CLNE
Clean Energy Fuels Corp.2.2700
+0.0100+0.44%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details ramps, competitive pressures
Q&A largely reaffirmed prepared remarks but added ramp details and competitive nuance. Upstream production from eight dairies ramps gradually, H2-weighted toward $3-5M adjusted EBITDA; management paused new projects despite 45Z CI optimism beyond -50. Renewals cede some LCFS/RIN retention to competition, yet margins stay adequate. X15N demos perform well amid easing truck macros; RNG supply plentiful at 89% station penetration. No growth walkbacks. Investors eye upstream optimization. Plenty of fuel to fuel adoption.
Key Stats
Market Cap
497.81MP/E (TTM)
-Basic EPS (TTM)
-0.94Dividend Yield
0%Recent Filings
10-K
FY2025 results
Clean Energy Fuels delivered 300.1 million GGEs of fuel in FY2025 ended December 31, 2025, up 0.9% y/y, with RNG comprising a steady 237.4 million GGEs (79% of total, matching 2024). Revenue held flat at $424.8M despite AFTC's expiration, buoyed by higher fuel pricing from elevated natural gas costs, yet Q4 saw South Fork dairy RNG facility launch (2.6M GGEs capacity annually) and Pickens LNG plant restart ($6.2M revenue). Margins squeezed as product costs climbed 9.5% to $273.3M on commodity surge; $54.4M accelerated depreciation hit from Pilot station exits hammered D&A to $98.6M. Net loss ballooned to $222M on $64.3M full goodwill wipeout, $52.7M interest (up on PIK), and JV drags. Debt fell to $250M post-$65M prepay; $7.9M buybacks signaled confidence. Q4 momentum flickered via new RNG supply, but dairy bankruptcies cloud pipeline. Regulatory repeal of ACT/ACF risks curbing RNG tailwinds.
8-K
Q4 revenue up, RNG grows
Clean Energy Fuels reported Q4 2025 revenue of $112.3 million, up from $109.3 million, with RNG gallons sold rising 3.4% to 64.1 million; full-year revenue hit $424.8 million versus $415.9 million, yet GAAP net loss widened to $(222.0) million from $(83.1) million due to impairments and debt costs. RNG volumes grew modestly to 237.4 million gallons annually. Completed massive South Fork RNG plant. Debt down $65 million. Outlook: Adjusted EBITDA $70-75 million.
8-K
Two directors resign
Clean Energy Fuels Corp. announced the resignations of directors Aimeric Ramadier and Marc de Guilhem de Lataillade, effective November 18, 2025, following their notifications on November 17. No disagreements existed with company operations, policies, or practices. Board loses two members. This trims oversight amid ongoing strategic shifts.
8-K
Q3 revenue up, loss widens
Clean Energy Fuels reported Q3 2025 revenue of $106.1 million, up from $104.9 million last year, with RNG sales hitting 61.3 million gallons—a 3% rise. Yet GAAP net loss widened to $23.8 million from $18.2 million, while Adjusted EBITDA dipped to $17.3 million. RNG volumes grew. New dairy facilities broke ground; 2025 Adjusted EBITDA guides $60-65 million.
10-Q
Q3 FY2025 results
Clean Energy Fuels nudged revenue up 1% y/y to $106.1M in Q3 FY2025 ended September 30, 2025, with product revenue ticking higher on fuel sales yet weighed by lower RINs after AFTC's expiry; operating loss widened to $13.6M from $8.5M (derived) on elevated product costs and depreciation. Cash swelled to $183M, operations delivered $72M YTD (up from $43M), while debt climbed to $284M net on PIK interest. Goodwill fully impaired at $64M earlier from stock weakness. Equity losses sting from JVs. Competition from zero-emission mandates looms.
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