Clean Energy Fuels Reports Substantially Wider Net Loss in 2025, Driven by Significant Impairments and Debt Charges

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Clean Energy Fuels Corp. reported a substantially wider net loss of $222.0 million for the fiscal year ended December 31, 2025, compared to a net loss of $83.1 million in 2024. This significant increase in loss was primarily driven by a $64.3 million goodwill impairment charge and $54.4 million in accelerated depreciation expenses related to the non-renewal of a fueling station agreement with Pilot Travel Centers. Additionally, interest expense rose significantly due to a voluntary debt prepayment and charges associated with an expired $100.0 million delayed draw term loan commitment. The expiration of the Alternative Fuel Excise Tax Credit (AFTC) also contributed to a substantial reduction in revenue. While the company continues to expand its Renewable Natural Gas (RNG) production projects and initiated a modest share repurchase program, these positive developments are overshadowed by the considerable financial setbacks and non-cash charges reported.

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• Substantially Wider Net Loss Reported

  The company reported a net loss of $222.0 million for the year ended December 31, 2025, a significant increase from the $83.1 million net loss in 2024.

• Significant Goodwill Impairment

  A goodwill impairment loss of $64.3 million was recognized in the first quarter of 2025, fully impairing the company's goodwill due to a sustained decline in share price.

• Accelerated Depreciation from Station Closures

  The non-renewal of the LNG Master Sales Agreement with Pilot Travel Centers, LLC led to $54.4 million in accelerated depreciation and asset retirement obligation charges in 2025.

• Increased Debt-Related Charges

  Interest expense increased to $52.7 million in 2025, partly due to an $11.5 million loss on extinguishment from a $65.0 million voluntary debt prepayment and a $13.3 million charge from the expiration of a $100.0 million delayed draw term loan commitment.

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Clean Energy Fuels Corp. reported a substantially wider net loss of $222.0 million for the fiscal year ended December 31, 2025, compared to a net loss of $83.1 million in 2024. This significant increase in loss was primarily driven by a $64.3 million goodwill impairment charge and $54.4 million in accelerated depreciation expenses related to the non-renewal of a fueling station agreement with Pilot Travel Centers. Additionally, interest expense rose significantly due to a voluntary debt prepayment and charges associated with an expired $100.0 million delayed draw term loan commitment. The expiration of the Alternative Fuel Excise Tax Credit (AFTC) also contributed to a substantial reduction in revenue. While the company continues to expand its Renewable Natural Gas (RNG) production projects and initiated a modest share repurchase program, these positive developments are overshadowed by the considerable financial setbacks and non-cash charges reported.