CLNE on Nasdaq

Clean Energy Fuels Corp.

American gas and services combined company based in Seal Beach2

In its 2026 annual report the company says: “Clean Energy Fuels Corp., a Delaware corporation, is a leading renewable energy company focused on the procurement and distribution of renewable natural gas and conventional natural gas, in the form of compressed natural gas and liquefied natural gas, for the United States and Canadian transportation markets.”5 Its shares trade on Nasdaq under the symbol CLNE.2

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Last updated Oct 20, 2026.

Overview

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  • TickerCLNE on Nasdaq2
  • IndustryGas & Other Services Combined2
  • HeadquartersSeal Beach, United States2
  • Incorporated inDE3
  • Business address4675 Macarthur Court, Suite 800, Newport Beach, Ca 926603
  • Filer categoryAccelerated filer3
  • Legal formCorporation2
  • LEI549300MTQB4VUAOPMF712
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 33817092

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Clean Energy Fuels Corp., a Delaware corporation, is a leading renewable energy company focused on the procurement and distribution of renewable natural gas (“RNG”) and conventional natural gas, in the form of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”), for the United States (“U.S.”) and Canadian transportation markets. RNG, which is delivered as either CNG or LNG, is created by the recovery and processing of naturally occurring, environmentally detrimental waste methane (“biogas”) from non-fossil fuel sources—such as dairy and other livestock waste and landfills—for environmentally beneficial use as a replacement for fossil-based transportation fuels at an affordable price. Methane is one of the most potent climate-harming greenhouse gases (“GHG”) with a comparative impact on global warming that is about 28 times more powerful than that of carbon dioxide. We are fo…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-37.6%Operating margin6
-52.3%Net margin6
2.2%Revenue growth, 20256
-39.7%Return on equity6
0.41×Debt to equity6
$59.9MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Total volume-related product revenue brought in 44% of the revenue Clean Energy Fuels Corp. broke down this way in fiscal 2025.

  1. Total volume-related product revenue$331.5M644%down 0% from 2024
  2. Fuel Sales$287.7M638%up 11% from 2024
  3. Volume-related, O&M services$56.7M67%down 0% from 2024
  4. Station construction sales$34.0M64%up 35% from 2024
  5. RIN Credits$32.2M64%down 17% from 2024
  6. LCFS Credits$13.1M62%up 31% from 2024
  7. Other services$2.6M60%up 16% from 2024
  8. Federal Alternative Fuels Tax Credit$198.0K60%down 99% from 2024
Products and services by year
Products and services202320242025
Total volume-related product revenue$343.4M$331.5M$331.5M
Fuel Sales$287.0M$258.9M$287.7M
Volume-related, O&M services$52.7M$56.9M$56.7M
Station construction sales$26.4M$25.2M$34.0M
RIN Credits$25.9M$39.0M$32.2M
LCFS Credits$9.9M$10.0M$13.1M
Other services$2.7M$2.3M$2.6M
Federal Alternative Fuels Tax Credit$20.9M$23.8M$198.0K

Regions

United States brought in 98% of the revenue Clean Energy Fuels Corp. broke down this way in fiscal 2025.

  1. United States$417.8M698%up 2% from 2024
  2. Canada$7.0M62%up 23% from 2024
Regions by year
Regions202320242025
United States$418.8M$410.1M$417.8M
Canada$6.4M$5.7M$7.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin26¢$111.8M
  • Other costs73¢$310.2M
  • Income tax1¢$2.8M

Out of $424.8M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending30¢$25.7M
  • Share buybacks9¢$7.9M
  • Kept or used elsewhere61¢$51.9M

Out of $85.5M of cash from operations.6

Financial statements

Revenue789106$424.8M in 2025+23% since 2019
0$200.0M$400.0M$600.0M2019: $344.1M$344.1M20192020: $291.7M$291.7M2020−15%2021: $255.6M$255.6M2021−12%2022: $420.2M$420.2M2022+64%2023: $425.2M$425.2M2023+1%2024: $415.9M$415.9M2024−2%2025: $424.8M$424.8M2025+2%
Operating income789106-$159.9M in 2025
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2019: $9.9M$9.9M20192020: -$9.8M-$9.8M20202021: -$95.0M-$95.0M2021+866%2022: -$51.7M-$51.7M2022−46%2023: -$76.4M-$76.4M2023+48%2024: -$36.4M-$36.4M2024−52%2025: -$159.9M-$159.9M2025+340%
Net income789106-$222.0M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2019: $20.4M$20.4M20192020: -$9.9M-$9.9M20202021: -$93.1M-$93.1M2021+844%2022: -$58.7M-$58.7M2022−37%2023: -$99.5M-$99.5M2023+69%2024: -$83.1M-$83.1M2024−17%2025: -$222.0M-$222.0M2025+167%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Total revenue$424.8M$415.9M$425.2M
Selling, general and administrative$111.8M$111.8M$112.3M
Depreciation and amortization$98.6M$44.7M$45.7M
Impairment of goodwill$64.3M$0$0
Impairment of investments in equity securities$0$8.1M$0
Total operating expenses$584.7M$452.2M$501.6M
Operating loss-$159.9M-$36.4M-$76.4M
Interest expense-$52.7M-$32.2M-$22.9M
Interest income$11.4M$14.0M$11.1M
Other income, net$2.4M$106.0K$165.0K
Loss from equity method investments-$26.7M-$26.6M-$12.5M
Loss before income taxes-$225.5M-$81.0M-$100.5M
Income tax (expense) benefit$2.8M-$2.7M$423.0K
Net loss-$222.6M-$83.7M-$100.1M
Loss attributable to noncontrolling interest$612.0K$619.0K$601.0K
Net loss attributable to Clean Energy Fuels Corp.-$222.0M-$83.1M-$99.5M
Basic (in dollars per share)-$1.01-$0.37-$0.45
Diluted (in dollars per share)-$1.01-$0.37-$0.45
Basic (in shares)220.6M shares223.3M shares222.9M shares
Diluted (in shares)220.6M shares223.3M shares222.9M shares

Compare Clean Energy Fuels Corp. with another company

Corporate structure

Clean Energy Fuels Corp. sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Clean Energy Fuels Corp.

