Q3 FY2026
Filed Nov 5, 2026Clean Energy reported Q3 2026 revenue of $112.2 million, RNG gallons sold of 66.8 million gallons, GAAP net loss attributable to Clean Energy of $(5.7) million, and Adjusted EBITDA of $27.2 million.
Revenue, fuel volume and Adjusted EBITDA increased from Q3 2025, while the GAAP net loss narrowed substantially. Results benefited from Section 45Z production tax credits, lower Amazon warrant charges and higher RIN and LCFS revenue, and the company raised its 2026 Adjusted EBITDA outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $112.2M | – | – |
| Q3 2026 product revenueGAAP | $96.60M | – | – |
| Q3 2026 service revenueGAAP | $15.57M | – | – |
| Q3 2026 fuel sales revenueGAAP | $74M | – | – |
| Q3 2026 change in fair value of derivative instruments revenueGAAP | $300K | – | – |
| Q3 2026 RIN Credits revenueGAAP | $11.2M | – | – |
| Q3 2026 LCFS Credits revenueGAAP | $4.8M | – | – |
| Q3 2026 total volume-related product revenueGAAP | $90.4M | – | – |
| Q3 2026 station construction salesGAAP | $6.2M | – | – |
| Q3 2026 O&M services revenueGAAP | $15.1M | – | – |
| Q3 2026 other services revenueGAAP | $500K | – | – |
| Q3 2026 product cost of salesGAAP | $58.79M | – | – |
| Q3 2026 service cost of salesGAAP | $12.15M | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | $29.71M | – | – |
| Q3 2026 depreciation and amortizationGAAP | $10.56M | – | – |
| Q3 2026 total operating expensesGAAP | $111.2M | – | – |
| Q3 2026 operating incomeGAAP | $967 | – | – |
| Q3 2026 interest expenseGAAP | −$7.92M | – | – |
| Q3 2026 interest incomeGAAP | $1.42M | – | – |
| Q3 2026 income from equity method investmentsGAAP | $3.78M | – | – |
| Q3 2026 loss before income taxesGAAP | −$1.85M | – | – |
| Q3 2026 income tax expenseGAAP | $(77) | – | – |
| Q3 2026 net lossGAAP | −$1.93M | – | – |
| Q3 2026 net loss attributable to Clean Energy Fuels Corp.GAAP | −$5.73M | – | – |
| Q3 2026 GAAP loss attributable to Clean Energy Fuels Corp. per shareGAAP | $(0.03) | – | – |
| Q3 2026 non-GAAP net income attributable to Clean Energy Fuels Corp.non-GAAP | $6.44M | – | – |
| Q3 2026 non-GAAP income attributable to Clean Energy Fuels Corp. per sharenon-GAAP | $0.03 | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $27.18M | – | – |
| Q3 2026 Adjusted EBITDA attributable to fuel distributionnon-GAAP | $16.22M | – | – |
| Q3 2026 Adjusted EBITDA of RNG upstream attributable to Clean Energy Fuels Corp.non-GAAP | $10.96M | – | – |
| Q3 2026 RNG fuel volume soldother | 66.8M | – | 9.0% increase |
| Q3 2026 conventional natural gas fuel volume soldother | 18.3M | – | – |
| Q3 2026 total fuel volume soldother | 85.1M | – | – |
| Nine months ended September 30, 2026 total revenueGAAP | $336.1M | – | – |
| Nine months ended September 30, 2026 net loss attributable to Clean Energy Fuels Corp.GAAP | −$32.99M | – | – |
| Nine months ended September 30, 2026 GAAP loss attributable to Clean Energy Fuels Corp. per shareGAAP | $(0.15) | – | – |
| Nine months ended September 30, 2026 non-GAAP income attributable to Clean Energy Fuels Corp. per sharenon-GAAP | $0.01 | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $59.75M | – | – |
| Nine months ended September 30, 2026 RNG fuel volume soldother | 197.4M | – | – |
| Nine months ended September 30, 2026 conventional natural gas fuel volume soldother | 54.2M | – | – |
| Nine months ended September 30, 2026 total fuel volume soldother | 251.6M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Fuel distributionQ3 2026 Adjusted EBITDA attributable to fuel distribution was $16,222, compared to $20,629 in Q3 2025. Fuel distribution represents consolidated results excluding RNG equity method investments attributable to Clean Energy and the consolidated RNG project. | null | – | – |
