Nasdaq:CLNE
Clean Energy Fuels Corp.
CLNE builds the nation's largest network of RNG and hydrogen fueling stations for commercial truck fleets aiming to decarbonize their operations.
Key Metrics
Investment Thesis
Bull Case
CLNE represents a strategic long-term play on the decarbonization of the heavy-duty trucking sector, where regulatory tailwinds favor RNG adoption. The company's massive cash balance of $155.6M provides a buffer to fund capital expenditures of $25.7M and pursue growth opportunities without immediate dilution. As the transition away from diesel accelerates, CLNE's first-mover advantage in RNG infrastructure positions it to capture expanding market share in the green fuel economy.
Bear Case
Investors should exercise caution due to the widening net loss trend, with 2025 losses reaching $222.6M compared to $-100.1M in 2023, signaling deteriorating profitability. The substantial retained earnings deficit of -$1.23B highlights historical financial stress that has yet to reverse into sustainable earnings growth. High levels of total liabilities at $491.6M against shareholders' equity of $565.1M leaves the company vulnerable to interest rate hikes and refinancing risks.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. (CLNE) is a leading provider of hydrogen fuel cell solutions and renewable natural gas (RNG) infrastructure, serving the commercial trucking industry across North America. The company operates a network of production facilities and dispensers to convert waste into clean energy, targeting fleet operators seeking to reduce carbon emissions. CLNE's business model focuses on supplying RNG-based liquefied natural gas (LNG) fuel and hydrogen to heavy-duty vehicles as an alternative to diesel.
Analysis
Management Discussion
Despite recording a substantial net loss of $222.6M in 2025, CLNE maintained steady revenue of $424.8M, demonstrating operational resilience amidst market headwinds. The company's cash flow from operations reached $85.5M, which helped offset significant financing outflows of $82.1M and investing activities, resulting in a net increase in cash balances to $157.8M. While operating profit remains negative at -$159.9M, the strong non-cash adjustments totaling $291.5M indicate significant depreciation and amortization impacts typical of heavy infrastructure assets.
Industry Overview
The renewable natural gas and hydrogen fuel industry is rapidly evolving as governments worldwide implement stricter emissions standards for commercial transportation. Companies in this space are competing to build dense fueling networks while navigating complex waste-to-fuel supply chains and carbon credit markets. Success depends on securing long-term offtake agreements with fleets and maintaining operational efficiency to lower the cost per gallon relative to traditional fuels.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $420.2M | $425.2M | $415.9M | $424.8M |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $420.2M | $425.2M | $415.9M | $424.8M |
| Operating Expenses | $471.9M | $501.6M | $452.2M | $584.7M |
| Operating Income | $-51.7M | $-76.4M | $-36.4M | $-159.9M |
| G&A | $109.5M | $112.3M | $111.8M | $111.8M |
| Stock-Based Comp | $26.5M | $23.3M | $10.8M | $8.9M |
| D&A | $54.7M | $45.7M | $44.7M | $98.6M |
| Amortization | $0 | — | $0 | $100.0K |
| Other OpEx | $362.4M | $389.3M | $340.4M | $472.9M |
| Non-Operating Income | $-7.7M | $-24.1M | $-44.6M | $-65.6M |
| Pre-Tax Income | $-59.4M | $-100.5M | $-81.0M | $-225.5M |
| Income Tax | $220.0K | $-423.0K | $2.7M | $-2.8M |
| Continuing Ops | $-59.6M | $-100.1M | $-83.7M | $-222.6M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-59.6M | $-100.1M | $-83.7M | $-222.6M |
| Minority Interest | $-857.0K | $-601.0K | $-619.0K | $-612.0K |
| Net to Common | $-58.7M | $-99.5M | $-83.1M | $-222.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $471.7M | $470.2M | $413.8M | $350.3M |
