Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today (Nov 5) announced its operating results for the third quarter of 2026.
Financial Highlights
- Revenue of $112.2 million in Q3 2026 compared to $106.1 million in Q3 2025.
- Net loss attributable to Clean Energy for Q3 2026 was $(5.7) million, or $(0.03) per share, on a GAAP (as defined below) basis, compared to $(23.8) million, or $(0.11) per share, for Q3 2025.
- Adjusted EBITDA (as defined below) was $27.2 million for Q3 2026, compared to $17.3 million for Q3 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.
- Partially paid down long-term debt by $15 million with available cash and investments on hand.
Operational and Strategic Highlights
- Announced Leadership changes with the appointment of Sean Wine as Chief Revenue Officer, and JJ Armstrong as Chief Financial Officer.
- Increased our 2026 outlook for adjusted EBITDA from a range of $70 million to $75 million to a range of $75 million to $80 million on a consolidated basis.
- Closed the sale of $30.7 million of federal tax credits generated by seven of our RNG production facilities, our fourth transaction monetizing credits from our RNG projects and our largest investment tax credit (ITC) sale to date. The sale included the $26.0 million ITC tied to our South Fork Dairy RNG facility in Dimmit, Texas, and all 2025 Section 45Z clean fuel production credits from our dairy RNG portfolio, including projects held through our joint ventures with bp and TotalEnergies.
- We were awarded a $27.5 million contract by the Orange County Transportation Authority to design and build a new hydrogen fueling station at its Garden Grove bus base, including facility upgrades, operations and maintenance services, and liquid hydrogen fuel supply. The project is expected to be completed in 2028.
- Announced a series of new fueling and maintenance agreements across Western Canada with refuse, freight, logistics and oilfield services fleets, including agreements with Nortrans Freight Management, Mullen Dedicated Logistics, GFL Environmental and Integrity Waste Solutions. Through our partnership with Tourmaline, we also added stations in Grande Prairie and Chilliwack, supporting growing adoption of the Cummins X15N natural gas engine.
- RNG gallons sold of 66.8 million gallons in Q3 2026, a 9.0% increase compared to Q3 2025.
Commentary by Clay Corbus, President and Chief Executive Officer
"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."
