Clean Energy Fuels (CLNE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $102.6 million, up 4.7% year-over-year, with RNG gallons sold increasing 7.5% to 61.4 million gallons and adjusted EBITDA of $17.5 million.

• Net loss widened to $20.2 million ($0.09/share) from $16.3 million in Q2 2024, impacted by higher non-cash charges including Amazon warrant, goodwill impairment, and lower AFTC revenue.

• Cash and short-term investments totaled $240.8 million at June 30, 2025, up from $217.5 million at year-end 2024.

• Share repurchases resumed, with 4.9 million shares bought for $7.9 million; $18.7 million remains under the program.

• Guidance for 2025 was raised for both GAAP net loss and adjusted EBITDA, reflecting strong underlying business trends.

Financial highlights

• Product revenue for Q2 2025 was $87.1 million and service revenue was $15.5 million, both up year-over-year, but offset by higher Amazon warrant contra-revenue charges and lower RIN/LCFS prices.

• Adjusted EBITDA was $17.5 million in Q2 2025, versus $18.9 million in Q2 2024; 2024 included $8.2 million of non-comparable income.

• Q2 2025 GAAP net loss was $20.2 million, compared to $16.3 million in Q2 2024, which benefited from $6 million in AFTC credits and $2.2 million in extra LCFS revenue.

• Cash provided by operating activities was $59.3 million for the first half of 2025, up from $21.4 million in the prior year period.

• Operating cash generation increased year-over-year and sequentially, with cash and investments rising from $217 million at the start of the year to $240.8 million at quarter-end.

Outlook and guidance

• 2025 GAAP net loss guidance is $217 million to $212 million, including $55 million accelerated depreciation, $64.3 million goodwill impairment, and $63 million Amazon warrant charges.

• Adjusted EBITDA for 2025 projected at $60–$65 million.

• Management expects to fund $30 million in CapEx for fueling stations, IT, and LNG plant costs, and up to $35 million for ADG RNG projects in 2025, primarily from cash on hand and operations.

• No equity contributions are anticipated for the TotalEnergies or bp joint ventures in 2025, but up to $65 million may be contributed to the Maas JDA.

• Guidance reflects continued volume growth, improved margins, and cautious assumptions on environmental credit pricing and dairy project ramp-up.