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Sep 30, 2025
Clean Energy Q3 2025 Earnings Report
Estimated Revenue:$99.6M
-2.2% YoY
Estimated EPS:-$0.08
1219.8% YoY
Key Takeaways
Clean Energy Fuels Corp. reported a slight increase in revenue to $106.1 million for Q3 2025, up from $104.9 million in Q3 2024. The company experienced a net loss of $(23.8) million, or $(0.11) per share, which was higher than the net loss of $(18.2) million in the prior year. Despite the increased net loss, RNG volumes continued to grow year-over-year, and the company met its raised outlook for 2025.
Revenue for Q3 2025 increased to $106.1 million, up from $104.9 million in Q3 2024.
Net loss attributable to Clean Energy for Q3 2025 was $(23.8) million, or $(0.11) per share, compared to $(18.2) million, or $(0.08) per share, for Q3 2024.
Adjusted EBITDA for Q3 2025 was $17.3 million, a decrease from $21.3 million in Q3 2024.
RNG gallons sold increased by 3% to 61.3 million gallons in Q3 2025 compared to Q3 2024.
Revenue by Segment
Forward Guidance
For the full year 2025, Clean Energy expects a GAAP net loss ranging from $(217) million to $(212) million, and Adjusted EBITDA is estimated to be between $60 million and $65 million. This outlook includes significant non-cash charges such as accelerated depreciation and Amazon warrant charges.
Positive Outlook
- Adjusted EBITDA is projected to be between $60 million and $65 million for 2025.
- The company is focused on promoting its low-carbon solution and actively working with fleets.
- Strategic investment in Pioneer Clean Fleet Solutions supports the adoption of the Cummins X15N natural gas engine.
- Construction of five new dairy RNG projects is progressing well, expected to produce approximately three million gallons of RNG annually.
- The addition of a second X15N Freightliner Cascadia demo truck to meet fleet demand.
Challenges Ahead
- GAAP net loss for 2025 is expected to range from $(217) million to $(212) million.
- Outlook includes up to approximately $55 million in accelerated depreciation expense from LNG station asset removal.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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