Clean Energy Fuels Corp. (CLNE) witnessed a 5.69% plunge in its stock price on November 7, 2024, following the release of its disappointing third-quarter results. Despite reporting a year-over-year increase in revenue, the company's net loss widened, primarily due to lower natural gas commodity prices and higher operational costs.

For the third quarter of 2024, Clean Energy Fuels reported a revenue of $104.9 million, down from $125.7 million in the same period last year. The company's net loss expanded to $18.2 million, or $0.08 per share, compared to a net loss of $25.8 million, or $0.12 per share, a year earlier. However, CLNE's adjusted earnings per share of $0.02 surpassed analyst expectations of a $0.02 loss.

While the company saw a 5.1% increase in renewable natural gas (RNG) gallons sold, reaching 59.6 million gallons, the revenue decline was attributed to lower underlying natural gas commodity prices. CLNE's progress in expanding its RNG production and fueling station network, along with the introduction of the Cummins X15N engine, failed to offset the impact of lower credit prices for the Low Carbon Fuel Standard (LCFS) and higher operational costs associated with new projects.