清潔能源燃料公司第二季收入增長 虧損顯著收窄

CLEAN ENERGY FUELS CORP._June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to
Commission File Number: 001-33480
CLEAN ENERGY FUELS CORP.
(Exact name of registrant as specified in its charter)
​
Delaware

33-0968580

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

​
4675 MacArthur Court, Suite 800, Newport Beach, CA 92660
(Address of principal executive offices, including zip code)
(949) 437-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
​
​

​

​

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common stock, $0.0001 par value per share
CLNE
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
​
​

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Large accelerated filer ☐
Accelerated filer ☒

​
​

Non-accelerated filer ☐
Smaller reporting company ☐

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​

​
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. ☐
​
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 30, 2026, there were 220,445,015 shares of the registrant’s common stock, par value $0.0001 per share, issued and outstanding.
​
​

Table of Contents

CLEAN ENERGY FUELS CORP. AND SUBSIDIARIES
INDEX
Table of Contents
PART I.—FINANCIAL INFORMATION
3

Item 1.—Financial Statements (Unaudited)
3

Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations
37

Item 3.—Quantitative and Qualitative Disclosures about Market Risk
49

Item 4.—Controls and Procedures
50

​
​

PART II.—OTHER INFORMATION
51

Item 1.—Legal Proceedings
51

Item 1A.—Risk Factors
51

Item 2.—Unregistered Sales of Equity Securities and Use of Proceeds
66

Item 3.—Defaults Upon Senior Securities
66

Item 4.—Mine Safety Disclosures
66

Item 5.—Other Information
66

Item 6.—Exhibits
67

​
Unless the context indicates otherwise, all references to “Clean Energy,” the “Company,” “we,” “us,” or “our” in this report refer to Clean Energy Fuels Corp. together with its consolidated subsidiaries.
This report contains forward-looking statements. See the cautionary note regarding these statements in Part I, Item 2.-Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.
We own registered or unregistered trademark rights to Clean Energy™. Although we do not use the “®” or “™” symbol in each instance in which one of our trademarks appears in this report, this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Any other service marks, trademarks and trade names appearing in this report are the property of their respective owners.
​

2

Table of Contents

PART I.—FINANCIAL INFORMATION
Item 1.—Financial Statements (Unaudited)
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data; Unaudited)
​
​

​

​

​

​

​

​

​
​
December 31, 
​
June 30, 

​
​
2025
​
2026

Assets
​
​
​
​
​
​

Current assets:
 
​
  ​
 
​
  ​

Cash, cash equivalents and restricted cash
​
$
 157,756
​
$
 59,153

Short-term investments
​
 
 552
​
 
 80,997

Accounts receivable, net of allowance of $2,069 and $1,604 as of December 31, 2025 and June 30, 2026, respectively
​
 
 100,793
​
 
 91,798

Other receivables
​
 
 6,193
​
 
 10,195

Inventory
​
 
 43,906
​
 
 43,282

Prepaid expenses and other current assets
​
 
 41,139
​
 
 38,699

Total current assets
​
 
 350,339
​
 
 324,124

Operating lease right-of-use assets
​
​
 87,922
​
​
 83,281

Land, property and equipment, net
​
 
 324,040
​
 
 313,142

Notes receivable and other long-term assets, net
​
 
 22,194
​
 
 19,482

Investments in other entities
​
 
 262,325
​
 
 276,135

Intangible assets, net
​
 
 9,896
​
 
 9,646

Total assets
​
$
 1,056,716
​
$
 1,025,810

Liabilities and Stockholders' Equity
​
 
  ​
​
 
  ​

Current liabilities:
​
 
  ​
​
 
  ​

Current portion of debt
​
$
 52
​
$
 56

Current portion of finance lease obligations
​
​
 1,303
​
​
 1,192

Current portion of operating lease obligations
​
​
 9,095
​
​
 9,579

Accounts payable
​
 
 26,176
​
 
 21,148

Accrued liabilities
​
 
 96,106
​
 
 89,285

Deferred revenue
​
 
 18,423
​
 
 9,449

Total current liabilities
​
 
 151,155
​
 
 130,709

Long-term portion of debt
​
​
 226,727
​
​
 228,968

Long-term portion of finance lease obligations
​
​
 2,531
​
​
 1,849

Long-term portion of operating lease obligations
​
​
 85,920
​
​
 80,922

Other long-term liabilities
​
 
 25,316
​
 
 24,681

Total liabilities
​
 
 491,649
​
 
 467,129

Commitments and contingencies (Note 17)
​
 
  ​
​
 
  ​

Stockholders’ equity:
​
 
  ​
​
 
  ​

Preferred stock, $0.0001 par value. 1,000,000 shares authorized; no shares issued and outstanding
​
 
