Clean Energy Fuels Corp.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

CLNE$1.83-5.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


· · · · · Year Ended December 31,
· ·
· · 2023 · · 2024 · · 2025
Cash flows from operating activities:
Net loss	$(100,098)	$(83,689)	$(222,636)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	45,674	44,737	98,606
Provision for credit losses and inventory	1,773	2,682	4,007
Stock-based compensation expense	23,336	10,803	8,869
Stock-based sales incentive charges	60,609	60,764	66,101
Change in fair value of derivative instruments	158	131	1,664
(Gain)/Loss on sale of BTR equity and convertible promissory note	—	—	(2,058)
Amortization of debt financing costs	1,571	4,775	5,294
Amortization of discounts and Section 30C tax credit	(6,279)	(6,343)	(4,162)
Loss on disposal of property and equipment	863	468	2,707
Loss on extinguishment of debt	5,367	—	11,515
Extinguishment of unamortized discount on expiration of deferred drawdown	—	—	11,260
Asset impairments and other charges	634	380	—
Impairment of goodwill	—	—	64,328
Impairment of investments in equity securities	—	8,102	—
Loss from equity method investments	12,510	26,576	26,737
Non-cash lease expense	6,854	9,385	9,017
Deferred income taxes	(515)	2,630	(2,876)
Accretion of ARO liabilities	—	—	393
Changes in operating assets and liabilities:
Accounts and other receivables	(7,711)	(8,177)	(2,788)
Inventory	(11,391)	(57)	(4,435)
Prepaid expenses and other assets	510	6,033	2,285
Operating lease liabilities	(3,957)	(6,087)	(8,402)
Accounts payable	14,770	(18,784)	(1,590)
Deferred revenue	(883)	2,205	11,476
Accrued liabilities and other	(18)	8,045	10,217
Net cash provided by operating activities	43,777	64,579	85,529
Cash flows from investing activities:
Purchases of short-term investments	(491,253)	(914,210)	(854,581)
Maturities and sales of short-term investments	479,288	950,644	986,021
Payment and deposits on equipment and manure rights for ADG RNG production projects	(20,348)	(14,959)	(34,205)
Purchases of and deposits on property and equipment	(100,934)	(64,997)	(25,679)
Grant proceeds for capital projects	1,947	952	—
Proceeds received for joint development and construction of station projects	3,224	6,980	3,359
Disbursements for loans receivable	(3,500)	(10,398)	(4,000)
Proceeds from paydowns, maturities, and sales of loans receivable	2,256	310	3,544
Investments in other entities	(73,450)	(32,892)	(16,488)
Advance to DR JV	(5,500)	—	—
Proceeds from repayment of advance by DR JV	5,500	—	—
Proceeds from settlement of insurance claims	495	314	—
Proceeds from disposal of property and equipment	262	576	5,128
Net cash provided by (used in) provided by investing activities	(202,013)	(77,680)	63,099
Cash flows from financing activities:
Issuance of common stock	242	64	(37)
Repurchase of common stock	—	—	(7,938)
Payment of tax withholdings on net settlement of equity awards	(175)	(340)	(499)
Fees paid for lender and debt issuance costs	(9,484)	(890)	—
Proceeds for Adopt-A-Port program	955	3,390	465
Repayment of proceeds for Adopt-A-Port program	(1,441)	(1,934)	(2,549)
Proceeds from debt instruments	300,255	—	—
Repayments of debt instruments and finance lease obligations	(151,148)	(2,234)	(1,217)
Repayment of Stonepeak Debt	—	—	(65,000)
Payments of debt extinguishment costs	(83)	—	(5,336)
Net cash provided by (used in) financing activities	139,121	(1,944)	(82,111)
Effect of exchange rates on cash, cash equivalents and restricted cash	128	(356)	(323)
Net increase in cash, cash equivalents and restricted cash	(18,987)	(15,401)	66,194
Cash, cash equivalents and restricted cash, beginning of period	125,950	106,963	91,562
Cash, cash equivalents and restricted cash, end of period	$106,963	$91,562	$157,756
Supplemental disclosure of cash flow information:
Income taxes paid	$77	$60	$41
Interest paid, net of $2,587 and $2,057, $7,120 capitalized, respectively	$16,360	$27,402	$14,958
Supplemental disclosure of non-cash financing activity:
Interest paid-in-kind	$—	$—	$(15,000)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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