Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the
“Company”) today announced its operating results for the second
quarter of 2021.
Andrew J. Littlefair, Clean Energy’s President and Chief
Executive Officer, stated “In the second quarter we completed the
most important commercial agreement in the history of our Company
with Amazon, our business has begun to return to pre-COVID-19
levels, we raised $200 million in growth capital, our earnings were
better than expected and there continues to be an increasing
understanding of the role our renewable fuel can play today in
addressing climate change. We’re also executing on our plans to
develop low CI renewable natural gas and to provide renewable
natural gas from additional sources to our nationwide fueling
network.”
The Company delivered 101.4 million gallons in the second
quarter of 2021, a 13% increase from 89.5 million in the second
quarter of 2020. This increase was principally from the lifting of
certain restrictions related to the COVID-19 pandemic, primarily
affecting the airports and public transit customer markets.
Renewable natural gas (“RNG”) gallons delivered increased 19% in
the second quarter of 2021 compared to the second quarter of
2020.
The Company’s revenue for the second quarter of 2021 was $0.5
million, a decrease of 99.2% compared to $59.9 million for the
second quarter of 2020. Revenue for the second 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
$78.1 million. Revenue for the second quarter of 2021 also included
an unrealized loss of $0.5 million on commodity swap and customer
fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized loss of $1.5 million
in the second quarter of 2020. Excluding the effects of the Amazon
warrant charges and the commodity swap and customer fueling
contracts unrealized losses, revenue for the second quarter of 2021
increased by 28.9% to $79.0 million compared to $61.3 million for
the second 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 $6.1 million for the second quarter of
2021 compared to $5.3 million for the second quarter of 2020.
The Company’s revenue for the six months ended June 30, 2021 was
$77.6 million, a decrease of 46.8% compared to $145.9 million for
the six months ended June 30, 2020. Revenue for the six months
ended June 30, 2021 included Amazon warrant charges of $78.1
million. Revenue for the six months ended June 30, 2021 also
included an unrealized loss of $2.5 million on commodity swap and
customer fueling contracts relating to the Company’s Zero Now truck
financing program, compared to an unrealized gain of $4.2 million
in the six months ended June 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 six months
ended June 30, 2021 increased by 11.6% to $158.2 million compared
to $141.7 million for the six months ended June 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 $10.6 million
for the six months ended June 30, 2021 compared to $10.8 million
for the six months ended June 30, 2020.
On a GAAP (as defined below) basis, net loss attributable to
Clean Energy for the second quarter of 2021 was $(79.7) million, or
$(0.38) per share, compared to $(6.7) million, or $(0.03) per
share, for the second quarter of 2020. The second quarter of 2021
was negatively affected by the Amazon warrant charges.
On a GAAP basis, net loss attributable to Clean Energy for the
six months ended June 30, 2021 was $(86.8) million, or $(0.43) per
share, compared to $(5.0) million, or $(0.02) per share, for the
six months ended June 30, 2020. The six months ended June 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.
Non-GAAP income per share and Adjusted EBITDA (each as defined
below) for the second quarter of 2021 was $0.01 and $14.0 million,
respectively. Non-GAAP loss per share and Adjusted EBITDA for the
second quarter of 2020 was $(0.02) and $9.2 million,
respectively.
Non-GAAP income per share and Adjusted EBITDA for the six months
ended June 30, 2021 was $0.00 and $25.6 million, respectively.
Non-GAAP loss per share and Adjusted EBITDA for the six months
ended June 30, 2020 was $(0.03) and $20.6 million,
respectively.
Non-GAAP income (loss) per share and Adjusted EBITDA are
described below and reconciled to GAAP net income (loss) per share
attributable to Clean Energy and GAAP net income (loss)
attributable to Clean Energy, respectively.
