# EDGAR Filing Document

**Accession Number:** 0001368265
**File Stem:** 0001104659-25-106289
**Filing Date:** 2025-11
**Character Count:** 43020
**Document Hash:** c28e1cdc30eed55df4bdf07ebb482b27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106289.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106289

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clean Energy Fuels Corp.
- **CENTRAL INDEX KEY:** 0001368265
- **STANDARD INDUSTRIAL CLASSIFICATION:** GAS & OTHER SERVICES COMBINED [4932]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 330968580
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33480
- **FILM NUMBER:** 251449248

**BUSINESS ADDRESS:**
- **STREET 1:** 4675 MACARTHUR COURT, SUITE 800
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** (949) 437-1000

**MAIL ADDRESS:**
- **STREET 1:** 4675 MACARTHUR COURT, SUITE 800
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Clean Energy Fuels, Corp.
- **DATE OF NAME CHANGE:** 20060703

?xml version='1.0' encoding='ASCII'? CLEAN ENERGY FUELS CORP._November 4, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 4, 2025**

**CLEAN ENERGY FUELS CORP.**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-33480** | **33-0968580** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **4675 MacArthur Court, Suite 800** |  |
| **Newport Beach, CA** | **92660** |
| (Address of Principal Executive Offices) | Zip Code |

---

**(949) 437-1000**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common stock, $0.0001 par value per share<br> &nbsp;&nbsp;CLNE | &nbsp;&nbsp;The Nasdaq Stock Market LLC<br>(Nasdaq Global Select Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company **☐**

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. **☐**

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**Item 2.02.** **Results of Operations and Financial Condition.**

On November 4, 2025, Clean Energy Fuels Corp. (the "Company") issued a press release announcing financial results for the third quarter ended September 30, 2025. A copy of the Company's press release containing this information is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

The information furnished in this report, including Exhibit 99.1, shall not be deemed to constitute an admission that such information or exhibit is required to be furnished pursuant to Regulation FD or that such information or exhibit contains material information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information or exhibit in the future.

**Item 9.01.** **Financial Statements and Exhibits.**

---

| | | |
|:---|:---|:---|
| (d) | Exhibits. | Exhibits. |
|  | 99.1 | [Press release dated November 4, 2025](clne-20251104xex99d1.htm) |
|  | 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: November 4, 2025 | **Clean Energy Fuels Corp.** | **Clean Energy Fuels Corp.** |
|  | By: | /s/ Robert M. Vreeland |
|  |  | Name: Robert M. Vreeland |
|  |  | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](clne-20251104xex99d1001.jpg)

**Clean Energy Reports Revenue of $106.1 Million and 61.3 Million RNG Gallons Sold for the Third Quarter of 2025**

NEWPORT BEACH, Calif. — (BUSINESS WIRE) — November 4, 2025 — Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced its operating results for the third quarter of 2025.

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;o Revenue of $106.1 million in Q3 2025 compared to $104.9 million in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;o Net loss attributable to Clean Energy for Q3 2025 was $(23.8) million, or $(0.11) per share, on a GAAP (as defined below) basis, compared to $(18.2) million, or $(0.08) per share, for Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;o Adjusted EBITDA (as defined below) was $17.3 million for Q3 2025, compared to $21.3 million for Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;o Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $232.2 million as of September 30, 2025, compared to $217.5 million as of December 31, 2024.

**Operational and Strategic Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;o Made a strategic investment into Pioneer Clean Fleet Solutions, an early-stage company focused on providing low-carbon leasing and fueling solutions to North American fleets. Clean Energy's investment supports its strategic objective of promoting the adoption of the Cummins X15N natural gas engine.

&nbsp;&nbsp;&nbsp;&nbsp;o Broke ground on three renewable natural gas ("RNG") production facilities under its Joint Development with Maas Energy Works. These projects span six dairies located in South Dakota, Georgia, Florida and New Mexico, and are expected to produce approximately three million gallons of RNG annually once fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;o Sold 61.3 million gallons of RNG in Q3 2025, a 3% in crease compared to Q3 2024.

