Clean Energy Fuels Corp. (CLNE), a leading provider of renewable natural gas (RNG) for transportation, reported disappointing third-quarter results as its stock price plummeted by 5.81% on November 6, 2024. The company's revenue for the quarter fell to $104.9 million, down from $125.7 million in the same period last year, while its net loss widened 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.

Despite the challenging quarter, Clean Energy Fuels saw a 5.1% increase in RNG gallons sold, reaching 59.6 million gallons. The company attributed the revenue decline to lower underlying natural gas commodity prices, partially offset by increased volumes of vehicle fueling and bulk fuel sales into the marine sector.

Andrew J. Littlefair, President and Chief Executive Officer of Clean Energy Fuels, highlighted the company's progress in expanding its RNG production and fueling station network. "Great progress continued in the third quarter with growing RNG fuel volumes, additional investment into dairy RNG projects, fueling stations coming online increasing our network in strategic locations, and leading heavy-duty truck fleets signing up to test our demo truck with the new Cummins X15N engine," he said.

Clean Energy Fuels also reported a 6.8% increase in volume-related fuel sales revenues, reaching $64.1 million, net of the $15.8 million Amazon warrant charges. RIN and LCFS credits contributed $13.0 million, while station construction revenues amounted to $7.8 million.