Adjusted EBITDA for the fourth quarter of 2012 was $(5.7) million. This compares with adjusted EBITDA of $(3.5) million in the fourth quarter of 2011. For 2012, adjusted EBITDA was $(12.3) million, compared with $3.1 million for 2011. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
Non-GAAP loss per share for the fourth quarter of 2012 was $0.23, compared with a non-GAAP loss per share for the fourth quarter of 2011 of $0.21. For 2012, non-GAAP loss per share was $0.75, compared with $0.47 per share for 2011. Non-GAAP loss per share is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
On a GAAP basis, net loss for the fourth quarter of 2012 was $41.7 million, or $0.46 per share, and included a non-cash gain of $2.3 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, a non-cash charge of $5.6 million related to stock-based compensation, foreign currency losses of $0.1 million on the Company’s IMW purchase notes, a one-time charge of $14.5 million related to the impairment of the Company’s investment in The Vehicle Production Group LLC, a one-time charge of $0.6 million related to a settlement with the California Air Resource Board related to certain vehicles, and a one-time charge of $2.1 million related to the settlement with the Internal Revenue Service on certain VETC revenues. This compares with a net loss for the fourth quarter of 2011 of $20.9 million, or $0.29 per share, which included a non-cash loss of $0.4 million related to marking to market the Series I warrants, $3.4 million of non-cash stock-based compensation charges, a $3.0 million valuation allowance established on certain deferred tax assets, and foreign currency gains of $0.7 million on the Company’s IMW purchase notes.