Clean Energy Reports Revenue of $112.2 Million and 66.8 Million RNG Gallons Sold for the Third Quarter of 2026
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the third quarter of 2026.
Financial Highlights
- Revenue of $112.2 million in Q3 2026 compared to $106.1 million in Q3 2025.
- Net loss attributable to Clean Energy for Q3 2026 was $(5.7) million, or $(0.03) per share, on a GAAP (as defined below) basis, compared to $(23.8) million, or $(0.11) per share, for Q3 2025.
- Adjusted EBITDA (as defined below) was $27.2 million for Q3 2026, compared to $17.3 million for Q3 2025.
- Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $140.2 million as of September 30, 2026, compared to $156.1 million as of December 31, 2025.
- Partially paid down long-term debt by $15 million with available cash and investments on hand.
Operational and Strategic Highlights
- Announced Leadership changes with the appointment of Sean Wine as Chief Revenue Officer, and JJ Armstrong as Chief Financial Officer.
- Increased our 2026 outlook for adjusted EBITDA from a range of $70 million to $75 million to a range of $75 million to $80 million on a consolidated basis.
- Closed the sale of $30.7 million of federal tax credits generated by seven of our RNG production facilities, our fourth transaction monetizing credits from our RNG projects and our largest investment tax credit (ITC) sale to date. The sale included the $26.0 million ITC tied to our South Fork Dairy RNG facility in Dimmit, Texas, and all 2025 Section 45Z clean fuel production credits from our dairy RNG portfolio, including projects held through our joint ventures with bp and TotalEnergies.
- We were awarded a $27.5 million contract by the Orange County Transportation Authority to design and build a new hydrogen fueling station at its Garden Grove bus base, including facility upgrades, operations and maintenance services, and liquid hydrogen fuel supply. The project is expected to be completed in 2028.
- Announced a series of new fueling and maintenance agreements across Western Canada with refuse, freight, logistics and oilfield services fleets, including agreements with Nortrans Freight Management, Mullen Dedicated Logistics, GFL Environmental and Integrity Waste Solutions. Through our partnership with Tourmaline, we also added stations in Grande Prairie and Chilliwack, supporting growing adoption of the Cummins X15N natural gas engine.
- RNG gallons sold of 66.8 million gallons in Q3 2026, a 9.0% increase compared to Q3 2025.
Commentary by Clay Corbus, President and Chief Executive Officer
“The value of our dairy RNG investments and station network was underscored by our solid third quarter results. Our priority is to scale production and deliveries to drive sustained earnings growth and long-term shareholder value. Favorable developments in the quarter supported a significant 45Z production tax credit contribution to Adjusted EBITDA, and we expect continued contributions from 45Z through at least 2029. We also monetized PTC and ITC credits associated with our dairy RNG portfolio, further strengthening our cash position during the quarter. Meanwhile, our core recurring RNG and conventional natural gas fuel sales, construction and operating services businesses continued to perform in line with our expectations.”
Summary and Review of Results
The Company’s revenue for the third quarter of 2026 was decreased by $10.6 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 $16.8 million in Q3 2025. Q3 2026 station construction revenues were $6.2 million versus $9.9 million of station construction revenues in Q3 2025. Revenue for Q3 2026 also included an unrealized gain of $0.3 million on customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $0.3 million in Q3 2025. Q3 2026 renewable identification number (“RIN”) and low carbon fuel standards (“LCFS”) revenues were $16.0 million versus $11.4 million of RIN and LCFS revenues in Q3 2025 reflecting (i) an increase in RIN revenue of $2.9 million primarily due to incremental RIN revenue generated by the Company’s consolidated dairy RNG production project (upstream business), higher price, and higher volume and (ii) an increase in LCFS revenue of $1.7 million primarily due to a higher price and incremental LCFS revenue generated by the Company’s consolidated RNG project (upstream business).
Net loss attributable to Clean Energy for Q3 2026 included a reduction in product cost of sales of $12.7 million from the recognition of Section 45Z Production Tax Credits (PTC) comprised of $6.9 million from the Company’s consolidated dairy RNG project and $5.8 million from third party RNG suppliers, and another $9.2 million of PTC that was reported as part of income from equity method investments. Net loss attributable to Clean Energy for Q3 2025 included higher non-cash stock-based sales incentive contra-revenue charges related to the Amazon warrant, accelerated depreciation associated with station equipment removal and a loss from the Rimere equity method investment, which was disposed of in December 2025.
Non-GAAP income per share (as defined below) for Q3 2026 was $0.03, compared to $0.00 per share for Q3 2025.
