Clean Energy Fuels Corp. Q3 2026 Earnings Recap

Clean Energy Fuels’ shares rose 26.5% after earnings, with the clearest positive being higher 2026 adjusted EBITDA guidance: the company raised its range by $5 million to $75–$80 million. The updated 45Z credit value came in above the company’s assumptions, boosting third-quarter results and improving its outlook for the rest of 2026.

Key Takeaways

• Third-quarter revenue was $112 million, RNG volume was 67 million gallons, and adjusted EBITDA was $27 million.
• The updated 45Z model recognizes the low carbon intensity of the company’s dairy RNG; third-quarter results included the new value for Q3 production and a catch-up for the first half.
• Clean Energy sold approximately $31 million of tax credits in September: a $26 million investment tax credit and $5 million of 45Z credits. It also repaid $15 million on its term loan and ended the quarter with $140 million in cash and investments.
• The company said fuel distribution volumes were steady. It reported growing customer interest tied to high diesel prices and the X15N engine, while acknowledging that fleet adoption remains gradual and that it plans to focus on markets where RNG offers a clearer total-cost-of-ownership case.
• Upstream projects South Fork and East Valley are still ramping up. Of three projects under construction with Maas Energy Works, one is being commissioned, one is expected to begin commissioning in December, and the third is expected online in mid-2027.