8-K: Clean Energy Fuels Reports Q4, Full-Year 2025 Results

Clean Energy Fuels Corp. announced its operating results for the fourth quarter and full year ended December 31, 2025, reporting increased revenue and RNG gallons sold but also a significant rise in net loss.

Summary

• Revenue for Q4 2025 was $112.3 million, an increase from $109.3 million in Q4 2024.
• Full year 2025 revenue reached $424.8 million, up from $415.9 million in 2024.
• Net loss attributable to Clean Energy for Q4 2025 was $(43.0) million, or $(0.20) per share, compared to $(30.2) million, or $(0.13) per share, for Q4 2024.
• Full year 2025 net loss was $(222.0) million, or $(1.01) per share, a significant increase from $(83.1) million, or $(0.37) per share, for 2024.
• Adjusted EBITDA for Q4 2025 was $15.7 million, down from $23.6 million in Q4 2024.
• Full year 2025 Adjusted EBITDA was $67.6 million, compared to $76.6 million for 2024.
• Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $156.1 million as of December 31, 2025.
• Renewable natural gas (RNG) gallons sold increased by 3.4% to 64.1 million gallons in Q4 2025 compared to Q4 2024.
• Full year 2025 RNG gallons sold were 237.4 million gallons, a slight increase of 0.7 million gallons from 2024.
• The company successfully completed its RNG facility at South Fork Dairy in Dimmitt, Texas, capable of producing approximately 2.6 million gallons of low-carbon RNG annually.
• Long-term debt was partially paid down by $65 million using available cash and investments.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a mixed report with significant financial deterioration (increased net loss, decreased Adjusted EBITDA, goodwill impairment) despite operational progress (increased revenue, RNG gallons, new facility). The substantial non-cash charges mask underlying operational performance, and the outlook for continued net losses in 2026 suggests ongoing challenges.

Positives

• Revenue increased for both Q4 2025 ($112.3 million) and the full year 2025 ($424.8 million) compared to the prior periods.
• RNG gallons sold increased by 3.4% in Q4 2025 to 64.1 million gallons and by 0.7 million gallons for the full year 2025 to 237.4 million gallons.
• The company successfully completed its RNG facility at South Fork Dairy in Dimmitt, Texas, which is one of the largest in the U.S. with an annual production capability of approximately 2.6 million gallons.
• Expanded adoption of RNG through new agreements across multiple fleet segments, including transit, freight, and municipal customers.
• Launched a second heavy-duty truck demo program featuring the 2026 Freightliner Cascadia Gen 5 with the Cummins X15N natural gas engine.
• Partially paid down long-term debt by $65 million, strengthening the balance sheet.
• Management stated that operating results for 2025 came in 'slightly better than expected' despite market volatility.

Negatives

• Net loss attributable to Clean Energy significantly widened to $(43.0) million in Q4 2025 from $(30.2) million in Q4 2024, and to $(222.0) million for the full year 2025 from $(83.1) million in 2024.
• Adjusted EBITDA decreased to $15.7 million in Q4 2025 from $23.6 million in Q4 2024, and to $67.6 million for the full year 2025 from $76.6 million in 2024.
• Q4 2025 net loss included incremental interest expense of $24.8 million, of which $17.4 million was non-cash charges for unamortized debt issuance cost.
• Full year 2025 results included an impairment of goodwill of $64.3 million and accelerated depreciation expense associated with station equipment removal of $56.0 million.
• RIN and LCFS revenues decreased in Q4 2025 compared to Q4 2024, primarily due to lower RIN credit prices and lower LCFS prices.

Risks

• The willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption.
• The market's perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels.
• Natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance, and residual value, as well as operator perception with respect to these factors.
• The company's ability to further develop and manage its RNG business, including procuring adequate supplies of RNG and generating revenues from sales.
• The company and its suppliers' ability to successfully develop and operate projects and produce expected volumes of RNG.
• The impact of a bankruptcy or failure of any source owners at the company's projects.
• The company's dependence on the production of vehicles and engines by manufacturers over which it has no control.
• The long and variable development cycle required to secure ADG RNG from new projects.
• The potential commercial viability, solvency, financial capacity, and operational capability of livestock waste and dairy farm projects to produce RNG.
• The company's history of net losses and the possibility of incurring additional net losses in the future.
• The company's and its partners' ability to acquire, finance, construct, and develop other commercial projects.
• The company's ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and charge electric vehicles.
• The future supply, demand, use, and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors.
• Changes in the competitive environment, including potentially increasing competition in the market for vehicle fuels generally.
• The company's ability to manage and increase its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities.
• Construction, permitting, and other factors that could cause delays or other problems at station construction projects.
• The company's ability to procure and maintain contracts with government entities.
• The company's ability to execute and realize the intended benefits of any acquisitions, divestitures, investments, or other strategic relationships or transactions.
• Significant fluctuations in the company's results of operations, which make it difficult to predict future results of operations.
• The company's warranty reserves may not adequately cover its warranty obligations.
• A future pandemic, epidemic, or other infectious disease outbreak.
• The future availability of and the company's access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth and debt repayment.
• The company's ability to generate sufficient cash flows to repay its debt obligations as they come due.
• The availability of environmental, tax, and other government legislation, regulations, programs, and incentives that promote natural gas or other alternatives as a vehicle fuel.
• The company's ability to comply with various registration and regulatory requirements related to its RNG projects.
• The effect of, or potential for changes to, greenhouse gas emissions requirements or other environmental regulations applicable to vehicles and fueling.
• The company's ability to manage the health, safety, and environmental risks inherent in its operations.
• The company's compliance with all applicable government and environmental regulations.
• The impact of the foregoing on the trading price of the company's common stock.
• The interests of the company's significant stockholders may differ from its other stockholders.
• The company's ability to protect against any material failure, inadequacy, interruption, or security failure of its information technology.
• General political, regulatory, economic, and market conditions.