 —
​
 
 —

Common stock, $0.0001 par value. 454,000,000 shares authorized; 219,331,992 shares and 220,358,166 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively
​
 
 22
​
 
 22

Additional paid-in capital
​
 
 1,796,957
​
 
 1,820,002

Accumulated deficit
​
 
 (1,234,566)
​
 
 (1,261,831)

Accumulated other comprehensive loss
​
 
 (2,992)
​
 
 (4,861)

Total Clean Energy Fuels Corp. stockholders’ equity
​
 
 559,421
​
 
 553,332

Noncontrolling interest in subsidiary
​
 
 5,646
​
 
 5,349

Total stockholders’ equity
​
 
 565,067
​
 
 558,681

Total liabilities and stockholders’ equity
​
$
 1,056,716
​
$
 1,025,810

​
See accompanying notes to condensed consolidated financial statements.
​

3

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data; Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended 
​
Six Months Ended 

​
​
June 30, 
​
June 30, 

 ​
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026

Revenue:
 
​
  ​
 
​
  ​
 
​
  ​
 
​
  ​

Product revenue
​
$
 87,112
​
$
 91,146
​
$
 177,402
​
$
 194,019

Service revenue
​
 
 15,501
​
 
 15,213
​
 
 28,975
​
 
 29,896

Total revenue
​
 
 102,613
​
 
 106,359
​
 
 206,377
​
 
 223,915

Operating expenses:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Cost of sales (exclusive of depreciation and amortization shown separately below):
​
 
  ​
​
 
  ​
​
 
  ​
​
 
​

Product cost of sales
​
 
 65,193
​
 
 64,305
​
 
 133,039
​
 
 138,109

Service cost of sales
​
 
 9,237
​
 
 11,910
​
 
 17,394
​
 
 23,009

Selling, general and administrative
​
 
 27,453
​
 
 24,590
​
 
 54,917
​
 
 49,136

Depreciation and amortization
​
 
 9,962
​
 
 10,682
​
 
 72,229
​
 
 21,684

Impairment of goodwill
​
 
 —
​
 
 —
​
 
 64,328
​
 
 —

Total operating expenses
​
 
 111,845
​
 
 111,487
​
 
 341,907
​
 
 231,938

Operating loss
​
 
 (9,232)
​
 
 (5,128)
​
 
 (135,530)
​
 
 (8,023)

Interest expense
​
​
 (7,735)
​
​
 (5,505)
​
​
 (15,263)
​
​
 (11,206)

Interest income
​
 
 3,088
​
 
 1,617
​
 
 5,987
​
 
 2,999

Other income, net
​
 
 73
​
 
 296
​
 
 81
​
 
 639

Loss from equity method investments
​
 
 (6,530)
​
 
 (6,187)
​
 
 (13,574)
​
 
 (11,825)

Loss before income taxes
​
 
 (20,336)
​
 
 (14,907)
​
 
 (158,299)
​
 
 (27,416)

Income tax (expense) benefit
​
 
 (72)
​
 
 (128)
​
 
 2,860
​
 
 (146)

Net loss
​
 
 (20,408)
​
 
 (15,035)
​
 
 (155,439)
​
 
 (27,562)

Loss attributable to noncontrolling interest
​
 
 168
​
 
 182
​
 
 232
​
 
 297

Net loss attributable to Clean Energy Fuels Corp. 
​
$
 (20,240)
​
$
 (14,853)
​
$
 (155,207)
​
$
 (27,265)

Net loss attributable to Clean Energy Fuels Corp. per share:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Basic and diluted
​
$
 (0.09)
​
$
 (0.07)
​
$
 (0.70)
​
$
 (0.12)

Weighted-average common shares outstanding:
​
 
​
​
 
  ​
​
 
​
​
 
  ​

Basic and diluted
​
 
 220,393,997
​
 
 220,257,296
​
 
 222,024,912
​
 
 219,964,143

​
See accompanying notes to condensed consolidated financial statements.
​

4

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss
(In thousands; Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Clean Energy Fuels Corp.
​
Noncontrolling Interest
​
Total

​
​
Three Months Ended 
​
Three Months Ended 
​
Three Months Ended 

​
​
June 30, 
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026

Net loss
​
$
 (20,240)
​
$
 (14,853)
​
$
 (168)
​
$
 (182)
​
$
 (20,408)
​
$
 (15,035)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Other comprehensive income (loss), net of tax:
​
 
​
​
 
​
​
 
​
​
 
​
​
 
​
​
 
​

Foreign currency translation adjustments, net of $0 tax in 2025 and 2026
​
 
 2,046
​
 
 (1,903)
​
 
 —
​
 
 —
​
 
 2,046
​
 
 (1,903)

Unrealized (losses) gains on available-for-sale securities, net of $0 tax in 2025 and 2026
​
 
