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Clean Energy Reports Revenue of $103.8 Million and 50.6 Million RNG Gallons Sold for the First Quarter of 2025

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the first quarter of 2025.


Financial Highlights

  • Revenue of $103.8 million in Q1 2025 compared to $103.7 million in Q1 2024.
  • Net loss attributable to Clean Energy for Q1 2025 was $(135.0) million, or $(0.60) per share, on a GAAP (as defined below) basis, compared to $(18.4) million, or $(0.08) per share, for Q1 2024. The Q1 2025 net loss includes non-cash charges totaling $(115.0) million, consisting of a $(64.3) million write-down of our Goodwill and $(50.7) million of accelerated depreciation expense.
  • Adjusted EBITDA (as defined below) was $17.1 million for Q1 2025, compared to $12.8 million for Q1 2024.
  • Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $226.6 million as of March 31, 2025, compared to $217.5 million as of December 31, 2024.

Operational and Strategic Highlights

  • We executed several new RNG supply agreements with customers including transit agencies in Michigan, Texas and Alabama.
  • We resumed repurchases of shares of the Company’s common stock pursuant to the Company’s existing Share Repurchase Program. There is approximately $26.1 million of remaining capacity for repurchase under the Program as of March 31, 2025.
  • Renewable natural gas (“RNG”) gallons sold of 50.6 million gallons in Q1 2025, a 12.8% decrease compared to Q1 2024. The decrease was attributed to cold weather conditions at the start of the year, resulting in a reduced supply of RNG in January and February 2025.

Commentary by Andrew J. Littlefair, President and Chief Executive Officer

“As the markets continue to evaluate the macro-economic environment and remain volatile, we are fortunate that we have a stable, recurring business with many existing long-term customers like transit agencies and waste companies. We also believe that RNG is the commonsense solution for the heavy-duty trucking market. Thousands of heavy-duty trucks are already fueling in our network of natural gas stations across the US and Canada, proving that fleets can economically achieve significant emissions reductions. Our first quarter operating results, apart from the non-cash charges, resulted in a net increase in cash and investments. We remain very focused on accommodating the adoption of the Cummins X15N engine in the heavy-duty space while also increasing RNG volumes from our dairy RNG projects. We believe common sense wins in the end.”

Summary and Review of Results

The Company’s revenue for the first quarter of 2025 was decreased by $17.3 million of non-cash stock-based sales incentive contra-revenue charges (“Amazon warrant charges”) related to the warrant issued to Amazon.com NV Investment Holdings LLC (the “Amazon warrant”), compared to Amazon warrant charges of $12.9 million in Q1 2024. Q1 2025 includes $0.0 million of AFTC revenue versus $5.4 million of AFTC in Q1 2024, since AFTC expired on December 31, 2024. Q1 2025 station construction revenues of $5.6 million versus $5.6 million of station construction revenues in Q1 2024. Revenue for Q1 2025 also included an unrealized loss of $0.6 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized gain of $1.6 million in Q1 2024. Q1 2025 renewable identification number (“RIN”) and low carbon fuel standards (“LCFS”) revenues of $9.0 million versus $8.6 million of RIN and LCFS revenues in Q1 2024 reflecting an increase of $0.4 million. The increase was related to an increase in LCFS revenue of $4.0 million primarily due to the timing of a sale of certain LCFS credits for the three months ended March 31, 2024 being transacted in April 2024. This was offset by a decrease in RIN revenue of $3.6 million principally attributable to lower RIN credit prices, lower volume, and lower share of RIN values in the first quarter of 2025 when compared to that in the same period of 2024.

Net loss attributable to Clean Energy for Q1 2025 included an impairment of goodwill of $(64.3) million versus no such charge in Q1 2024, accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations of $(50.7) million and Q1 2025 had higher Amazon warrant charges when compared to Q1 2024, reflecting higher fuel volumes sold to Amazon in Q1 2025. Q1 2025 losses from equity method investments were higher than Q1 2024 due to the ramp up of operations of our dairy RNG projects. Selling, general and administrative expenses were higher in Q1 2025 compared to Q1 2024 by approximately $1.3 million mainly due to incremental costs associated with certain fueling station projects.

Non-GAAP income (loss) per share (as defined below) for Q1 2025 was $0.01, compared to $(0.01) per share for Q1 2024.

Adjusted EBITDA was $17.1 million for Q1 2025, compared to $12.8 million for Q1 2024.

