HomeNewsClean Energy Reports $109 Million Revenue, 62 Million RNG Gallons Sold in Q4 2024

Clean Energy Reports $109 Million Revenue, 62 Million RNG Gallons Sold in Q4 2024

2/24/2025

(P&GJ) — Clean Energy Fuels Corp. reported fourth-quarter 2024 revenue of $109.3 million, slightly up from $106.9 million in Q4 2023. Full-year revenue totaled $415.9 million, down from $425.2 million in 2023.

The company posted a net loss of $30.2 million, or $0.13 per share, for the quarter, widening from $18.7 million in Q4 2023. For the full year, Clean Energy’s net loss improved to $83.1 million, or $0.37 per share, compared to $99.5 million in 2023. Adjusted EBITDA rose to $23.6 million for Q4 and $76.6 million for the year, up from $21.2 million and $43.6 million, respectively, in 2023.

As of December 31, 2024, Clean Energy held $217.5 million in cash, cash equivalents, and short-term investments.

2025 Outlook:

  • Expected GAAP net loss of $155 million to $160 million, including up to $55 million in accelerated depreciation from the possible abandonment of LNG station assets at 55 Pilot Flying J locations.
  • Adjusted EBITDA projected between $50 million and $55 million.
  • Outlook excludes the alternative fuel excise tax credit (AFTC), which expired in 2024 and accounted for about $24 million in prior-year revenue.

Operational Highlights:

  • Sold 62 million gallons of renewable natural gas (RNG) in Q4, up 8.8% from a year earlier. Full-year RNG sales rose 4.9% to 236.7 million gallons.
  • Expanded an RNG fueling station for the LA County Sanitation District, which dispenses 1 million gallons annually.
  • Secured RNG supply agreements with major customers, including DHL, Food Express, LA Metro, and Estes Express Lines.
  • Won a contract to design and build a new hydrogen station for Riverside Transit.

“Hats off to the Clean Energy team for finishing the year strong with a 9% year-over-year increase in quarterly RNG delivered and ending 2024 at the low end of our GAAP loss guidance range and exceeding the high end of our Adjusted EBITDA guidance range, leaving us on strong financial footing," said Andrew J. Littlefair, President and CEO.

"Our growing RNG fuel volumes are contributing positively to our financial results, even before the anticipated impact of the new Cummins X15N engine hitting the road in late 2025. We’ve already begun working with the new Administration on transportation energy solutions. With broad bipartisan support, RNG should be part of every discussion on the heavy-duty transportation sector in the U.S. and Canada.”

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