Clean Energy Fuels Reports 4% Revenue Growth in Q2 2025, Faces Increased Operating Expenses

Clean Energy Fuels Corp. reported its financial results for the second quarter and first half of 2025, revealing a total revenue of $102.6 million for the three months ending June 30, 2025, a 4% increase from $98.0 million in the same period of 2024. For the first half of 2025, revenue reached $206.4 million, up from $201.7 million year-over-year. The increase in revenue was primarily driven by higher product sales, which rose to $87.1 million from $83.0 million, attributed to increased vehicle fueling volumes and higher pricing due to rising natural gas commodity costs. However, the company also faced a significant increase in operating expenses, which totaled $111.8 million for the quarter, compared to $103.5 million in the prior year, leading to a net loss of $20.2 million for the second quarter, up from a loss of $16.3 million in 2024.

The company experienced a notable change in its financial position, with total assets decreasing to $1.12 billion as of June 30, 2025, from $1.24 billion at the end of 2024. This decline was largely due to a $64.3 million goodwill impairment recognized in the first quarter of 2025, resulting from a sustained decline in the company's share price. As a result, Clean Energy Fuels reported no goodwill remaining as of June 30, 2025. The company's accumulated deficit also widened to $1.17 billion, reflecting ongoing operational losses.

Operationally, Clean Energy Fuels served over 1,000 fleet customers operating more than 50,000 vehicles as of June 30, 2025. The company operates 580 fueling stations across 43 states and the District of Columbia, with 26 stations in Canada. The company’s joint ventures with TotalEnergies and BP continue to develop renewable natural gas (RNG) production facilities, contributing to its market position as a leading provider of clean fuel solutions. The company also reported a decrease in its cash and cash equivalents to $134.2 million, down from $125.1 million at the end of 2024, while cash provided by operating activities increased significantly to $59.3 million in the first half of 2025, compared to $21.4 million in the same period of 2024.

Looking ahead, Clean Energy Fuels plans to continue its focus on expanding its RNG production capabilities and enhancing its fueling infrastructure. The company anticipates capital expenditures of approximately $30 million for 2025, primarily for the construction of new fueling stations and improvements to existing facilities. Additionally, the company is evaluating the potential impact of recent tax law changes under the One Big Beautiful Bill Act, which may affect its operations and financial performance. Despite the challenges posed by market volatility and increased operational costs, Clean Energy Fuels remains committed to its growth strategy in the clean energy sector.