**Commentary by Andrew J. Littlefair, President and Chief Executive Officer**

"We continued to see year-over-year growth in RNG volumes in the third quarter along with solid financial results, meeting our expectations in line with our raised outlook for 2025 announced in August. On the RNG production side of our business, the operating dairy projects made good progress in increasing their overall volume production. But we feel like there is still room for improved production at these facilities which we are focused on. Construction of the five new dairy RNG projects is coming along very nicely. We remain focused on promoting our best-in-class alternative fuel low-carbon solution and are actively working with numerous fleets on their low-carbon fuel solution. We've added an X15N Freightliner Cascadia as a second demo truck to accommodate demand by fleets. The addition of Pioneer Clean Fleet Solutions as an important new leasing option to make it easier for heavy-duty fleets to take advantage of a low-carbon solution is a confirmation that RNG is a viable affordable alternative. We feel very good about both our upstream and downstream businesses as well as our strong financial footing."

**Summary and Review of Results**

The Company's revenue for the third quarter of 2025 was decreased by $16.8 million of non-cash stock-based sales incentive contra-revenue charges ("Amazon warrant charges") related to the warrant issued to Amazon.com NV Investment Holdings LLC (the "Amazon warrant"), compared to Amazon warrant charges of $15.8 million in Q3 2024. Q3 2025 includes $0.0 million of AFTC revenue versus $6.4 million of AFTC in Q3 2024, since AFTC expired on December 31, 2024. Q3 2025 station construction revenues of $9.9 million versus $7.8 million of station construction revenues in Q3 2024. Revenue for Q3 2025 also included an unrealized loss of $0.3 million on commodity swap and customer fueling contracts relating to the Company's truck financing program, compared to an unrealized loss of $1.4 million in Q3 2024. Q3 2025 renewable identification number ("RIN") and low carbon fuel standards ("LCFS") revenues of $11.4 million versus $13.0 million of RIN and LCFS revenues in Q3 2024 reflecting a decrease of $1.6 million. There was a decrease in RIN revenue of $2.8 million principally attributable to lower RIN credit prices, offset partially by higher volume, and a higher share of RIN values in the third quarter of 2025 when compared to that in the same period of 2024. This was offset by an increase in LCFS

------

credits of $1.2 million for the three months ended September 30, 2025 when compared to the same period in 2024 primarily due to a higher share of LCFS values and higher low-CI volume.

Net loss attributable to Clean Energy for Q3 2025 included higher Amazon warrant charges when compared to Q3 2024, reflecting higher fuel volumes sold to Amazon in Q3 2025. Q3 2025 losses from equity method investments were higher than Q3 2024 due to the ramp up of operations of our dairy RNG projects.

Non-GAAP income (loss) per share (as defined below) for Q3 2025 was $0.00, compared to $0.02 per share for Q3 2024.

Adjusted EBITDA was $17.3 million for Q3 2025, compared to $21.3 million for Q3 2024.

In this press release, Clean Energy refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures may not be comparable to similarly titled measures being used and disclosed by other companies. Clean Energy believes that this non-GAAP information is useful for an understanding of its operating results and the ongoing performance of its business. Non-GAAP income (loss) per share and Adjusted EBITDA are defined below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.

