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Clean Energy Fuels (CLNE)
NASDAQ:CLNE
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Clean Energy Fuels
(NASDAQ:CLNE)
45Neutral
Positive Factors
Earnings
3Q adjusted EBITDA beat expectations, largely driven by stronger RIN capture than modeled.
Growth Potential
Non-wholesale gallon volume should grow ~7% in 2025, and there is optimism that broad fleet adoption of the new 15L engine can set the stage for a meaningful penetration rate over the next few years.
Negative Factors
Future Outlook
The expiration of the AFTC in 2025 could push down the consensus FY25 EBITDA.
Clean Energy Fuels (CLNE) vs. S&P 500 (SPY)
Market Cap
$418.14M
Dividend YieldN/A
Average Volume (3M)3.16M
Price to Earnings (P/E)―
Beta (1Y)1.93
Revenue Growth-2.19%
EPS Growth16.69%
CountryUS
Employees566
SectorEnergy
Sector Strength72
IndustryFossil Fuels
Share Statistics
EPS (TTM)-0.37
Shares Outstanding223,605,150
10 Day Avg. Volume2,653,933
30 Day Avg. Volume3,159,208
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.01
Price to Cash Flow (P/CF)4.80
P/FCF Ratio4.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.83Price Target Upside261.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Clean Energy Fuels Business Overview & Revenue Model
Company DescriptionClean Energy Fuels Corp. engages in the provision of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. It also build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) vehicle fueling stations; manufacture CNG and LNG equipment and technologies; and deliver more CNG and LNG vehicle fuel. The company was founded by T. Boone Pickens and Andrew J. Littlefair in 1996 and is headquartered in Newport Beach, CA.
How the Company Makes MoneyClean Energy Fuels makes money by offering a comprehensive suite of natural gas fuel solutions, which include the sale of renewable natural gas (RNG) and conventional natural gas. The company's primary revenue streams are derived from the sale of these fuels through its nationwide network of fueling stations. Additionally, Clean Energy Fuels generates income by providing services such as station construction, maintenance, and operational management for its customers. The company has established key partnerships with major logistics and transportation firms, enhancing its market reach and customer base. Furthermore, Clean Energy Fuels may receive environmental credits and incentives linked to the production and distribution of RNG, contributing to its financial performance.
Clean Energy Fuels Financial Statement Overview
Summary
Clean Energy Fuels is experiencing operational improvements, particularly in cash flow management, yet faces profitability challenges. Despite improvement in debt management, consistent losses highlight the need for strategic adjustments. The financial stability is supported by a strong equity base and improving operational metrics.Income Statement
Clean Energy Fuels has seen fluctuating revenue with a recent decline from $425.2M to $415.9M, indicating potential challenges in maintaining growth. The company has consistently reported negative EBIT and net income, reflecting ongoing profitability issues. The gross profit margin improved significantly from 8.4% to 100%, but the net profit margin remains negative, highlighting ongoing financial distress.45
Neutral
Balance Sheet
The company maintains a relatively stable equity position with a debt-to-equity ratio improving from 0.50 to 0.14, indicating reduced leverage. However, stockholders' equity has seen minor fluctuations, and the equity ratio stands at approximately 57.3% for 2024, suggesting a solid capital structure despite profitability challenges.55
Neutral
Cash Flow
Operating cash flow improved from $43.8M to $64.6M, showing a positive trend in operational efficiency. However, free cash flow remains negative due to high capital expenditures, impacting overall cash generation. The operating cash flow to net income ratio is strong, indicating good cash generation relative to reported losses.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 415.87M | 425.16M | 420.16M | 255.65M | 291.72M | Gross Profit |
| 415.87M | 35.87M | 57.75M | -5.14M | 58.63M | EBIT |
| -36.35M | -76.40M | -51.71M | -95.05M | -9.88M | EBITDA |
| -4.08M | -32.63M | 5.01M | -41.48M | 46.57M | Net Income Common Stockholders |
| -83.07M | -99.50M | -59.59M | -94.16M | -11.53M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 219.53M | 263.13M | 265.52M | 229.17M | 138.50M | Total Assets |
| 1.24B | 1.26B | 1.08B | 957.07M | 715.03M | Total Debt |
| 99.80M | 360.51M | 201.76M | 82.31M | 115.59M | Net Debt |
| 8.24M | 255.57M | 75.81M | -17.13M | 6.62M | Total Liabilities |
| 524.36M | 525.81M | 354.89M | 201.66M | 192.18M | Stockholders Equity |
| 713.27M | 726.77M | 719.99M | 747.08M | 513.51M |
| Cash Flow | Free Cash Flow | |||
| -418.00K | -77.50M | 13.23M | 12.39M | 47.77M | Operating Cash Flow |
| 64.58M | 43.78M | 66.73M | 41.30M | 61.04M | Investing Cash Flow |
| -77.68M | -202.01M | -148.54M | -207.66M | 24.17M | Financing Cash Flow |
| -1.94M | 139.12M | 101.65M | 152.83M | -18.66M |
Clean Energy Fuels Technical Analysis
Negative
1.89
Price Trends
2.76
Negative
2.80
Negative
2.82
Negative
Market Momentum
-0.32
Positive
27.76
Positive
24.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLNE, the sentiment is Negative. The current price of 1.89 is below the 20-day moving average (MA) of 2.34, below the 50-day MA of 2.76, and below the 200-day MA of 2.82, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 27.76 is Positive, neither overbought nor oversold. The STOCH value of 24.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CLNE.
