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, record RNG volumes, 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.

• Net loss for Q4 2025 was $43.0 million ($0.20/share), with a full-year net loss of $222.0 million ($1.01/share), higher than 2024 due to non-cash interest charges from debt paydown and loan expiration.

• Two major RNG projects, South Fork Dairy (Texas) and East Valley Dairy (Idaho), were brought online, expanding the operating portfolio to eight projects.

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

Financial highlights

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

• Q4 2025 delivered 64.1 million gallons of RNG, a record quarter for downstream volumes, with full-year RNG gallons sold rising to 237.4 million.

• Q4 2025 revenue included $14.6 million in non-cash Amazon warrant contra-revenue charges, down from $18 million in Q4 2024.

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

• Q4 2025 station construction revenue was $10.7 million, up from $6.1 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, including $47 million in Amazon warrant charges; 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.