Q2 2024 Clean Energy Fuels Corp Earnings Call Transcript
Key Points
- Clean Energy Fuels Corp (CLNE) reported $18.9 million in adjusted EBITDA for Q2 2024, up from $12 million in Q2 2023.
- Revenue increased to $98 million in Q2 2024 from $90 million in Q2 2023.
- The company ended the quarter with nearly $250 million in cash and investments.
- Expansion of the Boron facility increased output capacity by 50%, driven by demand from the commercial maritime industry.
- Clean Energy Fuels Corp (CLNE) has constructed an extensive fueling infrastructure with over 600 fueling stations across North America.
- Clean Energy Fuels Corp (CLNE) reported a GAAP net loss of $16.3 million for Q2 2024, the same as Q2 2023.
- RNG volumes sold decreased slightly to 57.1 million gallons in Q2 2024 from 58.6 million gallons in Q2 2023.
- Lower trending LCFS credit prices impacted revenues, despite a recovery in LCFS revenues.
- The company anticipates challenges in reaching its 2024 RNG volume target of 245 million gallons.
- Natural gas price reductions led to a 5% decline in revenue from Q1 to Q2 2024.
Good day and welcome to the Clean Energy Fuels second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Bob Vreeland, Chief Financial Officer. Please go ahead
Operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ending June 30, 2024. If you did not receive the release, it is available on the Investor Relations section of the company's website at www.cleanenergyfuels.com.
For the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward looking statements that involve risks, uncertainties and assumptions that are difficult to predict.
Such forward-looking statements are not a guarantee of
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