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CLNE

Clean Energy Fuels Corp.

CLNE

Clean Energy Fuels Corp. • NASDAQ
$2.18 ▲ 1.40% (+0.03)
Market Cap $478.08 M
52w High $3.67
52w Low $1.30
Dividend Yield 0%
P/E -2.32
Volume 800.71K
Outstanding Shares 219.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $106.456M ▲ $26.27M ▼ $-23.819M ▼ -22.375% ▼ $-0.109 ▼ $-1.464M ▲
Q2-2025 $102.613M ▼ $27.453M ▼ $-20.24M ▲ -19.725% ▲ $-0.09 ▲ $-2.639M ▲
Q1-2025 $103.764M ▼ $91.792M ▲ $-134.967M ▼ -130.071% ▼ $-0.6 ▼ $-68.168M ▼
Q4-2024 $109.326M ▲ $36.492M ▲ $-30.159M ▼ -27.586% ▼ $-0.13 ▼ $-9.142M ▼
Q3-2024 $104.876M $28.865M $-18.175M -17.33% $-0.08 $1.435M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $234.274M ▼ $1.125B ▲ $534.053M ▲ $585.207M ▼
Q2-2025 $240.758M ▲ $1.116B ▼ $518.996M ▲ $590.821M ▼
Q1-2025 $226.625M ▲ $1.117B ▼ $513.694M ▼ $596.704M ▼
Q4-2024 $217.482M ▼ $1.244B ▼ $524.36M ▲ $713.273M ▼
Q3-2024 $243.523M $1.244B $513.292M $724.753M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-23.819M ▼ $13.088M ▼ $36.678M ▲ $-767K ▲ $48.752M ▲ $6.468M ▼
Q2-2025 $-20.408M ▲ $35.901M ▲ $-14.044M ▼ $-8.277M ▼ $13.524M ▼ $21.193M ▲
Q1-2025 $-135.031M ▼ $23.428M ▲ $7.397M ▲ $-1.924M ▼ $29.117M ▲ $4.838M ▲
Q4-2024 $-30.159M ▼ $21.865M ▲ $-47.127M ▼ $-1.851M ▼ $-27.441M ▼ $3.06M ▲
Q3-2024 $-18.322M $21.359M $-26.631M $-953K $-6.139M $-3.386M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Federal Alternative Fuels Tax Credit
Federal Alternative Fuels Tax Credit
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲
LCFS Credits
LCFS Credits
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Other services
Other services
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $90.00M ▲$180.00M ▲$90.00M ▼$90.00M ▲
Service
Service
 $10.00M ▲$30.00M ▲$10.00M ▼$20.00M ▲
Station construction sales
Station construction sales
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past several years, with a noticeable step up after 2020 but no strong growth trend since then. The company does generate gross profit, but its operating costs continue to outweigh that profit, leading to recurring operating and net losses every year in this period. Profitability is not yet established: losses have been persistent and have recently been somewhat larger than in the early part of the period, even as the business has scaled. Overall, it looks like a company still in the investment and build‑out phase rather than one focused on maximizing current earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown its asset base steadily, reflecting investment in infrastructure and operations. Shareholders’ equity has also edged up over time, which is a positive sign of accumulated capital behind the business. At the same time, debt levels have risen meaningfully compared with a few years ago, so the company is leaning more on borrowing than before, though it does not appear excessively leveraged by energy‑sector standards. Cash on hand is stable but not large relative to the size of the asset base, suggesting some reliance on ongoing cash generation and access to financing to support future projects.

Cash Flow

Cash Flow The company has consistently produced positive cash flow from its operations, but the amounts are modest, indicating that the core business is close to but not yet strongly cash‑generative. Capital spending has increased, especially in the most recent years, as the company builds out stations and RNG capabilities. Because of this heavier investment, free cash flow has hovered around breakeven and has recently slipped slightly negative. In simple terms, the business is funding a build‑out phase: operations roughly pay their own way, but growth projects are absorbing additional cash.

Competitive Edge

Competitive Edge Clean Energy Fuels has a distinctive niche in transportation fuels, with one of the largest natural gas and renewable natural gas fueling networks in North America. Its scale and station coverage create a real convenience advantage for fleet customers, especially compared with smaller rivals. A clear focus on renewable natural gas, along with experience in designing and operating stations, helps differentiate it from conventional fuel distributors and from pure equipment providers. Strategic partnerships with engine makers and large fleets strengthen its market position. The main competitive risks are the rapid rise of electric vehicles, potential competing low‑carbon fuels, and vulnerability to changes in environmental and fuel‑credit policies that currently support demand.

Innovation and R&D

Innovation and R&D The company’s innovation is less about lab‑style R&D and more about technology application, infrastructure, and business model. Its flagship renewable natural gas product, marketed as Redeem, and its early move into capturing methane from waste streams give it an environmental and branding edge. Technical know‑how in building and running compressed and liquefied natural gas stations is another asset that is hard for new entrants to quickly replicate. The push to supply only renewable gas, combined with collaborations like the heavy‑duty natural‑gas engine partnership with Cummins, positions the company to benefit if fleets adopt low‑carbon trucking at scale. Key uncertainties are execution risks in scaling RNG supply, the real‑world uptake of new engines, and the durability of policy support that underpins project economics.

Summary

Clean Energy Fuels looks like a scaled, specialized infrastructure and fuel provider that is still in the transition from a development story to a potentially more mature, cash‑generating business. Revenues are stable but not yet growing rapidly, and the company continues to post accounting losses while investing heavily in assets and stations. The balance sheet shows growing assets and equity, alongside higher debt, consistent with a capital‑intensive rollout strategy. Operational cash inflows are positive but modest, while investment spending keeps free cash flow tight. Strategically, the company has a strong footprint and clear differentiation in renewable natural gas, supported by partnerships and a long head start. The main things to watch are whether it can translate this positioning into sustained revenue growth and eventual profitability, and how broader trends in trucking technology and environmental policy shape the long‑term demand for its fuels.

NEWS

November 18, 2025 · 6:30 AM UTC

Clean Energy to Expand Relationship with Gold Coast Transit by Constructing the Agency's First Hydrogen Station

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November 4, 2025 · 4:05 PM UTC

Clean Energy Reports Revenue of $106.1 Million and 61.3 Million RNG Gallons Sold for the Third Quarter of 2025

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October 30, 2025 · 6:30 AM UTC

Cross-sector Fleets Sign Fuel Deals With Clean Energy to Supply Clean Renewable Natural Gas

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October 22, 2025 · 6:30 AM UTC

Clean Energy to Launch New Freightliner X15N Demo Truck Program at ATA's MCE in San Diego

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October 9, 2025 · 4:05 PM UTC

Clean Energy to Report Third Quarter 2025 Financial Results on November 4; Conference Call to Follow at 1:30 p.m. Pacific Time

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