Core Insights - Clean Energy Fuels Corp. has successfully completed its renewable natural gas (RNG) facility at South Fork Dairy in Dimmitt, Texas, which is now producing pipeline-quality RNG and injecting it into the interstate natural gas pipeline [1] Company Summary - The South Fork facility is now one of the largest RNG production plants in the United States, supporting a herd of 17,500 dairy cows [1] - The facility has the capability to produce approximately [1]

Core Insights - Clean Energy Fuels Corp. has been awarded a contract to design and build a hydrogen fueling station for Gold Coast Transit District, enhancing its position in the clean energy sector [1] - The contract includes a five-year maintenance agreement, indicating a long-term commitment to the project and potential for future revenue [1] - The initial phase will support five fuel cell buses, with plans to transition a fleet of approximately 70 vehicles to zero-emission technology [1] Company Summary - Clean Energy Fuels Corp. focuses on developing infrastructure for alternative fuels, particularly hydrogen, which aligns with the growing demand for sustainable transportation solutions [1] - The partnership with Gold Coast Transit District reflects the company's strategy to expand its service offerings in California, a key market for clean energy initiatives [1] Industry Summary - The clean energy sector is witnessing increased investments in hydrogen infrastructure, driven by government initiatives and the need for zero-emission transportation [1] - The transition to hydrogen fuel cell technology is gaining momentum, with transit agencies looking to reduce their carbon footprint and improve air quality [1]

Core Insights - Clean Energy Fuels Corp. (NASDAQ:CLNE) experienced a significant share price decline of 18.69% from November 3 to November 10, 2025, making it one of the worst-performing energy stocks during that week [1][2]. Financial Performance - Despite reporting better-than-expected third-quarter results on November 4, 2025, with earnings and revenue surpassing forecasts, the company faced a widening net loss of $23.8 million compared to $18.2 million in the same quarter last year [3]. - The adjusted EBITDA for Clean Energy Fuels was $17.3 million, reflecting a nearly 19% year-over-year decrease, primarily due to the absence of alternative fuel tax credits in 2025 [3]. - The company sold 61.3 million gallons of renewable natural gas (RNG) in Q3 2025, marking a 3% increase from the previous year [3]. Market Position - Clean Energy Fuels is recognized as a pioneer in renewable natural gas as a vehicle fuel in the U.S. and remains the largest provider of RNG for the transportation sector in North America [2].