The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
| <br>**(in thousands, except share and per share data)** | **2024** | **2025** | **2024** | **2025** |
| Net loss attributable to Clean Energy Fuels Corp. | $(18175) | $(23819) | $(52911) | $(179026) |
| Amazon warrant charges | 15766 | 16776 | 42742 | 51510 |
| Stock-based compensation expense | 2863 | 2193 | 8354 | 6373 |
| Accelerated depreciation expense associated with station equipment removal |  | 5068 |  | 55728 |
| Loss from Rimere equity method investment | 1850 | 1088 | 4394 | 3695 |
| Loss from SAFE S.p.A. equity method investment | 16 | 785 | 1884 | 1534 |
| Loss (gain) from change in fair value of derivative instruments | 1416 | 319 | (267) | 1420 |
| Impairment of goodwill |  |  |  | 64328 |
| Gain on extinguishment of loan receivable and equity security |  | (2058) |  | (2058) |
| Amortization of investment tax credit from RNG equity method investments | (268) | (115) | (367) | (1445) |
| Non-GAAP net income (loss) attributable to Clean Energy Fuels Corp. | $3468 | $237 | $3829 | $2059 |
| Diluted weighted-average common shares outstanding | 224430603 | 219290040 | 224164054 | 221103270 |
| GAAP loss attributable to Clean Energy Fuels Corp. per share | $(0.08) | $(0.11) | $(0.24) | $(0.81) |
| Non-GAAP income (loss) attributable to Clean Energy Fuels Corp. per share | $0.02 | $0.00 | $0.02 | $0.01  |

---

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The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
| <br>**(in thousands)** | **2024** | **2025** | **2024** | **2025** |
| Net loss attributable to Clean Energy Fuels Corp. | $(18175) | $(23819) | $(52911) | $(179026) |
| Income tax expense (benefit) | 50 | 75 | 630 | (2785) |
| Interest expense | 8357 | 7782 | 24040 | 23045 |
| Interest income | (3600) | (2876) | (10818) | (8863) |
| Depreciation and amortization | 11350 | 9614 | 33796 | 31183 |
| Accelerated depreciation expense associated with station equipment removal |  | 5068 |  | 55728 |
| Impairment of goodwill |  |  |  | 64328 |
| Gain on extinguishment of loan receivable and equity security |  | (2058) |  | (2058) |
| Amazon warrant charges | 15766 | 16776 | 42742 | 51510 |
| Stock-based compensation expense | 2863 | 2193 | 8354 | 6373 |
| Loss from Rimere equity method investment | 1850 | 1088 | 4394 | 3695 |
| Loss from SAFE S.p.A. equity method investment | 16 | 785 | 1884 | 1534 |
| Loss (gain) from change in fair value of derivative instruments | 1416 | 319 | (267) | 1420 |
| Depreciation and amortization from RNG equity method investments | 1927 | 2694 | 3485 | 8187 |
| Interest expense from RNG equity method investments | 664 | 215 | 1212 | 644 |
| Interest income from RNG equity method investments | (936) | (428) | (3142) | (1564) |
| Amortization of investment tax credit from RNG equity method investments | (268) | (115) | (367) | (1445) |
| Adjusted EBITDA | $21280 | $17313 | $53032 | $51906 |

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The tables below present a further breakdown of the above consolidated Adjusted EBITDA:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
| <br>**(in thousands)** | **2024** | **2025** | **2024** | **2025** |
| Net loss attributable to fuel distribution | $(15026) | $(18137) | $(42969) | $(163099) |
| Income tax expense (benefit) | 50 | 75 | 630 | (2785) |
| Interest expense | 8357 | 7782 | 24040 | 23045 |
| Interest income | (3600) | (2876) | (10818) | (8863) |
| Depreciation and amortization | 11350 | 9614 | 33796 | 31183 |
| Accelerated depreciation expense associated with station equipment removal |  | 5068 |  | 55728 |
| Impairment of goodwill |  |  |  | 64328 |
| Gain on extinguishment of loan receivable and equity security |  | (2058) |  | (2058) |
| Amazon warrant charges | 15766 | 16776 | 42742 | 51510 |
| Stock-based compensation expense | 2863 | 2193 | 8354 | 6373 |
| Loss from Rimere equity method investment | 1850 | 1088 | 4394 | 3695 |
| Loss from SAFE S.p.A. equity method investment | 16 | 785 | 1884 | 1534 |
| Loss (gain) from change in fair value of derivative instruments | 1416 | 319 | (267) | 1420 |
| Adjusted EBITDA attributable to fuel distribution | $23042 | $20629 | $61786 | $62011 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
| <br>**(in thousands)** | **2024** | **2025** | **2024** | **2025** |
| Net loss from RNG equity method investments attributable to Clean Energy Fuels Corp. | $(3149) | $(5682) | $(9942) | $(15927) |
| Depreciation and amortization from RNG equity method investments | 1927 | 2694 | 3485 | 8187 |
| Interest expense from RNG equity method investments | 664 | 215 | 1212 | 644 |
| Interest income from RNG equity method investments | (936) | (428) | (3142) | (1564) |
| Amortization of investment tax credit from RNG equity method investments | (268) | (115) | (367) | (1445) |
| Adjusted EBITDA of RNG equity method investments attributable to Clean Energy Fuels Corp. | $(1762) | $(3316) | $(8754) | $(10105) |

