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Clean Energy Fuels (CLNE) investor relations material
Clean Energy Fuels Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $102.6M, up 4.7% year-over-year, with over 61M gallons of RNG sold and adjusted EBITDA of $17.5M, reflecting strong business fundamentals despite regulatory and market uncertainties.
Net loss attributable to shareholders was $20.2M for Q2 2025, compared to $16.3M in Q2 2024, impacted by higher Amazon warrant charges, lower AFTC revenue, and a $64.3M goodwill impairment recognized in Q1 2025.
Cash and investments totaled $240.8M at quarter-end, up from $217.5M at year-end 2024, supporting ongoing capital expenditures and project development.
Share repurchases resumed, with 4.9M shares bought for $7.9M in H1 2025; $18.7M remains under the program.
Guidance for 2025 was raised, with expectations to exceed the high end of original projections for both GAAP earnings and adjusted EBITDA.
Financial highlights
Product revenue for Q2 2025 was $87.1M, up year-over-year, mainly from higher fuel sales and station construction, partially offset by increased Amazon warrant contra-revenue charges and lower RIN/LCFS prices.
Service revenue for Q2 2025 was $15.5M, up year-over-year, due to higher service margins.
Adjusted EBITDA was $17.5M, slightly below last year's $18.9M, but underlying performance improved due to higher fuel volumes and favorable pricing.
Operating cash generation increased year-over-year and sequentially, with $59.3M provided by operating activities in H1 2025.
Gross margin for Q2 2025 was 27.5%, down from 35.0% in Q2 2024, due to higher commodity costs and increased contra-revenue charges.
Outlook and guidance
Full-year 2025 GAAP net loss guidance is $217M to $212M, including $55M accelerated depreciation, $64.3M goodwill impairment, and $63M Amazon warrant charges; adjusted EBITDA outlook raised to $60M–$65M.
Guidance reflects continued volume growth, improved margins, and cautious assumptions regarding environmental credit pricing and dairy project ramp-up.
Management expects to fund $30M in capital expenditures for fueling stations, IT, and LNG plant costs, and up to $35M for ADG RNG projects in 2025, primarily from cash on hand and operations.
No equity contributions are anticipated for the TotalEnergies or bp joint ventures in 2025, but up to $65M may be contributed to the Maas JDA.
Guidance excludes impacts from acquisitions, divestitures, or extraordinary events.
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