Clean Energy Fuels Corp. Reports Revenue Growth in Third Quarter Financial Results

Clean Energy Fuels Corp. (NASDAQ: CLNE) announced its financial results for the third quarter of 2024 in a recent press release. The company reported revenue of $104.9 million for Q3 2024, up from $95.6 million in Q3 2023. Net loss attributable to Clean Energy for Q3 2024 was $(18.2) million, an improvement from $(25.8) million in Q3 2023. Adjusted EBITDA for Q3 2024 was $21.3 million, higher than $14.2 million in Q3 2023.

The company’s financial highlights include revenue growth and improved net loss figures. Cash, cash equivalents, and short-term investments stood at $243.5 million as of September 30, 2024. Clean Energy Fuels Corp. also provided its 2024 outlook, maintaining its GAAP net loss estimate of approximately $(91) million to $(81) million and Adjusted EBITDA projection of $62 million to $72 million.

Operational and strategic highlights for Q3 2024 included selling 59.6 million RNG gallons, breaking ground on a new RNG production facility, launching a demo program for heavy-duty trucks, and announcing agreements for natural gas fueling stations. Clean Energy Fuels Corp. remains focused on expanding its RNG business and increasing its network of fueling stations.

Commenting on the results, Andrew J. Littlefair, President and Chief Executive Officer, stated, “Great progress continued in the third quarter with growing RNG fuel volumes, additional investment into dairy RNG projects, fueling stations coming online increasing our network in strategic locations, and leading heavy-duty truck fleets signing up to test our demo truck with the new Cummins X15N engine.”

In the third quarter of 2024, the company’s revenue was impacted by non-cash stock-based sales incentive contra-revenue charges, while net loss was affected by higher interest expenses. Adjusted EBITDA and non-GAAP income (loss) per share also saw improvements compared to the same period last year.

Clean Energy Fuels Corp. continues to focus on its core operations, including the production and sale of RNG, expansion of its fueling station network, and collaborations with industry partners. The company’s commitment to sustainable transportation solutions remains a key driver of its financial performance and operational growth.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Clean Energy Fuels’s 8K filing here.

Clean Energy Fuels Company Profile

Clean Energy Fuels Corp. provides natural gas as alternative fuels for vehicle fleets and related fueling solutions in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations.