Clean Energy Fuels Corp. Reports Mixed Q3 Results, Net Loss Improvement, and Increased Cash Flow

Clean Energy Fuels Corp. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total revenue for Q3 2024 reached $104.9 million, an increase from $95.6 million in Q3 2023. This growth was primarily driven by a rise in product revenue, which increased to $89.9 million from $81.3 million, attributed to higher bulk fuel sales in the marine sector and increased vehicle fueling volumes. Service revenue also saw a slight increase, rising to $15.0 million from $14.3 million.

However, for the nine months ended September 30, 2024, total revenue decreased to $306.5 million from $318.3 million in the same period of 2023. This decline was mainly due to a drop in product revenue, which fell to $262.3 million from $276.7 million, despite an increase in service revenue to $44.2 million from $41.6 million.

The company reported a net loss of $18.2 million for Q3 2024, a significant improvement from a net loss of $27.3 million in Q3 2023. For the nine-month period, the net loss was $52.9 million, down from $80.8 million in the previous year. The improvement in net loss was accompanied by a reduction in operating expenses, which decreased to $107.6 million for the nine months ended September 30, 2024, from $121.9 million in 2023.

Cash provided by operating activities showed a notable increase, amounting to $42.7 million for the nine months ended September 30, 2024, compared to just $0.8 million in the same period of 2023. The company also reported a net increase in cash, cash equivalents, and restricted cash, totaling $119.0 million as of September 30, 2024, up from $27.1 million at the end of the previous fiscal period.

Strategically, Clean Energy Fuels Corp. has engaged in several joint ventures, including a 50-50 partnership with TotalEnergies for anaerobic digester gas production facilities, with a total investment commitment of up to $400 million. Additionally, the company entered a joint development agreement with Maas Energy Works for RNG production projects at dairy farms, committing up to $132 million in equity capital.

The company continues to focus on expanding its infrastructure, operating 583 fueling stations across the U.S. and Canada, and plans to invest in hydrogen fuel availability and electric vehicle charging capabilities. Despite the challenges faced, Clean Energy Fuels Corp. remains committed to its growth strategy in the renewable energy sector.