Clean Energy Fuels Corp. posted revenue of $106.1mn for the third quarter of 2025, a slight increase from $104.9mn in the same period in 2024. The company sold 61.3 million gallons of renewable natural gas (RNG), marking a 3% increase year-over-year. However, it reported a net loss of $23.8mn, compared to $18.2mn a year earlier.
Margins affected by contractual incentives
Results were significantly impacted by a non-cash charge of $16.8mn related to sales incentives granted to Amazon under a fuel supply agreement. These charges, up from $15.8mn in the previous year, weighed on the company’s financial performance. In parallel, adjusted EBITDA declined from $21.3mn to $17.3mn, reflecting increased pressure on operating margins.
The impact of the Alternative Fuel Tax Credit (AFTC), which expired at the end of 2024, was also evident, with no contribution in 2025 versus $6.4mn in the third quarter of 2024. Additionally, revenues from environmental credits (RIN and LCFS) fell to $11.4mn from $13mn year-on-year, primarily due to lower market prices.
Strategic investments and production capacity expansion
Clean Energy invested in Pioneer Clean Fleet Solutions, an early-stage company offering low-emission leasing solutions for North American fleets. The company also broke ground on three new RNG production sites through a joint venture with Maas Energy Works, aiming for a combined annual output of three million gallons once operational.
Total fuel volume sold reached 76.6 million gasoline gallon equivalents (GGE), up from 73.5 million in Q3 2024, driven by higher sales of conventional natural gas. Revenue from operations and maintenance services remained stable at $14.6mn.
2025 outlook and exposure to exceptional charges
For full-year 2025, Clean Energy expects a net loss between $212mn and $217mn. This projection includes $55mn in accelerated depreciation tied to the removal of liquefied natural gas (LNG) stations, as well as a $64.3mn goodwill impairment. Adjusted EBITDA is estimated between $60mn and $65mn.
According to company data, the fuel distribution segment represents the bulk of adjusted EBITDA, estimated between $72mn and $74mn for the year. In contrast, upstream RNG activities remain loss-making, with adjusted EBITDA projected between -$12mn and -$9mn.
