Clean Energy Fuels Corp. reported fourth‑quarter 2025 revenue of $112.3 million, up 2.9% from $109.3 million a year earlier, and a full‑year revenue of $424.8 million, a 2.2% increase over 2024’s $415.9 million. The quarter’s GAAP net loss was $43.0 million, or $0.20 per share, while the company’s GAAP net loss for the full year was $222.0 million, a sharp rise from the $83.1 million loss reported in 2024.
The company’s RIN and LCFS revenue fell by $0.6 million in Q4 2025, down from $13.5 million in Q4 2024, a modest decline compared with the $24.8 million figure previously reported. The Alternative Fuel Tax Credit expired at the end of 2024, removing $6.1 million in quarterly revenue that had been credited in 2024.
Management highlighted a $2.1 million increase in station‑construction sales and a $6.4 million loss of Alternative Fuel Tax Credit revenue, but noted that the GAAP loss was “slightly higher than expected” due to non‑cash interest charges and the expiration of a delayed‑draw loan. Andrew Littlefair said the company finished the quarter and full year with “strong results,” citing continued strength in fueling operations and progress in its upstream RNG production platform. The company guided for 2026 revenue of $420 million to $440 million, a GAAP net loss of $66 million to $71 million, and adjusted EBITDA of $70 million to $75 million.
Investors reacted modestly positively to the earnings, weighing the revenue beat against the deeper GAAP loss and a year‑over‑year decline in adjusted EBITDA. Analysts noted that the revenue beat was driven by a 2.9% increase in fuel volume and higher station‑construction sales, while the GAAP loss widened largely because of one‑time non‑cash charges and the loss of the Alternative Fuel Tax Credit.
The company’s RNG segment continued to grow, with 64.1 million gallons sold in Q4 2025, a 3% year‑over‑year increase, and 237.4 million gallons for the full year, underscoring the company’s leadership in renewable natural gas for transportation. However, the decline in RIN and LCFS revenue and the expiration of the tax credit highlight the company’s exposure to policy‑driven revenue streams. The guidance for 2026 signals management’s confidence in sustaining revenue growth while acknowledging that GAAP losses will persist due to ongoing non‑cash charges, particularly Amazon warrant impacts.
Overall, Clean Energy Fuels delivered a revenue beat and continued RNG growth, but the widening GAAP loss and policy‑related revenue erosion underscore the challenges the company faces in balancing growth with profitability. The guidance suggests a cautious outlook for profitability while maintaining revenue momentum.
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