# Clean Energy Fuels Corp. (CLNE)

Informational only - not investment advice.

CIK: 0001368265
SIC: 4932 Gas & Other Services Combined
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4932 Gas & Other Services Combined](/industry/4932/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1368265
Filing source: https://www.sec.gov/Archives/edgar/data/1368265/000110465926019215/clne-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001104659-26-019215 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001368265.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 424,833,000 USD | 2025 | verified |
| Net income | -222,024,000 USD | 2025 | verified |
| Assets | 1,056,716,000 USD | 2025 | verified |
| Free cash flow | 59,850,000 USD | 2025 | computed |
| Net margin | -52.26% | 2025 | computed |
| Operating margin | -37.63% | 2025 | computed |
| Revenue YoY | +2.16% | 2025 | computed |
| ROE | -39.69% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CLNE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -52.3% | 12.5% | 1 | 87 |
| Operating margin | -37.6% | 21.2% | 1 | 83 |
| Revenue growth | 2.2% | 9.8% | 17 | 87 |
| FCF margin | 14.1% | -3.7% | 86 | 75 |
| ROE | -39.7% | 9.2% | 2 | 89 |
| ROA | -21.0% | 2.7% | 1 | 91 |
| Liabilities / equity | 0.88 | 2.32 | 9 | 89 |
| Current ratio | 2.32 | 0.80 | 91 | 91 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 49 Electric, Gas, And Sanitary Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 424833000 | USD | 2025 | 2026-02-24 |
| Net income | -222024000 | USD | 2025 | 2026-02-24 |
| Assets | 1056716000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001368265.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 402,656,000 | 341,599,000 | 346,419,000 | 344,065,000 | 291,724,000 | 255,646,000 | 420,164,000 | 425,159,000 | 415,865,000 | 424,833,000 |
| Net income |  |  | -79,237,000 | -3,790,000 | 20,421,000 | -9,864,000 | -93,146,000 | -58,733,000 | -99,497,000 | -83,070,000 | -222,024,000 |
| Operating income |  | -17,637,000 | -134,447,000 | 3,895,000 | 9,928,000 | -9,844,000 | -95,048,000 | -51,707,000 | -76,400,000 | -36,353,000 | -159,864,000 |
| Diluted EPS | -1.16 |  | -0.53 | -0.02 | 0.10 | -0.05 | -0.44 | -0.26 | -0.45 | -0.37 | -1.01 |
| Operating cash flow |  | 46,288,000 | -4,317,000 | 37,982,000 | 12,279,000 | 61,041,000 | 41,298,000 | 66,731,000 | 43,777,000 | 64,579,000 | 85,529,000 |
| Capital expenditures |  | 23,640,000 | 36,307,000 | 25,263,000 | 27,088,000 | 13,273,000 | 23,075,000 | 44,518,000 | 100,934,000 | 64,997,000 | 25,679,000 |
| Share buybacks |  |  |  |  |  | 14,647,000 | 2,916,000 | 6,122,000 | 0.00 | 0.00 | 7,938,000 |
| Assets |  | 897,257,000 | 791,912,000 | 699,082,000 | 777,085,000 | 715,027,000 | 957,070,000 | 1,082,357,000 | 1,259,458,000 | 1,243,891,000 | 1,056,716,000 |
| Liabilities |  | 403,570,000 | 342,254,000 | 174,073,000 | 234,056,000 | 192,177,000 | 201,659,000 | 354,886,000 | 525,811,000 | 524,360,000 | 491,649,000 |
| Stockholders' equity |  | 468,865,000 | 426,990,000 | 507,998,000 | 533,408,000 | 513,506,000 | 747,076,000 | 719,993,000 | 726,770,000 | 713,273,000 | 559,421,000 |
| Cash and cash equivalents |  | 36,119,000 | 36,081,000 | 29,844,000 | 49,207,000 | 108,977,000 | 99,448,000 | 123,950,000 | 104,944,000 | 89,512,000 | 155,584,000 |
| Free cash flow |  | 22,648,000 | -40,624,000 | 12,719,000 | -14,809,000 | 47,768,000 | 18,223,000 | 22,213,000 | -57,157,000 | -418,000 | 59,850,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2012 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | -23.20% | -1.09% | 5.94% | -3.38% | -36.44% | -13.98% | -23.40% | -19.98% | -52.26% |
| Operating margin |  | -4.38% | -39.36% | 1.12% | 2.89% | -3.37% | -37.18% | -12.31% | -17.97% | -8.74% | -37.63% |
| Return on equity |  |  | -18.56% | -0.75% | 3.83% | -1.92% | -12.47% | -8.16% | -13.69% | -11.65% | -39.69% |
| Return on assets |  |  | -10.01% | -0.54% | 2.63% | -1.38% | -9.73% | -5.43% | -7.90% | -6.68% | -21.01% |
| Liabilities / equity |  | 0.86 | 0.80 | 0.34 | 0.44 | 0.37 | 0.27 | 0.49 | 0.72 | 0.74 | 0.88 |
| Current ratio |  | 2.93 | 1.50 | 2.81 | 1.81 | 3.29 | 3.26 | 3.18 | 2.87 | 2.67 | 2.32 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001368265.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.04 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.17 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.07 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 95,571,000 | -25,812,000 | -0.12 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 106,857,000 | -18,687,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 103,709,000 | -18,443,000 | -0.08 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 97,954,000 | -16,293,000 | -0.07 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 104,876,000 | -18,175,000 | -0.08 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 109,326,000 | -30,159,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 103,764,000 | -134,967,000 | -0.60 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 102,613,000 | -20,240,000 | -0.09 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 106,137,000 | -23,819,000 | -0.11 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 112,319,000 | -42,998,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 117,556,000 | -12,412,000 | -0.06 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 106,359,000 | -14,853,000 | -0.07 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CLNE's latest 10-K: [/company/CLNE/business/](/company/CLNE/business/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1368265/000110465926092061/clne-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (this discussion, as well as discussions under the same heading in our other periodic reports, are referred to as the “MD&A”) should be read together with our unaudited condensed consolidated financial statements and the related notes included in this report, and all cross references to notes included in this MD&A refer to the identified note in such condensed consolidated financial statements. For additional context with which to understand our financial condition and results of operations, refer to the MD&A included in our Annual Report on Form 10-K for our fiscal year ended December 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”) on February 24, 2026, as well as the audited consolidated financial statements and notes included therein (collectively, our “2025 Form 10-K”).