Non-GAAP Financial Measures
To supplement the Company’s unaudited condensed consolidated
financial statements presented in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”), the Company uses non-GAAP financial measures that it
calls non-GAAP income (loss) per share (“non-GAAP income (loss) per
share”) and adjusted EBITDA (“Adjusted EBITDA”). Management
presents non-GAAP income (loss) per share and Adjusted EBITDA
because it believes these measures provide meaningful supplemental
information about the Company’s performance, for the following
reasons: (1) these measures allow for greater transparency with
respect to key metrics used by management to assess the Company’s
operating performance and make financial and operational decisions;
(2) these measures exclude the effect of items that management
believes are not directly attributable to the Company’s core
operating performance and may obscure trends in the business; and
(3) these measures are used by institutional investors and the
analyst community to help analyze the Company’s business. In future
quarters, the Company may adjust for other expenditures, charges or
gains to present non-GAAP financial measures that the Company’s
management believes are indicative of the Company’s core operating
performance.
Non-GAAP financial measures are limited as an analytical tool
and should not be considered in isolation from, or as a substitute
for, the Company’s GAAP results. The Company expects to continue
reporting non-GAAP financial measures, adjusting for the items
described below (and/or other items that may arise in the future as
the Company’s management deems appropriate), and the Company
expects to continue to incur expenses, charges or gains like the
non-GAAP adjustments described below. Accordingly, unless expressly
stated otherwise, the exclusion of these and other similar items in
the presentation of non-GAAP financial measures should not be
construed as an inference that these costs are unusual, infrequent,
or non-recurring. Non-GAAP income (loss) per share and Adjusted
EBITDA are not recognized terms under GAAP and do not purport to be
an alternative to GAAP income (loss), GAAP income (loss) per share
or any other GAAP measure as an indicator of operating performance.
Moreover, because not all companies use identical measures and
calculations, the Company’s presentation of non-GAAP income (loss)
per share and Adjusted EBITDA may not be comparable to other
similarly titled measures used by other companies.
Non-GAAP Income (Loss) Per Share
Non-GAAP income (loss) per share, which the Company presents as
a non-GAAP measure of its performance, is defined as net income
(loss) attributable to Clean Energy Fuels Corp., plus Amazon
warrant charges, plus stock-based compensation expense, plus
(minus) loss (income) from the SAFE&CEC S.r.l. equity method
investment, and plus (minus) any loss (gain) from changes in the
fair value of derivative instruments, the total of which is divided
by the Company’s weighted-average common shares outstanding on a
diluted basis. The Company’s management believes excluding non-cash
expenses related to the Amazon warrant charges provides useful
information to investors regarding the Company’s performance
because the Amazon warrant charges are measured based upon a fair
value determined using a variety of assumptions and estimates, and
the Amazon warrant charges do not impact the Company’s operating
cash flows related to the delivery and sale of vehicle fuel to its
customer. The Company’s management believes excluding non-cash
expenses related to stock-based compensation provides useful
information to investors regarding the Company’s performance
because of the varying available valuation methodologies, the
volatility of the expense (which depends on market forces outside
of management’s control), the subjectivity of the assumptions and
the variety of award types that a company can use, which may
obscure trends in a company’s core operating performance.
Similarly, the Company believes excluding the non-cash results from
the SAFE&CEC S.r.l. equity method investment is useful to
investors because these charges are not part of or representative
of the core operations of the Company. In addition, the Company’s
management believes excluding the non-cash loss (gain) from changes
in the fair value of derivative instruments is useful to investors
because the valuation of the derivative instruments is based on a
number of subjective assumptions, the amount of the loss or gain is
derived from market forces outside of management’s control, and the
exclusion of these amounts enables investors to compare the
Company’s performance with other companies that do not use, or use
different forms of, derivative instruments.
The table below shows GAAP and non-GAAP income (loss)
attributable to Clean Energy per share and also reconciles GAAP net
income (loss) attributable to Clean Energy to the non-GAAP net
income (loss) attributable to Clean Energy figure used in the
calculation of non-GAAP income (loss) per share:
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except share and per
share data)
2020
2021
2020
2021
Net loss attributable to Clean Energy
Fuels Corp.
$
(6,736
)
$
(79,667
)
$
(5,032
)
$
(86,836
)
Amazon warrant charges
-
78,053
-
78,053
Stock-based compensation
760
3,419
1,814
6,786
Loss (income) from SAFE&CEC S.r.l.
equity method investment
483
(508
)
448
(112
)
Loss (gain) from change in fair value of
derivative instruments
1,022
462
(4,205
)
2,507
Non-GAAP net income (loss) attributable to
Clean Energy Fuels Corp.
