Clean Energy Fuels Corp has announced its operating results for the first quarter of 2025, revealing a mix of financial stability and challenges in the renewable energy sector.
In terms of revenue, the company reported $103.8 million for Q1 2025, a slight increase from $103.7 million in the same period last year. However, the net loss attributable to Clean Energy for Q1 2025 was $(135.0) million, or $(0.60) per share, compared to a loss of $(18.4) million, or $(0.08) per share, for Q1 2024. This significant increase in net loss includes non-cash charges totaling $(115.0) million, which comprised a $(64.3) million goodwill write-down and $(50.7) million in accelerated depreciation expenses.
Despite these challenges, the company’s adjusted EBITDA rose to $17.1 million in Q1 2025, up from $12.8 million in Q1 2024. Additionally, Clean Energy Fuels had cash, cash equivalents, and short-term investments totaling $226.6 million as of March 31, 2025, an increase from $217.5 million at the end of 2024.
On the operational front, Clean Energy Fuels executed several new renewable natural gas (RNG) supply agreements with transit agencies in Michigan, Texas, and Alabama. This strategic move underscores the company’s commitment to expanding its market presence. The company has also resumed its share repurchase program, with approximately $26.1 million remaining under the program as of March 31, 2025.
However, the total RNG gallons sold decreased to 50.6 million gallons in Q1 2025, reflecting a 12.8% drop compared to Q1 2024. This decline was largely attributed to cold weather conditions at the start of the year, which affected RNG supply in January and February.
Andrew J. Littlefair, President and CEO of Clean Energy Fuels, commented on the company’s performance, stating, “As the markets continue to evaluate the macro-economic environment and remain volatile, we are fortunate to have a stable, recurring business with many existing long-term customers like transit agencies and waste companies. We also believe that RNG is the commonsense solution for the heavy-duty trucking market.”
Littlefair emphasized that thousands of heavy-duty trucks are already fueling at the company’s network of natural gas stations across the U.S. and Canada, demonstrating the economic viability of significant emissions reductions in trucking. He noted, “Our first-quarter operating results, apart from the non-cash charges, resulted in a net increase in cash and investments.”
As the company moves forward, it remains focused on accommodating the adoption of the Cummins X15N engine in the heavy-duty sector while also increasing RNG volumes from its dairy RNG projects. Littlefair concluded, “We believe common sense wins in the end,” highlighting the company’s commitment to sustainable energy solutions.
Overall, Clean Energy Fuels Corp’s first-quarter results reflect a resilient business model amid industry challenges, positioning itself for growth in the renewable energy landscape. As RNG gains traction, the company aims to capitalize on its strategic partnerships and innovative solutions to drive future success.