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 per share and Adjusted EBITDA are defined below and reconciled to GAAP net loss per share attributable to Clean Energy and GAAP net 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 loss attributable to Clean Energy to the non-GAAP net income attributable to Clean Energy figure used in the calculation of non-GAAP income per share:
|
| Three Months Ended |
| Nine Months Ended | ||||||||||||
|
| September 30, |
| September 30, | ||||||||||||
(in thousands, except share and per share data) |
| 2025 |
| 2026 |
| 2025 |
| 2026 | ||||||||
Net loss attributable to Clean Energy Fuels Corp. |
| $ | (23,819 | ) |
| $ | (5,729 | ) |
| $ | (179,026 | ) |
| $ | (32,994 | ) |
Amazon warrant charges |
|
| 16,776 |
|
|
| 10,581 |
|
|
| 51,510 |
|
|
| 30,300 |
|
Stock-based compensation expense |
|
| 2,193 |
|
|
| 2,359 |
|
|
| 6,373 |
|
|
| 6,641 |
|
Amortization of investment tax credit from consolidated RNG project |
|
| — |
|
|
| (195 | ) |
|
| — |
|
|
| (634 | ) |
Accelerated depreciation expense associated with station equipment removal |
|
| 5,068 |
|
|
| — |
|
|
| 55,728 |
|
|
| — |
|
Loss from Rimere equity method investment |
|
| 1,088 |
|
|
| — |
|
|
| 3,695 |
|
|
| — |
|
Loss (gain) from SAFE S.p.A. equity method investment |
|
| 785 |
|
|
| 256 |
|
|
| 1,534 |
|
|
| 1,351 |
|
Loss (gain) from change in fair value of derivative instruments |
|
| 319 |
|
|
| (314 | ) |
|
| 1,420 |
|
|
| (683 | ) |
Impairment of goodwill |
|
| — |
|
|
| — |
|
|
| 64,328 |
|
|
| — |
|
Gain on extinguishment of loan receivable and equity security |
|
| (2,058 | ) |
|
| — |
|
|
| (2,058 | ) |
|
| — |
|
Holdback payment from prior year extinguishment of loan receivable and preferred stock equity security |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (36 | ) |
Amortization of investment tax credit from RNG equity method investments |
|
| (115 | ) |
|
| (514 | ) |
|
| (1,445 | ) |
|
| (1,311 | ) |
Non-GAAP net income attributable to Clean Energy Fuels Corp. |
| $ | 237 |
|
| $ | 6,444 |
|
| $ | 2,059 |
|
| $ | 2,634 |
|
Diluted weighted-average common shares outstanding |
|
| 220,730,673 |
|
|
| 221,364,623 |
|
|
| 222,258,219 |
|
|
| 221,889,009 |
|
GAAP loss attributable to Clean Energy Fuels Corp. per share |
| $ | (0.11 | ) |
| $ | (0.03 | ) |
| $ | (0.81 | ) |
| $ | (0.15 | ) |
Non-GAAP income attributable to Clean Energy Fuels Corp. per share |
| $ | 0.00 |
|
| $ | 0.03 |
|
| $ | 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 |
| Nine Months Ended | ||||||||||||
|
| September 30, |
| September 30, | ||||||||||||
(in thousands) |
| 2025 |
| 2026 |
| 2025 |
| 2026 | ||||||||
Net loss attributable to Clean Energy Fuels Corp. |
| $ | (23,819 | ) |
| $ | (5,729 | ) |
| $ | (179,026 | ) |
| $ | (32,994 | ) |
Income tax expense (benefit) |
|
| 75 |
|
|
| 77 |
|
|
| (2,785 | ) |
|
| 223 |
|
Interest expense |
|
| 7,782 |
|
|
| 7,920 |
|
|
| 23,045 |
|
|
| 19,126 |
|
Interest income |
|
| (2,876 | ) |
|
| (1,418 | ) |
|
| (8,863 | ) |
|
| (4,417 | ) |
Depreciation and amortization |
|
| 9,614 |
|
|
| 10,562 |
|
|
| 31,183 |
|
|
| 32,246 |
|
Accelerated depreciation expense associated with station equipment removal |
|
| 5,068 |
|
|
| — |
|
|
| 55,728 |
|
|
| — |
|
Impairment of goodwill |
|
| — |
|
|
| — |
|
|
| 64,328 |
|
|
| — |
|
Gain on extinguishment of loan receivable and equity security |
|
| (2,058 | ) |
|
| — |
|
|
| (2,058 | ) |
|
| — |
|
Amazon warrant charges |
|
| 16,776 |
|
|
| 10,581 |
|
|
| 51,510 |
|
|
| 30,300 |
|
Stock-based compensation expense |
|
| 2,193 |
|
|
| 2,359 |
|
|
| 6,373 |
|
|
| 6,641 |
|
Amortization of investment tax credit from consolidated RNG project |
|
| — |
|
|
| (195 | ) |
|
| — |
|
|
| (634 | ) |
Loss from Rimere equity method investment |
|
| 1,088 |
|
|
| — |
|
|
| 3,695 |