| RNG upstreamQ3 2026 Adjusted EBITDA of RNG upstream attributable to Clean Energy Fuels Corp. was $10,955, compared to $(3,316) in Q3 2025. RNG upstream combines RNG equity method investments attributable to Clean Energy and the consolidated RNG project. | null | – | – |
2026 outlook
- NoteGAAP net loss attributable to Clean Energy Fuels Corp.: approximately $(55) million to $(50) million
- NoteAdjusted EBITDA: approximately $75 million to $80 million
- NoteAdjusted EBITDA attributable to fuel distribution: $65,000 - 68,000
- NoteAdjusted EBITDA attributable to RNG upstream: $10,000 - 12,000
- NoteAmazon warrant charges: approximately $44.0 million
- NoteIncome tax benefit: 300
- NoteInterest expense: 24,800
- NoteInterest income: $(5,700)
- NoteDepreciation and amortization: 45,000
- NoteStock-based compensation: 9,500
- NoteLoss from SAFE S.p.A. equity method investment: 2,000
- NoteLoss from change in fair value of derivative instruments: $(700)
What drove it
- Q3 2026 included a reduction in product cost of sales of $12.7 million from recognition of Section 45Z Production Tax Credits, comprising $6.9 million from the consolidated dairy RNG project and $5.8 million from third-party RNG suppliers.
- Another $9.2 million of Section 45Z Production Tax Credits was reported as part of income from equity method investments.
- RIN and LCFS revenues were $16.0 million in Q3 2026 versus $11.4 million in Q3 2025, reflecting incremental consolidated dairy RNG project revenue, higher price and higher volume for RINs, and higher price and incremental consolidated RNG project revenue for LCFS.
- Q3 2026 Amazon warrant charges were $10.6 million, compared to $16.8 million in Q3 2025.
- The company closed the sale of $30.7 million of federal tax credits generated by seven RNG production facilities, including the $26.0 million ITC tied to the South Fork Dairy RNG facility and 2025 Section 45Z clean fuel production credits from its dairy RNG portfolio.
- The company was awarded a $27.5 million Orange County Transportation Authority contract to design and build a hydrogen fueling station, with the project expected to be completed in 2028.
- The company added Western Canada fueling and maintenance agreements and added stations in Grande Prairie and Chilliwack through its partnership with Tourmaline.
Concerns
- Station construction sales were $6.2 million in Q3 2026 versus $9.9 million in Q3 2025.
- Q3 2026 Adjusted EBITDA attributable to fuel distribution was $16,222, below $20,629 in Q3 2025.
- Selling, general and administrative expense was $29,706 in Q3 2026, compared to $26,270 in Q3 2025.
- Service cost of sales was $12,155 in Q3 2026, compared to $9,592 in Q3 2025.
- Interest expense was $(7,920) in Q3 2026, compared to $(7,782) in Q3 2025.
- The 2026 GAAP net-loss outlook assumes no unrealized gains or losses on customer contracts relating to the truck financing program and Amazon warrant charges estimated at approximately $44.0 million. Changes in market conditions and warrant vesting could significantly affect estimated GAAP net loss.
What to watch
- Delivery against 2026 Adjusted EBITDA guidance of approximately $75 million to $80 million.
- Continued Section 45Z production tax credit contributions, which the company expects through at least 2029.
- Fuel-volume growth, including RNG gallons sold, and growth in RIN and LCFS revenue.
