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Nov 5, 2026, 4:15 PM ETEnergy

Clean Energy Fuels Corp. — Q3 2026 Earnings Summary

CLNECLEAN ENERGY FUELS CORP
Source

Financial Performance

  • Revenue increased to $112.2 million in Q3 2026 from $106.1 million in Q3 2025.
  • Net loss attributable to Clean Energy narrowed to $(5.7) million, or $(0.03) per share, compared to $(23.8) million, or $(0.11) per share, in Q3 2025.
  • Adjusted EBITDA rose to $27.2 million in Q3 2026 from $17.3 million in Q3 2025.
  • Non-GAAP income per share was $0.03 in Q3 2026, compared to $0.00 in Q3 2025.
  • Cash, cash equivalents (less restricted cash), and short-term investments totaled $140.2 million as of September 30, 2026, down from $156.1 million as of December 31, 2025.
  • The company partially paid down long-term debt by $15 million using available cash and investments.
  • Product cost of sales decreased by $12.7 million in Q3 2026 due to the recognition of Section 45Z Production Tax Credits (PTC).
  • Amazon warrant charges (non-cash stock-based sales incentive contra-revenue) were $10.6 million in Q3 2026, down from $16.8 million in Q3 2025.
  • RIN and LCFS revenues increased to $16.0 million in Q3 2026 from $11.4 million in Q3 2025.
  • Station construction revenues were $6.2 million in Q3 2026, down from $9.9 million in Q3 2025.

Guidance and Future Outlook

  • The company increased its 2026 Adjusted EBITDA outlook to a range of $75 million to $80 million, up from the previous range of $70 million to $75 million.
  • GAAP net loss for 2026 is expected to range from approximately $(55) million to $(50) million, assuming Amazon warrant charges of approximately $44.0 million.
  • Management expects continued contributions from 45Z production tax credits through at least 2029.
  • The 2026 outlook excludes the impact of acquisitions, divestitures, new joint ventures, and extraordinary events.

Business Segments and Product Lines

  • RNG gallons sold reached 66.8 million in Q3 2026, a 9.0% increase compared to Q3 2025.
  • Total fuel volume sold increased to 85.1 million GGEs in Q3 2026 from 76.6 million GGEs in Q3 2025.
  • RNG volume sold was 66.8 million GGEs in Q3 2026 compared to 61.3 million GGEs in Q3 2025.
  • Conventional natural gas volume sold was 18.3 million GGEs in Q3 2026 compared to 15.3 million GGEs in Q3 2025.
  • RNG upstream Adjusted EBITDA turned positive to $10.955 million in Q3 2026 from a loss of $(3.316) million in Q3 2025.
  • Fuel distribution Adjusted EBITDA was $16.222 million in Q3 2026, down from $20.629 million in Q3 2025.
  • The company closed the sale of $30.7 million in federal tax credits from seven RNG production facilities, including $26.0 million in ITC tied to the South Fork Dairy RNG facility.
  • A $27.5 million contract was awarded by the Orange County Transportation Authority to design, build, and operate a new hydrogen fueling station, expected to be completed in 2028.
  • New fueling and maintenance agreements were announced in Western Canada with Nortrans Freight Management, Mullen Dedicated Logistics, GFL Environmental, and Integrity Waste Solutions.
  • Stations were added in Grande Prairie and Chilliwack through a partnership with Tourmaline to support Cummins X15N natural gas engine adoption.

Market and Competitive Landscape

  • The company operates as the largest provider of clean fuel for the transportation market in the U.S.
  • Revenue growth was supported by higher prices and incremental volume from consolidated dairy RNG production projects.
  • The company highlighted favorable developments in the 45Z production tax credit market contributing significantly to Adjusted EBITDA.

Risks and Challenges

  • Actual results may differ from forward-looking statements due to factors including fleet adoption rates, market perception of RNG, and natural gas vehicle costs.
  • Risks include the ability to procure adequate RNG supplies, the financial capacity of project partners, and the commercial viability of dairy farm projects.
  • The company faces risks related to the long development cycle for ADG RNG, potential bankruptcy of source owners, and dependence on vehicle manufacturers.
  • Future results may be significantly affected by unrealized gains or losses on customer fueling contracts and variations in Amazon warrant vesting.
  • The company notes a history of net losses and the possibility of incurring additional losses in the future.
  • Risks include changes in government legislation, environmental regulations, and competition from electric and hydrogen-powered vehicles.

Management Commentary and Tone

  • Clay Corbus, President and CEO, stated that the value of dairy RNG investments and the station network was underscored by solid third-quarter results.
  • Management emphasized a priority to scale production and deliveries to drive sustained earnings growth and long-term shareholder value.
  • The tone indicated confidence in the core recurring RNG and conventional natural gas fuel sales, construction, and operating services businesses performing in line with expectations.
  • The company announced leadership changes with the appointment of Sean Wine as Chief Revenue Officer and JJ Armstrong as Chief Financial Officer.

Other Key Points

  • The company monetized PTC and ITC credits associated with its dairy RNG portfolio, strengthening its cash position.
  • The sale of $30.7 million in tax credits represented the largest investment tax credit (ITC) sale to date for the company.
  • The Rimere equity method investment was disposed of in December 2025.
  • The company reported an unrealized gain of $0.3 million on customer fueling contracts in Q3 2026, compared to an unrealized loss of $0.3 million in Q3 2025.
  • A conference call was hosted on November 5, 2026, at 4:30 p.m. Eastern time, with a replay available through December 5, 2026.