|
|
| — |
|
Loss (gain) from SAFE S.p.A. equity method investment |
|
| 785 |
|
|
| 256 |
|
|
| 1,534 |
|
|
| 1,351 |
|
Loss (gain) from change in fair value of derivative instruments |
|
| 319 |
|
|
| (314 | ) |
|
| 1,420 |
|
|
| (683 | ) |
Holdback payment from prior year extinguishment of loan receivable and preferred stock equity security |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (36 | ) |
Depreciation and amortization from RNG equity method investments |
|
| 2,694 |
|
|
| 3,566 |
|
|
| 8,187 |
|
|
| 9,945 |
|
Interest expense from RNG equity method investments |
|
| 215 |
|
|
| 196 |
|
|
| 644 |
|
|
| 589 |
|
Interest income from RNG equity method investments |
|
| (428 | ) |
|
| (170 | ) |
|
| (1,564 | ) |
|
| (598 | ) |
Amortization of investment tax credit from RNG equity method investments |
|
| (115 | ) |
|
| (514 | ) |
|
| (1,445 | ) |
|
| (1,311 | ) |
Adjusted EBITDA |
| $ | 17,313 |
|
| $ | 27,177 |
|
| $ | 51,906 |
|
| $ | 59,748 |
|
The tables below present a further breakdown of the above consolidated Adjusted EBITDA:
|
| Three Months Ended |
| Nine Months Ended | ||||||||||||
|
| September 30, |
| September 30, | ||||||||||||
(in thousands) |
| 2025 |
| 2026 |
| 2025 |
| 2026 | ||||||||
Net loss attributable to fuel distribution* |
| $ | (18,137 | ) |
| $ | (12,452 | ) |
| $ | (163,099 | ) |
| $ | (27,825 | ) |
Income tax expense (benefit) |
|
| 75 |
|
|
| 77 |
|
|
| (2,785 | ) |
|
| 223 |
|
Interest expense |
|
| 7,782 |
|
|
| 7,920 |
|
|
| 23,045 |
|
|
| 19,126 |
|
Interest income |
|
| (2,876 | ) |
|
| (1,418 | ) |
|
| (8,863 | ) |
|
| (4,417 | ) |
Depreciation and amortization from fuel distribution |
|
| 9,614 |
|
|
| 9,213 |
|
|
| 31,183 |
|
|
| 27,573 |
|
Accelerated depreciation expense associated with station equipment removal |
|
| 5,068 |
|
|
| — |
|
|
| 55,728 |
|
|
| — |
|
Impairment of goodwill |
|
| — |
|
|
| — |
|
|
| 64,328 |
|
|
| — |
|
Gain on extinguishment of loan receivable and equity security |
|
| (2,058 | ) |
|
| — |
|
|
| (2,058 | ) |
|
| — |
|
Amazon warrant charges |
|
| 16,776 |
|
|
| 10,581 |
|
|
| 51,510 |
|
|
| 30,300 |
|
Stock-based compensation expense |
|
| 2,193 |
|
|
| 2,359 |
|
|
| 6,373 |
|
|
| 6,641 |
|
Holdback payment from prior year extinguishment of loan receivable and preferred stock equity security |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (36 | ) |
Loss from Rimere equity method investment |
|
| 1,088 |
|
|
| — |
|
|
| 3,695 |
|
|
| — |
|
Loss (gain) from SAFE S.p.A. equity method investment |
|
| 785 |
|
|
| 256 |
|
|
| 1,534 |
|
|
| 1,351 |
|
Loss (gain) from change in fair value of derivative instruments |
|
| 319 |
|
|
| (314 | ) |
|
| 1,420 |
|
|
| (683 | ) |
Adjusted EBITDA attributable to fuel distribution |
| $ | 20,629 |
|
| $ | 16,222 |
|
| $ | 62,011 |
|
| $ | 52,253 | |
* Fuel distribution represents the Company’s consolidated results excluding the results from RNG equity method investments attributable to Clean Energy and the results of the Company’s consolidated RNG project. |
|
| Three Months Ended |
| Nine Months Ended | ||||||||||||
|
| September 30, |
| September 30, | ||||||||||||
(in thousands) |
| 2025 |
| 2026 |
| 2025 |
| 2026 | ||||||||
Net income (loss) from RNG upstream attributable to Clean Energy Fuels Corp.* |
| $ | (5,682 | ) |
| $ | 6,723 |
|
| $ | (15,927 | ) |
| $ | (5,169 | ) |
Depreciation and amortization from RNG upstream |
|
| 2,694 |
|
|
| 4,915 |
|
|
| 8,187 |
|
|
| 14,618 |
|
Interest expense from RNG upstream |
|
| 215 |
|
|
| 196 |
|
|
| 644 |
|
|
| 589 |
|
Interest income from RNG upstream |
|
| (428 | ) |
|
| (170 | ) |
|
| (1,564 | ) |
|
| (598 | ) |
Amortization of investment tax credit from RNG upstream |
|
| (115 | ) |
|
| (709 | ) |
|
| (1,445 | ) |
|
| (1,945 | ) |
Adjusted EBITDA of RNG upstream attributable to Clean Energy Fuels Corp. |
