Clean Energy Fuels Corp.

Listed Company

CLNECIK 0001368265NasdaqAcceleratedGas & Other Services CombinedDelawareFY ends Dec 31

Period

FY 2025

Revenue

$424.83M

Net Income

$-222.02M

Total Assets

$1.06B

Equity

$559.42M

Shares Out

219.43M

Op. Cash Flow

$85.53M

Business

Clean Energy Fuels Corp. is a renewable energy company that procures, produces, and distributes renewable natural gas (RNG) and conventional natural gas for transportation. It sells RNG, compressed natural gas (CNG), liquefied natural gas (LNG), Environmental Credits, and related services including station design, construction, operation and maintenance, equipment sales and virtual pipeline gas transport. Its operations include RNG production projects and joint ventures, LNG liquefaction plants, a station construction and O&M division, and subsidiaries such as NG Advantage. The company serves commercial fleet markets across the United States and Canada through owned, operated, and supplied fueling stations, virtual pipeline deliveries, and commercial contracts.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	425	416	425	420	256
Selling, general and administrative	112	112	112	109	90
Depreciation and amortization	99	45	46	55	45
Impairment of goodwill	64	0	0	—	—
Impairment of investments in equity securities	0	8	0	0	—
Total operating expenses	585	452	502	472	351
Operating loss	−160	−36	−76	−52	−95
Interest expense	−53	−32	−23	−6	−4
Interest income	11	14	11	3	1
Other income, net	2	106,000	165,000	95,000	905,000
Loss from equity method investments	−27	−27	−13	−5	−430,000
Loss before income taxes	−225	−81	−101	−59	−94
Income tax (expense) benefit	3	−3	423,000	−220,000	−119,000
Net loss	−223	−84	−100	−60	−94
Loss attributable to noncontrolling interest	612,000	619,000	601,000	857,000	1
Net loss attributable to Clean Energy Fuels Corp.	−222	−83	−99	−59	−93
Basic (in dollars per share)	−1.01	−0.37	−0.45	−0.26	−0.44
Diluted (in dollars per share)	−1.01	−0.37	−0.45	−0.26	−0.44
Basic (in shares)	221	223	223	222	213
Diluted (in shares)	221	223	223	222	213

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	158	92	107	126	106
Short-term investments	552,000	128	158	140	130
Accounts receivable, net of allowance of $1,965 and $2,069 as of December 31, 2024 and December 31, 2025, respectively	101	108	98	91	87
Other receivables	6	15	17	17	24
Inventory	44	43	45	37	31
Notes receivable - related party	0	2	2	—	—
Prepaid expenses and other current assets	41	26	41	61	38
Total current assets	350	414	470	472	410
Operating lease right-of-use assets	88	91	92	53	43
Land, property and equipment, net	324	365	332	264	262
Notes receivable and other long-term assets, net	22	38	36	30	56
Investments in other entities	262	265	259	193	110
Goodwill	0	64	64	64	64
Intangible assets, net	10	6	6	6	6
Total assets	1,057	1,244	1,259	1,082	957
Current portion of debt	52,000	40,000	38,000	93,000	13
Current portion of finance lease obligations	1	920,000	2	948,000	846,000
Current portion of operating lease obligations	9	8	7	4	4
Accounts payable	26	33	57	44	24
Accrued liabilities	96	106	92	90	75
Deferred revenue	18	7	5	6	7
Total current liabilities	151	155	164	148	126
Long-term portion of debt	227	265	261	145	23
Long-term portion of finance lease obligations	3	2	2	2	2
Long-term portion of operating lease obligations	86	89	89	49	39
Other long-term liabilities	25	13	10	9	8
Total liabilities	492	524	526	355	202
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding	0	0	0	0	0
Common stock, $0.0001 par value. 454,000,000 shares authorized; 223,456,994 shares and 219,331,992 shares issued and outstanding as of December 31, 2024 and December 31, 2025, respectively	22,000	22,000	22,000	22,000	22,000
Additional paid-in capital	1,797	1,730	1,658	1,554	1,520
Accumulated deficit	−1,235	−1,013	−929	−830	−771
Accumulated other comprehensive loss	−3	−4	−2	−4	−2
Total Clean Energy Fuels Corp. stockholders' equity	559	713	727	720	747
Noncontrolling interest in subsidiary	6	6	7	7	8
Total stockholders' equity	565	720	734	727	755
Total liabilities and stockholders' equity	1,057	1,244	1,259	1,082	957

