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Mar 31, 2025
Clean Energy Q1 2025 Earnings Report
Clean Energy reported operating results for the first quarter of 2025, with revenue of $103.8 million and a net loss of $(135.0) million.
Key Takeaways
Clean Energy reported revenue of $103.8 million in Q1 2025, a slight increase from the prior year. The company posted a significant net loss of $(135.0) million, primarily due to non-cash charges including a goodwill write-down and accelerated depreciation. Adjusted EBITDA showed improvement, reaching $17.1 million.
Revenue remained relatively flat year-over-year at $103.8 million for Q1 2025.
Net loss significantly widened to $(135.0) million in Q1 2025, driven by non-cash impairment and depreciation charges.
Adjusted EBITDA increased to $17.1 million in Q1 2025 compared to $12.8 million in the prior year.
RNG gallons sold decreased by 12.8% in Q1 2025, attributed to cold weather impacting supply.
Revenue by Segment
Forward Guidance
For the full year 2025, Clean Energy expects a GAAP net loss ranging from $(225) million to $(220) million and Adjusted EBITDA between $50 million and $55 million.
Positive Outlook
- Expected Adjusted EBITDA of $50 million to $55 million for 2025.
- Focus on accommodating the adoption of the Cummins X15N engine in heavy-duty trucking.
- Increasing RNG volumes from dairy RNG projects.
- Stable, recurring business with long-term customers like transit agencies and waste companies.
- Belief that RNG is the commonsense solution for the heavy-duty trucking market.
Challenges Ahead
- Expected GAAP net loss of $(225) million to $(220) million for 2025.
- Includes significant non-cash charges (accelerated depreciation, goodwill impairment, Amazon warrant charges).
- Potential impact of changes in diesel and natural gas market conditions on results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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