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Clean Energy Fuels Corp. offers natural gas as alternative fuels for vehicle fleets and related fueling solutions in the United States and Canada. It supplies renewable natural gas (RNG), compressed natural gas (CNG), and liquefied natural gas (LNG) for medium and heavy-duty vehicles; and provides operation and maintenance services for public and private vehicle fleet customer stations. The company also designs, builds, operates, and maintains vehicle fueling stations; and sells and services compressors and other equipment that are used in RNG production and fueling stations. In addition, it transports and sells CNG, RNG, and LNG through virtual natural gas pipelines and interconnects; sells U.S. federal, state, and local government credits, such as RNG as a vehicle fuel, including Renewable Identification Numbers and Low Carbon Fuel Standards credits; and obtains federal, state, and local credits, grants, and incentives. Further, the company focuses on developing, owning, and operating dairy and other livestock waste RNG projects. It serves heavy-duty trucking, airports, refuse, public transit, industrial, and institutional energy users, as well as government fleets. The company was incorporated in 2001 and is headquartered in Newport Beach, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $425M | $-74M | $-222M | $26M | -39.7% | 2.2% | 167.3% |
| 2024 | $416M | $-4M | $-83M | $-15M | -11.6% | -2.2% | -16.5% |
| 2023 | $425M | $-32M | $-99M | $-78M | -13.7% | 1.2% | 69.4% |
| 2022 | $420M | $2M | $-59M | $13M | -8.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 420.16 | 425.16 | 415.86 | 424.83 |
| Operating Revenue | - | 420.16 | 425.16 | 415.86 | 424.83 |
| Cost Of Revenue | - | 362.42 | 389.29 | 332.28 | 408.53 |
| Gross Profit | - | 57.75 | 35.86 | 83.58 | 16.30 |
| Operating Expense | - | 109.46 | 112.26 | 111.83 | 111.84 |
| Selling General And Administration | - | 109.46 | 112.26 | 111.83 | 111.84 |
| Total Expenses | - | 471.87 | 501.56 | 444.12 | 520.37 |
| Operating Income | - | -51.71 | -76.40 | -28.25 | -95.54 |
| Total Operating Income As Reported | - | -51.71 | -76.40 | -36.35 | -159.86 |
| EBITDA | - | 1.61 | -31.92 | -4.08 | -74.16 |
| Normalized EBITDA | - | 1.61 | -31.92 | 4.02 | -9.84 |
| EBIT | - | -53.06 | -77.60 | -48.82 | -172.77 |
| Interest Income | - | 3.37 | 11.15 | 14 | 11.38 |
| Interest Expense | - | 6.31 | 22.92 | 32.18 | 52.69 |
| Net Interest Income | - | -2.93 | -11.78 | -18.17 | -41.30 |
| Other Non Operating Income Expenses | - | 0.10 | 0.16 | 0.11 | 2.45 |
| Other Income Expense | - | -4.73 | -12.34 | -34.57 | -88.62 |
| Interest Income Non Operating | - | 3.37 | 11.15 | 14 | 11.38 |
| Interest Expense Non Operating | - | 6.31 | 22.92 | 32.18 | 52.69 |
| Net Non Operating Interest Income Expense | - | -2.93 | -11.78 | -18.17 | -41.30 |
| Pretax Income | - | -59.37 | -100.52 | -81 | -225.46 |
| Tax Provision | - | 0.22 | -0.42 | 2.69 | -2.82 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -1.70 | -0.84 |
| Net Income Continuous Operations | - | -59.59 | -100.10 | -83.69 | -222.64 |
| Net Income From Continuing And Discontinued Operation | - | -58.73 | -99.50 | -83.07 | -222.02 |
| Net Income From Continuing Operation Net Minority Interest | - | -58.73 | -99.50 | -83.07 | -222.02 |
| Net Income | - | -58.73 | -99.50 | -83.07 | -222.02 |
| Net Income Common Stockholders | - | -58.73 | -99.50 | -83.07 | -222.02 |
| Net Income Including Noncontrolling Interests | - | -59.59 | -100.10 | -83.69 | -222.64 |
| Normalized Income | - | -58.73 | -99.50 | -76.67 | -158.53 |
| Diluted NI Availto Com Stockholders | - | -58.73 | -99.50 | -83.07 | -222.02 |
| Basic Average Shares | - | 222.41 | 222.90 | 223.35 | 220.65 |
| Diluted Average Shares | - | 222.41 | 222.90 | 223.35 | 220.65 |
| Reconciled Depreciation | - | 54.67 | 45.67 | 44.74 | 98.61 |
| Reconciled Cost Of Revenue | - | 362.42 | 389.29 | 332.28 | 408.53 |
| Total Unusual Items | - | 0 | 0 | -8.10 | -64.33 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -8.10 | -64.33 |
| Minority Interests | - | 0.86 | 0.60 | 0.62 | 0.61 |
| Special Income Charges | - | 0 | 0 | -8.10 | -64.33 |
| Gain On Sale Of Business | 3.88 | 0 | 0 | - | - |
| Write Off | - | 0 | 0 | 8.10 | 0 |
| Impairment Of Capital Assets | - | - | 0 | 0 | 64.33 |
| Earnings From Equity Interest | - | -4.82 | -12.51 | -26.58 | -26.74 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Clean Energy Fuels Corp.this co. | CLNE | $443M | -1.99 | 0.79 | -39.7% | -8.26 |
| SandRidge Energy, Inc. | SD | $578M | 8.23 | 1.13 | 13.7% | 4.32 |
| Oil States International, Inc. | OIS | $523M | - | 0.91 | -19.1% | - |
| Natural Gas Services Group, Inc. | NGS | $521M | 26.15 | 1.90 | 7.3% | 9.94 |
| Summit Midstream Corporation | SMC | $415M |
| - |
| - |
| - |
| - |
| - |
| - |
| -217.87 |
| 0.95 |
| -0.4% |
| 7.00 |
| NACCO Industries, Inc. | NC | $392M | 22.32 | 0.91 | 4.1% | 10.22 |
| Ranger Energy Services, Inc. | RNGR | $389M | 31.59 | 1.29 | 4.1% | 6.28 |
| enCore Energy Corp. | EU | $308M | -5.41 | 1.34 | -24.8% | -7.40 |
| PrimeEnergy Resources Corporation | PNRG | $299M | 11.35 | 1.38 | 12.2% | 2.72 |
| Peer Median | - | 11.35 | 1.21 | 4.1% | 6.28 | |