Clean Energy Reports 104.2 Million Gallons Delivered for the Third Quarter of 2021

Source: www.gulfoilandgas.com 11/4/2021, Location: North America

Clean Energy Fuels Corp. announced its operating results for the third quarter of 2021.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Volumes have increased as the economy continues to open and as we see more Amazon trucks fueling across our network. I look forward to seeing my daily reports that show such a big fleet utilizing our network and conducting their transportation in the cleanest way we believe possible. We’re also moving into the marine sector with our new customer Pasha and its brand-new LNG ships, which we expect to be an important and significant improvement to their carbon profile.

Our expansion into owning and developing dairy RNG production projects made solid progress with our JV’s. Between the demand side growth with new large fleets like Amazon, and our investment in additional RNG supply beginning to see momentum, our team is executing on all cylinders to be the continued leader in providing low carbon solutions for customers.”

The Company delivered 104.2 million gallons in the third quarter of 2021, a 6.7% increase from 97.7 million in the third quarter of 2020. This increase was principally from the continued return to a more normal travel and goods movements environment primarily in our airports and public transit customer markets, which were negatively impacted by the COVID-19 pandemic in 2020. Renewable natural gas (“RNG”) delivered was 42.2 million gallons in the third quarter of 2021, a 5% increase compared to the third quarter of 2020.

The Company’s revenue for the third quarter of 2021 was $86.1 million, an increase of 21.5% compared to $70.9 million for the third quarter of 2020. Revenue for the third quarter of 2021 included non-cash stock-based sales incentive contra-revenue charges (“Amazon warrant charges”) related to the warrant issued to Amazon.com NV Investment Holdings LLC (the “Amazon Warrant”) of $2.2 million. Revenue for the third quarter of 2021 also included an unrealized gain of $0.3 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $0.1 million in the third quarter of 2020. Excluding the effects of the Amazon warrant charges and the commodity swap and customer fueling contracts unrealized gains and losses, revenue for the third quarter of 2021 increased by 23.9% to $88.0 million compared to $71.0 million for the third quarter of 2020. This increase in revenue was principally due to higher effective fuel prices resulting from higher natural gas prices, a favorable fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel, and an increase in the number of gallons delivered. Station construction revenue was $2.6 million for the third quarter of 2021 compared to $8.8 million for the third quarter of 2020.

The Company’s revenue for the nine months ended September 30, 2021 was $163.7 million, a decrease of 24.5% compared to $216.8 million for the nine months ended September 30, 2020. Revenue for the nine months ended September 30, 2021 included Amazon warrant charges of $80.2 million. Revenue for the nine months ended September 30, 2021 also included an unrealized loss of $2.2 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized gain of $4.0 million in the nine months ended September 30, 2020. Excluding the effects of the Amazon warrant charges and the commodity swap and customer fueling contracts unrealized gains and losses, revenue for the nine months ended September 30, 2021 increased by 15.7% to $246.2 million compared to $212.8 million for the nine months ended September 30, 2020. This increase in revenue was principally due to higher effective fuel prices resulting from higher natural gas prices, a favorable fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel, and an increase in the number of gallons delivered. Station construction revenue was $13.2 million for the nine months ended September 30, 2021, compared to $19.6 million for the nine months ended September 30, 2020.

On a GAAP (as defined below) basis, net loss attributable to Clean Energy for the third quarter of 2021 was $(3.9) million, or $(0.02) per share, compared to $(2.3) million, or $(0.01) per share, for the third quarter of 2020. The third quarter of 2021 was negatively affected by the Amazon warrant charges.

On a GAAP basis, net loss attributable to Clean Energy for the nine months ended September 30, 2021, was $(90.8) million, or $(0.43) per share, compared to $(7.3) million, or $(0.04) per share, for the nine months ended September 30, 2020. The nine months ended September 30, 2021 was negatively affected by the Amazon warrant charges and the unrealized loss on commodity swap and customer fueling contracts, while the comparable 2020 period was positively affected by the unrealized gain on commodity swap and customer fueling contracts.


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