Clean Energy Fuels posts narrower loss as RNG sales jump
The company sold 67.4 million gallons of renewable natural gas in the quarter, up 33% from a year earlier.
Clean Energy Fuels Corp. (CLNE) narrowed its quarterly loss as renewable natural gas volumes climbed and credit revenues rose. The California-based provider of natural gas fuel reported a net loss of $12.4 million for the first quarter of 2026, a sharp improvement from the $135.0 million loss recorded a year earlier.
The results marked a continued recovery from the prior quarter’s $43.0 million loss, driven by higher fuel volumes and lower Amazon warrant charges. Revenue rose 13.3% year-over-year to $117.6 million, accelerating from 8% growth in the prior quarter.
Total fuel volume sold reached 84.7 million gasoline-gallon equivalents, up 27% from the same period last year and 5.1% sequentially. Renewable natural gas accounted for the bulk of the increase, with gallons sold rising 33.2% year-over-year to 67.4 million. Conventional natural gas volumes also grew, rising 7.5% to 17.3 million gallons.
Revenues from environmental credits provided a tailwind. RIN and LCFS revenues jumped 60% to $14.4 million, while station construction revenues climbed 46.4% to $8.2 million. The company also placed its East Valley dairy RNG project in Idaho into service during the quarter, adding an expected 3.5 million gallons of annual production capacity.
Adjusted EBITDA declined 2.9% year-over-year to $16.6 million, though it improved 5.7% sequentially. The fuel distribution segment’s adjusted EBITDA fell 3.5% to $19.4 million, while the RNG upstream segment’s adjusted EBITDA loss narrowed to $2.8 million from $3.0 million a year earlier.
Clean Energy Fuels reiterated its full-year guidance, expecting adjusted EBITDA of $70–75 million and a GAAP net loss of $71–66 million. The company also named Bart Frabotta as Chief Operating Officer, tasking him with overseeing operations and business transformation initiatives.