$CLNE

Clean Energy Fuels Corp.

CIK:0001368265|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 106,359	$ 102,613	$ 223,915	$ 206,377
Cost of sales (exclusive of depreciation and amortization shown separately below):
Selling, general and administrative	24,590	27,453	49,136	54,917
Depreciation and amortization	10,682	9,962	21,684	72,229
Impairment of goodwill	0	0	0	64,328
Total operating expenses	111,487	111,845	231,938	341,907
Operating loss	(5,128)	(9,232)	(8,023)	(135,530)
Interest expense	(5,505)	(7,735)	(11,206)	(15,263)
Interest income	1,617	3,088	2,999	5,987
Other income, net	296	73	639	81
Loss from equity method investments	(6,187)	(6,530)	(11,825)	(13,574)
Loss before income taxes	(14,907)	(20,336)	(27,416)	(158,299)
Income tax (expense) benefit	(128)	(72)	(146)	2,860
Net loss	(15,035)	(20,408)	(27,562)	(155,439)
Loss attributable to noncontrolling interest	182	168	297	232
Net loss attributable to Clean Energy Fuels Corp.	$ (14,853)	$ (20,240)	$ (27,265)	$ (155,207)
Earnings Per Share And Weighted Average Shares, Basic and Diluted [Abstract]
Basic (in dollars per share)	$ (0.07)	$ (0.09)	$ (0.12)	$ (0.7)
Diluted (in dollars per share)	$ (0.07)	$ (0.09)	$ (0.12)	$ (0.7)
Basic (in shares)	220,257,296	220,393,997	219,964,143	222,024,912
Diluted (in shares)	220,257,296	220,393,997	219,964,143	222,024,912
Product
Revenue:
Total revenue	$ 91,146	$ 87,112	$ 194,019	$ 177,402
Cost of sales (exclusive of depreciation and amortization shown separately below):
Cost of sales	64,305	65,193	138,109	133,039
Service
Revenue:
Total revenue	15,213	15,501	29,896	28,975
Cost of sales (exclusive of depreciation and amortization shown separately below):
Cost of sales	$ 11,910	$ 9,237	$ 23,009	$ 17,394

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (27,562)	$ (155,439)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,684	72,229
Provision for credit losses and inventory	486	991
Stock-based compensation expense	4,282	4,180
Stock-based sales incentive charges	19,719	34,734
Change in fair value of derivative instruments	(369)	1,101
Amortization of debt financing costs	2,338	2,589
Amortization of discounts and Section 30C tax credit	(1,145)	(2,285)
Loss on disposal of property and equipment	137	2,791
Impairment of goodwill	0	64,328
Loss from equity method investments	11,825	13,574
Non-cash lease expense	4,696	3,779
Deferred income taxes	110	(2,905)
Accretion of ARO liabilities	185	202
Changes in operating assets and liabilities:
Accounts and other receivables	5,000	30,071
Inventory	(291)	(2,765)
Prepaid expenses and other assets	4,243	(551)
Operating lease liabilities	(4,569)	(3,823)
Accounts payable	(4,409)	(6,078)
Deferred revenue	(8,974)	1,927
Accrued liabilities and other	(6,962)	679
Net cash provided by operating activities	20,424	59,329
Cash flows from investing activities:
Purchases of short-term investments	(390,478)	(520,812)
Maturities and sales of short-term investments	311,119	542,325
Payment and deposits on equipment and manure rights for ADG RNG production projects	(1,152)	(20,851)
Purchases of and deposits on property and equipment	(10,535)	(12,447)
Grant proceeds for capital projects	800	0
Proceeds received for joint development and construction of station projects	926	2,490
Disbursements for loans receivable	0	(2,400)
Proceeds from paydowns, maturities, and sales of loans receivable	43	40
Investments in other entities	(26,828)	0
Proceeds from disposal of property and equipment	41	5,008
Net cash used in investing activities	(116,064)	(6,647)
Cash flows from financing activities:
Issuance of common stock	0	52
Repurchase of common stock	0	(7,938)
Payment of tax withholdings on net settlement of equity awards	(1,189)	(498)
Proceeds for Adopt-A-Port program	0	465
Repayment of proceeds for Adopt-A-Port program	(807)	(1,708)
Repayments of debt instruments and finance lease obligations	(666)	(574)
Net cash used in financing activities	(2,662)	(10,201)
Effect of exchange rates on cash, cash equivalents and restricted cash	(301)	160
Net increase/(decrease) in cash, cash equivalents and restricted cash	(98,603)	42,641
Cash, cash equivalents and restricted cash, beginning of period	157,756	91,562
Cash, cash equivalents and restricted cash, end of period	59,153	134,203
Supplemental disclosure of cash flow information:
Income taxes paid	65	22
Interest paid, net of $2,003 and $3,300 capitalized, respectively	8,881	2,661
Supplemental disclosure of non-cash financing activity:
Interest paid-in-kind	$ 0	$ (10,000)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents and restricted cash	$ 59,153	$ 157,756
Short-term investments	80,997	552
Accounts receivable, net of allowance of $2,069 and $1,604 as of December 31, 2025 and June 30, 2026, respectively	91,798	100,793
Other receivables	10,195	6,193
Inventory	43,282	43,906
Prepaid expenses and other current assets	38,699	41,139
Total current assets	324,124	350,339
Operating lease right-of-use assets	83,281	87,922
Land, property and equipment, net	313,142	324,040
Notes receivable and other long-term assets, net	19,482	22,194
Investments in other entities	276,135	262,325
Intangible assets, net	9,646	9,896
Total assets	1,025,810	1,056,716
Current liabilities:
Current portion of debt	56	52
Current portion of finance lease obligations	1,192	1,303
Current portion of operating lease obligations	9,579	9,095
Accounts payable	21,148	26,176
Accrued liabilities	89,285	96,106
Deferred revenue	9,449	18,423
Total current liabilities	130,709	151,155
Long-term portion of debt	228,968	226,727
Long-term portion of finance lease obligations	1,849	2,531
Long-term portion of operating lease obligations	80,922	85,920
Other long-term liabilities	24,681	25,316
Total liabilities	467,129	491,649
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value. 454,000,000 shares authorized; 219,331,992 shares and 220,358,166 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively	22	22
Additional paid-in capital	1,820,002	1,796,957
Accumulated deficit	(1,261,831)	(1,234,566)
Accumulated other comprehensive loss	(4,861)	(2,992)
Total Clean Energy Fuels Corp. stockholders' equity	553,332	559,421
Noncontrolling interest in subsidiary	5,349	5,646
Total stockholders' equity	558,681	565,067
Total liabilities and stockholders' equity	$ 1,025,810	$ 1,056,716