Clean Energy Fuels (CLNE) Q4 2025 earnings summary

Executive summary

• Fourth quarter and full-year 2025 results exceeded the high end of guidance, driven by strong fueling operations 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.

• Two major dairy RNG projects, South Fork (Texas) and East Valley (Idaho), were brought online, expanding the operating portfolio to eight projects, with three more under construction.

• $65 million of debt was repaid in Q4, reducing leverage and future interest expense while maintaining ample cash for growth initiatives.

• Net loss for Q4 2025 was $43.0 million ($0.20/share), compared to $30.2 million ($0.13/share) in Q4 2024; full-year net loss was $222.0 million ($1.01/share), versus $83.1 million ($0.37/share) in 2024.

Financial highlights

• 2025 GAAP net loss was $222 million, slightly higher than expected due to non-cash interest charges from debt paydown and loan expiration.

• Adjusted EBITDA for 2025 was $67.6 million, exceeding the top end of guidance ($65 million), but down from $76.6 million in 2024.

• RNG delivered in 2025 totaled 237.4 million gallons (97% of target); Q4 RNG volumes were 64.1 million gallons, up 5% sequentially and 3.4% year-over-year.

• Ended 2025 with $156.1 million in cash and investments after debt repayment.

• Q4 2025 revenue included $14.6 million in non-cash Amazon warrant contra-revenue charges, down from $18 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; 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.