Clean Energy Fuels (CLNE) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $104 million, nearly flat year-over-year, with 50.6 million RNG gallons sold, down due to supply constraints and weather impacts.

• 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 in Q1 2024, reflecting strong core fueling and maintenance services.

• Cash and short-term investments increased to $227 million at quarter-end, supporting ongoing capital needs.

• 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.

• Gross margin compressed due to higher natural gas costs and $17.3 million Amazon warrant contra-revenue charge.

• No AFTC revenue in Q1 2025 (vs. $5.4 million prior year) due to program expiration.

• Operating loss was $126.3 million, mainly from non-cash charges.

• Cash and investments at $227 million, up $9 million since year-end.

Outlook and guidance

• Full-year 2025 guidance maintained, with RNG volume target of 246 million gallons and CapEx of ~$30 million plus up to $100 million for RNG facilities.

• 2025 GAAP net loss expected between $(225) million and $(220) million, with Adjusted EBITDA projected at $50–$55 million.

• Management expects cash reserves to cover business needs for at least 12 months.

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

• Cautious optimism for policy-driven upside, including 45Z Production Tax Credit and RNG Incentive Act.