---

**Fuel and Service Volume**

The following table presents, for the three and nine months ended September 30, 2024 and 2025; the amount of total fuel volume the Company sold to customers with particular focus on RNG volume as a subset of total fuel volume.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
| <br>**Fuel volume, GGEs**<sup>(1)</sup> **sold (in millions),**<br>**correlating to total volume-related product revenue** | **2024** | **2025** | **2024** | **2025** |
| RNG | 59.6 | 61.3 | 174.7 | 173.2 |
| Conventional natural gas | 13.9 | 15.3 | 44.2 | 46.3 |
| &nbsp;&nbsp;Total fuel volume | 73.5 | 76.6 | 218.9 | 219.5 |

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The following table shows the Company's sources of revenue for the three and nine months ended September 30, 2024 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
| | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
| <br>**Revenue (in millions)** | **2024** | **2025** | **2024** | **2025** |
| Product revenue: |  |  |  |  |
| &nbsp;&nbsp;Volume-related <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel sales<sup>(2) (4)</sup> | $64.1 | $69.9 | $189.7 | $214.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments<sup>(3)</sup> | (1.4) | (0.3) | 0.3 | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;RIN Credits | 11.1 | 8.3 | 29.4 | 22.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCFS Credits | 1.9 | 3.1 | 6.0 | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;AFTC | 6.4 |  | 17.8 |  |
| &nbsp;&nbsp;Total volume-related product revenue | 82.1 | 81.0 | 243.2 | 245.0 |
| &nbsp;&nbsp;Station construction sales | 7.8 | 9.9 | 19.1 | 23.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total product revenue | 89.9 | 90.9 | 262.3 | 268.3 |
| Service revenue: |  |  |  |  |
| &nbsp;&nbsp;O&M services <sup>(5)</sup> | 14.4 | 14.6 | 42.5 | 42.2 |
| &nbsp;&nbsp;Other services | 0.6 | 0.6 | 1.7 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total service revenue | 15.0 | 15.2 | 44.2 | 44.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $104.9 | $106.1 | $306.5 | $312.5 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company's volume-related product revenue primarily consists of sales of RNG and conventional natural gas, in the form of CNG and LNG, and sales of RINs and LCFS Credits in addition to changes in fair value of our derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes $15.8 million and $42.7 million of Amazon warrant non-cash stock-based sales incentive contra-revenue charges for the three and nine months ended September 30, 2024, respectively. Includes $16.8 million and $51.5 million of Amazon warrant non-cash stock-based sales incentive contra-revenue charges for the three and nine months ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The change in fair value of unsettled derivative instruments is related to the Company's commodity swap and customer fueling contracts. The amounts are classified as revenue because the Company's commodity swap contracts are used to economically offset the risk associated with the diesel-to-natural gas price spread resulting from customer fueling contracts under the Company's truck financing program.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes net settlement of the Company's commodity swap derivative instruments. For the three and nine months ended September 30, 2024, net settlement payments recognized in fuel revenue were $0.0 and $2.4 million, respectively. For the three and nine months ended June 30, 2025, there were no net settlement payments recognized in fuel revenue, as the swap expired in June 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(5) O&M services revenue includes revenues earned from providing operating and maintenance services on natural gas fueling stations owned by our customers for fixed fees or per gallon fees based on the volume of fuel dispensed at the customer station. If we provide the fuel in addition to the O&M services, we include the revenues associated with providing the fuel in volume-related product revenue.

