Clean Energy Fuels Corp., which provides natural gas fueling for the trucking industry, reported a loss for its second quarter but said revenue rose.
Its net loss was $5.6 million, 8 cents a share, compared with net income of $9.9 million, or 14 cents per share. Revenue rose 57% to $69.1 million.
Adjusted earnings before interest, taxes, depreciation and amortization was $900,000, down from $1.4 million a year ago, the company said.
Gasoline gallon equivalents delivered — which includes compressed natural gas, liquefied natural gas, biomethane and the gallons associated with providing operations and maintenance services — rose 26% to 39.2 million gallons in the quarter.
Clean Energy said last month it had received a $150 million cash infusion from Chesapeake Energy Co. to help it build an extensive nationwide network of 150 natural-gas truck-fueling stations.
“We believe our business has reached an inflection point as high diesel prices compared to low natural gas prices along with increasing options for natural gas vehicles are bolstering the case for fleet operators to switch to natural gas,” CEO Andrew Littlefair said in a statement.