Cautionary Note Regarding Forward-Looking Statements

This MD&A and the other disclosures in this report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements other than historical facts. These statements relate to future events or circumstances or our future performance, and they are based on our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: “if,” “may,” “might,” “shall,” “will,” “can,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “goal,” “objective,” “initiative,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “forecast,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements we make in this report include statements about, among other things, our future financial and operating performance, our growth strategies and operational plans, including expectations regarding our delivery and sales of RNG and Environmental Credits (each as defined below) and production at our RNG projects, and anticipated trends in our industry and our business.

The preceding list is not intended to be an exhaustive list of all of the topics addressed by our forward-looking statements. Although the forward-looking statements we make reflect our good faith judgment based on available information, they are only predictions of future events and conditions. Accordingly, our forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that might cause or contribute to such differences include, among others, those discussed under “Risk Factors” in Part II, Item 1A of this report, as such factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. In addition, we operate in a competitive and rapidly evolving industry in which new risks emerge from time to time, and it is not possible for us to predict all of the risks we may face. Nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors could cause actual results to differ from our expectations. As a result of these and other potential risks and uncertainties, our forward-looking statements should not be relied on or viewed as guarantees of future events or conditions.

All of our forward-looking statements in this report are made only as of the date of this report and, except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, including to conform these statements to actual results or to changes in our expectations. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC for the most recent information about our forward-looking statements and the risks and uncertainties related to these statements. We qualify all of our forward-looking statements by this cautionary note.

Overview

We are North America’s leading provider of the cleanest fuel for the transportation market, based on the number of stations operated and the amount of gasoline gallon equivalents (“GGEs”) of renewable natural gas (“RNG”) and conventional natural gas sold. We calculate one GGE to equal 125,000 British Thermal Units (“BTUs”) and, as such, one million BTUs (“MMBTU”) equals eight GGEs. Through our sales of RNG, which is derived from biogenic methane

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produced by the breakdown of organic waste, we help thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, reduce their amount of climate-harming greenhouse gases (“GHG”) from 60% to over 400% based on determinations by the California Air Resources Board (“CARB”), depending on the source of the RNG, while also reducing criteria pollutants such as Nitrogen Oxides, or NOx. RNG is either delivered as compressed natural gas (“CNG”) or liquefied natural gas (“LNG”).