Clean Energy Fuels Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $289.68M | ― | -14.78% | ― | 16.59% | -7.74% | |
60 Neutral | $5.76B | ― | -5.49% | ― | 10.53% | 90.76% | |
57 Neutral | $8.36B | 5.47 | -5.51% | 7.41% | 0.15% | -68.69% | |
45 Neutral | $418.14M | ― | -11.54% | ― | -2.19% | 16.69% | |
45 Neutral | $138.70M | ― | -17.27% | ― | -9.13% | 1.93% | |
43 Neutral | $1.55B | ― | -90.88% | ― | -29.45% | -10.79% |
* Energy Sector Average
Performance Comparison
CLNE
Clean Energy Fuels
1.89
-0.60
-24.10%
BLDP
Ballard Power Systems
1.23
-1.50
-54.95%
FCEL
Fuelcell Energy
6.85
-23.15
-77.17%
GEVO
Gevo
1.22
0.56
84.85%
PLUG
Plug Power
1.66
-1.68
-50.30%
BE
Bloom Energy
24.55
15.52
171.87%
Clean Energy Fuels Earnings Call Summary
Earnings Call Date: Feb 24, 2025 | % Change Since: -30.26% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive results in terms of revenue growth and RNG sales, but also highlighted challenges such as a significant GAAP net loss, a reduced outlook for 2025 EBITDA, and potential operational changes. The adoption of the Cummins X15N engine provides a positive outlook for future growth, yet uncertainties in policy and credit support remain significant concerns.Highlights
Strong Fourth Quarter Results
Closed the fourth quarter with 62 million gallons of RNG sold, a 9% increase from a year ago, generating $109 million in revenue and $24 million of adjusted EBITDA.
Full Year 2024 Performance
Sold 237 million gallons of RNG for the full year 2024, marking a nearly 5% increase over 2023, with $77 million in adjusted EBITDA.
Downstream RNG Fueling Business Success
Generated almost $89 million of EBITDA from the downstream RNG fueling business in 2024, even before the introduction of the new X15 engine.
Adoption of Cummins X15N Engine
Positive feedback and initial orders from fleets such as Food Express, Cemex, Mullen, and FedEx for the new Cummins X15N engine, indicating future growth potential.
Lowlights
GAAP Net Loss in 2024
Reported a GAAP net loss of $83.1 million for the year 2024, partly due to non-cash stock-based Amazon warrant charges of approximately $61 million.
2025 Adjusted EBITDA Outlook
2025 adjusted EBITDA outlook of $50 million to $55 million, down from $77 million in 2024, due to the exclusion of AFTC and a 30% reduction in RIN prices.
Exit from Pilot Flying J Locations
Potential exit from 55 Pilot Flying J locations housing LNG fueling equipment, leading to a non-cash hit and additional costs for equipment removal.
Company Guidance
During the Clean Energy Fuels Fourth Quarter 2024 Earnings Conference Call, the company provided several key metrics and guidance for 2025. They reported selling 62 million gallons of renewable natural gas (RNG) in Q4 2024, a 9% year-over-year increase, contributing to a total of 237 million gallons sold in the full year. Revenue for Q4 reached $109 million, with an adjusted EBITDA of $24 million, and $77 million for the full year. For 2025, they anticipate 246 million gallons of RNG sales, with a projected adjusted EBITDA between $50 million to $55 million, down from 2024 due to not including the alternative fuel tax credit (AFTC) and lower RIN prices, which together accounted for a $34 million decrease. The company also highlighted a strong balance sheet with $217 million in unrestricted cash and investments and $129 million in cash off-balance sheet in their RNG joint ventures. They are planning a capital expenditure of $30 million for 2025, with $104 million earmarked for RNG upstream projects. The guidance also noted the potential exit from 55 Pilot Flying J locations and the impact of the new Cummins X15N engine on future growth, with an expected 3 to 5 million gallons of fuel attributed to its adoption by over 25 fleets in 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.