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for credit losses and inventory	4	3	2	2	1
Stock-based compensation expense	9	11	23	26	15
Stock-based sales incentive charges	66	61	61	24	84
Change in fair value of derivative instruments	2	131,000	158,000	−517,000	3
(Gain)/Loss on sale of BTR equity and convertible promissory note	−2	0	0	—	—
Amortization of debt financing costs	5	5	2	58,000	—
Amortization of discounts and Section 30C tax credit	−4	−6	−6	—	—
Loss on disposal of property and equipment	3	468,000	863,000	12,000	1
Loss on extinguishment of debt	12	0	5	3	39,000
Extinguishment of unamortized discount on expiration of deferred drawdown	11	0	0	−2	—
Asset impairments and other charges	0	380,000	634,000	0	0
Non-cash lease expense	9	9	7	3	3
Deferred income taxes	−3	3	−515,000	173,000	69,000
Accretion of ARO liabilities	393,000	0	0	—	—
Accounts and other receivables	−3	−8	−8	−1	−24
Inventory	−4	−57,000	−11	−9	−6
Prepaid expenses and other assets	2	6	510,000	−1	−10
Operating lease liabilities	−8	−6	−4	−3	−3
Accounts payable	−2	−19	15	9	7
Deferred revenue	11	2	−883,000	−1	5
Accrued liabilities and other	10	8	−18,000	16	17
Net cash provided by operating activities	86	65	44	67	41
Purchases of short-term investments	−855	−914	−491	−410	−324
Maturities and sales of short-term investments	986	951	479	402	224
Payment and deposits on equipment and manure rights for ADG RNG production projects	−34	−15	−20	−9	−6
Purchases of and deposits on property and equipment	−26	−65	−101	−45	−23
Grant proceeds for capital projects	0	952,000	2	0	0
Proceeds received for joint development and construction of station projects	3	7	3	0	0
Disbursements for loans receivable	−4	−10	−4	−2	−4
Proceeds from paydowns, maturities, and sales of loans receivable	4	310,000	2	1	421,000
Investments in other entities	−16	−33	−73	−90	−79
Advance to DR JV	0	0	−6	0	0
Proceeds from repayment of advance by DR JV	0	0	6	0	0
Proceeds from settlement of insurance claims	0	314,000	495,000	0	0
Proceeds from disposal of property and equipment	5	576,000	262,000	360,000	3
Net cash provided by (used in) provided by investing activities	63	−78	−202	−149	−208
Issuance of common stock	−37,000	64,000	242,000	1	204
Repurchase of common stock	−8	0	0	−6	−3
Payment of tax withholdings on net settlement of equity awards	−499,000	−340,000	−175,000	0	0
Fees paid for lender and debt issuance costs	0	−890,000	−9	−486,000	−1
Proceeds for Adopt-A-Port program	465,000	3	955,000	1	6
Repayment of proceeds for Adopt-A-Port program	−3	−2	−1	−1	−360,000
Proceeds from debt instruments	0	0	300	160	4
Repayments of debt instruments and finance lease obligations	−1	−2	−151	−50	−51
Repayment of Stonepeak Debt	−65	0	0	—	—
Payments of debt extinguishment costs	−5	0	−83,000	−3	−14,000
Net cash provided by (used in) financing activities	−82	−2	139	102	153
Effect of exchange rates on cash, cash equivalents and restricted cash	−323,000	−356,000	128,000	−345,000	8,000
Net increase in cash, cash equivalents and restricted cash	66	−15	−19	19	−14
Income taxes paid	41,000	60,000	77,000	68,000	15,000
Interest paid, net of $2,587 and $2,057, $7,120 capitalized, respectively	15	27	16	2	4
Interest paid-in-kind	−15	0	0	—	—

Filings

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