As a clean energy solutions provider, we supply RNG (sourced from third party sources and from our anaerobic digester gas (“ADG”) RNG joint venture projects with TotalEnergies S.E. and BP Products North America, Inc. (“bp”) (see Note 3 - Investments in Other Entities and Noncontrolling Interest in a Subsidiary in Part I, Item 1 of this report) and conventional natural gas (sourced from third party suppliers), in the form of CNG and LNG, for medium and heavy-duty vehicles; design and build, as well as operate and maintain (“O&M”), public and private vehicle fueling stations in the United States (“U.S.”) and Canada; develop and own dairy ADG RNG production facilities; sell and service compressors and other equipment used in RNG production and at fueling stations; transport and sell RNG and conventional natural gas via “virtual” natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, “Environmental Credits”) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon,  New Mexico and Washington Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtain federal, state and local tax credits, grants and incentives.

At present, we see the best use of RNG as a replacement for fossil-based fuel in the transportation sector. We believe the most attractive market for RNG is U.S. heavy-duty Class 8 trucking and, based on information from the American Trucking Association and our own internal estimates, we believe there are approximately 4.1 million Class 8 heavy-duty trucks operating in the U.S. that use over 40 billion gallons of fuel per year. As of June 30, 2026, we deliver RNG to the transportation market through over 570 fueling stations we own, operate or supply in 43 states and the District of Columbia in the U.S., including over 200 stations in California. We also own, operate, or supply 27 fueling stations in Canada as of June 30, 2026.

Critically, to generate the valuable Environmental Credits, RNG must be placed in vehicle fuel tanks. We believe our stations and customer relationships allow us to deliver substantially more RNG to vehicle operators than any other participant in the market – we calculate that we have access to more fueling stations and vehicle fleets than all our competitors combined. As of June 30, 2026, we served over 900 fleet customers operating over 50,000 vehicles on our fuels.

Over the longer term, we remain committed to RNG, which we believe is a viable, scalable clean fuel solution for medium- and heavy-duty transportation. At the same time, we continue to monitor the development and adoption of alternative use cases and technologies, including hydrogen-powered and electric vehicles, and we evaluate how our existing assets and capabilities may support these solutions where economically viable. For example, we believe RNG may be used as a feedstock to generate electricity that could support electric vehicle charging and other applications. While RNG remains central to our long-term strategy, we believe our platform provides flexibility to support a range of lower-carbon transportation solutions as market conditions, customer preferences, and technology evolve.

Impact of Tariffs, Inflation, and Interest Rates

We continue to monitor changes in the U.S. Government’s trade policy, including the tariffs announced by the U.S. Government in the current year. Trade restrictions and increases in tariffs did not have a significant effect on our business, financial condition, results of operations, or liquidity during the second quarter of 2026. The Company does not directly import products from regions subject to significant tariff increases, however we do not know whether, or the extent to which tariffs may impact our customers, which include fleet owners and operators across all heavy-duty trucking sectors. In addition, tariffs may increase the risk of elevated inflation, which may increase our input costs. The nature of such trade restrictions and tariffs remains unclear.

In recent periods, we have experienced increases in commodity and supply chain costs due to inflationary pressures. The future duration and extent of these pressures and effects are difficult to predict. Although we have partially offset these increased costs through price increases for our products and services, our efforts to manage the current

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inflationary pressure and to recover inflation-based cost increases from our customers may be hampered by the structure of our contracts as well as the competitive and economic conditions of the markets in which we serve. For more information, see “Risk Factors” in Part II, Item 1A of this report.

As of June 30, 2026, the majority of our debt outstanding represents a long-term loan bearing a fixed rate of interest. Changes in market interest rates do not affect the interest expense incurred from this outstanding long-term debt instrument. However, changes in market interest rates may affect the interest rate and corresponding interest expense on any new issuance of short-term and long-term debt securities.

Performance Overview

This performance overview discusses matters on which our management focuses in evaluating our financial condition and our operating results.

Sources of Revenue

The following table presents our sources of revenue:

​

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1368265/000110465926019215/clne-20251231x10k.htm
Complete FY 2025 MD&A: /company/CLNE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (this discussion, as well as discussions under the same heading in our other periodic reports, are referred to as the “MD&A”) should be read together with our audited consolidated financial statements and the related notes included in this report, and all cross references to notes included in this MD&A refer to the identified note in such consolidated financial statements. This section of this report generally discusses 2025 and 2024 items and year-to-year comparisons of 2025 to 2024. Discussions of 2023 items and year-to-year comparisons of 2024 and 2023 that are not included in this report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025.

Cautionary Note Regarding Forward-Looking Statements

This MD&A contains forward-looking statements. See the discussion about these statements under “Cautionary Note Regarding Forward-Looking Statements” at the beginning of this report.

