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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-33480

CLEAN ENERGY FUELS CORP.

(Exact name of registrant as specified in its charter)

Delaware

33-0968580

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4675 MacArthur Court, Suite 800, Newport Beach, CA 92660

(Address of principal executive offices, including zip code)

(949) 437-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.0001 par value per share

CLNE

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of August 2, 2023, there were 222,966,819 shares of the registrant’s common stock, par value $0.0001 per share, issued and outstanding.

CLEAN ENERGY FUELS CORP. AND SUBSIDIARIES

INDEX

Table of Contents

PART I.—FINANCIAL INFORMATION

3

Item 1.—Financial Statements (Unaudited)

3

Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.—Quantitative and Qualitative Disclosures about Market Risk

42

Item 4.—Controls and Procedures

43

PART II.—OTHER INFORMATION

44

Item 1.—Legal Proceedings

44

Item 1A.—Risk Factors

44

Item 2.—Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.—Defaults Upon Senior Securities

58

Item 4.—Mine Safety Disclosures

58

Item 5.—Other Information

58

Item 6.—Exhibits

58

Unless the context indicates otherwise, all references to “Clean Energy,” the “Company,” “we,” “us,” or “our” in this report refer to Clean Energy Fuels Corp. together with its consolidated subsidiaries.

This report contains forward-looking statements. See the cautionary note regarding these statements in Part I, Item 2.-Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

We own registered or unregistered trademark rights to Clean Energy™. Although we do not use the “®” or “™” symbol in each instance in which one of our trademarks appears in this report, this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Any other service marks, trademarks and trade names appearing in this report are the property of their respective owners.

2

PART I.—FINANCIAL INFORMATION

Item 1.—Financial Statements (Unaudited)

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data; Unaudited)

December 31, 

June 30, 

2022

2023

Assets

Current assets:

 

  

 

  

Cash, cash equivalents and current portion of restricted cash

$

125,950

$

55,162

Short-term investments

 

139,569

 

138,569

Accounts receivable, net of allowance of $1,375 and $1,501 as of December 31, 2022 and June 30, 2023, respectively

 

91,430

 

74,746

Other receivables

 

17,026

 

27,088

Inventory

 

37,144

 

38,517

Prepaid expenses and other current assets

 

60,601

 

58,279

Total current assets

 

471,720

 

392,361

Operating lease right-of-use assets

52,586

63,093

Land, property and equipment, net

 

264,068

 

292,463

Notes receivable and other long-term assets, net

 

30,467

 

31,004

Investments in other entities

 

193,273

 

196,770

Goodwill

 

64,328

 

64,328

Intangible assets, net

 

5,915

 

6,365

Total assets

$

1,082,357

$

1,046,384

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of debt

$

93

$

38

Current portion of finance lease obligations

948

961

Current portion of operating lease obligations

4,206

5,075

Accounts payable

 

44,435

 

37,943

Accrued liabilities

 

90,079

 

76,609

Deferred revenue

 

5,970

 

4,920

Derivative liabilities, related party

2,415

2,779

Total current liabilities

 

148,146

 

128,325

Long-term portion of debt

145,471

144,837

Long-term portion of finance lease obligations

2,134

2,024

Long-term portion of operating lease obligations

48,911

59,393

Long-term portion of derivative liabilities, related party

1,430

Other long-term liabilities

 

8,794

 

8,908

Total liabilities

 

354,886

 

343,487

Commitments and contingencies (Note 17)

 

  

 

  

Stockholders’ equity:

 

  

 

  

Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding

 

 

Common stock, $0.0001 par value. 454,000,000 shares authorized; 222,437,429 shares and 222,910,057 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively

 

22

 

22

Additional paid-in capital

 

1,553,668

 

1,582,009

Accumulated deficit

 

(829,975)

 

(884,973)

Accumulated other comprehensive loss

 

(3,722)

 

(1,319)

Total Clean Energy Fuels Corp. stockholders’ equity

 

719,993

 

695,739

Noncontrolling interest in subsidiary

 

7,478

 

7,158

Total stockholders’ equity

 

727,471

 

702,897

Total liabilities and stockholders’ equity

$

1,082,357

$

1,046,384

See accompanying notes to condensed consolidated financial statements.

