Clean Energy Raises 2026 Adjusted EBITDA Outlook to $75–80 Million

Key Facts

Clean Energy Fuels reported results for the third quarter ended September 30, 2026, on November 5, and raised its full-year adjusted EBITDA estimate to a range of $75–80 million, from $70–75 million in its second-quarter announcement. Adjusted EBITDA was $27.2 million during the quarter, compared with $17.3 million in the same period last year. The CEO said favorable developments during the quarter supported a significant contribution from clean fuel production credits under Section 45Z to the metric. He added that the company expects those credits to continue contributing through at least 2029. The higher guidance reflects an improved full-year outlook, while results still include a net loss under U.S. accounting standards.

The company reported revenue of $112.2 million in the third quarter, compared with $106.1 million in the same quarter of 2025. Renewable natural gas sales totaled 66.8 million gasoline gallon equivalents, up 9.0% year over year. Sales volume growth coincided with higher environmental credit revenue, as the company said revenue from RIN and LCFS credits increased, partly linked to renewable natural gas projects in the early stages of production. Non-cash charges related to the Amazon note, which reduced revenue, also fell to $10.6 million from $16.8 million a year earlier. The company attributed part of the year-over-year improvement to the decline in stock-based incentive charges.

On a GAAP basis, Clean Energy reported a net loss attributable to the company of $5.7 million, or $0.03 per share, in the third quarter of 2026. The loss was $23.8 million, or $0.11 per share, in the third quarter of 2025. The year-over-year loss therefore narrowed, but remained a loss despite higher adjusted EBITDA. Adjusted EBITDA measures operating performance under the company's definition, while net loss represents the accounting result attributable to shareholders. The divergence puts improvement in the adjusted metric alongside a continuing GAAP loss.

Part of the company's new guidance is tied to the federal 45Z clean fuel production credit, which provides an incentive for domestically produced fuel sold during the eligible period. The CEO said favorable developments during the quarter contributed to a significant credit contribution to adjusted EBITDA, and that the company expects this to continue through at least 2029. The company said in its filing that an Internal Revenue Service notice issued on September 8 regarding negative emissions rates could increase the 45Z credits due to projects in which it participates in renewable gas during 2026 to 2029. The rules include specific provisions for fuel derived from dairy manure. The IRS sets December 31, 2029, as the deadline for the last fuel sales eligible for the federal credit.

The company ended September with cash and equivalents and short-term investments, excluding restricted cash, totaling $140.2 million, compared with $156.1 million on December 31, 2025. It also partially repaid $15 million of its long-term debt during the third quarter. In trading on November 5, before the results were announced after the market close, the company's shares closed at $1.470, down 6.37% from the previous session. The share price move preceded publication of the results, so it does not represent the market's response to the figures or the higher guidance. These financial figures and the timing of the announcement provide context separate from the stock's performance in that session.