| $ | (3,316 | ) |
| $ | 10,955 |
|
| $ | (10,105 | ) |
| $ | 7,495 |
|
* RNG upstream combines the results from RNG equity method investments attributable to Clean Energy and the results of the Company’s consolidated RNG project. |
Fuel Volume
The following table presents, for the three and nine months ended September 30, 2025 and 2026, the amount of total fuel volume the Company sold to customers, with particular focus on RNG volume as a subset of total fuel volume.
|
| Three Months Ended |
| Nine Months Ended | ||||||||
Fuel volume, GGEs(1) sold (in millions), |
| September 30, |
| September 30, | ||||||||
correlating to total volume-related product revenue |
| 2025 |
| 2026 |
| 2025 |
| 2026 | ||||
RNG |
|
| 61.3 |
|
| 66.8 |
|
| 173.2 |
|
| 197.4 |
Conventional natural gas |
|
| 15.3 |
|
| 18.3 |
|
| 46.3 |
|
| 54.2 |
Total fuel volume |
|
| 76.6 |
|
| 85.1 |
|
| 219.5 |
|
| 251.6 |
The following table shows the Company’s sources of revenue for the three and nine months ended September 30, 2025 and 2026:
|
| Three Months Ended |
| Nine Months Ended | ||||||||||
|
| September 30, |
| September 30, | ||||||||||
Revenue (in millions) |
| 2025 |
| 2026 |
| 2025 |
|
| 2026 | |||||
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Volume-related (1) |
|
|
|
|
|
|
|
|
|
|
|
| ||
Fuel sales(2) |
| $ | 69.9 |
|
| $ | 74.0 |
| $ | 214.0 |
|
| $ | 214.7 |
Change in fair value of derivative instruments(3) |
|
| (0.3 | ) |
|
| 0.3 |
|
| (1.4 | ) |
|
| 0.7 |
RIN Credits(4) |
|
| 8.3 |
|
|
| 11.2 |
|
| 22.7 |
|
|
| 31.6 |
LCFS Credits(5) |
|
| 3.1 |
|
|
| 4.8 |
|
| 9.7 |
|
|
| 13.1 |
Total volume-related product revenue |
|
| 81.0 |
|
|
| 90.4 |
|
| 245.0 |
|
|
| 260.1 |
Station construction sales |
|
| 9.9 |
|
|
| 6.2 |
|
| 23.3 |
|
|
| 30.5 |
Total product revenue |
|
| 90.9 |
|
|
| 96.6 |
|
| 268.3 |
|
|
| 290.6 |
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
| ||
O&M services (2) (6) |
|
| 14.6 |
|
|
| 15.1 |
|
| 42.2 |
|
|
| 44.1 |
Other services |
|
| 0.6 |
|
|
| 0.5 |
|
| 2.0 |
|
|
| 1.4 |
Total service revenue |
|
| 15.2 |
|
|
| 15.6 |
|
| 44.2 |
|
|
| 45.5 |
Total revenue |
| $ | 106.1 |
|
| $ | 112.2 |
| $ | 312.5 |
|
| $ | 336.1 |
(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 non-cash stock-based sales incentive contra-revenue charges associated with the Amazon warrant. For the three and nine months ended September 30, 2025, contra-revenue charges recognized in fuel sales revenue were $16.8 million and $51.5 million, respectively. For the three and nine months ended September 30, 2026, contra-revenue charges recognized in fuel sales were $7.1 million and $21.1 million, respectively, and contra-revenue charges recognized in O&M services revenue for the three and nine months ended September 30, 2026, were $3.5 million and $9.2 million, respectively, and total contra-revenue charges of $10.6 million and $30.3 million for the three and nine months ended September 30, 2026, respectively. | |
(3) | The change in fair value of unsettled derivative instruments is related to certain customer fueling contracts. The amounts are classified as revenue because these 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) | RIN Credits includes $1.4 million and $3.5 million for the three and nine months ended September 30, 2026, related to the Company’s consolidated RNG project. | |
(5) | LCFS Credits includes $0.7 million and $1.5 million for the three and nine months ended September 30, 2026, related to the Company’s consolidated RNG project. | |
(6) | O&M services revenue includes revenues earned from providing operating and maintenance services on natural gas fueling stations owned by our customers for fixed fees or per gallon fees based on the volume of fuel dispensed at the customer station. If we provide the fuel in addition to the O&M services, we include the revenues associated with providing the fuel in volume-related product revenue. |