$
(4,471
)
$
1,759
$
(6,975
)
$
398
Diluted weighted-average common shares
outstanding
200,670,137
211,227,848
202,831,346
207,830,496
GAAP loss attributable to Clean Energy
Fuels Corp. per share
$
(0.03
)
$
(0.38
)
$
(0.02
)
$
(0.43
)
Non-GAAP income (loss) attributable to
Clean Energy Fuels Corp. per share
$
(0.02
)
$
0.01
$
(0.03
)
$
-
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP
measure of its performance, is defined as net income (loss)
attributable to Clean Energy, plus (minus) income tax expense
(benefit), plus interest expense, minus interest income, plus
depreciation and amortization expense, plus Amazon warrant charges,
plus stock-based compensation expense, plus (minus) loss (income)
from the SAFE&CEC equity method investment, and plus (minus)
any loss (gain) from changes in the fair value of derivative
instruments. The Company’s management believes Adjusted EBITDA
provides useful information to investors regarding the Company’s
performance for the same reasons discussed above with respect to
non-GAAP income (loss) per share. In addition, management
internally uses Adjusted EBITDA to determine elements of executive
and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this
figure to GAAP net income (loss) attributable to Clean Energy:
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands)
2020
2021
2020
2021
Net loss attributable to Clean Energy
Fuels Corp.
$
(6,736
)
$
(79,667
)
$
(5,032
)
$
(86,836
)
Income tax expense
78
56
156
139
Interest expense
1,841
1,002
4,051
2,438
Interest income
(273
)
(240
)
(654
)
(494
)
Depreciation and amortization
12,050
11,381
23,974
23,116
Amazon warrant charges
-
78,053
-
78,053
Stock-based compensation
760
3,419
1,814
6,786
Loss (income) from SAFE&CEC S.r.l.
equity method investment
483
(508
)
448
(112
)
Loss (gain) from change in fair value of
derivative instruments
1,022
462
(4,205
)
2,507
Adjusted EBITDA
$
9,225
$
13,958
$
20,552
$
25,597
Definition of “Gallons Delivered”
The Company defines “gallons delivered” as its gallons sold as
compressed natural gas (“CNG”) and liquefied natural gas (“LNG”),
along with its gallons associated with providing operations and
maintenance services, in each case delivered to its customers in
the applicable period, plus the Company’s proportionate share of
gallons delivered by joint ventures in the applicable period. RNG
sold as vehicle fuel is included in the CNG or LNG amounts as
applicable based on the form in which it was sold.
Three Months Ended
Six Months Ended
June 30,
June 30,
Gallons of RNG delivered (in
millions)
2020
2021
2020
2021
CNG
27.9
35.8
57.2
65.9
LNG
8.1
7.1
14.8
14.0
Total
36.0
42.9
72.0
79.9
The table below shows gallons delivered for the three and six
months ended June 30, 2020 and 2021:
Three Months Ended
Six Months Ended
June 30,
June 30,
Gallons Delivered (in millions)
2020
2021
2020
2021
CNG
73.6
88.5
157.7
167.1
LNG
15.9
12.9
31.1
26.7
Total
89.5
101.4
188.8
193.8
Sources of Revenue
The following table shows the Company's sources of revenue for
the three and six months ended June 30, 2020 and 2021:
Three Months Ended
Six Months Ended
June 30,
June 30,
Revenue (in millions)
2020
2021
2020
2021
Volume-related (1) (2)
$
50.2
$
(10.8
)
$
125.3
$
57.3
Station construction sales
5.3
6.1
10.8
10.6
AFTC
4.4
5.2
9.8
9.7
Total revenue
$
59.9
$
0.5
$
145.9
$
77.6
(1)
For the three and six months ended June
30, 2021, volume-related revenue includes an unrealized gain (loss)
from the change in fair value of commodity swap and customer
fueling contracts of $(0.5) million and $(2.5) million,
respectively. For the three and six months ended June 30, 2020,
volume-related revenue includes an unrealized gain (loss) from the
change in fair value of commodity swap and customer contracts of
$(1.5) million and $4.2 million, respectively.
(2)
Includes $78.1 million of Amazon warrant
charges for the three and six months ended June 30, 2021.
