CLNE earnings analysis
What we found in CLNE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surge
- Q1 2026 revenue reached $117.6 million, a significant increase from $104 million in Q1 2025.
- Improved EPS Loss
- Reported EPS loss of $(0.06) better than the estimated $(0.04) loss.
- Strong RIN Revenue Growth
- Revenue from RIN credits increased by $4.9 million in Q1 2026 compared to the prior year.
- Better Product Revenue
- Total product revenue increased by $12.6 million to $102.9 million for Q1 2026.
- Reduced Interest Expense
- Interest expense decreased by $1.8 million to $5.7 million due to lower debt principal.
- Improved Free Cash Flow
- Free cash flow generated was $24 million, a recovery from previous quarters.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Liability from Amazon Warrant Charges
- Non-cash stock-based compensation charges related to the Amazon Warrant totaled $10.1 million for Q1 2026.
- Projected Operating Loss
- While revenue is up, the company still faces a projected net loss of $71 million to $66 million for 2026.
- Macro Economic Exposure
- The company's performance is susceptible to fluctuating commodity prices, inflation, and supply chain disruptions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.06
What they said about what is next.
Guidance for a projected net loss between $(71) million and $(66) million for 2026, with Adjusted EBITDA estimated at $70-75 million.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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