2026 Outlook
Our GAAP net loss for 2026 is expected to range from approximately $(55) million to $(50) million, assuming no unrealized gains or losses on customer contracts relating to the Company’s truck financing program and Amazon warrant charges estimated to be approximately $44.0 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 2026. Adjusted EBITDA for 2026 is estimated to range from approximately $75 million to $80 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 2026 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 2026 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) |
| 2026 Outlook | ||
Net loss attributable to Clean Energy Fuels Corp. |
| $ | (55,000) - (50,000 | ) |
Income tax benefit |
|
| 300 |
|
Interest expense |
|
| 24,800 |
|
Interest income |
|
| (5,700 | ) |
Depreciation and amortization |
|
| 45,000 |
|
Stock-based compensation |
|
| 9,500 |
|
Loss from SAFE S.p.A. equity method investment |
|
| 2,000 |
|
Loss from change in fair value of derivative instruments |
|
| (700 | ) |
Amazon warrant charges |
|
| 44,000 |
|
Amortization of investment tax credit from consolidated RNG project |
|
| (900 | ) |
Depreciation and amortization from RNG equity method investments |
|
| 13,500 |
|
Interest expense from RNG equity method investments |
|
| 800 |
|
Interest income from RNG equity method investments |
|
| (700 | ) |
Amortization of investment tax credit from RNG equity method investments |
|
| (1,900 | ) |
Adjusted EBITDA |
| $ | 75,000 - 80,000 | |
The tables below present a further breakdown of the above consolidated Adjusted EBITDA:
(in thousands) |
| 2026 Outlook | ||
Net loss attributable to fuel distribution* |
| $ | (48,200) - (45,200 | ) |
Income tax benefit |
|
| 300 |
|
Interest expense |
|
| 24,800 |
|
Interest income |
|
| (5,700 | ) |
Depreciation and amortization from fuel distribution |
|
| 39,000 |
|
Stock-based compensation |
|
| 9,500 |
|
Loss from SAFE S.p.A. equity method investment |
|
| 2,000 |
|
Loss from change in fair value of derivative instruments |
|
| (700 | ) |
Amazon warrant charges |
|
| 44,000 |
|
Adjusted EBITDA attributable to fuel distribution |
| $ | 65,000 - 68,000 | |
* Fuel distribution represents the Company’s consolidated results excluding the results from RNG equity method investments attributable to Clean Energy and the results of the Company’s consolidated RNG project. |
(in thousands) |
| 2026 Outlook | ||
Net loss attributable to RNG upstream* |
| $ | (6,800) - (4,800 | ) |
Depreciation and amortization from RNG upstream |
|
| 19,500 |
|
Interest expense from RNG upstream |
|
| 800 |
|
Interest income from RNG upstream |
|
| (700 | ) |
Amortization of investment tax credit from RNG upstream |
|
| (2,800 | ) |
Adjusted EBITDA attributable to RNG upstream |
| $ | 10,000 - 12,000 | |
* RNG upstream combines net loss from RNG equity method investments attributable to Clean Energy and the results of the Company’s consolidated RNG project. |
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 1.833.354.6854 from the U.S. (Conference ID: CLEAN) and international callers can dial 1.785.838.9343 (Conference ID: CLEAN). A telephone replay will be available approximately three hours after the call concludes through Saturday, December 5, 2026, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 11162738. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s website 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 condensed 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.
Contacts
Media Contact:
media.relations@cleanenergyfuels.com
Investor Contact:
investor.relations@cleanenergyfuels.com
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