2021 Outlook Update
Considering the increase in the Amazon warrant charges as a
result of the issuance of additional common shares under the
Company’s at-the-market offering programs during the second quarter
of 2021 and subsequent to our previous 2021 outlook update, we’re
increasing our estimate of GAAP net loss for 2021 from $(76)
million to approximately $(86) million, which (a) includes
estimated Amazon warrant charges of $86 million in 2021 expected to
result from the issuance of the Amazon Warrant to purchase up to an
aggregate of 58,767,714 shares of the Company’s common stock,
subject to adjustment and vesting in accordance with the terms and
conditions set forth in the Amazon Warrant, (b) assumes no
unrealized gains or losses on commodity swap and customer fueling
contracts and (c) contemplates a gradual recovery from the COVID-19
pandemic in the second half of 2021. Changes in diesel and natural
gas market conditions resulting in unrealized gains or losses on
the Company’s commodity swap contracts could significantly affect
the Company’s estimated GAAP net loss for 2021. Adjusted EBITDA for
2021 is expected to range from $60 million to $62 million. These
expectations also exclude the impact of any acquisitions,
divestitures, new joint ventures, transactions or other
extraordinary events including a deterioration in, slower or lack
of any recovery from the COVID-19 pandemic. Additionally, the
expectations regarding 2021 Adjusted EBITDA assumes the calculation
of this non-GAAP financial measure in the same manner as described
above and adding back the expected $86 million of Amazon warrant
charges described above and without adjustments for any other items
that may arise during 2021 that management deems appropriate to
exclude. These expectations are forward-looking statements and are
qualified by the statement under “Safe Harbor Statement” below.
(in thousands)
2021 Outlook
GAAP Net income (loss) attributable to
Clean Energy Fuels Corp.
$
(86,000
)
Income tax expense (benefit)
300
Interest expense
4,100
Interest income
(1,050
)
Depreciation and amortization
48,000
Stock-based compensation
10,250
Loss (income) from SAFE&CEC S.r.l.
equity method investment
400
Loss (gain) from change in fair value of
derivative instruments
-
Amazon warrant charges
86,000
Adjusted EBITDA
$
60,000 – 62,000
Today’s Conference Call
The Company will host an investor conference call today at 4:30
p.m. Eastern time (1:30 p.m. Pacific). Investors interested in
participating in the live call can dial 1.877.407.4018 from the
U.S. and international callers can dial 1.201.689.8471. A telephone
replay will be available approximately two hours after the call
concludes through Sunday, September 5, 2021, by dialing
1.844.512.2921 from the U.S., or 1.412.317.6671 from international
locations, and entering Replay Pin Number 13720995. There also will
be a simultaneous, live webcast available on the Investor Relations
section of the Company’s web site at www.cleanenergyfuels.com,
which will be available for replay for 30 days.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is the country’s leading provider of
the cleanest fuel for the transportation market. Through its sales
of renewable natural gas (RNG), which is derived from biogenic
methane produced by the breakdown of organic waste, Clean Energy
enables thousands of vehicles, from airport shuttles to city buses
to waste and heavy-duty trucks, to reduce their amount of
climate-harming greenhouse gas by 60% to over 400% depending on the
source of the RNG, according to the California Air Resources Board.
Clean Energy can deliver RNG through compressed natural gas (CNG)
and liquefied natural gas (LNG) to its network of fueling stations
across the U.S. Clean Energy builds CNG and LNG fueling stations
for the transportation market, operates a network of approximately
570 stations across the U.S. and Canada, owns natural gas
liquefaction facilities in California and Texas, and transports
bulk CNG and LNG to non-transportation customers around the U.S.
For more information, visit www.cleanenergyfuels.com and follow
@CE_NatGas.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements about, among other things, the
Company’s outlook for fiscal 2021, the expected impact of the
issuance of the Amazon Warrant on the Company’s financial results,
and the expected impact of the COVID-19 pandemic on the Company’s
business.
