Clean Energy Fuels (NASDAQ:CLNE) announced its first-quarter results after the markets closed today. The natural gas fuel-station operator reported revenue of $95.3 million, which beat estimates by $5.35 million. However, the company reported a loss of $28.6 million, or $0.30 per share, which was $0.01 more than analysts were expecting.
Gallons delivered in the first quarter totaled 59.3 million, which is 24% higher than last year's first quarter. This fueled a 43% surge in the company's revenue after backing out the volumetric excise tax credit. In last year's first quarter, Clean Energy Fuels recognized $26.2 million in revenue from the volumetric tax credit; however, the company did not receive any revenue from it this quarter as the legislation supporting the credit expired at the end of last year.
The loss of the tax credit had a big impact on Clean Energy Fuels earnings. Adjusted EBITDA was actually a negative $6.8 million in the quarter, which is well below the positive $20 million in Adjusted EBITDA the company reported in last year's first quarter. Meanwhile, on a non-GAAP basis, the company reported a loss of $0.30 per share, which matched its GAAP loss. This was after the company earned $0.03 per share in last year's first quarter. Again, the loss of the tax credit was the culprit here.
That said, Clean Energy Fuels remains well positioned to capture future growth according to a statement made by CEO Andrew Littlefair in the company's press release. He noted that the company's top priorities are to continue opening stations and adding incremental volume at its existing stations. He sees the company continuing to make process toward those goals.