Clean Energy Fuels is a leading provider of renewable natural gas (RNG) for the transportation industry that is now repositioning itself around gas-to-power applications and the expansion of the RNG station network, and the question for the next twelve months is whether the company can convert the 2.9% RNG gallon growth, the 63.2 million RNG gallons sold, the appointment of Bart Frabotta as Chief Operating Officer, the two Puerto Rico LNG gas-to-power contracts for pharmaceutical manufacturing and a six-megawatt combined heat and power plant, and the expansion of the RNG station network to six new locations in five states into the kind of clean, domestically-produced RNG operating leverage the company has been telegraphing. The Q2 2026 print was the cleanest test of that thesis, and the cleanest signal is that President and CEO Clay Corbus said "our second quarter results demonstrate continued solid execution across the business. Fuel volumes, including both RNG and conventional natural gas, increased year over year, reflecting ongoing customer investment in and demand for cleaner, lower-carbon fuel. This has been especially true in today's volatile fuel environment. Having a clean, domestically produced fuel is one of the reasons that we remain on plan through the first half of the year, along with great execution by our team. With $138.0 million in cash and investments at quarter end, we remain focused on serving our fleet customers and expanding the role of domestically supplied RNG as a practical, low-carbon fuel for a variety of applications in this rapidly evolving energy market." The strategic tension is the $14.9 million GAAP net loss against the 2.9% RNG volume growth, and the forward question is whether the gas-to-power applications and the RNG station network expansion can deliver the multi-application RNG platform the company has been telegraphing.
The 2.9% RNG gallon growth and the $138 million cash balance are the cleanest read on the operating quality, and the gas-to-power pivot is the proof. The Q2 2026 RNG gallons sold of 63.2 million gallons grew 2.9% year over year. The Q2 2026 cash, cash equivalents (less restricted cash) and short-term investments of $138.0 million was down from $156.1 million at December 31, 2025.
The Q2 2026 revenue of $106.4 million, the Q2 2026 GAAP net loss of $14.9 million or $0.07 per share, the Q2 2026 Adjusted EBITDA of $16.0 million, the Q2 2026 station construction revenues of $16.0 million, the Q2 2026 RIN and LCFS revenues of $14.2 million, the two separate contracts to design and install LNG fueling systems for gas-to-power applications in Puerto Rico, the six-megawatt combined heat and power plant, the expansion of the RNG station network to six new locations in California, New Jersey, Oklahoma, Michigan, and Washington, the consolidated dairy RNG production project, and the appointment of Bart Frabotta as Chief Operating Officer anchor the print. The forward question is whether the gas-to-power applications and the RNG station network expansion can deliver the multi-application RNG platform.