CLNE Clean Energy Fuels Corp.

Overview and Growth

In fiscal 2025, Clean Energy Fuels Corp. recorded $424.83M of revenue, net loss of $222.02M, and an operating cash inflow of $85.53M. At $424.83M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 2.2% from $415.87M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$1.01, translating the period’s attributable earnings into the amount reported for each diluted share. The company employed $1.06B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.4x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was an operating loss of $159.86M, reflecting costs that exceeded gross profit. The operating loss equaled 37.6% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $222.02M after operating, financing, tax, and other recognized items. Net margin was -52.3%, reflecting a loss equal to 52.3% of reported revenue. The pretax result was a loss of $225.46M, establishing the deficit before tax effects. The pretax loss equaled 53.1% of revenue, measuring the pre-tax deficit against sales. The company recognized an income-tax benefit of $2.82M, increasing after-tax earnings relative to the pretax result. The loss-to-equity relationship was 39.3%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 21.0%, placing the bottom-line deficit against the company’s resource base. The net loss widened to $222.02M from $83.07M in fiscal 2024.

Liquidity and Capital Structure

The company held $1.06B of assets against $491.65M of liabilities and $565.07M of equity, revealing how the asset base was financed. The near-term balance sheet paired $350.34M of current assets with $151.16M of current liabilities at the reporting date. Current assets covered current liabilities by 2.32x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $155.58M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 102.9%, excluding receivables and other current assets. The company carried $226.78M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.4x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 21.5% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 53.5%, placing book capital against the total resource base. The liabilities-to-assets relationship was 46.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 14.7%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 15.0% lower than fiscal 2024 assets of $1.24B, measuring the company’s own balance-sheet change. Reported equity changed 21.5% from $719.53M in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 73.8% from $89.51M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $85.53M, a reported cash inflow that can be compared directly with net income and capital spending. The cash-flow statement records $25.68M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 30.0% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $59.85M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 14.1%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 5.7%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.