In this press release, Clean Energy refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures may not be comparable to similarly titled measures being used and disclosed by other companies. Clean Energy believes that this non-GAAP information is useful for an understanding of its operating results and the ongoing performance of its business. Non-GAAP income (loss) per share and Adjusted EBITDA are defined below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.

The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:

 

 

Three Months Ended

 

 

March 31,

(in thousands, except share and per share data)

 

2024

 

2025

Net loss attributable to Clean Energy Fuels Corp.

 

$

(18,443

)

 

$

(134,967

)

Amazon warrant charges

 

 

12,897

 

 

 

17,338

 

Stock-based compensation expense

 

 

2,629

 

 

 

1,777

 

Accelerated depreciation expense associated with station equipment removal

 

 

 

 

 

50,660

 

Loss from Rimere equity method investment

 

 

1,188

 

 

 

1,551

 

Loss from SAFE S.p.A. equity method investment

 

 

1,021

 

 

 

478

 

Loss (gain) from change in fair value of derivative instruments

 

 

(1,622

)

 

 

557

 

Impairment of goodwill

 

 

 

 

 

64,328

 

Amortization of investment tax credit from RNG equity method investments

 

 

 

 

 

(236

)

Non-GAAP net income (loss) attributable to Clean Energy Fuels Corp.

 

$

(2,330

)

 

$

1,486

 

Diluted weighted-average common shares outstanding

 

 

223,210,309

 

 

 

224,924,980

 

GAAP loss attributable to Clean Energy Fuels Corp. per share

 

$

(0.08

)

 

$

(0.60

)

Non-GAAP income (loss) attributable to Clean Energy Fuels Corp. per share

 

$

(0.01

)

 

$

0.01

 

The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:

 

 

Three Months Ended

 

 

March 31,

(in thousands)

 

2024

 

2025

Net loss attributable to Clean Energy Fuels Corp.

 

$

(18,443

)

 

$

(134,967

)

Income tax expense (benefit)

 

 

(178

)

 

 

(2,932

)

Interest expense

 

 

7,762

 

 

 

7,528

 

Interest income

 

 

(3,579

)

 

 

(2,899

)

Depreciation and amortization

 

 

11,182

 

 

 

11,607

 

Accelerated depreciation expense associated with station equipment removal

 

 

 

 

 

50,660

 

Impairment of goodwill

 

 

 

 

 

64,328

 

Amazon warrant charges

 

 

12,897

 

 

 

17,338

 

Stock-based compensation expense

 

 

2,629

 

 

 

1,777

 

Loss from Rimere equity method investment

 

 

1,188

 

 

 

1,551

 

Loss from SAFE S.p.A. equity method investment

 

 

1,021

 

 

 

478

 

Loss (gain) from change in fair value of derivative instruments

 

 

(1,622

)

 

 

557

 

Depreciation and amortization from RNG equity method investments

 

 

850

 

 

 

2,746

 

Interest expense from RNG equity method investments

 

 

282

 

 

 

213

 

Interest income from RNG equity method investments

 

 

(1,183

)

 

 

(664

)

Amortization of investment tax credit from RNG equity method investments

 

 

 

 

 

(236

)

Adjusted EBITDA

 

$

12,806

 

 

$

17,085

 

The tables below present a further breakdown of the above consolidated Adjusted EBITDA:

 

 

Three Months Ended

 

 

March 31,

(in thousands)

 

2024

 

2025

Net loss attributable to fuel distribution

 

$

(15,250

)

 

$

(129,932

)

Income tax expense (benefit)

 

 

(178

)

 

 

(2,932

)

Interest expense

 

 

7,762

 

 

 

7,528

 

Interest income

 

 

(3,579

)

 

 

(2,899

)

Depreciation and amortization

 

 

11,182

 

 

 

11,607

 

Accelerated depreciation expense associated with station equipment removal

 

 

 

 

 

50,660

 

Impairment of goodwill

 

 

 

 

 

64,328

 

Amazon warrant charges

 

 

12,897

 

 

 

17,338

 

Stock-based compensation expense

 

 

2,629

 

 

 

1,777

 

Loss from Rimere equity method investment

 

 

1,188

 

 

 

1,551

 

Loss from SAFE S.p.A. equity method investment

 

 

1,021

 

 

 

478

 

Loss (gain) from change in fair value of derivative instruments

 

 

(1,622

)

 

 

557

 

Adjusted EBITDA attributable to fuel distribution

 

$

16,050

 

 

$

20,061

 

 

 

Three Months Ended

 

 

March 31,

(in thousands)

 

2024

 

2025

Net loss from RNG equity method investments attributable to Clean Energy Fuels Corp.

