Clean Energy Fuels Corp.

What they do

Clean Energy procures RNG (from third parties and its own dairy ADG joint ventures with TotalEnergies and bp) and conventional natural gas, delivering both as CNG or LNG to medium- and heavy-duty fleets. It designs, builds, and operates fueling stations, transports gas via virtual pipelines, and monetizes the Environmental Credits (RINs and LCFS credits) generated when RNG is dispensed into vehicle tanks. It also sells bulk LNG/CNG to marine, aerospace, and industrial customers, and develops dairy RNG production facilities.

Revenue drivers

• Product revenue (RNG and conventional natural gas sales) — Largest line item at $91.1M in Q2 2026 (86% of total revenue), up from $87.1M in Q2 2025; driven by fuel volumes and commodity pricing.
• Service revenue (station construction and O&M) — $15.2M in Q2 2026, roughly flat year over year; includes $16.0M of station construction revenue in Q2 2026 vs $7.8M in Q2 2025.
• Environmental Credits (RIN and LCFS) — $14.2M in Q2 2026 vs $11.9M in Q2 2025; grows with RNG volumes, credit prices, and the consolidated dairy RNG project.
• Bulk natural gas sales — LNG and CNG sold to customers ranging from marine cargo ships to paper mills; included within product revenue and described as a smaller, non-transportation part of the business.

Recent performance

Q2 2026 revenue was $106.4M, up from $102.6M in Q2 2025. Net loss attributable to Clean Energy was $(14.9)M, or $(0.07) per share, an improvement from $(20.2)M, or $(0.09) per share, in Q2 2025. RNG gallons sold rose 2.9% year over year to 63.2 million gallons. Adjusted EBITDA was $16.0M, down from $17.5M in Q2 2025. Cash, cash equivalents (less restricted cash) and short-term investments totaled $138.0M at June 30, 2026, versus $156.1M at December 31, 2025.

Strategy

The company's stated mission is to secure and sell as much RNG supply as possible, including through owned dairy RNG projects. It develops, owns, and operates dairy ADG RNG facilities directly and through joint ventures with TotalEnergies, bp, and Maas Energy. It continues expanding its RNG station network, with six new locations announced in May 2026 in California, New Jersey, Oklahoma, Michigan, and Washington. Management also evaluates alternative uses such as RNG as feedstock for electricity and EV charging, while keeping RNG central to its long-term strategy.

Risks

• Slow fleet adoption — Adoption of RNG and natural gas vehicle fuels in heavy-duty trucking, airports, refuse, and public transit has been slower and more limited than anticipated, and may continue to lag.
• Dependence on Environmental Credits — Revenue relies on RIN and LCFS credit programs, which are subject to changes in federal, state, and local policies and credit prices.
• Competing powertrains — Growing support for renewable diesel, electric, and hydrogen vehicles, plus long-standing support for diesel, could reduce demand for RNG and natural gas fuels.
• Recurring losses and impairment history — The company recorded a $64.3M goodwill impairment in Q2 2025 and net losses in each year from 2021 through 2025, including a $222.0M loss in 2025.

Outlook

Management said it remains on plan through the first half of 2026, citing fuel volume growth and customer demand for lower-carbon fuel in a volatile fuel environment. It highlighted $138.0M in cash and investments at quarter end and a focus on serving fleet customers and expanding domestically supplied RNG. No specific numerical guidance was provided in the release.