Despite revenue growth and RNG volume increases, the significant decline in Adjusted EBITDA and widening net losses suggest deteriorating profitability. The 2026 EBITDA guidance ($70-75M) is only marginally above 2025 levels ($67.6M), indicating limited near-term improvement. Traders should monitor whether cost pressures and non-cash charges (like Amazon warrant expenses) continue to erode margins despite volume growth.
Price Chart
Executive Summary
Clean Energy Fuels reported Q4 2025 revenue of $112.3 million, up slightly from $109.3 million in Q4 2024, but net loss widened to $43.0 million from $30.2 million. Adjusted EBITDA declined 33% year-over-year to $15.7 million. The company sold 64.1 million RNG gallons, up 3.4% YoY, and guided for 2026 Adjusted EBITDA of $70-75 million.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $112.3 million (up 2.7% YoY from $109.3 million)
- Q4 2025 net loss: $43.0 million (wider than $30.2 million in Q4 2024)
- Q4 2025 Adjusted EBITDA: $15.7 million (down 33.5% YoY from $23.6 million)
- RNG gallons sold: 64.1 million in Q4 2025 (up 3.4% YoY)
- 2026 Adjusted EBITDA guidance: $70-75 million
- Company completed RNG facility at South Fork Dairy in Texas
- Partially paid down long-term debt by $65 million
Financial Impact
Adjusted EBITDA declined by $7.9 million year-over-year in Q4, and full-year Adjusted EBITDA decreased by $9 million to $67.6 million. Net loss increased significantly to $222 million for the year.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| RNG | $12.90 | -4.4% |
Risk Factors
- Continued decline in Adjusted EBITDA despite revenue growth
- Significant net losses widening year-over-year
- High non-cash charges (Amazon warrant) affecting financials
- Execution risk on RNG facility ramp-up
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-019128 |
| Document: clne-20260224x8k.htm | 0001104659-26-019128 |
| Document: 0001104659-26-019128-index-headers.html | 0001104659-26-019128 |
| Document: 0001104659-26-019128-index.html | 0001104659-26-019128 |
| Document: 0001104659-26-019128.txt | 0001104659-26-019128 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 3 | $1.52 | awaiting T+60 | — | $1.43 (−5.59%) |
Oct 6, 2026 21d ago | 8-K | $1.56 | awaiting T+60 | — | $1.43 (−8.01%) |
Aug 21, 2026 9w ago | Institutional Cluster | $1.62 | awaiting T+60 | — | $1.43 (−11.42%) |
May 7, 2026 24w ago | 8-K | $2.21 $1.87 | ▼ −15.38% | ▼ −20.22% | $1.43 (−35.07%) |
Apr 30, 2026 25w ago | DEFA14A | $2.30 $1.96 | ▼ −14.78% | ▼ −17.89% | $1.43 (−37.61%) |
Apr 23, 2026 26w ago | 8-K | $2.39 $2.17 | ▼ −9.21% | ▼ −14.22% | $1.43 (−39.96%) |
Feb 24, 2026 34w ago | 8-K | $2.39 $1.99 | ▲ +16.74% | ▲ +23.69% | $1.43 (+39.96%) |
US Market Status
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