**2025 Outlook**

Our GAAP net loss for 2025 is expected to range from approximately $(217) million to $(212) million, assuming no unrealized gains or losses on customer contracts relating to the Company's truck financing program and including up to approximately $55 million in accelerated depreciation expense from the removal of certain LNG station assets located at 55 Pilot Flying J locations, $64.3 million representing the one-off, non-cash charge to Goodwill, and Amazon warrant charges estimated to be approximately $63 million. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company's customer fueling contracts relating to the Company's truck financing program, and significant variations in the vesting of the Amazon warrant could significantly affect the Company's estimated GAAP net loss for 2025. Adjusted EBITDA for 2025 is estimated to range from approximately $60 million to $65 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions and other extraordinary events; and macroeconomic conditions and global supply chain issues. Additionally, the expectations regarding 2025 Adjusted EBITDA assume the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2025 that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under "Safe Harbor Statement" below.

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| | |
|:---|:---|
| **(in thousands)** | **2025 Outlook** |
| Net loss attributable to Clean Energy Fuels Corp. | $(217200) - (212200) |
| Income tax benefit | (2700) |
| Interest expense | 31900 |
| Interest income | (10600) |
| Depreciation and amortization | 49000 |
| Accelerated depreciation expense associated with station equipment removal | 55000 |
| Impairment of goodwill | 64300 |
| Stock-based compensation | 9000 |
| Loss from SAFE S.p.A. and Rimere equity method investments | 6000 |
| Loss from change in fair value of derivative instruments | - |
| Amazon warrant charges | 67000 |
| Depreciation and amortization from RNG equity method investments | 11000 |
| Interest expense from RNG equity method investments | 800 |
| Interest income from RNG equity method investments | (500) |
| Amortization of investment tax credit from RNG equity method investments | (3000) |
| Adjusted EBITDA | $60000 - 65000 |

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The tables below present a further breakdown of the above consolidated Adjusted EBITDA:

---

| | |
|:---|:---|
| **(in thousands)** | **2025 Outlook** |
| Net loss attributable to fuel distribution | $(196900) - (194900) |
| Income tax benefit | (2700) |
| Interest expense | 31900 |
| Interest income | (10600) |
| Depreciation and amortization | 49000 |
| Accelerated depreciation expense associated with station equipment removal | 55000 |
| Impairment of goodwill | 64300 |
| Stock-based compensation | 9000 |
| Loss from SAFE S.p.A. and Rimere equity method investments | 6000 |
| Loss from change in fair value of derivative instruments | - |
| Amazon warrant charges | 67000 |
| Adjusted EBITDA attributable to fuel distribution | $72000 - 74000 |

---

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| | |
|:---|:---|
| **(in thousands)** | **2025 Outlook** |
| Net loss attributable to RNG upstream\* | $(20300) - (17300) |
| Depreciation and amortization from RNG upstream | 11000 |
| Interest expense from RNG upstream | 800 |
| Interest income from RNG upstream | (500) |
| Amortization of investment tax credit from RNG equity method investments | (3000) |
| Adjusted EBITDA attributable to RNG upstream | $(12000) - (9000) |

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\* RNG upstream combines net loss from RNG equity method investments attributable to Clean Energy and the results of RNG production projects owned by Clean Energy

**Today's Conference Call**

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.800.267.6316 from the U.S. (Conference ID: CLEAN) and international callers can dial 1.203.518.9783 (Conference ID: CLEAN). A telephone replay will be available approximately three hours after the call concludes through Thursday December 4, 2025, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 11160162. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

**About Clean Energy Fuels Corp.**

Clean Energy Fuels Corp. is the country's largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas ("RNG"), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on X (formerly known as Twitter).