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Overview

We are North America’s leading provider of the cleanest fuel for the transportation market, based on the number of stations operated and the amount of gasoline gallon equivalents (“GGEs”) of renewable natural gas (“RNG”) and conventional natural gas sold. We calculate one GGE to equal 125,000 British Thermal Units (“BTUs”) and, as such, one million BTUs (“MMBTU”) equals eight GGEs. Through our sales of RNG, which is derived from biogenic methane produced by the breakdown of organic waste, we help thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, reduce their amount of climate-harming greenhouse gases (“GHG”) from 60% to over 400% based on determinations by the California Air Resources Board (“CARB”), depending on the source of the RNG, while also reducing criteria pollutants such as Nitrogen Oxides, or NOx. RNG is either delivered as compressed natural gas (“CNG”) or liquefied natural gas (“LNG”).

As a clean energy solutions provider, we supply RNG (sourced from third party sources and from our anaerobic digester gas (“ADG”) RNG joint venture projects with TotalEnergies S.E. and BP Products North America, Inc. (“bp”) (see Note 3 to the accompanying consolidated financial statements) and conventional natural gas (sourced from third party suppliers), in the form of CNG and LNG, for medium and heavy-duty vehicles; design and build, as well as operate and maintain (“O&M”), public and private vehicle fueling stations in the United States (“U.S.”) and Canada; develop and own dairy ADG RNG production facilities; sell and service compressors and other equipment used in RNG production and at fueling stations; transport and sell RNG and conventional natural gas via “virtual” natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, “Environmental Credits”) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon, New Mexico and Washington Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtain federal, state and local tax credits, grants and incentives.

At present, we see the best use of RNG as a replacement for fossil-based fuel in the transportation sector. We believe the most attractive market for RNG is U.S. heavy-duty Class 8 trucking and, based on information from the American Trucking Association and our own internal estimates, we believe there are approximately 4.1 million Class 8 heavy-duty trucks operating in the U.S. that use over 40 billion gallons of fuel per year. As of December 31, 2025, we deliver RNG to the transportation market through over 580 fueling stations we own, operate or supply in 43 states and the District of Columbia in the U.S., including over 200 stations in California. We also own, operate, or supply 27 fueling stations in Canada as of December 31, 2025.

Critically, to generate the Environmental Credits, RNG must be placed in vehicle fuel tanks. We believe our stations and customer relationships allow us to deliver substantially more RNG to vehicle operators than any other participant in the market – we calculate that we have access to more fueling stations and vehicle fleets than all our competitors combined. As of December 31, 2025, we served over 1,200 fleet customers operating over 65,000 vehicles on our fuels.

Over the longer term, we remain committed to RNG, which we believe is a viable, scalable clean fuel solution for medium- and heavy-duty transportation. At the same time, we continue to monitor the development and adoption of alternative use cases and technologies, including hydrogen‑powered and electric vehicles, and we evaluate how our existing assets and capabilities may support these solutions where economically viable. For example, we believe RNG may be used as a feedstock to generate electricity that could support electric vehicle charging and other applications. While RNG remains central to our long‑term strategy, we believe our platform provides flexibility to support a range of lower‑carbon transportation solutions as market conditions, customer preferences, and technology evolve.

Impact of Tariffs, Inflation and Interest Rates

We continue to monitor changes in the U.S. Government’s trade policy, including the tariffs announced by the U.S. Government in the current year. Trade restrictions and increases in tariffs did not have a significant effect on our business, financial condition, and results of operations during the year ended December 31, 2025. The Company does not directly import products from regions subject to significant tariff increases, however we do not know whether, or the extent to which, tariffs may impact our customers, which include fleet owners and operators across all heavy-duty trucking sectors. In addition, tariffs may increase the risk of elevated inflation, which may increase our input costs. The nature of such trade restrictions and tariffs remains unclear. For more information, see “Risk Factors” in Part I, Item 1A of this report.

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In recent periods, we have experienced increases in commodity and supply chain costs due to inflationary pressures. The future duration and extent of these pressures and effects are difficult to predict. Although we have partially offset these increased costs through price increases for our products and services, our efforts to manage the current inflationary pressure and to recover inflation-based cost increases from our customers may be hampered by the structure of our contracts as well as the competitive and economic conditions of the markets in which we serve. For more information, see “Risk Factors” in Part I, Item 1A of this report.

As of December 31, 2025, the majority of our debt outstanding represents a long-term loan bearing a fixed rate of interest. Changes in market interest rates do not affect the interest expense incurred from this outstanding long-term debt instrument. However, changes in market interest rates may affect the interest rate and corresponding interest expense on any new issuance of short-term and long-term debt securities. See “Quantitative and Qualitative Disclosures about Market Risk” in Item 7A of this report for more information.

Performance Overview

This performance overview discusses matters on which our management focuses in evaluating our financial condition and our operating results.

