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Clean Energy Fuels Corp.

Clean Energy Fuels Corp.

NASDAQ•CLNE
CEO: Mr. Andrew J. Littlefair
Sector: Energy
Industry: Oil & Gas Refining & Marketing
Listing Date: 2007-05-25
Clean Energy Fuels Corp. provides natural gas as alternative fuels for vehicle fleets and related fueling solutions in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and offers operation and maintenance services for public and private vehicle fleet customer stations. The company also designs, builds, operates, and maintains vehicle fueling stations; and sells and services compressors and other equipment that are used in RNG production and fueling stations. In addition, it transports and sells CNG, RNG, and LNG through virtual natural gas pipelines and interconnects; sells U.S. federal, state, and local government credits, such as RNG as a vehicle fuel, including Renewable Identification Numbers and Low Carbon Fuel Standards credits; and obtains federal, state, and local credits, grants, and incentives. Further, the company focuses on developing, owning, and operating dairy and other livestock waste RNG projects. It serves heavy-duty trucking, airports, refuse, public transit, industrial, and institutional energy users, as well as government fleets. Clean Energy Fuels Corp. was incorporated in 2001 and is headquartered in Newport Beach, California.
Contact Information
4675 MacArthur Court, Suite 800, Newport Beach, CA, 92660, United States
949-437-1000
www.cleanenergyfuels.com
Market Cap
$493.43M
P/E (TTM)
-2.4
0
Dividend Yield
--
52W High
$3.67
52W Low
$1.30
52W Range
40%
Rank73Top 97.7%
1.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$106.46M+1.51%
4-Quarter Trend

EPS

-$0.11+33.58%
4-Quarter Trend

FCF

$6.47M-291.02%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Rises Modestly Total revenue reached $312.5M for nine months, showing 2.0% growth; operating cash flow improved to $72.4M.
Liquidity Position Strengthens Cash and equivalents increased to $183.0M as of September 30, 2025, up from $91.6M at year-end 2024.
Goodwill Fully Impaired Recognized $64.3M goodwill impairment loss in Q1 2025; zero goodwill remains on balance sheet September 30, 2025.

Risk Factors

Significant Net Loss Widens Net loss attributable to CLNE reached $(179.0M) for nine months, significantly worse than $(52.9M) last year.
Regulatory Credit Value Volatile Revenue highly dependent on RINs and LCFS Credits; RIN prices dropped 27% in Q3 2025 versus 2024 levels.
Pilot Station Exit Costs Recognized $55.7M charge related to accelerated depreciation and ARO for Pilot fueling station removal decision in 2025.
Fleet Adoption Growth Slow Success highly dependent on fleet adoption of RNG fuels, which has been slower and more volatile than anticipated.

Outlook

2025 Capital Expenditure Plan Plan calls for $30.0M CapEx for stations/IT and up to $35.0M for 100% owned ADG RNG projects in 2025.
Future RNG Development Ongoing Evaluating future investments in ADG RNG projects through TotalEnergies JV and bpJV structures; $283.9M invested to date.
Potential Hydrogen Expansion May expand hydrogen fuel availability for fleets by reforming RNG, though adding EV charging capacity is costly.

Peer Comparison

Revenue (TTM)

Nabors Industries Ltd.NBR
$3.12B
+6.5%
ProFrac Holding Corp.ACDC
$1.96B
-11.9%
Vital Energy, Inc.VTLE
$1.90B
+1.9%

Gross Margin (Latest Quarter)

Vital Energy, Inc.VTLE
95.1%
+4.5pp
Borr Drilling LimitedBORR
86.3%
+43.7pp
Riley Exploration Permian, Inc.REPX
47.8%
-28.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PUMP$940.00M-55.4-2.1%9.0%
BORR$936.40M16.45.5%61.2%
TK$803.21M10.17.9%2.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-0.9%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 23, 2026
|
EPS:-$0.03
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 4, 2025|
    Revenue: $106.46M+1.5%
    |
    EPS: $-0.11+33.6%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $102.61M+4.8%
    |
    EPS: $-0.09+23.3%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $103.76M+1.6%
    |
    EPS: $-0.60+626.4%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 24, 2025|
    Revenue: $415.87M-2.2%
    |
    EPS: $-0.37+17.8%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $104.88M+9.7%
    |
    EPS: $-0.08-32.3%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $97.89M+8.1%
    |
    EPS: $-0.07-0.1%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $102.09M-22.8%
    |
    EPS: $-0.08-51.4%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 29, 2024|
    Revenue: $425.16M+1.2%
    |
    EPS: $-0.45-73.1%
    Miss