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Group 1: Earnings Performance - Clean Energy Fuels reported break-even quarterly earnings per share, compared to a Zacks Consensus Estimate of a loss of $0.04, and earnings of $0.02 per share a year ago [1] - The quarterly report represents an earnings surprise of +100.00%, as the company was expected to post a loss of $0.07 per share but achieved break-even earnings [2] - Over the last four quarters, Clean Energy Fuels has surpassed consensus EPS estimates four times [2] Group 2: Revenue Performance - The company posted revenues of $106.14 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.77%, compared to year-ago revenues of $104.88 million [3] - Clean Energy Fuels has topped consensus revenue estimates four times over the last four quarters [3] Group 3: Stock Performance and Outlook - Clean Energy Fuels shares have added about 15.1% since the beginning of the year, while the S&P 500 has gained 16.5% [4] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes [5] - The current consensus EPS estimate for the coming quarter is -$0.07 on $98.87 million in revenues, and -$0.35 on $405.59 million in revenues for the current fiscal year [8] Group 4: Industry Context - The Utility - Gas Distribution industry, to which Clean Energy Fuels belongs, is currently in the top 23% of over 250 Zacks industries, indicating a favorable outlook [9] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [6]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $106 million, an increase from $104.9 million in the same quarter last year, marking an 8% increase when excluding the alternative fuel tax credit from last year's figures [14][16] - Adjusted EBITDA for Q3 2025 was $17.3 million, down from $21.3 million in Q3 2024, primarily due to the absence of the alternative fuel tax credits [15][16] - The GAAP net loss for Q3 2025 was $23.8 million compared to $18.2 million in Q3 2024, with the 2025 loss impacted by $3 million in one-time costs [14][15] Business Line Data and Key Metrics Changes - The downstream fueling business continues to perform well, with 61 million gallons of renewable natural gas (RNG) sold in Q3 2025 [5] - The company has 140 refuse companies and 309 fueling sites, maintaining strong relationships with transit agencies [6][12] - The upstream RNG production business is expected to produce between 5 and 6 million gallons by the end of 2025, with plans to double that in 2026 [21][22] Market Data and Key Metrics Changes - The heavy-duty trucking sector remains a significant opportunity, with approximately 250,000 new Class 8 trucks sold annually in the U.S. and Canada [8] - The company is facing challenges in the heavy-duty sector due to lower freight rates and uncertain regulations, impacting truck sales [8][30] - RIN pricing has stabilized, but LCFS credit prices are facing headwinds, with expectations for gradual improvement in 2026 [10][76] Company Strategy and Development Direction - The company is focused on practical decarbonization solutions that are cost-effective compared to diesel, aiming to resonate with fleets and shippers [12][33] - Clean Energy is expanding its hydrogen fueling infrastructure alongside RNG, with new contracts awarded for hydrogen stations [6][7] - The company is actively pursuing partnerships to lower barriers for fleets adopting RNG-powered equipment [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the RNG market, highlighting strong customer relationships and a robust supply chain [22][12] - The company is confident in maintaining its 2025 outlook, with expectations for continued growth in RNG production and sales [16][48] - Management noted that while the market environment presents challenges, the company is well-positioned to capitalize on the demand for low-emission fuels [30][33] Other Important Information - The company has $232 million in cash and short-term investments, providing financial flexibility for growth [5][16] - The average carbon intensity score of the fuel sold in California is minus 194, showcasing the company's commitment to sustainability [12] Q&A Session Summary Question: What is the expected run rate of volumes for the RNG upstream business by the end of 2025? - The company expects to exit 2025 with production between 5 and 6 million gallons, with plans to double that in 2026 [21][22] Question: What are the initial impressions of the Pioneer Clean Fleet Solutions and its impact on X15N adoption? - Initial interest is positive, with the first deal in the works and meetings held with 20 different fleets [27][28] Question: How does the company view the current market environment for heavy-duty trucks? - The market is facing headwinds due to lower freight rates, but there is a clear demand for sustainable solutions that make economic sense [30][33] Question: What is the timeline for certification of environmental attributes for new projects? - Certification processes for RINs and LCFS credits can take time, with expectations for full certification by 2026 [43][44] Question: What are the expectations for RNG volume growth in 2026? - The company anticipates a nice growth trajectory but does not expect a step change, with increased adoption rates expected [56][58] Question: How is the company managing fuel margins in light of market changes? - The company is confident in maintaining fuel margins despite narrowing spreads between WTI and Henry Hub prices [59][60]

