Clean Energy Raises 2026 Adjusted EBITDA Outlook

The Tip Desk · November 5, 2026 · 4 min read

The company lifted its 2026 adjusted EBITDA range to $75 million–$80 million after third-quarter adjusted EBITDA of $27.2 million and a swing in RNG upstream.

Clean Energy Fuels Corp. (CLNE) raised its 2026 adjusted EBITDA outlook to a range of $75 million to $80 million from a prior range of $70 million to $75 million after third-quarter results that the company said were supported by Section 45Z production tax credits and a turn in its RNG upstream business.

The country’s largest provider of the cleanest fuel for transportation reported revenue of $112.2 million for the third quarter of 2026, compared with $106.1 million a year earlier. GAAP net loss attributable to Clean Energy narrowed to $5.7 million, or $0.03 a share, from a $23.8 million loss, or $0.11 a share, in the year-ago quarter. Adjusted EBITDA was $27.2 million.

RNG gallons sold rose 9.0% to 66.8 million gallons from 61.3 million gallons a year earlier. Conventional natural gas volume rose to 18.3 million GGEs from 15.3 million GGEs, and total fuel volume rose to 85.1 million GGEs from 76.6 million GGEs. Fuel sales revenue was $74.0 million. RIN credits were $11.2 million and LCFS credits were $4.8 million. Station construction sales fell to $6.2 million from $9.9 million. O&M services revenue was $15.1 million.

The company said revenue was decreased by $10.6 million of non-cash stock-based sales incentive contra-revenue charges related to the Amazon warrant, compared with $16.8 million of such charges in the year-ago quarter. Those charges were recognized in fuel sales and O&M services revenue.

Adjusted EBITDA attributable to fuel distribution fell to $16.2 million from $20.6 million a year earlier. Adjusted EBITDA of RNG upstream attributable to Clean Energy swung to $11.0 million from a $3.3 million loss a year earlier. Net loss attributable to Clean Energy for the quarter included a $12.7 million reduction in product cost of sales from recognition of Section 45Z production tax credits, comprising $6.9 million from the company’s consolidated dairy RNG project and $5.8 million from third-party RNG suppliers, and another $9.2 million of PTC reported as part of income from equity method investments.

President and Chief Executive Officer Clay Corbus said favorable developments in the quarter supported a significant 45Z production tax credit contribution to adjusted EBITDA and that the company expects continued contributions from 45Z through at least 2029. He said core recurring RNG and conventional natural gas fuel sales, construction and operating services businesses continued to perform in line with expectations.

Cash, cash equivalents (less restricted cash) and short-term investments totaled $140.2 million as of September 30, 2026, compared with $156.1 million as of December 31, 2025. The company said it partially paid down long-term debt by $15 million with available cash and investments on hand.

Clean Energy closed the sale of $30.7 million of federal tax credits generated by seven RNG production facilities, which it described as its fourth transaction monetizing credits from RNG projects and its largest investment tax credit sale to date. The sale included a $26.0 million ITC tied to the South Fork Dairy RNG facility in Dimmit, Texas, and all 2025 Section 45Z clean fuel production credits from the dairy RNG portfolio, including projects held through joint ventures with bp and TotalEnergies.

The company was awarded a $27.5 million contract by the Orange County Transportation Authority to design and build a new hydrogen fueling station at its Garden Grove bus base, including facility upgrades, operations and maintenance services, and liquid hydrogen fuel supply; the project is expected to be completed in 2028. It also announced fueling and maintenance agreements across Western Canada with refuse, freight, logistics and oilfield services fleets, and added stations in Grande Prairie and Chilliwack through a partnership with Tourmaline. Leadership changes included the appointment of Sean Wine as chief revenue officer and JJ Armstrong as chief financial officer.

For full-year 2026, the company expects GAAP net loss of approximately $55 million to $50 million, assuming no unrealized gains or losses on customer contracts relating to the truck financing program and Amazon warrant charges estimated at approximately $44.0 million. Adjusted EBITDA for 2026 is estimated at approximately $75 million to $80 million. Those expectations exclude acquisitions, divestitures, new joint ventures, transactions and other extraordinary events.