Clean Energy Fuels Corp. (CLNE): Results of Operations and Financial Condition
Clean Energy Fuels Corp. (CLNE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Clean Energy Reports Revenue of $ 106.4 Million and 63.2 Million RNG Gallons Sold for the Second Quarter of 2026. NEWPORT BEACH, Calif. — (BUSINESS WIRE) — August 6, 2026 — Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced it
How this was made
The 30-second read
Why it matters
The filing combines financial performance (revenue, GAAP loss, Adjusted EBITDA, cash) with operational catalysts (RNG station expansion, LNG fueling system contracts, COO appointment). The most tradable elements are the year-over-year financial deltas and the new contract awards that may affect near-term construction and future fuel volumes.
Market read
Traders get a same-day datapack: improved GAAP loss and higher RNG gallons, plus two LNG fueling system contracts, but also a decline in Adjusted EBITDA and cash balance.
What to watch
RIN/LCFS revenue changes are driven by mix and upstream project contributions; traders may want to separate underlying volume/margins from regulatory-credit pricing effects and the impact of the Zero Now financing-related commodity swap losses.
Clean Energy Reports Revenue of $ 106.4 Million and 63.2 Million RNG Gallons Sold for the Second Quarter of 2026.
Revenue and fuel volumes increased year over year and the GAAP net loss narrowed, but Adjusted EBITDA declined and the Company remained loss-making.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ 106.4 million | – | – |
| Net loss attributable to Clean EnergyGAAP | $( 14.9 ) million | – | – |
| Loss attributable to Clean Energy Fuels Corp. per shareGAAP | $(0.07) | – | – |
| Non-GAAP income (loss) attributable to Clean Energy Fuels Corp. per sharenon-GAAP | $(0.01) | – | – |
| Adjusted EBITDAnon-GAAP | $16.0 million | – | – |
| RNG fuel volume soldother | 63.2 million gallons | – | 2.9% increase |
| Conventional natural gas fuel volume soldother | 18.6 | – | – |
| Total fuel volume soldother | 81.8 | – | – |
| Station construction revenuesGAAP | $16.0 million | – | – |
| RIN and LCFS revenuesGAAP | $14.2 million | – | – |
| Amazon warrant chargesGAAP | $9.6 million | – | – |
| Unrealized loss on commodity swap and customer fueling contracts relating to the Zero Now truck financing programGAAP | $0.2 million | – | – |
| Net loss attributable to Clean Energy Fuels Corp. for the six months ended June 30, 2026GAAP | $ (27,265) (in thousands) | – | – |
| GAAP loss attributable to Clean Energy Fuels Corp. per share for the six months ended June 30, 2026GAAP | $ (0.12) | – | – |
| Non-GAAP income (loss) attributable to Clean Energy Fuels Corp. per share for the six months ended June 30, 2026non-GAAP | $ (0.02) | – | – |
| Adjusted EBITDA for the six months ended June 30, 2026non-GAAP | $ 32,571 (in thousands) | – | – |
| RNG fuel volume sold for the six months ended June 30, 2026other | 130.6 | – | – |
| Conventional natural gas fuel volume sold for the six months ended June 30, 2026other | 35.9 | – | – |
| Total fuel volume sold for the six months ended June 30, 2026other | 166.5 | – | – |
| Adjusted EBITDA attributable to fuel distributionnon-GAAP | $ 16,649 (in thousands) | – | – |
| Adjusted EBITDA of RNG upstream attributable to Clean Energy Fuels Corp.non-GAAP | $ (647) (in thousands) | – | – |
What drove it
- Fuel volumes, including both RNG and conventional natural gas, increased year over year.
- Q2 2026 station construction revenues were $16.0 million versus $7.8 million of station construction revenues in Q2 2025.
- RIN and LCFS revenues were $14.2 million versus $11.9 million, driven by higher RIN revenue and higher LCFS revenue.
- RIN revenue increased primarily due to incremental RIN revenue from the consolidated dairy RNG production project, higher price, and higher volume, partially offset by a lower share of RIN values.
- LCFS revenue increased primarily due to a higher share of LCFS values, higher low-CI volume, higher price, and incremental LCFS revenue from the consolidated dairy RNG production project.
- The Company announced the expansion of its RNG station network to six new locations in California, New Jersey, Oklahoma, Michigan and Washington.
- The Company was awarded two contracts to design and install liquefied natural gas fueling systems for gas-to-power applications in Puerto Rico.
Concerns
- Adjusted EBITDA was $16.0 million for Q2 2026, compared to $17.5 million for Q2 2025.
- Non-GAAP income (loss) per share was ($0.01), compared to $0.00 per share for Q2 2025.
- Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $138.0 million as of June 30, 2026, compared to $156.1 million as of December 31, 2025.
- Adjusted EBITDA attributable to fuel distribution was $ 16,649 (in thousands), compared to $ 21,322 (in thousands).
- The Company reported an Adjusted EBITDA loss from RNG upstream attributable to Clean Energy Fuels Corp. of $ (647) (in thousands).
What to watch
- RNG and conventional natural gas fuel volumes.
- RIN and LCFS revenues, including price, volume, and the Company's share of RIN and LCFS values.