3

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, 

    

2022

    

2023

    

2022

    

2023

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

85,853

$

75,629

$

158,360

$

195,356

Service revenue

 

11,371

 

14,919

 

22,361

 

27,375

Total revenue

 

97,224

 

90,548

 

180,721

 

222,731

Operating expenses:

 

  

 

  

 

  

 

  

Cost of sales (exclusive of depreciation and amortization shown separately below):

 

  

 

  

 

  

 

Product cost of sales

 

65,933

 

55,570

 

123,548

 

175,228

Service cost of sales

 

6,127

 

8,592

 

12,749

 

16,202

Selling, general and administrative

 

26,481

 

28,548

 

54,408

 

58,197

Depreciation and amortization

 

10,556

 

10,893

 

21,946

 

21,571

Total operating expenses

 

109,097

 

103,603

 

212,651

 

271,198

Operating loss

 

(11,873)

 

(13,055)

 

(31,930)

 

(48,467)

Interest expense

 

(732)

 

(4,365)

 

(3,809)

 

(8,719)

Interest income

 

490

 

2,766

 

754

 

5,483

Other income, net

 

14

 

28

 

34

 

71

Loss from equity method investments

 

(1,193)

 

(1,915)

 

(2,870)

 

(3,805)

Loss before income taxes

 

(13,294)

 

(16,541)

 

(37,821)

 

(55,437)

Income tax (expense) benefit

 

(68)

 

55

 

(117)

 

119

Net loss

 

(13,362)

 

(16,486)

 

(37,938)

 

(55,318)

Loss attributable to noncontrolling interest

 

127

 

185

 

512

 

320

Net loss attributable to Clean Energy Fuels Corp. 

$

(13,235)

$

(16,301)

$

(37,426)

$

(54,998)

Net loss attributable to Clean Energy Fuels Corp. per share:

 

  

 

  

 

  

 

  

Basic and diluted

$

(0.06)

$

(0.07)

$

(0.17)

$

(0.25)

Weighted-average common shares outstanding:

 

 

  

 

 

  

Basic and diluted

 

222,433,900

 

222,908,402

 

222,496,426

 

222,813,286

See accompanying notes to condensed consolidated financial statements.

4

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(In thousands; Unaudited)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Three Months Ended

Three Months Ended

Three Months Ended

June 30, 

June 30, 

June 30, 

    

2022

    

2023

    

2022

    

2023

    

2022

    

2023

Net loss

$

(13,235)

$

(16,301)

$

(127)

$

(185)

$

(13,362)

$

(16,486)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2022 and 2023

 

(1,297)

 

585

 

 

 

(1,297)

 

585

Unrealized gain (loss) on available-for-sale securities, net of $0 tax in 2022 and 2023

 

(119)

 

1,113

 

 

 

(119)

 

1,113

Total other comprehensive income (loss)

 

(1,416)

 

1,698

 

 

 

(1,416)

 

1,698

Comprehensive loss

$

(14,651)

$

(14,603)

$

(127)

$

(185)

$

(14,778)

$

(14,788)

Clean Energy Fuels Corp.

Noncontrolling Interest

Total

Six Months Ended

Six Months Ended

Six Months Ended

June 30, 

June 30, 

June 30, 

    

2022

    

2023

    

2022

    

2023

    

2022

    

2023

Net loss

$

(37,426)

$

(54,998)

$

(512)

$

(320)

$

(37,938)

$

(55,318)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

Foreign currency translation adjustments, net of $0 tax in 2022 and 2023

 

(1,025)

 

1,046

 

 

 

(1,025)

 

1,046

Unrealized gain (loss) on available-for-sale securities, net of $0 tax in 2022 and 2023

 

(142)

 

1,357

 

 

 

(142)

 

1,357

Total other comprehensive income (loss)

 

(1,167)

 

2,403

 

 

 

(1,167)

 

2,403

Comprehensive loss

$

(38,593)

$

(52,595)

$

(512)

$

(320)

$

(39,105)

$

(52,915)

See accompanying notes to condensed consolidated financial statements.

5

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share data; Unaudited)

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2021

 

222,684,923

$

22

$

1,519,918

$

(771,242)

$

(1,622)

$

8,335

$

755,411

Issuance of common stock

 

585,775

 

 

273

 

 

 

 

273

Repurchase of common stock

(511,010)

(3,001)

(3,001)

Stock-based compensation

 

 

 

8,253

 

 

 

 

8,253

Stock-based sales incentive charges

 

 

 

1,721

 

 

 

 

1,721

Net loss

 

 

 

 

(24,191)

 

 

(385)

 

(24,576)

Other comprehensive income

 

249

 

249

Balance, March 31, 2022

 

222,759,688

22

1,527,164

(795,433)

(1,373)

7,950

738,330

Issuance of common stock

 

96,728

 

 

300

 

 

 

 

300

Repurchase of common stock

(679,244)

(3,121)

(3,121)

Stock-based compensation

 

 

 

6,468

 

 

 

 

6,468

Stock-based sales incentive charges

 

 

 

2,307

 

 

 

 

2,307

Net loss

 

 

 

 

(13,235)

 

 

(127)

 

(13,362)

