in revenue; full-year GAAP net loss was $83.1 million, including $61 million in non-cash Amazon warrant charges and $8 million in equity security write-downs.

• Adjusted EBITDA for 2024 was $76.6 million, exceeding guidance.

• Adjusted non-GAAP net income for Q4 2024 was $3.6 million; non-GAAP income per share was $0.02.

• Q4 2024 revenue included $18 million in non-cash Amazon warrant contra-revenue charges and $6.1 million in AFTC revenue.

• Ended 2024 with $217 million in unrestricted cash and investments, $100 million available on a debt facility, and $303 million in long-term debt.

Outlook and guidance

• 2025 adjusted EBITDA outlook is $50–$55 million, down from $77 million in 2024, mainly due to exclusion of the $24 million AFTC and lower RIN prices.

• 2025 GAAP net loss expected between $155 million and $160 million, including up to $55 million in accelerated depreciation from potential LNG station asset abandonment.

• 2025 revenue guidance is around $400 million.

• RNG volumes projected at 246 million gallons for 2025, with 3–5 million gallons attributed to X15N engine adoption across 25+ fleets.

• No AFTC or 45Z credits included in 2025 outlook due to regulatory uncertainty.