Clean Energy Fuels (CLNE) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $112.2M vs. $106.1M YoY; RNG volumes rose 9% to 66.8M gallons.

• Adjusted EBITDA increased to $27.2M from $17.3M, while GAAP net loss narrowed to $5.7M from $23.8M.

• Stronger RNG upstream results and Section 45Z credits supported higher FY2026 Adjusted EBITDA guidance of $75M-$80M.

Financial highlights

• Q3 operating income was $1.0M vs. an operating loss of $13.6M; net loss attributable to shareholders was $5.7M, or $0.03/share, vs. $23.8M, or $0.11/share.

• Product revenue was $96.6M vs. $90.9M and service revenue was $15.6M vs. $15.2M; nine-month revenue was $336.1M vs. $312.5M.

• Q3 RIN and LCFS revenue rose to $16.0M from $11.4M, supported by higher prices, volumes and consolidated RNG production.

• Q3 Amazon warrant contra-revenue charges were $10.6M vs. $16.8M; nine-month charges were $30.3M vs. $51.5M.

• Operating cash flow was $36.2M, including $23.3M in net ITC and PTC sale proceeds; capex was $5.5M. Nine-month operating cash flow was $56.6M.

Outlook and guidance

• FY2026 Adjusted EBITDA guidance increased by $5M to $75M-$80M; guidance includes $65M-$68M from fuel distribution and $10M-$12M from RNG upstream.

• FY2026 GAAP net loss guidance is $50M-$55M, assuming no unrealized customer-contract gains or losses and ~$44M of Amazon warrant charges.

• The 2026 capital spending plan is ~$25M; less than $10M of spending is expected for the remainder of 2026 to complete Maas Dairy projects.

• Up to $42M of Maas JDA equity contributions are anticipated, with $36M contributed through Sept. 30; four remaining project ITCs are expected to be sold in 2027 and 2028.

• Potential year-end charges from organizational alignment and optimization efforts were not yet estimable; FY2027 outlook was planned for February.