 38
​
 
 (3)
​
 
 —
​
 
 —
​
 
 38
​
 
 (3)

Total other comprehensive Income (loss)
​
 
 2,084
​
 
 (1,906)
​
 
 —
​
 
 —
​
 
 2,084
​
 
 (1,906)

Comprehensive loss
​
$
 (18,156)
​
$
 (16,759)
​
$
 (168)
​
$
 (182)
​
$
 (18,324)
​
$
 (16,941)

​
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Clean Energy Fuels Corp.
​
Noncontrolling Interest
​
Total

​
​
Six Months Ended 
​
Six Months Ended 
​
Six Months Ended 

​
​
June 30, 
​
June 30, 
​
June 30, 

​
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026

Net loss
​
$
 (155,207)
​
$
 (27,265)
​
$
 (232)
​
$
 (297)
​
$
 (155,439)
​
$
 (27,562)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Other comprehensive income (loss), net of tax:
​
 
​
​
 
​
​
 
​
​
 
​
​
 
​
​
 
​

Foreign currency translation adjustments, net of $0 tax in 2025 and 2026
​
 
 1,936
​
 
 (1,873)
​
 
 —
​
 
 —
​
 
 1,936
​
 
 (1,873)

Unrealized (losses) gains on available-for-sale securities, net of $0 tax in 2025 and 2026
​
 
 96
​
 
 4
​
 
 —
​
 
 —
​
 
 96
​
 
 4

Total other comprehensive income (loss)
​
 
 2,032
​
 
 (1,869)
​
 
 —
​
 
 —
​
 
 2,032
​
 
 (1,869)

Comprehensive loss
​
$
 (153,175)
​
$
 (29,134)
​
$
 (232)
​
$
 (297)
​
$
 (153,407)
​
$
 (29,431)

​
​
​
​
See accompanying notes to condensed consolidated financial statements.
​

5

Table of Contents

Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands, except share data; Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​
​
​
​

​
​
​
​
​
​
​
Additional
​
​
​
​
Other
​
Noncontrolling
​
Total

​
​
Common Stock
​
Paid-In
​
Accumulated
​
Comprehensive
​
Interest in
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Deficit
  ​ ​ ​
Loss
  ​ ​ ​
Subsidiary
  ​ ​ ​
Equity

Balance, December 31, 2024
 
 223,456,994
​
$
 22
​
$
 1,730,090
​
$
 (1,012,542)
​
$
 (4,297)
​
$
 6,258
​
$
 719,531

Issuance of common stock
 
 506,632
​
 
 —
​
 
 222
​
 
 —
​
 
 —
​
 
 —
​
 
 222

Repurchase of common stock
​
 (227,495)
​
​
 —
​
​
 (391)
​
​
 —
​
​
 —
​
​
 —
​
​
 (391)

Shares withheld related to net share settlement
 
 —
​
 
 —
​
 
 (498)
​
 
 —
​
​
 —
​
​
 —
​
 
 (498)

Stock-based compensation
 
 —
​
 
 —
​
 
 1,777
​
 
 —
​
 
 —
​
 
 —
​
 
 1,777

Stock-based sales incentive charges
 
 —
​
​
 —
​
​
 17,338
​
​
 —
​
​
 —
​
​
 —
​
 
 17,338

Issuance of common stock warrants
​
 —
​
​
 —
​
​
 2
​
​
 —
​
​
 —
​
​
 —
​
​
 2

Net loss
 
 —
​
 
 —
​
 
 —
​
 
 (134,967)
​
 
 —
​
 
 (64)
​
 
 (135,031)

Other comprehensive income
 
 —
​
 
 —
​
 
 —
​
 
 —
​
 
 (52)
​
 
 —
​
 
 (52)

Balance, March 31, 2025
 
 223,736,131
​
​
 22
​
​
 1,748,540
​
​
 (1,147,509)
​
​
 (4,349)
​
​
 6,194
​
​
 602,898

Issuance of common stock
 
 137,400
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
 
 —

Repurchase of common stock
​
 (4,686,323)
​
​
 —
​
​
 (7,547)
​
​
 —
​
​
​
​
​
​
​
​
 (7,547)

Stock-based compensation
 
 —
​
​
 —
​
​
 2,403
​
​
 —
​
​
 —
​
​
 —
​
 
 2,403

Stock-based sales incentive charges
 
 —
​
​
 —
​
​
 17,396
​
​
 —
​
​
 —
​
​
 —
​
 
 17,396

Issuance of common stock warrants
​
 —
​
​
 —
​
​
 21
​
​
 —
​
​
 —
​
​
 —
​
​
 21

Net loss
 
 —
​
​
 —
​
​
 —
​
​
 (20,240)
​
​
 —
​
​
 (168)
​
 
 (20,408)

Other comprehensive income
 
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 2,084
​
​
 —
​
 
 2