Clean Energy Fuels Reports Wider Net Loss and Lower Adjusted EBITDA for 2025, Provides 2026 Outlook

summarizeSummary

Clean Energy Fuels Corp. announced its Q4 and full-year 2025 financial results, reporting a substantially wider net loss and lower Adjusted EBITDA for the year, alongside a modest revenue increase and a positive 2026 Adjusted EBITDA outlook.

check_boxKey Events

• Full Year 2025 Net Loss Widens Significantly

  The company reported a net loss attributable to Clean Energy of $(222.0) million, or $(1.01) per share, for the year ended December 31, 2025, a substantial increase from $(83.1) million, or $(0.37) per share, in 2024.

• Adjusted EBITDA Declines for Full Year 2025

  Adjusted EBITDA for the full year 2025 was $67.6 million, down from $76.6 million in 2024, indicating a decrease in operational profitability.

• Modest Revenue Growth and RNG Gallons Sold

  Revenue for the year 2025 increased slightly to $424.8 million from $415.9 million in 2024. RNG gallons sold also saw a minor increase to 237.4 million gallons from 236.7 million gallons in 2024.

• Key Operational Milestones Achieved

  Clean Energy completed its large-scale RNG facility at South Fork Dairy, capable of producing approximately 2.6 million gallons of low-carbon RNG annually, and partially paid down $65 million in long-term debt.

auto_awesomeAnalysis

Clean Energy Fuels Corp. reported a significant widening of its net loss for the full year 2025, reaching $(222.0) million compared to $(83.1) million in 2024. Adjusted EBITDA also declined to $67.6 million from $76.6 million in the prior year, despite a modest increase in revenue and RNG gallons sold. While the company highlighted positive operational developments, such as the completion of a large RNG production facility and a $65 million debt paydown, the deterioration in core profitability metrics is a key concern for investors. The 2026 outlook projects a continued GAAP net loss, though Adjusted EBITDA is expected to see a slight recovery. Investors should monitor the company's ability to improve its bottom line and leverage its new RNG production capacity.