Revenue and Sales Performance - Total revenue for the three months ended September 30, 2025, was $106.1 million, a 1.1% increase from $104.9 million in the same period of 2024[195] - Product revenue for the nine months ended September 30, 2025, reached $268.3 million, up from $262.3 million in 2024, reflecting a 2.3% growth[195] - For the three months ended September 30, 2025, product revenue increased by $1 million to $90.9 million, representing 85.6% of total revenue, driven by increased vehicle fueling volumes and higher pricing[228] - Product revenue for the nine months ended September 30, 2025, increased by $6 million to $268.3 million, representing 85.9% of total revenue, compared to $262.3 million, representing 85.6% of total revenue for the same period in 2024[242] - Service revenue for the nine months ended September 30, 2025, decreased by $0.1 million to $44.2 million, representing 14.1% of total revenue, compared to $44.2 million, representing 14.4% of total revenue for the same period in 2024[243] Expenses and Losses - The company reported a net loss attributable to Clean Energy Fuels Corp. of $23.8 million for the three months ended September 30, 2025, compared to a net loss of $18.2 million in the same period of 2024[198] - Total operating expenses increased to $127.1 million for the nine months ended September 30, 2025, from $107.6 million in the same period of 2024, with an operating loss of $(27.1) million[241] - Product cost of sales increased by $5.4 million to $69.2 million, representing 65.2% of total revenue, primarily due to higher natural gas commodity costs[232] - Selling, general and administrative expenses decreased by $2.6 million to $26.3 million, attributed to lower stock-based compensation and general business expenses[234] - Depreciation and amortization increased by $3.3 million to $14.7 million, primarily due to additional depreciation related to the Pilot fueling station equipment removal[235] - Loss from equity method investments increased by $2.5 million to $7.5 million, reflecting the operating results of SAFE S.p.A., Rimere, and the joint venture with bp[238] - Depreciation and amortization increased by $53.1 million to $86.9 million in the nine months ended September 30, 2025, from $33.8 million in the same period of 2024[248] - Impairment of goodwill increased by $64.3 million in the nine months ended September 30, 2025, from $0 million in the same period of 2024[249] Cash Flow and Capital Expenditures - Cash provided by operating activities was $72.4 million in the nine months ended September 30, 2025, compared to $42.7 million in the same period of 2024[258] - Cash provided by investing activities was $30.0 million in the nine months ended September 30, 2025, compared to cash used in investing activities of $30.6 million in the same period of 2024[259] - The company plans approximately $30.0 million in capital expenditures for 2025, primarily for fueling stations and LNG plant costs[262] - As of September 30, 2025, the company had total cash and cash equivalents and short-term investments of $232.2 million, compared to $217.5 million as of December 31, 2024[271] - The company expects cash provided by operating activities to fluctuate based on operating results and other factors[272] - Cash and cash equivalents, along with anticipated cash from operations, are expected to meet business requirements for at least the next 12 months[273] - The company may need to raise additional capital for planned or unanticipated expenditures, investments, or debt repayments[273] - Additional capital may be required for developing ADG RNG production facilities and fueling stations[274] - The company may raise capital through equity offerings, restructuring debt, or selling assets, but may face challenges in doing so[275] Joint Ventures and Projects - The TotalEnergies joint venture project is expected to produce up to 0.8 million GGEs of RNG annually, with operations starting in 2023[201] - Five of six projects under the bp joint venture are estimated to produce up to 8.2 million GGEs of RNG annually, with four projects operational by summer 2024[202] - The joint venture with bp has invested approximately $258 million in the ADG RNG production project, with remaining costs to complete estimated at $16 million, expected to produce 3.5 million gallons of RNG annually[212] Other Financial Information - As of September 30, 2025, the company recognized $55.7 million in accelerated depreciation and asset retirement obligations related to the removal of LNG fueling station equipment[208] - The company recognized a goodwill impairment loss of $64.3 million for the period ended March 31, 2025, resulting in no remaining goodwill as of September 30, 2025[224] - The company was in compliance with all financial and non-financial covenants related to its outstanding debt as of September 30, 2025[216] - Total indebtedness as of September 30, 2025, was approximately $318.5 million, with expected payments of $315.0 million due in 2029[267] - As of September 30, 2025, the company had off-balance sheet arrangements related to surety bonds for construction contracts[276] - A note purchase agreement was entered into with Rimere LLC for up to $10.0 million in delayed draw loans[277] - The company has a fixed supply arrangement with UPS for the supply and sale of 170.0 million GGEs of RNG through March 2026[278]

Financial Performance - Clean Energy reported revenue of $106.1 million for Q3 2025, a 1.1% increase from $104.9 million in Q3 2024[6] - Net loss attributable to Clean Energy for Q3 2025 was $(23.8) million, or $(0.11) per share, compared to $(18.2) million, or $(0.08) per share in Q3 2024[6] - Adjusted EBITDA for Q3 2025 was $17.3 million, down from $21.3 million in Q3 2024[8] - Total revenue for the three months ended September 30, 2025, was $106.137 million, a slight increase from $104.876 million in the same period of 2024, representing a growth of approximately 1.2%[38] - The net loss attributable to Clean Energy Fuels Corp. for the three months ended September 30, 2025, was $23.819 million, compared to a net loss of $18.175 million in the same period of 2024, reflecting an increase in losses of approximately 31.5%[38] - Operating loss for the three months ended September 30, 2025, was $13.636 million, compared to an operating loss of $8.528 million in the same period of 2024, representing an increase of approximately 60.5%[38] - The company expects a GAAP net loss for 2025 to range from approximately $(217) million to $(212) million, including $64.3 million in non-cash charges to Goodwill[17] - Adjusted EBITDA for 2025 is estimated to be between $60 million and $65 million, excluding impacts from acquisitions and macroeconomic conditions[17] Revenue Sources - The company sold 61.3 million gallons of RNG in Q3 2025, representing a 3% increase compared to Q3 2024[6] - Q3 2025 included $9.9 million in station construction revenues, an increase from $7.8 million in Q3 2024[5] - Renewable identification number (RIN) and low carbon fuel standards (LCFS) revenues were $11.4 million in Q3 2025, down from $13.0 million in Q3 2024[5] - Revenue from RIN Credits decreased to $22.7 million for the nine months ended September 30, 2025, down from $29.4 million in 2024, a decline of 22.8%[14] - Product revenue from fuel sales for the nine months ended September 30, 2025, increased to $214.0 million, compared to $189.7 million in 2024, reflecting a growth of 12.8%[14] - The company reported a total revenue of $312.5 million for the nine months ended September 30, 2025, compared to $306.5 million in 2024, a slight increase of 2.0%[14] Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled $232.2 million as of September 30, 2025, up from $217.5 million as of December 31, 2024[6] - The company's total assets as of September 30, 2025, were $1.125 billion, up from $1.243 billion as of December 31, 2024[35] - Current liabilities decreased slightly from $154.722 million as of September 30, 2024, to $152.348 million as of September 30, 2025[35] - The company's total liabilities as of September 30, 2025, were $534.053 million, a slight increase from $524.360 million as of December 31, 2024[35] - The accumulated deficit increased from $1.012 billion as of December 31, 2024, to $1.192 billion as of September 30, 2025, indicating a rise of approximately 17.7%[35] - The company’s cash, cash equivalents, and restricted cash increased from $91.562 million as of December 31, 2024, to $182.955 million as of September 30, 2025[35] Strategic Initiatives - The company made a strategic investment in Pioneer Clean Fleet Solutions to promote low-carbon leasing and fueling solutions[6] - Construction of five new dairy RNG projects is progressing well, expected to produce approximately three million gallons of RNG annually[6] - The company is focused on improving production at existing RNG facilities and expanding its low-carbon fuel solutions[4] - Total fuel volume sold for the three months ended September 30, 2025, was 76.6 million GGEs, up from 73.5 million GGEs in 2024, representing a growth of 4.2%[14] - Product revenue for the nine months ended September 30, 2025, reached $268.297 million, compared to $262.274 million in 2024, indicating a growth of about 2.3%[38] - The company operates a vast network of fueling stations across the U.S. and Canada, focusing on decarbonizing transportation through renewable natural gas[22]

