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Clean Energy Fuels (CLNE) investor relations material
Clean Energy Fuels Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $106.1 million, with 61.3 million RNG gallons sold and $17.3 million Adjusted EBITDA, meeting raised guidance for the year.
Net loss attributable to the company was $(23.8) million for Q3 2025, or $(0.11) per share, compared to $(18.2) million in Q3 2024.
Cash and short-term investments increased to $232.2 million as of September 30, 2025, supporting growth initiatives.
Upstream RNG production expanded to eight operational projects, with two major dairy projects starting operations and three more under development.
Downstream fueling business remains steady, with strong relationships in transit and refuse sectors and new hydrogen fueling contracts.
Financial highlights
Revenue for the nine months ended September 30, 2025 was $312.5 million, up 2% year-over-year, with Q3 2025 revenue at $106.1 million.
GAAP net loss for Q3 2025 was $23.8 million, and for the nine months ended September 30, 2025, net loss was $179.0 million, impacted by a $64.3 million goodwill impairment and $55.7 million in accelerated depreciation.
Adjusted EBITDA for Q3 2025 was $17.3 million, with 2025 full-year guidance at $60–$65 million.
Cash provided by operating activities was $72.4 million for the nine months ended September 30, 2025.
Gross margin declined as product cost of sales increased to 64.7% of revenue, mainly due to higher commodity costs.
Outlook and guidance
Full-year 2025 outlook reaffirmed, with expectations to be at the top end or slightly above the guidance range.
2025 GAAP net loss expected between $(217) million and $(212) million, including $55 million in accelerated depreciation, $64.3 million goodwill impairment, and $63 million Amazon warrant charges.
Adjusted EBITDA for fuel distribution expected at $72–$74 million, while RNG upstream is forecasted at $(12)–$(9) million.
RNG production expected to exit 2025 at 5–6 million gallons, nearly doubling in 2026, and potentially reaching 20 million gallons by 2027 as new projects come online.
Anticipates gradual improvement in LCFS credit prices in 2026 and beyond, with further upside possible from 45Z Clean Fuel Production Credit pending Treasury guidance.
Key drivers for upstream RNG EBITDA positive?
X15N adoption rate given market conditions?
Maas Energy partnership: future project pipeline?
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Next Clean Energy Fuels earnings date
Q4 202526 Feb, 2026
Next Clean Energy Fuels earnings date
Q4 202526 Feb, 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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