**Non-GAAP Financial Measures**

To supplement the Company's unaudited consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share ("non-GAAP income (loss) per share") and adjusted EBITDA ("Adjusted EBITDA"). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company's performance for the following reasons: (1) they allow for greater transparency with respect to key metrics used by management to assess the Company's operating performance and make financial and operational decisions; (2) they exclude the effect of items that management believes are not directly attributable to the Company's core operating performance and may obscure trends in the business; and (3) they are used by institutional investors and the analyst community to help analyze the Company's business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

**Non-GAAP Income (Loss) Per Share**

Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp plus Amazon warrant charges, plus stock-based compensation expense, plus the accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations, plus (minus)

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loss (income) from Rimere equity method investment, plus (minus) loss (income) from the SAFE S.p.A. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus one-off, non-cash charge to Goodwill, (minus) gain on extinguishment of loan receivable and equity security and minus amortization of investment tax credit from RNG equity method investments, the total of which is divided by the Company's weighted-average common shares outstanding on a diluted basis. The Company's management believes excluding non-cash expenses related to the Amazon warrant charges provides useful information to investors regarding the Company's performance because the Amazon warrant charges are measured based upon a fair value determined using a variety of assumptions and estimates, and the Amazon warrant charges do not affect the Company's operating cash flows related to the delivery and sale of vehicle fuel to its customer. The Company's management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company's performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management's control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company's core operating performance. In addition, the Company's management believes excluding the results from the Rimere equity method investment is useful to investors because Rimere is an investment belonging to the non-core operations of the Company, and its results are not indicative of the Company's ongoing operations. Similarly, the Company's management believes excluding the non-cash results from the SAFE S.p.A. equity method investment is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company's management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management's control, and the exclusion of these amounts enables investors to compare the Company's performance with other companies that do not use, or use different forms of, derivative instruments. Furthermore, the Company's management believes excluding other income relating to the amortization of investment tax credit from RNG equity method investments is useful to investors because such income is not generated from the core operations of the Company and may obscure trends of the Company's core operations.

**Adjusted EBITDA**

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp plus (minus) income tax expense (benefit), plus interest expense (including any losses from the extinguishment of debt), minus interest income, plus depreciation and amortization expense, plus the accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations, plus one-off, non-cash charge to Goodwill, minus gain on extinguishment of loan receivable and equity security plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the Rimere equity method investment, plus (minus) loss (income) from the SAFE S.p.A. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus depreciation and amortization expense from RNG equity method investments, plus interest expense from RNG equity method investments, minus interest income from RNG equity method investments, and minus amortization of investment tax credit from RNG equity method investments. The Company's management believes Adjusted EBITDA provides useful information to investors regarding the Company's performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

**Safe Harbor Statement**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, our fiscal 2025 outlook, our volume growth, customer expansion, production sources, joint ventures, governmental regulations, expectations regarding the X15N engine, and the benefits of our fuels.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company's future performance, and are based on the Company's current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the market's perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company's key customer markets, including heavy-duty trucking; the Company's ability to further develop and manage its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers' ability to successfully develop and operate projects and produce expected volumes of RNG; the impact of a bankruptcy or failure of any source owners at our projects; the Company's

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The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company's periodic reports filed with the Securities and Exchange Commission (www.sec.gov), including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 that the Company expects to file with the Securities and Exchange Commission on or about November 4, 2025, contain additional information about these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release, and such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the Securities and Exchange Commission.

**Media Contact:**<br>Gary Foster<br>(949) 437-1113<br>Gary.Foster@cleanenergyfuels.com

**Investor Contact:**

Thomas Driscoll

(949) 437-1191

Thomas.Driscoll@cleanenergyfuels.com

Source: Clean Energy Fuels Corp.

