Clean Energy Fuels (CLNE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $104 million, nearly flat year-over-year, with product revenue up slightly and service revenue down; RNG volumes declined due to weather and operational issues.

• Net loss widened to $135 million, driven by $115 million in non-cash charges for goodwill impairment and accelerated depreciation.

• Adjusted EBITDA rose to $17.1 million from $12.8 million year-over-year, supported by strong fueling margins and steady fleet demand.

• Cash and short-term investments increased to $227 million as of March 31, 2025, supporting capital needs and share repurchases.

• Share repurchase program resumed, with $26.1 million remaining authorized.

Financial highlights

• Product revenue was $90.3 million (+1% YoY), service revenue $13.5 million (-6% YoY), and station construction revenue $5.6 million.

• Adjusted EBITDA reached $17.1 million, up from $12.8 million in Q1 2024.

• GAAP net loss was $135 million, including $64.3 million goodwill impairment and $50.7 million accelerated depreciation.

• Gross margin compressed due to higher natural gas costs and increased Amazon warrant contra-revenue charges ($17.3 million in Q1 2025).

• Operating loss widened to $126.3 million, mainly due to non-cash charges.

Outlook and guidance

• Maintained full-year financial and CapEx guidance, with 2025 GAAP net loss expected between $(225) million and $(220) million, including major non-cash charges.

• Adjusted EBITDA for 2025 projected at $50–$55 million.

• Management expects to invest ~$30 million in CapEx and up to $100 million in RNG production facilities in 2025.

• Cash reserves expected to cover business needs for at least the next 12 months.

• Anticipates continued volatility in RIN and LCFS credit prices, which may pressure revenue.