Forward-looking statements are statements other than historical
facts and relate to future events or circumstances or the Company’s
future performance, and they are based on the Company’s current
assumptions, expectations and beliefs concerning future
developments and their potential effect on the Company and its
business. As a result, actual results, performance or achievements
and the timing of events could differ materially from those
anticipated in or implied by these forward-looking statements as a
result of many factors including, among others: the COVID-19
pandemic and the measures taken to prevent its spread and the
related impact on our operations, liquidity and financial
condition; the willingness of fleets and other consumers to adopt
natural gas as a vehicle fuel, and the rate and level of any such
adoption; the Company’s ability to capture a substantial share of
the market for alternative vehicle fuels and vehicle fuels
generally and otherwise compete successfully in these markets; the
potential adoption of government policies or programs or increased
publicity or popular sentiment in favor of other vehicle fuels; the
market’s perception of the benefits of RNG and conventional natural
gas relative to other alternative vehicle fuels; natural gas
vehicle and engine cost, fuel usage, availability, quality, safety,
convenience, design, performance and residual value, as well as
operator perception with respect to these factors, in general and
in the Company’s key customer markets, including heavy-duty
trucking; the Company’s ability to manage and grow its RNG
business, including its ability to procure adequate supplies of RNG
and generate revenues from sales of such RNG; the Company and its
suppliers’ ability to successfully develop and operate projects and
produce expected volumes of RNG; the potential commercial viability
of livestock waste and dairy farm projects to produce RNG; the
Company’s history of net losses and the possibility the Company
incurs additional net losses in the future; the Company’s and its
partners’ ability to acquire, finance, construct and develop other
commercial projects; the Company’s ability to potentially modify
its fueling stations to reform its RNG to fuel hydrogen and
electric vehicles; the Company’s ability to realize the expected
benefits from the commercial arrangement with Amazon and related
transactions; future supply, demand, use and prices of crude oil,
gasoline, diesel, natural gas, and other vehicle fuels, including
overall levels of and volatility in these factors; changes in the
competitive environment in which we operate, including potentially
increasing competition in the market for vehicle fuels generally;
the Company’s ability to manage and grow its business of
transporting and selling CNG for non-vehicle purposes via virtual
natural gas pipelines and interconnects, as well as its station
design and construction activities; construction, permitting and
other factors that could cause delays or other problems at station
construction projects; the Company’s ability to execute and realize
the intended benefits of any acquisitions, divestitures,
investments or other strategic relationships or transactions;
future availability of and our access to additional capital, which
may include debt or equity financing, in the amounts and at the
times needed to fund growth in the Company’s business and the
repayment of its debt obligations (whether at or before their due
dates) or other expenditures, as well as the terms and other
effects of any such capital raising transaction; the Company’s
ability to generate sufficient cash flows to repay its debt
obligations as they come due; the availability of environmental,
tax and other government regulations, programs and incentives that
promote natural gas, such as AFTC, or other alternatives as a
vehicle fuel, including long-standing support for gasoline- and
diesel-powered vehicles and growing support for electric and
hydrogen-powered vehicles that could result in programs or
incentives that favor these or other vehicles or vehicle fuels over
natural gas; the Company’s ability to comply with various
registration and regulatory requirements related to its RNG
projects; the effect of, or potential for changes to greenhouse gas
emissions requirements or other environmental regulations
applicable to vehicles powered by gasoline, diesel, natural gas or
other vehicle fuels and crude oil and natural gas fueling,
drilling, production, transportation or use; the Company’s ability
to manage the safety and environmental risks inherent in its
operations; the Company’s compliance with all applicable government
regulations; the impact of the foregoing on the trading price of
the Company’s common stock; and general political, regulatory,
economic and market conditions.
The forward-looking statements made in this press release speak
only as of the date of this press release and the Company
undertakes no obligation to update publicly such forward-looking
statements to reflect subsequent events or circumstances, except as
otherwise required by law. The Company’s periodic reports filed
with the Securities and Exchange Commission (www.sec.gov),
including its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2021 that the Company expects to file with the Securities
and Exchange Commission on August 5, 2021, contain additional
information about these and other risk factors that may cause
actual results to differ materially from the forward-looking
statements contained in this press release, and such risk factors
may be amended, supplemented or superseded from time to time by
other reports the Company files with the Securities and Exchange
Commission.
