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Clean Energy Fuels (CLNE)
NASDAQ:CLNE
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Clean Energy Fuels
(NASDAQ:CLNE)
49Neutral
Positive Factors
Financial Performance
3Q adjusted EBITDA beat expectations, largely driven by stronger RIN capture than modeled.
Fleet Adoption
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.
Infrastructure and Market Position
Clean Energy has a unique position with the largest distribution network and well-capitalized JVs to develop RNG production facilities, setting a foundation for strong growth in the trucking market.
Negative Factors
EBITDA Forecast
The expiration of the AFTC in 2025 could push down the consensus FY25 EBITDA.
Outlook and Expectations
The 2025 outlook was below expectations due to RIN credit headwinds and the timing of opening new RNG production facilities.
Regulatory Uncertainty
There is uncertainty regarding the dependency of the AFTC on 45Z implementation and its potential extension.
Clean Energy Fuels (CLNE) vs. S&P 500 (SPY)
Market Cap
$349.38M
Dividend YieldN/A
Average Volume (3M)2.36M
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue Growth6.50%
EPS Growth-151.25%
CountryUS
Employees577
SectorEnergy
Sector Strength51
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)0.01
Shares Outstanding223,963,620
10 Day Avg. Volume1,630,493
30 Day Avg. Volume2,358,021
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.50
Price to Sales (P/S)0.00
P/FCF Ratio-46.60
Enterprise Value/Market Cap1.81
Enterprise Value/Revenue0.39
Enterprise Value/Gross Profit7.74
Enterprise Value/Ebitda-197.86
Forecast
1Y Price Target
$6.19Price Target Upside286.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Clean Energy Fuels Business Overview & Revenue Model
Company DescriptionClean Energy Fuels Corp (NASDAQ: CLNE) is a leading provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada. The company focuses on the development, operation, and supply of renewable natural gas (RNG) and conventional natural gas for transportation, catering primarily to heavy-duty and medium-duty trucks, airports, public transit, and municipal transportation. With a robust infrastructure network of fueling stations, Clean Energy Fuels supports the transition to cleaner energy solutions by offering sustainable and cost-effective fueling options.
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 shows operational improvements, particularly in cash flow, yet faces profitability challenges. Despite an improving debt profile and strong equity base, consistent net losses highlight a need for strategic adjustments.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 |
| 83.58M | 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 |
| 365.13M | 360.51M | 201.76M | 82.31M | 115.59M | Net Debt |
| 275.62M | 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
Neutral
1.60
Price Trends
1.61
Negative
2.25
Negative
2.58
Negative
Market Momentum
>-0.01
Negative
52.80
Neutral
74.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLNE, the sentiment is Neutral. The current price of 1.6 is above the 20-day moving average (MA) of 1.47, below the 50-day MA of 1.61, and below the 200-day MA of 2.58, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.80 is Neutral, neither overbought nor oversold. The STOCH value of 74.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CLNE.
Clean Energy Fuels Peers Comparison
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $421.01M | 7.13 | 16.51% | 5.77% | 2.38% | 114.29% | |
63 Neutral | $812.00M | 3.02 | -4.95% | ― | -9.25% | -113.66% | |
56 Neutral | $7.06B | 3.68 | -4.87% | 5.83% | 0.28% | -51.94% | |
54 Neutral | $868.90M | 44.62 | 666.62% | 9.57% | -6.57% | -50.55% | |
51 Neutral | $867.98M | ― | -151.69% | 6.59% | -29.23% | -931.43% | |
49 Neutral | $349.38M | ― | -30.25% | ― | 6.50% | -151.25% | |
41 Neutral | $66.65M | ― | 37.38% | ― | -7.51% | -67.44% |
* Energy Sector Average
Performance Comparison
CLNE
Clean Energy Fuels
1.60
-0.88
-35.48%
DK
Delek US Holdings
15.39
-10.74
-41.10%
SGU
Star Gas Partners
12.18
2.15
21.44%
CAPL
Crossamerica Partners
21.94
4.70
27.26%
PARR
Par Pacific Holdings
17.90
-10.75
-37.52%
AMTX
Aemetis
1.29
-2.72
-67.83%
Clean Energy Fuels Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: -6.43%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong financial results, stable demand, and ongoing expansion in Clean Energy Fuels' core operations and infrastructure. However, challenges such as lower RNG volumes, economic uncertainties, and significant non-cash charges were also noted. The positive aspects related to financial performance and demand stability were somewhat balanced by these challenges.Q1-2025 Updates
Positive Updates
Strong Q1 Financial Performance
Clean Energy Fuels reported $104 million in revenue and $17 million in adjusted EBITDA for Q1 2025, with a $9 million increase in cash to $227 million since the start of the year.
Stable Demand from Core Customers
Despite market uncertainties, there was no material decline in demand from Clean Energy Fuels' core customers in the refuse, transit, and trucking sectors.
Expansion and New Projects
Completed a new RNG station for Burrtec in Victorville, CA and expanded relationships with USA Hauling and other transit agencies, indicating growth in infrastructure and customer base.
Positive Outlook for Heavy-Duty Trucking
RNG is seen as a viable low-carbon fuel alternative for heavy-duty trucks, with positive feedback from industry leaders at the Advanced Clean Transportation Expo.
Continued Upstream Dairy RNG Production
Six dairy RNG production projects are operational with two more expected by the end of the year, showing progress in upstream production capabilities.
Negative Updates
Lower RNG Sales Volumes
RNG sales volumes were lower compared to Q1 2024 due to reduced supply from third-party producers impacted by weather and operational issues.
Impact of Tariffs and Economic Uncertainty
Potential indirect impacts from tariffs on trucking supply chains and economic activity may affect customer business planning and natural gas vehicle purchases.
GAAP Loss Due to Non-Cash Charges
Reported a GAAP loss of $135 million, primarily due to $115 million in non-cash charges from accelerated depreciation and a goodwill write-off.
Challenges with RNG Volumes and Pathways
Operational challenges and lengthy certification processes for RNG pathways are affecting volumes and project timelines.
Company Guidance
During the Clean Energy Fuels First Quarter 2025 Earnings Conference Call, the company reported selling 51 million gallons of renewable natural gas, generating $104 million in revenue, and achieving $17 million in adjusted EBITDA. The company ended the quarter with $227 million in cash, a $9 million increase from the beginning of the year. Although RNG sales volumes were down compared to the first quarter of 2024 due to lower supply from third-party producers, the company maintained its full-year financial outlook and CapEx guidance. The company's network of fueling stations in the U.S. and Canada, along with steady demand from fleet customers, supported a solid quarter despite market uncertainties. Additionally, Clean Energy highlighted its ongoing partnerships and infrastructure expansions, including a new RNG station for long-time customer Burrtec in California.Clean Energy Fuels Corporate Events
Stock Buyback
Clean Energy Fuels Resumes Share Repurchase Program
Positive
Mar 27, 2025
On March 27, 2025, Clean Energy Fuels Corp. announced the resumption of its share repurchase program, with approximately $26.5 million remaining for repurchases. This decision reflects the company’s confidence in its financial stability and growth potential, particularly as the renewable natural gas solution gains traction in the fleet transportation market. The program, which began in March 2020 and was expanded in December 2021, allows for repurchases through various methods and does not have an expiration date, providing flexibility in execution.
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.