Core Insights - Clean Energy Fuels Corp. has announced new agreements to expand the use of renewable natural gas (RNG) across various transportation markets in the US, highlighting the growing demand for clean fuel alternatives [1][2][3] RNG Agreements and Customer Base Expansion - The new agreements include RNG supply, operations, maintenance, and construction of fueling infrastructure, reflecting the momentum of RNG adoption as fleets seek cost-effective emission reduction solutions [2] - Clean Energy has signed a fueling agreement with United Dairymen of Arizona to supply 200,000 gallons of RNG to five fleets operating natural gas trucks, showcasing the deployment of new Cummins X15N engines [3] - Paper Transport has committed to approximately 250,000 gallons of RNG annually for a dozen new trucks, continuing its long-standing partnership with Clean Energy [4] - Giant Oil has signed an RNG supply agreement for approximately 180,000 gallons per year at its station in Pennsylvania, with Pitt-Ohio as a key customer [5] - Birkmire Trucking has entered an RNG supply deal for 100,000 gallons per year to fuel 15 vehicles, while Vestis will fuel 12 medium-duty trucks with RNG [6] - The Atlantic City Jitney Association has extended its partnership with Clean Energy, upgrading its natural gas station to support 125 new RNG shuttle buses with an estimated 300,000 gallons per year [7] - Republic Services is expanding its RNG fueling portfolio with new stations in Colorado and Nevada, including two new fueling stations in Fort Collins and Parker designed to support 135 RNG trucks [8] - USA Hauling & Recycling has renewed its RNG supply contract for 2.5 million gallons annually to fuel 150 refuse vehicles, alongside plans for a new fueling station in Connecticut [9] - Ecotech Waste Logistics has signed an agreement for approximately 300,000 gallons of RNG annually to fuel 30 vehicles [10] LNG Agreements in Space and Energy Sectors - Clean Energy has signed a bulk LNG fueling agreement with Astrobotic for 100,000 gallons to support lunar lander operations [11] - Stoke Space has entered an agreement for 120,000 gallons of high-purity LNG for rocket engine testing, while Apollo Energy Resources has signed for 480,000 gallons to support advanced energy solutions [12]

Core Insights - Clean Energy Fuels Corp. has announced new agreements to expand the use of renewable natural gas (RNG) across the United States [1] - The company has also increased its customer base for bulk liquefied natural gas (LNG), including partnerships with multiple space companies [1] Summary by Category Agreements and Partnerships - The new agreements focus on the utilization of ultraclean and affordable RNG, along with operations and maintenance services [1] - The expansion of RNG usage indicates a growing trend towards cleaner fuel options in the transportation market [1] Customer Base Expansion - Clean Energy Fuels Corp. has successfully grown its customer base for bulk LNG, highlighting its appeal to various sectors, including the space industry [1]