DENVER, Colo., 08 August, 2024 (247marketnews.com) – (Nasdaq:CLNE) are discussed in this article.
Clean Energy Fuels Corp. (CLNE) experienced a remarkable trading session, opening at $2.57 and reaching $2.91, reflecting a gain of 20.37%. This surge follows the previous session’s close at $2.42 and is accompanied by a heightened trading volume of 1.1 million shares. The strong market activity suggests increased investor interest, likely influenced by recent positive news and bullish market sentiment. Technical indicators point to continued upward momentum, although investors should be cautious of potential resistance levels and short-term volatility.
Clean Energy also announced robust financial results and strategic advancements for the second quarter of 2024. The company reported a revenue of $98 million, up from $90.5 million in the same quarter last year. Despite maintaining a net loss of $16.3 million, or $0.07 per share, consistent with Q2 2023, Clean Energy significantly improved its Adjusted EBITDA to $18.9 million from $12.1 million. The company’s liquidity remains strong with $249.3 million in cash, cash equivalents, and short-term investments.
The quarter was marked by operational milestones, including the sale of 57.1 million gallons of renewable natural gas (RNG). Although this represents a slight year-over-year decline, the company’s strategic partnerships have driven growth. Notably, a collaboration with Maas Energy will result in nine new RNG production facilities, valued at $130 million and expected to yield 4 million gallons of RNG annually. Additionally, Clean Energy completed a $22 million dairy farm RNG project, contributing to a total of six operational dairy farm RNG projects.
CEO Andrew J. Littlefair highlighted the solid performance and optimistic outlook: “Building off a strong first quarter, our second quarter strengthens our financial position at mid-2024. Our extensive network of over 600 RNG and CNG fueling stations continues to drive customer engagement and project completions, reinforcing our commitment to sustainable energy in transportation.”
Looking ahead, Clean Energy projects a GAAP net loss of $91 million to $81 million for 2024, with an unchanged Adjusted EBITDA forecast of $62 million to $72 million. The company remains dedicated to pioneering sustainable energy solutions through innovative RNG initiatives and strategic alliances, underscoring its leadership in the renewable fuels sector.
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