Sources of Revenue

The following table presents our sources of revenue:

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","\u200b","Year Ended December 31,"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Revenue (in millions)","\u200b \u200b \u200b","\u200b","2023","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2025"],["Product revenue(1):","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Volume-related(2)","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Fuel sales(3) (5)","\u200b","\u200b","$","287.0","\u200b","$","258.9","\u200b","$","287.7"],["Change in fair value of derivative instruments(4)","\u200b","\u200b","\u200b","(0.2)","\u200b","\u200b","(0.1)","\u200b","\u200b","(1.7)"],["RIN Credits","\u200b","\u200b","\u200b","25.9","\u200b","\u200b","39.0","\u200b","\u200b","32.2"],["LCFS Credits","\u200b","\u200b","\u200b","9.9","\u200b","\u200b","9.9","\u200b","\u200b","13.1"],["AFTC(6)","\u200b","\u200b","","20.9","\u200b","","23.8","\u200b","","0.2"],["Total volume-related product revenue","\u200b","\u200b","\u200b","343.5","\u200b","\u200b","331.5","\u200b","\u200b","331.5"],["Station construction sales","\u200b","\u200b","\u200b","26.4","\u200b","\u200b","25.2","\u200b","\u200b","34.0"],["Total product revenue","\u200b","\u200b","","369.9","\u200b","","356.7","\u200b","","365.5"],["Service revenue(7):","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["O&M services","\u200b","\u200b","\u200b","52.7","\u200b","\u200b","56.9","\u200b","\u200b","56.7"],["Other services","\u200b","\u200b","\u200b","2.6","\u200b","\u200b","2.3","\u200b","\u200b","2.6"],["Total service revenue","\u200b","\u200b","","55.3","\u200b","","59.2","\u200b","","59.3"],["Total revenue","\u200b","\u200b","$","425.2","\u200b","$","415.9","\u200b","$","424.8"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","A discussion of product revenue is included below under \u201cResults of Operations.\u201d"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(2)","Our volume-related product revenue primarily consists of sales of RNG and conventional natural gas, in the form of CNG and LNG, and sales of RINs and LCFS Credits in addition to changes in fair value of our derivative instruments. More information about our GGEs of fuel sold in the periods is included below under \u201cKey Operating Data,\u201d and more information about our derivative instruments, which consist of commodity swap and customer fueling contracts, is included in Note 6 to the accompanying financial statements."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(3)","Includes $60.6 million, $60.8 million and $66.1 million of non-cash stock-based sales incentive contra-revenue charges related to the Amazon Warrant (as defined in Note 12 to the accompanying financial statements) for the years ended December 31, 2023, 2024 and 2025, respectively."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(4)","The change in fair value of unsettled derivative instruments is related to the Company\u2019s commodity swap and customer fueling contracts. The amounts are classified as revenue because the Company\u2019s commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company\u2019s Zero Now truck financing program."]]
[[/GREPCENT_TABLE]]

37

Table of Contents

[[GREPCENT_TABLE]]
[["(5)","Includes net settlement of the Company\u2019s commodity swap derivative instruments. For the years ended December 31, 2023, 2024 and 2025, net settlement payments recognized in fuel revenue were $4.9 million, $2.4 million and $0.0 million, respectively."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(6)","Represents the federal alternative fuel tax credit (\u201cAFTC\u201d). AFTC was available for vehicle fuel sales made through December 31, 2024."]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CLNE/mda/fy2025/
All MD&A years: /company/CLNE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CLNE/mda/fy2024/): filed 2025-02-24; accession 0001558370-25-001390 (https://www.sec.gov/Archives/edgar/data/1368265/000155837025001390/clne-20241231x10k.htm)
- [FY 2023 MD&A](/company/CLNE/mda/fy2023/): filed 2024-02-29; accession 0001558370-24-002174 (https://www.sec.gov/Archives/edgar/data/1368265/000155837024002174/clne-20231231x10k.htm)
- [FY 2022 MD&A](/company/CLNE/mda/fy2022/): filed 2023-02-28; accession 0001558370-23-002365 (https://www.sec.gov/Archives/edgar/data/1368265/000155837023002365/clne-20221231x10k.htm)
- [FY 2021 MD&A](/company/CLNE/mda/fy2021/): filed 2022-02-24; accession 0001558370-22-001985 (https://www.sec.gov/Archives/edgar/data/1368265/000155837022001985/clne-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4932 Gas & Other Services Combined) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CLNE.md · JSON record: /company/CLNE.json · verified financials: /company/CLNE/financials.json / /company/CLNE/financials.csv · machine TOC for the whole site: /llms.txt