 

$

(3,193

)

 

$

(5,035

)

Depreciation and amortization from RNG equity method investments

 

 

850

 

 

 

2,746

 

Interest expense from RNG equity method investments

 

 

282

 

 

 

213

 

Interest income from RNG equity method investments

 

 

(1,183

)

 

 

(664

)

Amortization of investment tax credit from RNG equity method investments

 

 

 

 

 

(236

)

Adjusted EBITDA of RNG equity method investments attributable to Clean Energy Fuels Corp.

 

$

(3,244

)

 

$

(2,976

)

Fuel and Service Volume

The following tables present, for the three months and year ended March 31, 2024 and 2025, (1) the amount of total fuel volume the Company sold to customers with particular focus on RNG volume as a subset of total fuel volume and (2) operation and maintenance (“O&M”) services volume dispensed at facilities the Company does not own but at which it provides O&M services on a per-gallon or fixed fee basis. Certain gallons are included in both fuel and service volumes when the Company sells fuel (product revenue) to a customer and provides maintenance services (service revenue) to the same customer.

 

 

Three Months Ended

Fuel volume, GGEs(1) sold (in millions),

 

March 31,

correlating to total volume-related product revenue

 

2024

 

2025

RNG

 

 

58.0

 

 

 

50.6

 

Conventional natural gas

 

 

17.0

 

 

 

16.1

 

Total fuel volume

 

 

75.0

 

 

 

66.7

 

 

 

Three Months Ended

O&M services volume, GGEs(1) serviced (in millions),

 

March 31,

correlating to volume-related O&M services revenue

 

2024

 

2025

O&M services volume

 

 

65.4

 

 

 

61.6

 

____________________

(1)

The Company calculates one gasoline gallon equivalent (“GGE”) to equal 125,000 British Thermal Units (“BTUs”), and, as such, one million BTUs (“MMBTU”) equal eight GGEs.

Sources of Revenue

The following table shows the Company’s sources of revenue for the three months ended March 31, 2024 and 2025:

 

 

Three Months Ended

 

 

March 31,

Revenue (in millions)

 

2024

 

2025

Product revenue:

 

 

 

 

 

 

Volume-related (1)

 

 

 

 

 

 

Fuel sales(2) (4)

 

$

68.2

 

 

$

76.3

 

Change in fair value of derivative instruments(3)

 

 

1.6

 

 

 

(0.6

)

RIN Credits

 

 

8.8

 

 

 

5.2

 

LCFS Credits

 

 

(0.2

)

 

 

3.8

 

AFTC

 

 

5.4

 

 

 

 

Total volume-related product revenue

 

 

83.8

 

 

 

84.7

 

Station construction sales

 

 

5.6

 

 

 

5.6

 

Total product revenue

 

 

89.4

 

 

 

90.3

 

Service revenue:

 

 

 

 

 

 

Volume-related, O&M services

 

 

13.7

 

 

 

12.8

 

Other services

 

 

0.6

 

 

 

0.7

 

Total service revenue

 

 

14.3

 

 

 

13.5

 

Total revenue

 

$

103.7

 

 

$

103.8

 

____________________

(1)

The Company’s volume-related product revenue primarily consists of sales of RNG and conventional natural gas, in the form of CNG and LNG, and sales of RINs and LCFS Credits in addition to changes in fair value of our derivative instruments.

 

(2)

Includes $12.9 million and $17.3 million of Amazon warrant non-cash stock-based sales incentive contra-revenue charges for the three months ended March 31, 2024 and 2025, respectively.

 

(3)

The change in fair value of unsettled derivative instruments is related to the Company’s commodity swap and customer fueling contracts. The amounts are classified as revenue because the Company’s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company’s truck financing program.

 

(4)

Includes net settlement of the Company’s commodity swap derivative instruments. For the three months ended March 31, 2024, net settlement payments recognized in fuel revenue were $1.5 million. For the three months ended March 31, 2025, there were no net settlement payments recognized in fuel revenue, as the swap expired in June 2024.

2025 Outlook

Our GAAP net loss for 2025 is expected to range from approximately $(225) million to $(220) million, assuming no unrealized gains or losses on customer contracts relating to the Company’s truck financing program and including up to approximately $55 million in accelerated depreciation expense from the removal of certain LNG station assets located at 55 Pilot Flying J locations, $64.3 million representing the one-off, non-cash charge to Goodwill, and Amazon warrant charges estimated to be approximately $53 million. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s customer fueling contracts relating to the Company’s truck financing program, and significant variations in the vesting of the Amazon warrant could significantly affect the Company’s estimated GAAP net loss for 2025. Adjusted EBITDA for 2025 is estimated to range from approximately $50 million to $55 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions and other extraordinary events; and macroeconomic conditions and global supply chain issues. Additionally, the expectations regarding 2025 Adjusted EBITDA assume the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2025 that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under “Safe Harbor Statement” below.

