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01/10 20:10
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals: a rise in revenue and cash reserves is offset by increased net loss and declining EBITDA. Optimistic future projections and new initiatives could boost sentiment, but the lack of clear guidance and uncertainties in RNG adoption and supply agreements temper enthusiasm. The stock price is likely to remain stable over the next two weeks, with no significant catalysts for a strong move in either direction.
Revenue $106.1 million in Q3 2025, compared to $104.9 million in Q3 2024. This represents an 8% increase in revenue (excluding the $6.4 million alternative fuel tax credit from 2024), driven by increases in fuel sales and station construction sales.
Net Loss $23.8 million in Q3 2025, compared to $18.2 million in Q3 2024. The increase in net loss is attributed to the absence of the $6.4 million alternative fuel tax credit in 2025, and $3 million in net incremental costs from onetime items, including $5 million in accelerated depreciation expense and a $2 million nonoperating gain.
Adjusted EBITDA $17.3 million in Q3 2025, compared to $21.3 million in Q3 2024. Excluding the $6.4 million alternative fuel tax credit from 2024, the improvement in 2025 is due to greater fuel volumes, particularly low CI dairy RNG, and lower operating expenses, offset by a $2.8 million decrease in RIN revenue.
Cash and Investments $232 million at the end of Q3 2025, after a $12 million capital contribution to the dairy RNG joint venture with Maas Energy Works.
Hydrogen Fueling Stations: Awarded contracts to design, build, and maintain hydrogen fueling stations for Foothill Transit, Riverside, and Ventura transit agencies. The new site for Foothill Transit will support 19 hydrogen fuel cell buses.
Heavy-Duty Trucking Initiatives: Launched Pioneer Clean Fleet Solutions for low-carbon heavy-duty vehicles. Expanded Class A demo truck program with a 2026 Freightliner Cascadia Gen 5 day cab equipped with Cummins X15N.
Transit and Refuse Sector: Steady performance with 140 companies and 309 fueling sites. Long-standing relationships with national leaders like WM and Republic Services.
Heavy-Duty Trucking Market: Targeting the 250,000 new Class 8 heavy-duty trucks sold annually in the U.S. and Canada. RNG offers lower cost of ownership and emissions compared to diesel.
RNG Production: Two largest dairy RNG projects in Texas and Idaho began initial operations, bringing total projects in operation to 8. Broke ground on three new dairy RNG projects across South Dakota, Georgia, Florida, and New Mexico, expected to produce 3 million gallons of RNG annually.
Financial Performance: Generated $106 million in revenue and $17 million in adjusted EBITDA for Q3 2025. Maintained a strong balance sheet with $232 million in cash and short-term investments.
Decarbonization Strategy: Focused on practical decarbonization with RNG as a cost-effective solution for fleets and shippers. Positioned as a leader with the largest RNG fueling network and substantial RNG supply.
Heavy-duty trucking sector challenges: The heavy-duty trucking sector is facing challenging freight rates, uncertain policy regulations, and continued demand from shippers to lower emissions. Additionally, overall sales of heavy-duty trucks have been significantly lower over the last year or two.
LCFS credit price headwinds: Low Carbon Fuel Standard (LCFS) credit prices continue to face headwinds, impacting segment profitability. This creates financial uncertainty for the company.
Delay in 45Z Clean Fuel Production Credit finalization: The company is awaiting Treasury's finalization of the 45Z rules and credit values, which delays the ability to monetize 2025 credits and creates uncertainty in financial planning.
RIN pricing stabilization but lower revenue: While RIN pricing has stabilized, it remains lower than previous levels, reducing revenue from this segment.
Alternative fuel tax credit expiration: The alternative fuel tax credit was not extended past 2024, leading to a loss of $6.4 million in revenue compared to the prior year.
Incremental costs and net loss: The company reported a GAAP net loss of $23.8 million for Q3 2025, which includes $5 million in accelerated depreciation expense and other incremental costs, highlighting financial challenges.
Downstream Fueling Business: The company is well-positioned to support additional fleets in their adoption of ultra-clean RNG. It continues to support transit agencies exploring hydrogen alongside RNG, with new hydrogen fueling stations being developed for Foothill Transit, Riverside, and Ventura transit agencies.
Heavy-Duty Trucking Sector: The company sees significant opportunity in the heavy-duty trucking sector, which faces challenges like freight rates and emission reduction demands. Clean Energy is pursuing this opportunity with initiatives like the Pioneer Clean Fleet Solutions and expanding its Class A demo truck program with next-generation CNG trucks.
Upstream RNG Production Business: The company expects CARB's program changes to tighten the market and support gradual price improvement in 2026 and beyond. It plans to monetize 2025 45Z credits once Treasury finalizes the rules. Initial operations have begun at two large dairy projects in Texas and Idaho, with three new projects under development expected to produce 3 million gallons of RNG annually.
Strategic Positioning: Clean Energy is uniquely positioned with the largest RNG fueling network, a substantial supply of RNG, and a cost-effective decarbonization solution for fleets and shippers.
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The earnings call presents mixed signals: a rise in revenue and cash reserves is offset by increased net loss and declining EBITDA. Optimistic future projections and new initiatives could boost sentiment, but the lack of clear guidance and uncertainties in RNG adoption and supply agreements temper enthusiasm. The stock price is likely to remain stable over the next two weeks, with no significant catalysts for a strong move in either direction.
The earnings call summary reveals strong financial metrics, with adjusted EBITDA growth and resumed share repurchases indicating confidence. While RNG sales volumes were initially lower, a rebound is expected, and new projects are underway. The Q&A section highlights optimism about the 45Z bill and improved market conditions, despite some uncertainties. The continued interest in sustainable equipment and potential benefits from policy outcomes further support a positive outlook. Overall, the combination of financial performance, strategic developments, and shareholder returns suggests a likely stock price increase in the short term.
The earnings call presents mixed signals: positive EBITDA growth and a resumed share repurchase program are offset by stagnant revenue due to tax credit expiration and significant GAAP losses. The Q&A highlights potential risks from tariffs and regulatory changes, though management remains optimistic about future purchases and legislation. The RNG Incentive Act could provide upside, but uncertainty and competitive pressures persist. The lack of clear guidance on critical issues tempers enthusiasm, suggesting a neutral impact on stock price over the next two weeks, especially without market cap data to gauge volatility.
Clean Energy's earnings call highlights solid financial performance with a 9% increase in RNG sales and strong EBITDA growth. The partnership with Maas Energy and the expansion into hydrogen fueling stations are promising. The share repurchase program and optimistic guidance for RNG market growth further bolster positive sentiment. However, uncertainties in regulatory issues and management's vague responses in the Q&A session slightly temper the outlook. Overall, the positive aspects outweigh the negatives, leading to a positive sentiment.
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