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Visual22 Oct 2025
Epiroc's cash spent on M&A
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.Q2 2025 earnings summary7 Aug, 2025
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.
Assess impact of 45Z on carbon intensity scores.
Detail corrective actions for dairy project ramp-up.
How will LCFS new rules affect pricing trends?
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Next Clean Energy Fuels earnings date
Q3 20254 Nov, 2025
Next Clean Energy Fuels earnings date
Q3 20254 Nov, 2025
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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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