Clean Energy Fuels Corp. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a total revenue of $106.1 million for the quarter, a slight increase from $104.9 million in the same period last year. For the nine-month period, revenue rose to $312.5 million from $306.5 million year-over-year. The company's product revenue, which includes sales of renewable natural gas (RNG) and conventional natural gas, accounted for $90.9 million in the third quarter, up from $89.9 million, while service revenue also saw a modest increase to $15.2 million from $15.0 million.
Despite the revenue growth, Clean Energy Fuels Corp. reported a net loss of $24.0 million for the third quarter, compared to a loss of $18.3 million in the same quarter of 2024. The nine-month net loss widened significantly to $179.0 million from $53.4 million, primarily due to a $64.3 million goodwill impairment recognized in the first quarter of 2025. The company's operating expenses increased to $119.8 million for the quarter, up from $113.4 million, driven by higher costs associated with sales and administrative expenses, as well as depreciation and amortization.
Operationally, Clean Energy Fuels Corp. served over 1,000 fleet customers operating more than 50,000 vehicles as of September 30, 2025. The company operates over 580 fueling stations across 43 states and the District of Columbia, including more than 200 stations in California. The company also reported a significant increase in cash and cash equivalents, totaling $182.9 million as of September 30, 2025, compared to $91.6 million at the end of 2024, reflecting improved cash flow from operations.
Strategically, the company has been active in expanding its operations and partnerships. In 2025, it repurchased 4.9 million shares of its common stock under its repurchase program, utilizing $7.9 million. Additionally, the company has been involved in joint ventures, including a partnership with BP to develop RNG production facilities, which is expected to enhance its market position. The company is also evaluating the potential impact of recent tax law changes under the One Big Beautiful Bill Act, which may affect its future operations and financial performance.
Looking ahead, Clean Energy Fuels Corp. anticipates continued growth in RNG demand, particularly in the heavy-duty trucking sector, and plans to invest in capital expenditures to support its fueling infrastructure and RNG production projects. However, the company remains cautious about market volatility, including fluctuations in commodity prices and regulatory changes that could impact its operations.
About Clean Energy Fuels Corp.
Clean Energy Fuels Corp. is a leading provider of renewable natural gas (RNG) and natural gas fuels for transportation in North America. It develops, owns, and operates RNG production projects, fueling stations, and offers maintenance, engineering, and equipment sales. Serving heavy-duty trucking, transit, refuse, airports, and industrial markets, the company leverages environmental credits and innovative solutions to promote low-carbon transportation and sustainability.
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