- Fuel distribution profitability after Q3 2026 Adjusted EBITDA attributable to fuel distribution declined versus Q3 2025.
- Completion of the Orange County Transportation Authority hydrogen station project expected in 2028.
- Further federal tax-credit monetization and the effect on cash and debt.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash were $141,816 as of September 30, 2026, compared to $157,756 as of December 31, 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.
- Short-term investments were $563 as of September 30, 2026, compared to $552 as of December 31, 2025.
- Long-term portion of debt was $216,394 as of September 30, 2026, compared to $226,727 as of December 31, 2025.
- Current portion of debt was $58 as of September 30, 2026, compared to $52 as of December 31, 2025.
- The company partially paid down long-term debt by $15 million with available cash and investments on hand.
- Accounts receivable, net were $113,005 as of September 30, 2026, compared to $100,793 as of December 31, 2025.
- Investments in other entities were $293,638 as of September 30, 2026, compared to $262,325 as of December 31, 2025.
- Total assets were $1,045,626 as of September 30, 2026, compared to $1,056,716 as of December 31, 2025.
- Total liabilities were $480,029 as of September 30, 2026, compared to $491,649 as of December 31, 2025.
Analysis
Clean Energy posted higher Q3 revenue of $112.2 million, compared with $106.1 million in Q3 2025, as total fuel volume increased to 85.1 million GGEs from 76.6 million GGEs. RNG volume reached 66.8 million gallons, a stated 9.0% increase, while conventional natural-gas volume was 18.3 million GGEs versus 15.3 million GGEs. Volume-related product revenue increased to $90.4 million from $81.0 million, supported by fuel sales, RIN Credits and LCFS Credits. Station construction sales fell to $6.2 million from $9.9 million.
The quarter moved to GAAP operating income of $967 from an operating loss of $(13,636). Net loss attributable to Clean Energy narrowed to $(5,729), or $(0.03) per share, from $(23,819), or $(0.11) per share. Product cost of sales declined to $58,789 from $69,229, aided by $12.7 million of Section 45Z Production Tax Credits recognized as a reduction in product cost of sales. Income from equity method investments was $3,782 compared with a loss of $(7,524), and the company said another $9.2 million of PTC was reported in income from equity method investments.
Adjusted EBITDA rose to $27,177 from $17,313, and non-GAAP income per share was $0.03 compared with $0.00. The performance was concentrated in RNG upstream, where Adjusted EBITDA attributable to Clean Energy was $10,955 versus $(3,316). Fuel-distribution Adjusted EBITDA declined to $16,222 from $20,629. RIN Credits revenue increased to $11.2 million from $8.3 million and LCFS Credits revenue increased to $4.8 million from $3.1 million, while Q3 Amazon warrant charges decreased to $10.6 million from $16.8 million.
Balance-sheet liquidity was lower at quarter end: cash, cash equivalents and restricted cash were $141,816, compared with $157,756 at December 31, 2025. Long-term debt was $216,394, compared with $226,727, and the company stated that it partially paid down long-term debt by $15 million. The company also closed a $30.7 million sale of federal tax credits, including a $26.0 million ITC tied to South Fork Dairy.
Management raised 2026 Adjusted EBITDA outlook to approximately $75 million to $80 million from its prior stated range of $70 million to $75 million. The outlook includes an expected GAAP net loss of approximately $(55) million to $(50) million and assumes Amazon warrant charges of approximately $44.0 million. Management cited possible unrealized gains or losses on truck-financing customer contracts and significant variation in Amazon warrant vesting as factors that could significantly affect the GAAP net-loss estimate.
Management, verbatim
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.
Clay Corbus, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital expenditures were not reported.
- Share repurchases were not reported.
- Dividend information was not reported.
- Prior-quarter comparisons for Q3 2026 metrics were not reported.
- Prior outlook document was not provided; therefore, no formal comparison of actual results with prior guidance is available.
- 2026 revenue, gross-margin, operating-expense and tax-rate guidance were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.