Clean Energy Fuels Raises 2025 EBITDA Guidance to $60-$65M Amid RNG Expansion

Clean Energy Fuels Corp. reported Q2 2025 revenue of $102 million and RNG sales of over 61 million gallons. The company raised its 2025 adjusted EBITDA guidance to $60-$65 million. CEO Andrew J. Littlefair highlighted the strength of Clean Energy's business and the growth in RNG production.

Clean Energy Fuels Corp. (CLNE) reported its second-quarter 2025 results, showcasing robust revenue growth and increased renewable natural gas (RNG) sales. The company's quarterly revenue reached $102.6 million, surpassing analysts' expectations of $100.3 million. Additionally, RNG sales exceeded 61 million gallons, demonstrating strong demand for clean fuel across the United States [1].

The company's CEO, Andrew J. Littlefair, highlighted the resilience of Clean Energy's business and the significant growth in RNG production. He emphasized the steady expansion in the transit and waste sectors and the increasing trend of agencies converting from compressed natural gas (CNG) to RNG. The company also reported progress in RNG project development, with six dairy projects operating and additional projects in Texas and Idaho nearing completion [2].

Clean Energy's adjusted EBITDA for the quarter was $17.5 million, up from $17.1 million in the previous quarter. The company raised its full-year 2025 adjusted EBITDA guidance to $60 million to $65 million, reflecting confidence in operational execution and margin resilience. However, management acknowledged ongoing uncertainties regarding the timing of adoption of the X15N engine, RIN and LCFS pricing, and the ramp-up of dairy projects [3].

The company's financial results were bolstered by higher RNG volumes and favorable pricing and cost mix. Despite lower LCFS prices, the company's construction and service margins improved in the second quarter. Clean Energy's cash and investments at the end of the quarter stood at $241 million, providing a solid financial foundation for future growth [3].

The company's management and analysts maintained a generally positive tone, with questions focusing on growth, capital allocation, project ramp-ups, and credit pricing. Management expressed confidence in addressing operational challenges while acknowledging ongoing uncertainties in regulatory and policy developments [3].

In conclusion, Clean Energy Fuels Corp. entered the second half of 2025 with strong revenue and volume growth, supported by expanding partnerships in transit and waste sectors, and meaningful progress in RNG project development. The company remains positioned to capitalize on increasing RNG adoption and downstream fueling demand as market conditions stabilize and new projects come online.

References:
[1] https://seekingalpha.com/news/4481829-clean-energy-fuels-non-gaap-eps-of-0_00-beats-by-0_06-revenue-of-102_6m-beats-by-2_94m
[2] https://bioenergyinternational.com/clean-energy-completes-us29-5-million-itc-sale/
[3] https://seekingalpha.com/news/4482180-clean-energy-raises-2025-adjusted-ebitda-guidance-to-60m-65m-while-expanding-rng-production