- Station construction revenues and the expansion of the RNG station network.
- Adjusted EBITDA attributable to fuel distribution and RNG upstream.
- Cash, Cash Equivalents (less restricted cash) and Short-Term Investments.
Balance sheet and cash flow
- Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $138.0 million as of June 30, 2026, compared to $156.1 million as of December 31, 2025.
Analysis
Clean Energy reported Q2 2026 revenue of $ 106.4 million, compared to $102.6 million in Q2 2025. Total fuel volume was 81.8 million GGEs, compared with 76.3 million GGEs, with RNG volume of 63.2 million gallons and conventional natural gas volume of 18.6 million GGEs. The company stated that fuel volumes increased year over year as customers continued to invest in and demand cleaner, lower-carbon fuel.
Revenue included $16.0 million of station construction revenues, versus $7.8 million in Q2 2025. RIN and LCFS revenues were $14.2 million, versus $11.9 million. The company attributed the RIN increase to incremental revenue from its consolidated dairy RNG production project, higher price and higher volume, partly offset by a lower share of RIN values. It attributed the LCFS increase to a higher share of LCFS values, higher low-CI volume, higher price and incremental revenue from that project.
The GAAP net loss attributable to Clean Energy narrowed to $( 14.9 ) million, or $(0.07) per share, from $(20.2) million, or $(0.09) per share. Lower Amazon warrant charges were a material factor, with $9.6 million of charges in Q2 2026 versus $17.4 million in Q2 2025. The Q2 2025 loss also included a loss from the Rimere equity method investment, which was disposed of in December 2025. Non-GAAP loss per share was $(0.01), compared with $0.00 per share.
Adjusted EBITDA was $16.0 million, compared with $17.5 million. Fuel-distribution Adjusted EBITDA was $ 16,649 (in thousands), compared with $ 21,322 (in thousands), while RNG upstream Adjusted EBITDA improved to a loss of $ (647) (in thousands) from a loss of $ (3,813) (in thousands). For the six months ended June 30, 2026, total fuel volume was 166.5 million GGEs and Adjusted EBITDA was $ 32,571 (in thousands).
Liquidity was $138.0 million of Cash, Cash Equivalents (less restricted cash) and Short-Term Investments as of June 30, 2026, compared with $156.1 million as of December 31, 2025. The company announced six new RNG station locations and two Puerto Rico LNG fueling-system contracts for gas-to-power applications. No forward financial guidance, capital-return announcement, operating cash flow, free cash flow, debt balance, gross margin, or operating-income figure was included in the provided filing text.
Management, verbatim
Our second quarter results demonstrate continued solid execution across the business. Fuel volumes, including both RNG and conventional natural gas, increased year over year, reflecting ongoing customer investment in and demand for cleaner, lower-carbon fuel. This has been especially true in today’s volatile fuel environment. Having a clean, domestically produced fuel is one of the reasons that we remain on plan through the first half of the year, along with great execution by our team. With $138.0 million in cash and investments at quarter end, we remain focused on serving our fleet customers and expanding the role of domestically supplied RNG as a practical, low-carbon fuel for a variety of applications in this rapidly evolving energy market.
Clay Corbus, President and Chief Executive Officer
Not in the filing
stated, not guessed- Revenue by source table and any additional results following the truncated filing text
- Gross profit and gross margin
- Operating income or loss
- Income tax rate
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividend information
- Forward financial guidance
- Prior-quarter comparisons for reported metrics
- Segment revenue
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K with an Exhibit 99.1 press release covering Clean Energy Fuels Corp.'s Q2 2026 results and selected operational updates.
Ticker impact
Clean Energy reported Q2 2026 revenue of $106.4M, GAAP net loss of $14.9M, and Adjusted EBITDA of $16.0M, plus cash of $138.0M at June 30.
Near-term bias modestly positive on contract and volume growth, but tempered by lower Adjusted EBITDA and reduced cash balance.
The filing provides multiple decision-relevant datapoints: year-over-year revenue and net loss improvement, RNG gallons up 2.9%, two new LNG fueling system contracts, and a COO appointment, offset by lower Adjusted EBITDA and a $18.1M cash/investments decline since Dec 31, 2025.
Market effects
Supports the RNG and alternative-fuel infrastructure narrative via contract awards and station network expansion, potentially reinforcing sentiment for low-carbon fuel infrastructure operators.
Puerto Rico LNG fueling systems contract highlights demand-linked infrastructure buildout tied to local industrial load.
Limited direct global linkage, but contributes to broader decarbonization and compliance-fuel (RIN/LCFS) demand signals in the US.
Counterpoint
The headline improvement in GAAP net loss is partly influenced by non-cash Amazon warrant charges; Adjusted EBITDA fell and cash declined, which may limit upside follow-through.
Key entities
- issuerClean Energy Fuels Corp.
NASDAQ-listed alternative fuel and RNG infrastructure company reporting Q2 2026 results and operational updates.
- executiveBart Frabotta
Appointed Chief Operating Officer, signaling management focus on operations execution.
- counterpartyAmazon.com NV Investment Holdings LLC
Referenced via Amazon warrant charges affecting GAAP and non-GAAP reconciliation.
