Clean Energy Fuels Corp. Earnings Recaps
Q2 2026
Aug 8, 2026
Shares of Clean Energy Fuels plunged 16.2% following the quarter, reflecting investor disappointment with the cautious outlook amidst ongoing uncertainty over critical incentives and a lack of growth acceleration in key segments.
Key takeaways
- Reported Q2 revenue of $106 million and adjusted EBITDA of $16 million, described by management as in line with expectations but failing to reassure the market.
- RNG production improved modestly, aided by weather and project ramps, though ramp-up challenges remain and operational improvements are still needed.
- Fuel volumes from heavy-duty trucking held steady, with no evident growth, hindered by fleets’ prebuying of legacy diesel trucks due to EPA uncertainty and delaying RNG adoption.
- Delay in Treasury's finalization of the Section 45Z clean fuel production credit rules, critical for RNG economics, adds to near-term regulatory risk with final guidance now expected in Q4.
- Incremental progress in hydrogen fueling infrastructure and alternative power solutions showcased but appears insufficient to offset investor concerns on near-term growth and margin pressures.
Q1 2026
May 10, 2026
Shares of Clean Energy Fuels Corp. declined 1.3% following Q1 results as operational execution in RNG production remains uneven and adoption in the key Class 8 trucking segment is slower than anticipated, tempering upside despite rising diesel prices.
Key takeaways
- Delivered 67 million gallons of renewable natural gas (RNG) and generated $16.6 million of Adjusted EBITDA in the quarter.
- Trucking, the largest growth opportunity, underperformed expectations due to slow adoption of Cummins X15N engines amid regulatory uncertainty and high upfront costs.
- RNG production ramp-up faced headwinds from extreme winter weather and operational challenges at several projects, delaying expected improvements.
- Management is taking a more hands-on operational approach, replacing vendors and strengthening oversight to address production inefficiencies.
- Positive regulatory development with CARB approval of a low carbon intensity pathway (~ -300) for the Del Rio Dairy project, though credits awaiting updated federal valuation remain a key variable.
Q3 2025
Nov 5, 2025
Clean Energy Fuels reported solid Q3 2025 results, achieving $106 million in revenue and $17 million in adjusted EBITDA, while reaffirming its strong financial outlook for the year.
Key takeaways
- Revenue increased to $106 million, driven by the sale of 61 million gallons of renewable natural gas (RNG).
- Adjusted EBITDA stood at $17 million, in line with management's raised guidance for 2025.
- Clean Energy secured contracts for hydrogen fueling stations, expanding its long-term partnerships and supporting the transition towards cleaner fuels.
- The company is strategically tapping into the heavy-duty trucking sector, emphasizing RNG's cost advantages and environmental benefits over diesel.
- Initial operations began at two major dairy RNG projects, enhancing Clean Energy's production capacity and sustainability profile.