Clean Energy Fuels Corp Reports Q4 2024 Results: Revenue Growth Amidst Challenges

In the fourth quarter of 2024, Clean Energy reported revenue of $109.3 million, slightly up from $106.9 million in the same quarter of 2023. This marks a modest year-over-year growth that reflects the company's ongoing efforts in expanding its RNG sales. The net loss attributable to Clean Energy for this quarter was $(30.2) million, or $(0.13) per share, compared to a loss of $(18.7) million or $(0.08) per share in Q4 2023.

For the full year 2024, the company’s revenue totaled $415.9 million, down from $425.2 million in 2023. The annual net loss was $(83.1) million, or $(0.37) per share, an improvement from a loss of $(99.5) million or $(0.45) per share in the previous year.

Additionally, Clean Energy's Adjusted EBITDA for Q4 2024 was $23.6 million, up from $21.2 million in Q4 2023, while for the entire year, Adjusted EBITDA reached $76.6 million, a significant increase from $43.6 million in 2023.

As of December 31, 2024, the company reported cash, cash equivalents, and short-term investments totaling $217.5 million. This solid cash position provides a strong foundation for future operational and strategic initiatives.

Looking ahead, Clean Energy projects a GAAP net loss for 2025 to be between $(160) million and $(155) million. This outlook includes an anticipated $55 million of accelerated depreciation expense related to the potential abandonment of certain LNG station assets. The company also plans for an Adjusted EBITDA of $50 million to $55 million, excluding the impact of the alternative fuel excise tax credit (AFTC), which expired in 2024 and accounted for approximately $24 million in revenue in 2024.

Clean Energy continues to make significant strides in the RNG sector, with 62.0 million gallons sold in Q4 2024, representing an 8.8% increase compared to Q4 2023. Overall, RNG gallons sold for the year totaled 236.7 million gallons, up 4.9% from 2023.

The company has also expanded its operations by enhancing a RNG fueling station owned by the LA County Sanitation District, which dispenses 1 million gallons annually. Furthermore, Clean Energy has secured numerous RNG deals with prominent customers, including DHL, Food Express, LA Metro, and Estes Express Lines. Additionally, the company was awarded a contract for the design and construction of a new hydrogen station for Riverside Transit.

Andrew J. Littlefair, President and Chief Executive Officer, expressed pride in the team's performance, stating, “Hats off to the Clean Energy team for finishing the year strong with a 9% year over year increase in quarterly RNG delivered... Our growing fuel volumes of RNG are contributing positively to our favorable financial results.” He emphasized the importance of RNG in discussions regarding the heavy-duty transportation sector across the U.S. and Canada, highlighting its environmental and economic benefits.

As Clean Energy Fuels Corp. navigates challenges in the current market environment, its focus on expanding RNG sales and strategic partnerships positions it well for future growth. The latest financial results indicate a resilient business model that continues to adapt and evolve in the clean energy landscape. Investors and stakeholders will be closely watching the developments in 2025 as the company aims to achieve its ambitious goals in renewable energy.

For further details, Clean Energy will host a conference call today at 4:30 p.m. Eastern Time, providing an opportunity for investors to engage with the company's leadership.