Clean Energy Fuels Corp. Reports 13.3% Revenue Growth to $117.6 Million in Q1 2026

Clean Energy Fuels Corp. reported a significant increase in revenue for the first quarter of 2026, with total revenue reaching $117.6 million, up from $103.8 million in the same period of 2025. This 13.3% growth was driven primarily by a rise in product revenue, which increased to $102.9 million from $90.3 million, attributed to higher volumes of vehicle fueling and a decrease in non-cash stock-based sales incentive contra-revenue charges related to the Amazon Warrant. The company also noted an increase in revenue from Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits, contributing to the overall revenue growth.

In terms of profitability, Clean Energy reported a net loss of $12.4 million for the first quarter of 2026, a substantial improvement compared to a net loss of $135.0 million in the same quarter of the previous year. The reduction in losses was largely due to the absence of a goodwill impairment charge that had impacted the prior year's results, as well as a decrease in operating expenses from $230.1 million to $120.5 million. The company’s operating loss also narrowed significantly, from $126.3 million in Q1 2025 to $2.9 million in Q1 2026.

Operationally, Clean Energy Fuels expanded its customer base, serving over 900 fleet customers operating more than 50,000 vehicles as of March 31, 2026. The company operates over 570 fueling stations across 43 states and the District of Columbia, with 27 stations in Canada. The increase in customer engagement and station operations reflects the growing adoption of renewable natural gas (RNG) as a cleaner fuel alternative in the transportation sector.

Strategically, the company has been active in joint ventures and partnerships to enhance its RNG production capabilities. Notably, it entered a joint development agreement with Tourmaline Oil Corp. to build a network of CNG stations in Western Canada, with plans to construct up to 20 stations by April 2028. Additionally, Clean Energy has made significant investments in its joint ventures with TotalEnergies and BP, focusing on developing anaerobic digester gas production facilities. As of March 31, 2026, the company had invested $377.8 million in these equity method investments.

Looking ahead, Clean Energy Fuels Corp. anticipates continued growth in RNG demand and is committed to expanding its infrastructure and production capabilities. The company plans to invest approximately $25 million in capital expenditures for 2026, primarily for fueling station construction and equipment. Despite the challenges posed by inflation and market volatility, Clean Energy remains optimistic about its long-term strategy and the potential for RNG to play a significant role in reducing greenhouse gas emissions in the transportation sector.