Other comprehensive loss

 

(1,416)

 

(1,416)

Balance, June 30, 2022

 

222,177,172

$

22

$

1,533,118

$

(808,668)

$

(2,789)

$

7,823

$

729,506

Accumulated

Additional

Other

Noncontrolling

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Interest in

Stockholders

    

Shares

    

Amount

    

Capital

    

Deficit

    

Loss

    

Subsidiary

    

Equity

Balance, December 31, 2022

 

222,437,429

$

22

$

1,553,668

$

(829,975)

$

(3,722)

$

7,478

$

727,471

Issuance of common stock

 

470,351

 

 

332

 

 

 

 

332

Shares withheld related to net share settlement

 

 

 

(175)

 

 

 

 

(175)

Stock-based compensation

 

 

 

6,096

 

 

 

 

6,096

Stock-based sales incentive charges

8,172

8,172

Net loss

 

 

 

 

(38,697)

 

 

(135)

 

(38,832)

Other comprehensive income

 

 

 

 

 

705

 

 

705

Balance, March 31, 2023

 

222,907,780

22

1,568,093

(868,672)

(3,017)

7,343

703,769

Issuance of common stock

 

2,277

3

 

3

Stock-based compensation

6,093

6,093

Stock-based sales incentive charges

 

7,820

 

7,820

Net loss

 

(16,301)

(185)

 

(16,486)

Other comprehensive income

 

1,698

 

1,698

Balance, June 30, 2023

 

222,910,057

$

22

$

1,582,009

$

(884,973)

$

(1,319)

$

7,158

$

702,897

See accompanying notes to condensed consolidated financial statements.

6

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands; Unaudited)

Six Months Ended June 30, 

    

2022

    

2023

Cash flows from operating activities:

Net loss

$

(37,938)

$

(55,318)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

Depreciation and amortization

 

21,946

 

21,571

Provision for credit losses and inventory

 

1,006

 

1,006

Stock-based compensation expense

 

14,721

 

12,189

Stock-based sales incentive charges

8,533

27,652

Change in fair value of derivative instruments

 

2,114

 

(1,068)

Amortization of discount and debt issuance cost

 

(306)

 

(2,190)

Gain on disposal of property and equipment

 

(66)

 

(101)

Loss on extinguishment of debt

 

2,268

 

Asset impairments and other charges

 

 

482

Loss from equity method investments

 

2,870

 

3,805

Non-cash lease expense

1,687

2,919

Deferred income taxes

62

(165)

Changes in operating assets and liabilities:

 

 

Accounts and other receivables

 

19,024

 

16,518

Inventory

 

(4,487)

 

(3,489)

Prepaid expenses and other assets

 

(2,002)

 

(6,956)

Operating lease liabilities

(1,747)

(2,075)

Accounts payable

 

6,912

 

(6,351)

Deferred revenue

 

(1,034)

 

(1,050)

Accrued liabilities and other

 

(1,325)

 

(14,341)

Net cash provided by (used in) operating activities

 

32,238

 

(6,962)

Cash flows from investing activities:

 

 

  

Purchases of short-term investments

 

(194,353)

 

(186,273)

Maturities and sales of short-term investments

 

194,250

 

190,500

Purchases of and deposits on property and equipment

 

(17,447)

 

(42,754)

Grant proceeds for capital projects

 

 

1,947

Disbursements for loans receivable

 

(516)

 

(2,340)

Proceeds from paydowns, maturities, and sales of loans receivables

 

218

 

1,612

Cash received from sale of certain assets of subsidiary, net

 

3,885

 

Investments in other entities

 

(51,600)

 

(5,500)

Payment and deposits on equipment and manure rights for RNG production projects

 

(4,915)

 

(15,080)

Proceeds received for joint development and construction of station projects

 

 

1,172

Advance to DR JV

 

 

(5,500)

Proceeds from disposal of property and equipment

 

80

 

198

Net cash (used in) investing activities

 

(70,398)

 

(62,018)

Cash flows from financing activities:

 

 

  

Issuance of common stock

 

573

 

335

Repurchase of common stock

(6,122)

Payments of tax withholdings on net settlement of equity awards

 

 

(175)

Fees paid for lender and debt issuance costs

(50)

(1,440)

Proceeds for Adopt-a-Port program

890

150

Repayment of proceeds for Adopt-a-Port program

(525)

(705)

Proceeds from debt instruments

 

14,000

 

255

Repayments of debt instruments and finance lease obligations

 

(17,315)

 

(612)

Payments of debt extinguishment costs

(2,186)

Net cash (used in) financing activities

 

(10,735)

 

(2,192)

Effect of exchange rates on cash, cash equivalents and restricted cash

 

(66)