8-K: Clean Energy Fuels Reports Q2 2026 Results

Clean Energy Fuels Corp. announced second quarter 2026 results, showing revenue growth to $106.4 million and a 2.9% increase in RNG gallons sold, alongside a net loss of $14.9 million.

Summary

• Clean Energy Fuels Corp. reported second quarter 2026 revenue of $106.4 million, an increase from $102.6 million in the second quarter of 2025.
• The company sold 63.2 million RNG gallons in Q2 2026, a 2.9% increase year-over-year.
• Net loss attributable to Clean Energy for Q2 2026 was $14.9 million, or $0.07 per share, an improvement from a net loss of $20.2 million, or $0.09 per share, in Q2 2025.
• Adjusted EBITDA for Q2 2026 was $16.0 million, down from $17.5 million in Q2 2025.
• Cash, cash equivalents, and short-term investments totaled $138.0 million as of June 30, 2026.
• The company announced the appointment of Bart Frabotta as Chief Operating Officer.
• Two contracts were awarded to design and install liquefied natural gas fueling systems in Puerto Rico.
• Six new RNG station locations were added in May 2026 across multiple states.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive report, with revenue growth and increased RNG volumes, but a slight decrease in Adjusted EBITDA and a continued net loss temper the overall sentiment.

Positives

• Revenue increased to $106.4 million in Q2 2026 from $102.6 million in Q2 2025.
• Renewable Natural Gas (RNG) gallons sold increased by 2.9% to 63.2 million gallons in Q2 2026 compared to Q2 2025.
• Net loss improved to $14.9 million in Q2 2026 from $20.2 million in Q2 2025.
• Station construction revenues significantly increased to $16.0 million in Q2 2026 from $7.8 million in Q2 2025.
• RIN and LCFS revenues increased to $14.2 million in Q2 2026 from $11.9 million in Q2 2025, driven by higher prices and volumes from the consolidated dairy RNG production project.
• The company secured two contracts for LNG fueling systems in Puerto Rico.

Negatives

• Adjusted EBITDA decreased to $16.0 million in Q2 2026 from $17.5 million in Q2 2025.
• Cash, cash equivalents (less restricted cash) and short-term investments decreased to $138.0 million as of June 30, 2026, from $156.1 million as of December 31, 2025.
• Non-GAAP income (loss) per share was ($0.01) in Q2 2026, compared to $0.00 per share in Q2 2025.

Risks

• Changes in diesel and natural gas market conditions could significantly affect the Company's estimated GAAP net loss for 2026.
• Significant variations in the vesting of the Amazon warrant could significantly affect the Company's estimated GAAP net loss for 2026.
• The Company's ability to procure adequate supplies of RNG and generate revenues from sales of such RNG.
• The potential commercial viability, solvency, financial capacity, and operational capability of livestock waste and dairy farm projects to produce RNG.
• The Company's dependence on the production of vehicles and engines by manufacturers over which the Company has no control.
• The future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors.

Future Outlook

For 2026, the company expects a GAAP net loss between $(71) million and $(66) million, assuming approximately $47 million in Amazon warrant charges. Adjusted EBITDA for 2026 is projected to be between $70 million and $75 million. These projections exclude impacts from acquisitions, divestitures, new joint ventures, and extraordinary events.

Management Comments

• "Our second quarter results demonstrate continued solid execution across the business."
• "Fuel volumes, including both RNG and conventional natural gas, increased year over year, reflecting ongoing customer investment in and demand for cleaner, lower-carbon fuel."
• "Having a clean, domestically produced fuel is one of the reasons that we remain on plan through the first half of the year, along with great execution by our team."
• "With $138.0 million in cash and investments at quarter end, we remain focused on serving our fleet customers and expanding the role of domestically supplied RNG as a practical, low-carbon fuel for a variety of applications in this rapidly evolving energy market."

Industry Context

StockSavvy.ai notes that Clean Energy Fuels' results align with the broader industry trend of increasing demand for lower-carbon fuels in the transportation sector, driven by both regulatory pressures and customer demand for cost savings and emissions reductions. The company's focus on RNG positions it to capitalize on this growing market.

Comparison to Industry Standards

• The company's revenue growth of 3.7% year-over-year in Q2 2026 is modest but positive in a competitive energy market.
• The 2.9% increase in RNG gallons sold indicates a growing adoption of renewable fuels, which is a key trend across the alternative fuel vehicle industry.
• While Adjusted EBITDA saw a slight decrease, the company's focus on expanding its RNG network and securing new contracts suggests a strategic investment in future growth, a common approach in the infrastructure-heavy energy sector.
• Competitors in the alternative fuels space, such as those focusing on electric vehicle charging infrastructure or hydrogen, are also experiencing growth, highlighting the overall shift in transportation energy.

Management Changes

Related Party Transactions

• The company issued a warrant to Amazon.com NV Investment Holdings LLC, resulting in non-cash stock-based sales incentive contra-revenue charges.

Stakeholder Impact

• Shareholders: Continued net loss and a decrease in Adjusted EBITDA may be a concern, but revenue growth and increased RNG volumes offer positive signals for long-term value.
• Customers: Continued expansion of the RNG station network and availability of cleaner, lower-carbon fuel supports fleet operators seeking cost savings and emissions reductions.
• Suppliers: Increased demand for RNG and station construction projects may benefit suppliers in the renewable energy and infrastructure sectors.

Next Steps

• Continue to serve fleet customers.
• Expand the role of domestically supplied RNG.
• Continue expanding the nationwide RNG station network.
• Design and install liquefied natural gas fueling systems for gas-to-power applications in Puerto Rico.

Key Dates

Recommendation

The company shows positive revenue and volume growth, and an improvement in net loss, indicating operational progress. However, the decrease in Adjusted EBITDA and continued net loss, coupled with the inherent volatility in energy markets and reliance on warrant charges, suggest a 'hold' position until more consistent profitability and cash flow generation are demonstrated.

Keywords

Renewable Natural Gas, RNG, Clean Energy Fuels, Natural Gas Vehicles, Transportation Fuel, Emissions Reductions, Fueling Stations, Commodity Swap