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

  • Clean Energy Fuels Corp. reported Q3 2025 revenue of $106.1 million, a slight increase from $104.9 million in Q3 2024.
  • The company recorded a GAAP net loss of $23.8 million ($0.11 per share) for Q3 2025, compared to a loss of $18.2 million ($0.08 per share) in the prior year period.
  • Adjusted EBITDA for Q3 2025 was $17.3 million, down from $21.3 million in Q3 2024.
  • Cash, cash equivalents, less restricted cash, and short-term investments totaled $232.2 million as of September 30, 2025.
  • The company made a strategic investment in Pioneer Clean Fleet Solutions to support low-carbon leasing & fueling solutions & the adoption of the Cummins X15N natural gas engine.
  • Ground was broken on three RNG production facilities via a joint development with Maas Energy Works across six dairies in South Dakota, Georgia, Florida, & New Mexico.
  • RNG sales volume reached 61.3 million gallons in Q3 2025, representing a 3% year-over-year increase.
  • Revenue included $16.8 million in non-cash Amazon warrant charges, higher than the $15.8 million charged in Q3 2024.
  • AFTC revenue was $0 in Q3 2025 following the program's expiration on December 31, 2024, compared to $6.4 million in Q3 2024.
  • RIN & LCFS revenues totaled $11.4 million in Q3 2025, a decrease from $13.0 million in Q3 2024 due to lower RIN credit prices.
  • The 2025 GAAP net loss is expected to range from $(217) million to $(212) million, while Adjusted EBITDA is projected between $60 million & $65 million.
  • The company added a second X15N Freightliner Cascadia demo truck to meet fleet demand for low-carbon fuel solutions.
  • Goodwill impairment of $64.3 million was recorded in the first nine months of 2025, resulting in a full write-off of the goodwill asset by September 30, 2025.