Future Outlook

For 2026, GAAP net loss is expected to range from approximately $(71) million to $(66) million, assuming no unrealized gains or losses on customer contracts relating to the company's truck financing program and Amazon warrant charges estimated to be approximately $47 million. Adjusted EBITDA for 2026 is estimated to range from approximately $70 million to $75 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions, other extraordinary events, macroeconomic conditions, and global supply chain issues.

Management Comments

• "Considering the rather volatile market, especially in the transportation sector, we are very pleased to end 2025 in a strong position with our operating results coming in slightly better than expected."
• "This is a testament to Clean Energy’s leadership position in the alternative fuel space and the product that we offer – RNG – being seen as the most viable, affordable, and ready-now clean fuel solution for fleets."
• "2025 saw significant retreats by other alternative solutions, but the number of transit buses, refuse trucks and heavy-duty trucks operating on RNG all grew throughout the year, resulting in the increase in our gallons sold."
• "We were able to prudently deleverage our strong balance sheet using available cash and investments, positioning us well going into 2026."
• "These strong results and an optimistic outlook are due to the talented team at Clean Energy and their dedication to providing a cleaner way forward in the heavy-duty vehicle market."

Industry Context

StockSavvy.ai notes that Clean Energy Fuels Corp.'s continued growth in RNG gallons sold and expansion of its production capacity, such as the South Fork Dairy facility, positions it favorably within the broader decarbonization trend in the transportation sector. While other alternative fuel solutions faced "significant retreats," the company's focus on RNG appears to be gaining traction, particularly among transit, freight, and municipal fleets seeking immediate and scalable clean fuel options. The launch of a new heavy-duty truck demo program also indicates proactive engagement with vehicle manufacturers to drive adoption.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results to benchmark against global industry standards.

Stakeholder Impact

• Shareholders: Significant net losses and decreased Adjusted EBITDA could negatively impact shareholder value. The partial debt paydown and operational growth in RNG gallons could be seen as long-term positives.
• Customers: Expanded RNG adoption and new demo programs indicate continued commitment to providing clean fuel solutions and supporting fleet decarbonization.
• Creditors: Partial paydown of long-term debt by $65 million improves the company's debt profile.
• Employees: Continued operational expansion and strategic focus on RNG suggest stability and growth opportunities within the company.
• Suppliers: Continued development of RNG facilities and expansion of the business could lead to increased demand for suppliers of RNG production and fueling station components.

Next Steps

• Host an investor conference call on February 24, 2026, at 4:30 p.m. Eastern time.
• File Annual Report on Form 10-K for the year ended December 31, 2025, on or about February 24, 2026.
• Continue to develop and deliver renewable natural gas (RNG) to decarbonize transportation.
• Further expand adoption of RNG across fleet segments, including transit, freight, and municipal customers.
• Manage and increase business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects.
• Potentially invest in hydrogen stations or modify fueling stations to reform RNG to fuel hydrogen and charge electric vehicles.

Key Dates

Recommendation

While Clean Energy Fuels Corp. shows promising operational growth in RNG gallons sold and strategic expansion with new facilities and demo programs, the significant increase in net loss and decrease in Adjusted EBITDA for 2025, largely due to substantial non-cash charges, presents a mixed financial picture. The 2026 outlook projects continued net losses. The company is making progress in a growing market, but the financial performance indicates underlying challenges that warrant a cautious "hold" recommendation until there is clearer evidence of sustained profitability and improved cash flow generation.

Keywords

Renewable Natural Gas, RNG, Clean Energy Fuels, CLNE, Natural Gas Vehicles, Alternative Fuels, Decarbonization, Financial Results, Q4 2025, Full Year 2025, Adjusted EBITDA, Net Loss, Transportation Sector, Dairy RNG, Fleet Decarbonization, Heavy-Duty Trucks, Cummins X15N, Debt Reduction, SEC Filing