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**Clean Energy Fuels Corp. and Subsidiaries**

**Condensed Consolidated Balance Sheets**

**(In thousands, except share and per share data; Unaudited)**

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| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2024** | **September 30,** <br>**2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash | $91562 | $182955 |
| &nbsp;&nbsp;Short-term investments | 127970 | 51319 |
| &nbsp;&nbsp;Accounts receivable, net of allowance of $1,965 and $2,067 as of December 31, 2024 and September 30, 2025, respectively | 107683 | 96156 |
| &nbsp;&nbsp;Other receivables | 14630 | 7880 |
| &nbsp;&nbsp;Inventory | 43434 | 44421 |
| &nbsp;&nbsp;Notes receivable - related party | 2372 | 524 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 26117 | 25825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 413768 | 409080 |
| Operating lease right-of-use assets | 90598 | 87233 |
| Land, property and equipment, net | 365319 | 326495 |
| Notes receivable and other long-term assets, net | 38245 | 34291 |
| Investments in other entities | 265268 | 262503 |
| Goodwill | 64328 |  |
| Intangible assets, net | 6365 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1243891 | $1125102 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Current portion of debt | $40 | $51 |
| &nbsp;&nbsp;Current portion of finance lease obligations | 920 | 1134 |
| &nbsp;&nbsp;Current portion of operating lease obligations | 8027 | 8711 |
| &nbsp;&nbsp;Accounts payable | 33301 | 32622 |
| &nbsp;&nbsp;Accrued liabilities | 105563 | 99407 |
| &nbsp;&nbsp;Deferred revenue | 6871 | 10423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 154722 | 152348 |
| Long-term portion of debt | 265327 | 284242 |
| Long-term portion of finance lease obligations | 1766 | 2015 |
| Long-term portion of operating lease obligations | 89049 | 85402 |
| Other long-term liabilities | 13496 | 10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 524360 | 534053 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding |  |  |
| &nbsp;&nbsp;Common stock, $0.0001 par value. 454,000,000 shares authorized; 223,456,994 shares and 219,293,281 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively | 22 | 22 |
| &nbsp;&nbsp;Additional paid-in capital | 1730090 | 1779955 |
| &nbsp;&nbsp;Accumulated deficit | (1012542) | (1191568) |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (4297) | (3202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Clean Energy Fuels Corp. stockholders' equity | 713273 | 585207 |
| &nbsp;&nbsp;Noncontrolling interest in subsidiary | 6258 | 5842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 719531 | 591049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1243891 | $1125102 |

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**Clean Energy Fuels Corp. and Subsidiaries**

**Condensed Consolidated Statements of Operations**

**(In thousands, except share and per share data; Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **September 30,**  | **September 30,**  | **September 30,**  | **September 30,**  |
|  | **2024** | **2025** | **2024** | **2025** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Product revenue | $89900 | $90895 | $262274 | $268297 |
| &nbsp;&nbsp;Service revenue | 14976 | 15242 | 44265 | 44217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 104876 | 106137 | 306539 | 312514 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of sales (exclusive of depreciation and amortization shown separately below): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product cost of sales | 63867 | 69229 | 184206 | 202268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service cost of sales | 9322 | 9592 | 28524 | 26986 |
| &nbsp;&nbsp;Selling, general and administrative | 28865 | 26270 | 83444 | 81187 |
| &nbsp;&nbsp;Depreciation and amortization | 11350 | 14682 | 33796 | 86911 |
| &nbsp;&nbsp;Impairment of goodwill |  |  |  | 64328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 113404 | 119773 | 329970 | 461680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (8528) | (13636) | (23431) | (149166) |
| Interest expense | (8357) | (7782) | (24040) | (23045) |
| Interest income | 3600 | 2876 | 10818 | 8863 |
| Other income, net | 35 | 2138 | 93 | 2219 |
| Loss from equity method investments | (5022) | (7524) | (16215) | (21098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (18272) | (23928) | (52775) | (182227) |
| Income tax (expense) benefit | (50) | (75) | (630) | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (18322) | (24003) | (53405) | (179442) |
| Loss attributable to noncontrolling interest | 147 | 184 | 494 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Clean Energy Fuels Corp.  | $(18175) | $(23819) | $(52911) | $(179026) |
| Net loss attributable to Clean Energy Fuels Corp. per share: |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | $(0.08) | $(0.11) | $(0.24) | $(0.81) |
| Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | 223428900 | 219290040 | 223310150 | 221103270 |

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