| Cash & Equivalents | $124.0M | $104.9M | $89.5M | $155.6M |
| Marketable Securities | $139.6M | $158.2M | $128.0M | $552.0K |
| Accounts Receivable | $91.4M | $98.4M | $107.7M | $100.8M |
| Inventory | $37.1M | $45.3M | $43.4M | $43.9M |
| Prepaid Expenses | $60.6M | $41.5M | $26.1M | $41.1M |
| Other Current Assets | $19.0M | $21.8M | $19.1M | $8.4M |
| Long-Term Assets | $610.6M | $789.3M | $830.1M | $706.4M |
| Intangibles | $5.9M | $6.4M | $6.4M | $9.9M |
| Goodwill | $64.3M | $64.3M | $64.3M | $0 |
| Operating Leases | $52.6M | $92.3M | $90.6M | $87.9M |
| Other LT Assets | $487.8M | $626.3M | $668.8M | $608.6M |
| Total Assets | $1.08B | $1.26B | $1.24B | $1.06B |
| Current Liabilities | $148.1M | $163.8M | $154.7M | $151.2M |
| Accounts Payable | $44.4M | $57.0M | $33.3M | $26.2M |
| Current Debt | $93.0K | $38.0K | $40.0K | $52.0K |
| Current Leases | $4.2M | $6.7M | $8.0M | $9.1M |
| Deferred Revenue | $5.5M | $4.9M | $6.9M | $17.6M |
| Other Current Liab | $3.9M | $3.6M | $921.0K | $2.1M |
| Long-Term Liabilities | $206.7M | $362.0M | $369.6M | $340.5M |
| Long-Term Debt | $145.5M | $261.1M | $265.3M | $226.7M |
| LT Operating Leases | $48.9M | $89.1M | $89.0M | $85.9M |
| Other LT Liab | $12.4M | $11.6M | $15.2M | $27.8M |
| Total Liabilities | $354.9M | $525.8M | $524.4M | $491.6M |
| Shareholders' Equity | $727.5M | $733.6M | $719.5M | $565.1M |
| Retained Earnings | $-830.0M | $-929.5M | $-1.01B | $-1.23B |
| AOCI | $-3.7M | $-2.1M | $-4.3M | $-3.0M |
| Total L&E | $1.08B | $1.26B | $1.24B | $1.06B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-59.6M | $-100.1M | $-83.7M | $-222.6M |
| Non-Cash Adjustments | $93.6M | $115.4M | $160.7M | $291.5M |
| Working Capital Changes | $32.8M | $28.5M | $-12.4M | $16.6M |
| Cash from Operations | $66.7M | $43.8M | $64.6M | $85.5M |
| Capital Expenditures | $44.5M | $100.9M | $65.0M | $25.7M |
| Cash from Investing | $-148.5M | $-202.0M | $-77.7M | $63.1M |
| Share Buybacks | $6.1M | $0 | — | $7.9M |
| Cash from Financing | $101.6M | $139.1M | $-1.9M | $-82.1M |
| FX Effect | $-345.0K | $128.0K | $-356.0K | $-323.0K |
| Net Change in Cash | $19.5M | $-19.0M | $-15.4M | $66.2M |
| Beginning Cash | $106.5M | $126.0M | $107.0M | $91.6M |
| Ending Cash | $126.0M | $107.0M | $91.6M | $157.8M |
Frequently Asked Questions
How does Clean Energy Fuels Corp. make money?
The company generates revenue primarily through the sale of renewable natural gas (RNG) and liquefied natural gas (LNG) dispensed at its production facilities and dispenser locations. A secondary stream includes the generation and sale of hydrogen fuel cell power for specialized applications. Revenue also derives from ancillary services such as waste management partnerships and equipment leasing to fleet customers, supported by a robust network of production assets.
What are the main risks for CLNE?
The company faces significant exposure to volatile commodity prices and energy markets which can impact gross margins despite high revenue volumes. Regulatory changes regarding carbon credits or renewable fuel standards could alter the economic viability of RNG projects in key operating regions. High capital expenditure requirements for maintaining and expanding the infrastructure network may strain cash reserves if project execution delays occur. Persistent negative net income reflects ongoing losses that pressure shareholder equity and limit dividend capabilities.
What is CLNE's competitive advantage?
CLNE possesses an extensive proprietary infrastructure comprising over 40 production facilities and dispenser locations, creating high barriers to entry for competitors. The company leverages strong partnerships with municipal waste providers to secure low-cost feedstock, ensuring consistent RNG supply chains. Its diversified asset base across the United States provides geographic resilience against regional regulatory shifts or market fluctuations.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.