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Clean Energy Fuels
Clean Energy Fuels (CLNE) investor relations material
Clean Energy Fuels Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Fourth quarter and full-year 2025 results exceeded the high end of guidance, driven by strong fueling operations, record RNG volumes, and significant progress in RNG production projects.
Q4 2025 revenue reached $112.3 million, up from $109.3 million in Q4 2024; full-year 2025 revenue was $424.8 million, up from $415.9 million in 2024.
Net loss for Q4 2025 was $43.0 million ($0.20/share), with a full-year net loss of $222.0 million ($1.01/share), higher than 2024 due to non-cash interest charges from debt paydown and loan expiration.
Two major RNG projects, South Fork Dairy (Texas) and East Valley Dairy (Idaho), were brought online, expanding the operating portfolio to eight projects.
$65 million in debt was repaid in Q4, reducing leverage and future interest expense while maintaining ample cash for growth.
Financial highlights
Adjusted EBITDA for 2025 was $67.6 million, exceeding the top end of guidance ($65 million) but down from $76.6 million in 2024.
Q4 2025 delivered 64.1 million gallons of RNG, a record quarter for downstream volumes, with full-year RNG gallons sold rising to 237.4 million.
Q4 2025 revenue included $14.6 million in non-cash Amazon warrant contra-revenue charges, down from $18 million in Q4 2024.
Ended 2025 with $156.1 million in cash and investments after debt repayment.
Q4 2025 station construction revenue was $10.7 million, up from $6.1 million in Q4 2024.
Outlook and guidance
2026 RNG delivery expected at 250 million gallons, with total fuel volumes of 324 million gallons.
2026 revenue guidance: $420–$440 million; GAAP net loss of $71–$66 million, including $47 million in Amazon warrant charges; adjusted EBITDA of $70–$75 million.
RNG upstream business expected to produce 7–9 million gallons from 8 dairies, with positive adjusted EBITDA and lower GAAP losses.
SG&A expenses projected to decrease by over $10 million (about 10%) in 2026.
Capital expenditures for 2026: $25 million for fuel distribution, $40 million for RNG upstream projects, all funded from cash and operations.
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Next Clean Energy Fuels earnings date
Q1 20267 May, 2026
Clean Energy Fuels
Next Clean Energy Fuels earnings date
Q1 20267 May, 2026
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Frequently asked questions
Clean Energy Fuels Corp. provides renewable natural gas (RNG) and conventional natural gas as alternative fuel solutions for the transportation sector. The company focuses on supplying fuel for various vehicle fleets, including transit buses, refuse trucks, and heavy-duty trucks. Clean Energy Fuels offers a range of services, including RNG production, fuel station construction and operation, and the management of fueling infrastructure. It also works with partners to expand the availability of renewable fuel. The company is headquartered in Newport Beach, California, and its shares are listed on the NASDAQ.
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