10-K · February 24, 2026
Clean Energy positions itself as North America’s leading provider of renewable natural gas (RNG) vehicle fuel, emphasizing scale in RNG volumes and station footprint to capture Environmental Credit value. RNG volumes…
Earnings analysis · 10-Q
CLNE earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Clean Energy Fuels Corp. reported Q1 2026 revenues of $117.6 million, surpassing estimates, while achieving an EPS loss of $(0.06), which was better than the projected $(0.04) loss. The company is optimistic about its…
Read full summary
Clean Energy Fuels Corp. reported Q1 2026 revenues of $117.6 million, surpassing estimates, while achieving an EPS loss of $(0.06), which was better than the projected $(0.04) loss. The company is optimistic about its RNG operations and projected Adjusted EBITDA in the range of $70 million to $75 million for 2026, reflecting a recovering trend in its financial performance compared to previous quarters.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
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Revenue Surge
Q1 2026 revenue reached $117.6 million, a significant increase from $104 million in Q1 2025.
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Improved EPS Loss
Reported EPS loss of $(0.06) better than the estimated $(0.04) loss.
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Strong RIN Revenue Growth
Revenue from RIN credits increased by $4.9 million in Q1 2026 compared to the prior year.
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Better Product Revenue
Total product revenue increased by $12.6 million to $102.9 million for Q1 2026.
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Reduced Interest Expense
Interest expense decreased by $1.8 million to $5.7 million due to lower debt principal.
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Improved Free Cash Flow
Free cash flow generated was $24 million, a recovery from previous quarters.
What to watch
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Liability from Amazon Warrant Charges
Non-cash stock-based compensation charges related to the Amazon Warrant totaled $10.1 million for Q1 2026.
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Projected Operating Loss
While revenue is up, the company still faces a projected net loss of $71 million to $66 million for 2026.
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Macro Economic Exposure
The company's performance is susceptible to fluctuating commodity prices, inflation, and supply chain disruptions.
Management's outlook
Guidance for a projected net loss between $(71) million and $(66) million for 2026, with Adjusted EBITDA estimated at $70-75 million.
Earlier filings 4
10-Q · May 8, 2025
Clean Energy reported essentially flat revenue of $103,764,000 in Q1 2025 (vs $103,709,000 in Q1 2024) while recording a large non-cash goodwill impairment that drove GAAP operating loss and net loss materially wider.…
10-Q · August 7, 2024
Clean Energy Fuels reported Q2 revenue of $97.954M (up $7.406M, +8.2% vs Q2 2023) with gross margin of 34.7% and an operating loss that narrowed to $5.592M (‑5.7% of revenue). GAAP EPS was a loss of $0.07 per share for…
10-Q · May 9, 2024
Clean Energy Fuels reported quarterly revenue of $103,709 (thousands) and a GAAP net loss per share of $ (0.08) for the three months ended March 31, 2024. Operating loss narrowed to $9,311 (thousands) from $35,412…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.