Clean Energy Fuels (CLNE) has closed out FY 2025 with fourth quarter revenue of US$112.3 million and a basic EPS loss of US$0.20, alongside a trailing twelve month revenue base of US$424.8 million and a loss of US$1.01 per share. Over recent quarters, the company has seen revenue move from US$103.8 million in Q1 2025 to US$112.3 million in Q4 2025, while quarterly basic EPS losses have ranged from US$0.60 in Q1 2025 to US$0.20 in Q4 2025, keeping margins in negative territory and highlighting profitability risk for investors.

See our full analysis for Clean Energy Fuels.

With the latest numbers on the table, the next step is to see how this pattern of revenue and losses lines up with the widely held narratives about Clean Energy Fuels and whether those stories still fit the data.

Losses Stack Up To US$222 Million Over The Year

• On a trailing 12 month basis, Clean Energy Fuels booked a net loss of US$222.0 million on US$424.8 million of revenue, with basic EPS at a loss of US$1.01.
• Bears point out that losses have grown at about 29.4% per year over the past five years and forecasts still show unprofitability for the next three years, which fits with the current trailing loss of US$222.0 million and modest 3.4% revenue growth versus the 11.4% US market benchmark.
  • This widening loss profile keeps margins firmly negative, as seen in quarterly net losses between US$20.2 million and US$135.0 million across FY 2025.
  • With the stock at US$2.31 and ongoing losses, skeptics focus less on revenue size and more on how long this level of loss can continue without a path to profit.

Bears argue that the current loss profile and modest growth make this a show me story for now, where the key question is whether losses can be contained before they get larger. 🐻 Clean Energy Fuels Bear Case

3.4% Revenue Growth Trails Broader Market

• Trailing revenue growth is cited at 3.4% per year compared with a US market benchmark of 11.4% per year, and quarterly revenue has sat in a relatively tight band between US$102.6 million and US$112.3 million across FY 2025.
• Supportive analysts argue that policy support and fleet adoption can lift this growth rate, but the current numbers leave that bullish view unproven, with trailing revenue stuck around US$415 million to US$425 million while losses on the same basis range from US$199.6 million to US$222.0 million.
  • The consensus narrative talks about higher future fleet conversions and expanding RNG capacity, yet so far the reported growth rate stays well below the 11.4% market benchmark.
  • Bulls looking for revenue acceleration have to weigh these modest reported figures against expectations of higher returns from new projects that are not yet visible in trailing revenue.

Valuation Signals Clash With Profitability Trend

• The stock trades on a P/S of 1.2x, below the US Oil & Gas industry average of 2.1x but above the peer average of 0.5x, while a cited DCF fair value of US$18.90 sits far above the current share price of US$2.31.
• Supportive investors point to the large gap between the US$2.31 share price and the US$18.90 DCF fair value as a potential reward, yet the same data shows CLNE is unprofitable over the last 12 months and not forecast to reach profit in the next three years, which keeps this valuation gap heavily dependent on future margin improvement rather than current earnings.
  • The mixed relative valuation on P/S (cheap versus the wider industry, expensive versus peers) underlines that the market is not treating it like a straightforward bargain.
  • With trailing EPS at a loss of US$1.01 and multi year loss growth of 29.4% per year, the numbers highlight how much operational change would be needed for the DCF fair value to be realized.

Bulls argue that current pricing leaves a lot of upside if operations move closer to the assumptions behind the DCF fair value, while the earnings track record invites a closer look at what would need to change for that to happen. 🐂 Clean Energy Fuels Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Clean Energy Fuels on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Mixed messages in the numbers or a clear direction starting to form, either way it helps to move quickly.

See What Else Is Out There

Clean Energy Fuels is working with widening losses, modest 3.4% revenue growth versus an 11.4% benchmark, and a valuation story that leans heavily on future improvement.

If you want ideas where the current numbers already point to stronger fundamentals and less earnings strain, check out the 72 resilient stocks with low risk scores right now to compare alternatives side by side.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.