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share data; Unaudited)
December 31,
June 30,
2020
2021
Assets
Current assets:
Cash and cash equivalents
$
108,977
$
134,041
Short-term investments
29,528
120,208
Accounts receivable, net of allowance of
$1,335 and $1,184 as of December 31, 2020 and June 30, 2021,
respectively
61,784
66,497
Other receivables
23,655
14,859
Inventory
28,100
27,968
Prepaid expenses and other current
assets
9,404
19,973
Derivative assets, related party
1,591
—
Total current assets
263,039
383,546
Operating lease right-of-use assets
25,967
34,586
Land, property and equipment, net
290,911
274,686
Restricted cash
11,000
7,004
Notes receivable and other long-term
assets, net
27,299
70,214
Long-term portion of derivative assets,
related party
4,057
—
Investments in other entities
27,962
78,007
Goodwill
64,328
64,328
Intangible assets, net
464
171
Total assets
$
715,027
$
912,542
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
3,592
$
8,689
Current portion of finance lease
obligations
840
807
Current portion of operating lease
obligations
2,822
3,154
Accounts payable
17,310
18,031
Accrued liabilities
52,637
50,351
Deferred revenue
2,642
3,089
Derivative liabilities, related party
—
709
Total current liabilities
79,843
84,830
Long-term portion of debt
82,088
29,569
Long-term portion of finance lease
obligations
2,552
2,593
Long-term portion of operating lease
obligations
23,698
31,704
Long-term portion of derivative
liabilities, related party
—
984
Other long-term liabilities
3,996
7,619
Total liabilities
192,177
157,299
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value.
1,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock, $0.0001 par value.
304,000,000 and 454,000,000 shares authorized; 198,491,204 shares
and 222,966,955 shares issued and outstanding as of December 31,
2020 and June 30, 2021, respectively
20
22
Additional paid-in capital
1,191,791
1,511,742
Accumulated deficit
(678,096
)
(764,932
)
Accumulated other comprehensive loss
(209
)
(373
)
Total Clean Energy Fuels Corp.
stockholders’ equity
513,506
746,459
Noncontrolling interest in subsidiary
9,344
8,784
Total stockholders’ equity
522,850
755,243
Total liabilities and stockholders’
equity
$
715,027
$
912,542
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share data; Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Revenue:
Product revenue
$
50,426
$
(8,965
)
$
126,128
$
58,727
Service revenue
9,448
9,445
19,752
18,896
Total revenue
59,874
480
145,880
77,623
Operating expenses:
Cost of sales (exclusive of depreciation
and amortization shown separately below):
Product cost of sales
33,054
41,294
79,727
86,102
Service cost of sales
5,499
5,617
11,758
11,210
Change in fair value of derivative
warrants
(445
)
—
(40
)
—
Selling, general and administrative
16,892
21,606
35,151
43,047
Depreciation and amortization
12,050
11,381
23,974
23,116
Total operating expenses
67,050
79,898
150,570
163,475
Operating loss
(7,176
)
(79,418
)
(4,690
)
(85,852
)
Interest expense
(1,841
)
(1,002
)
(4,051
)
(2,438
)
Interest income
273
240
654
494
Other income, net
2,287
166
2,462
844
Income (loss) from equity method
investments
(502
)
121
(357
)
(305
)
Loss before income taxes
(6,959
)
(79,893
)
(5,982
)
(87,257
)
Income tax expense
(78
)
(56
)
(156
)
(139
)
Net loss
(7,037
)
(79,949
)
(6,138
)
(87,396
)
Loss attributable to noncontrolling
interest
301
282
1,106
560
Net loss attributable to Clean Energy
Fuels Corp.
$
(6,736
)
$
(79,667
)
$
(5,032
)
$
(86,836
)
Net loss attributable to Clean Energy
Fuels Corp. per share:
Basic and diluted
$
(0.03
)
$
(0.38
)
$
(0.02
)
$
(0.43
)
Weighted-average common shares
outstanding:
Basic and diluted
200,670,137
207,047,221
202,831,346
203,043,580
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210805005211/en/
Investor Contact: investors@cleanenergyfuels.com
News Media Contact: Raleigh Gerber Director of Corporate
Communications 949.437.1397
Clean Energy Fuels (NASDAQ:CLNE)
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