(in thousands)

 

2025 Outlook

Net loss attributable to Clean Energy Fuels Corp.

 

$

(225,000) – (220,000)

Income tax expense

 

 

700

Interest expense

 

 

31,900

Interest income

 

 

(6,000)

Depreciation and amortization

 

 

49,000

Accelerated depreciation expense associated with station equipment removal

 

 

55,000

Impairment of goodwill

 

 

64,300

Stock-based compensation

 

 

11,000

Loss from SAFE S.p.A. and Rimere equity method investments

 

 

6,000

Loss from change in fair value of derivative instruments

 

 

Amazon warrant charges

 

 

53,000

Depreciation and amortization from RNG equity method investments

 

 

10,000

Interest expense from RNG equity method investments

 

 

600

Interest income from RNG equity method investments

 

 

(500)

Adjusted EBITDA

 

$

50,000 – 55,000

The tables below present a further breakdown of the above consolidated Adjusted EBITDA:

(in thousands)

 

2025 Outlook

Net loss attributable to fuel distribution

 

$

(205,400) – (203,400)

Income tax expense

 

 

700

Interest expense

 

 

31,900

Interest income

 

 

(6,000)

Depreciation and amortization

 

 

49,000

Accelerated depreciation expense associated with station equipment removal

 

 

55,000

Impairment of goodwill

 

 

64,300

Stock-based compensation

 

 

11,000

Loss from SAFE S.p.A. and Rimere equity method investments

 

 

6,000

Loss from change in fair value of derivative instruments

 

 

Amazon warrant charges

 

 

53,000

Adjusted EBITDA attributable to fuel distribution

 

$

59,500 – 61,500

(in thousands)

 

2025 Outlook

Net loss attributable to RNG upstream*

 

$

(19,600) – (16,600)

Depreciation and amortization from RNG upstream

 

 

10,000

Interest expense from RNG upstream

 

 

600

Interest income from RNG upstream

 

 

(500)

Adjusted EBITDA attributable to RNG upstream

 

$

(9,500) – (6,500)

* RNG upstream combines net loss from RNG equity method investments attributable to Clean Energy and the results of RNG production projects owned by Clean Energy

 

 

 

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.800.579.2543 from the U.S. (Conference ID: CLEAN) and international callers can dial 1.785.424.1789 (Conference ID: CLEAN). A telephone replay will be available approximately three hours after the call concludes through Sunday, June 8, 2025, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 11158622. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (“RNG”), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on X (formerly known as Twitter).

Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share (“non-GAAP income (loss) per share”) and adjusted EBITDA (“Adjusted EBITDA”). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance for the following reasons: (1) they allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) they exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) they are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Non-GAAP Income (Loss) Per Share

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp plus Amazon warrant charges, plus stock-based compensation expense, plus the accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations, plus (minus) loss (income) from Rimere equity method investment, plus (minus) loss (income) from the SAFE S.p.A. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus one-off, non-cash charge to Goodwill and minus amortization of investment tax credit from RNG equity method investments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to the Amazon warrant charges provides useful information to investors regarding the Company’s performance because the Amazon warrant charges are measured based upon a fair value determined using a variety of assumptions and estimates, and the Amazon warrant charges do not affect the Company’s operating cash flows related to the delivery and sale of vehicle fuel to its customer. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. In addition, the Company’s management believes excluding the results from the Rimere equity method investment is useful to investors because Rimere is an investment belonging to the non-core operations of the Company, and its results are not indicative of the Company’s ongoing operations. Similarly, the Company’s management believes excluding the non-cash results from the SAFE S.p.A. equity method investment is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments. Furthermore, the Company’s management believes excluding other income relating to the amortization of investment tax credit from RNG equity method investments is useful to investors because such income is not generated from the core operations of the Company and may obscure trends of the Company’s core operations.

Adjusted EBITDA

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp.

Contacts

Media Contact:
Gary Foster

(949) 437-1113

Gary.Foster@cleanenergyfuels.com

Investor Contact:
Thomas Driscoll

(949) 437-1191

Thomas.Driscoll@cleanenergyfuels.com

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