Clean Energy Fuels Corp. announced a $12.1 million contract to design, build, and maintain a hydrogen fueling station for the Gold Coast Transit District (GCTD) in Ventura County, California. The station, the first hydrogen facility for GCTD, will initially fuel five fuel‑cell buses and is slated for completion in 2027. The contract includes a five‑year maintenance agreement and is funded by the U.S. Department of Transportation’s Federal Transit Administration.
The announcement comes as Clean Energy reported its third‑quarter 2025 results, which showed revenue of $106.1 million—an 8 % year‑over‑year increase—and a net loss of $23.8 million. Adjusted EBITDA rose to $17.3 million from $17.5 million in Q2 2025, but fell from $21.3 million in Q3 2024. The decline in adjusted EBITDA is largely attributable to the expiration of the federal alternative fuel tax credit, which had contributed $6.4 million to revenue in 2024, and to higher warrant charges. Despite the loss, the company beat consensus revenue estimates by $5.2 million and its non‑GAAP EPS of $0.00 beat expectations of –$0.04 by $0.04.
The hydrogen contract signals a strategic pivot toward diversified clean‑fuel offerings. Clean Energy has long been North America’s largest renewable natural gas (RNG) provider, supplying RNG to GCTD’s 61‑bus fleet and maintaining their natural gas station. By adding a hydrogen station, the company deepens its relationship with a key transit customer and positions itself to capture future fuel sales and maintenance revenue as GCTD plans to transition roughly 70 vehicles to zero emissions by 2040. The contract also aligns with California’s Innovative Clean Transit regulation, which encourages hydrogen fuel cell technology for heavy‑duty transit.
CEO Andrew Littlefair said the deal “expands our clean‑fuel portfolio and strengthens our partnership with a major transit customer.” CFO Robert Vreeland noted that the loss in 2025 was “primarily driven by the loss of the tax credit and increased warrant charges,” while GCTD General Manager Vanessa Rauschenberger added that the new station “will enable us to roll out our first zero‑emissions fuel cell buses.”
Analysts have focused on Clean Energy’s ongoing profitability challenges, noting that the company’s net losses have persisted despite revenue growth. The hydrogen contract is viewed as a long‑term growth lever, but market reaction has been muted, with investors continuing to weigh the company’s ability to convert revenue gains into profitability.
Management has raised its full‑year 2025 guidance for revenue and adjusted EBITDA, reflecting confidence in continued demand for clean‑fuel solutions. The company’s strategy to expand into hydrogen, coupled with its established RNG business, positions it to capture a growing share of the zero‑emission transit market, even as it navigates the headwinds of tax credit expiration and warrant charge impacts.
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