The following is a summary of the Clean Energy Fuels Corp. (CLNE) Q3 2024 Earnings Call Transcript:
Financial Performance:
Clean Energy Fuels reported an adjusted EBITDA of $21.3 million in Q3 2024 compared to $14.2 million in Q3 2023.
Revenue increased from $96 million in Q3 2023 to $105 million in Q3 2024.
Sold 60 million gallons of RNG, generating higher RIN credits and alternative fuel tax credit revenues.Ended the quarter with $243 million in cash and investments.
Business Progress:
Opened a new fueling station in Bordentown, NJ, as part of their contract with Amazon, contributing to a 15% expansion of their network.
Launched the X15N demo truck program, receiving positive feedback and interest in additional deployments.
Broke ground on new RNG projects and expanded into the Canadian market through a partnership with Tourmaline, further developing a natural gas fueling corridor for heavy-duty trucks in western Canada.
Continued strong performance in the transit market, including a new contract with Harris County MTA in Houston and transitioning the NICE bus system in Long Island from CNG to RNG.
Opportunities:
RNG and heavy-duty natural gas trucks are gaining traction, providing substantial fuel cost savings and environmental benefits, which are critical in markets with stringent emission standards.
The broader adoption of the X15N engine could drive significant fuel volume growth at their stations in the second half of 2025, especially with favorable responses from testing major fleets like J.B. Hunt, and Werner.
Risks:
The expiring alternative fuel tax credit by end of 2024 poses a financial risk unless it is reinstated, impacting earnings potential for 2025.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