  • Grantham, Mayo, Van Otterloo & Co. LLC Filed SCHEDULE 13G/A on Clean Energy Fuels Corp., latest Aug 6, 2026 (6 filings since Feb 11, 2022)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Clean Energy Fuels Corp., latest Mar 26, 2026 (5 filings since Nov 4, 2024)
  • Michael B. Dorrell Filed SCHEDULE 13G on Clean Energy Fuels Corp., latest Oct 15, 2025
  • BlackRock Filed SCHEDULE 13G/A on Clean Energy Fuels Corp., latest Feb 5, 2025
  • DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on Clean Energy Fuels Corp., latest Oct 31, 2024 (3 filings since Feb 8, 2022)
  • Clean Energy Fuels Corp. Seal Beach, California, United States
    • Clean Energy Subsidiary · California, United States
    • Clean Energy Renewable Development, LLC Subsidiary · Delaware, United States
    • NG Advantage LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Clean Energy Fuels Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$87.9M6 Dec 31, 2025$90.6M6 Dec 31, 2024−3.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$155.6M6 Dec 31, 2025$89.5M6 Dec 31, 2024+73.8%
Marketable securities, current$552.0K6 Dec 31, 2025$128.0M6 Dec 31, 2024−99.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$06 Dec 31, 2025$64.3M6 Dec 31, 2024−100.0%
Intangible assets, net (excluding goodwill)$9.9M6 Dec 31, 2025$6.4M6 Dec 31, 2024+55.5%
Finite-lived intangibles, gross$24.2M6 Dec 31, 2025$19.7M6 Dec 31, 2024+22.9%
Accumulated amortization$14.3M6 Dec 31, 2025$13.3M6 Dec 31, 2024+7.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$43.9M6 Dec 31, 2025$43.4M6 Dec 31, 2024+1.1%
Raw materials$43.9M6 Dec 31, 2025$43.4M6 Dec 31, 2024+1.1%

Properties, in its own words

Our corporate headquarters are located at 4675 MacArthur Court, Suite 800, Newport Beach, California 92660, where we occupy approximately 48,000 square feet of office space. Our lease for this facility expires in June 2028.

We own and operate the Boron Plant in Boron, California, approximately 125 miles from Los Angeles. In November 2006, we entered into a 30-year ground lease for the 36 acres on which this plant is situated. The Boron Plant can produce 98.5 million gallons of LNG per year and has a dual tanker trailer loading system and a 1.8 million gallon

The rest of Item 2

storage tank that can hold up to 1.5 million usable gallons. The plant had a production utilization rate of 59.3% and 59.2% for the years ended December 31, 2024 and 2025, respectively.

We own and operate the Pickens Plant, located in Willis, Texas. During the years ended December 31, 2023 and December 31, 2024, the Pickens Plant was offline in order to make major repairs and replace certain specialized equipment not readily available in the marketplace. In January, 2025, the Pickens Plant recommenced production of LNG. The Company capitalized costs of $2.2 million during the year ended December 31, 2025, to complete the major repairs and replace the specialized equipment. The Company recognized revenue of $6.2 million for the year ended December 31, 2025, from the sale of LNG fuel volumes produced at the Pickens Plant.

We own, operate or supply 582 fueling stations in the U.S. and 27 in Canada. Fueling stations are facilities where RNG or conventional natural gas is dispensed in the form of CNG or LNG into the fuel tanks of vehicles for use as transportation fuel. We own station equipment throughout the U.S. (See Note 9 to the accompanying financial statements) that is used for dispensing CNG or LNG at properties we lease under long-term lease arrangements (See Note 15 to the accompanying financial statements). Additionally, we operate fueling stations or supply CNG or LNG to fueling stations where our customer owns the fueling station equipment. At these stations, we operate under the following arrangements: (i) provide O&M services on a per gallon or fixed fee basis and do not directly sell CNG or LNG, or (ii) provide O&M services and also have a fuel supply sales agreement for CNG or LNG with our customer.

Item 2 of the 10-K filed Feb 24, 2026.5

Leadership

Who has led Clean Energy Fuels Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Andrew J. Littlefair2007–now

President

  1. Andrew J. Littlefair2007–2010
  2. Bradley N. Miller2010–2011
  3. John R. Bacon2010

Chief financial officer

  1. Richard R. Wheeler2007–2014
  2. Robert M. Vreeland2014–now

Chief operating officer

  1. Mitchell W. Pratt2011–2023
  2. Bartolomeo A. Frabotta2026–now
2010201520202025
Board members and other officers (25)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Clean Energy California4
  • Clean Energy Renewable Development, LLC Delaware4
  • NG Advantage LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 6, 20268-K Executive or director change; Regulation FD disclosure45
  2. Aug 6, 20268-K Results of operations46
  3. Jun 23, 20268-K Executive or director change; Regulation FD disclosure47
  4. Jun 10, 20268-K Shareholder vote48
  5. May 7, 20268-K Results of operations49
  6. Apr 23, 20268-K Executive or director change; Regulation FD disclosure50
  7. Feb 24, 20268-K Results of operations51
  8. Nov 21, 20258-K Executive or director change52
  9. Nov 4, 20258-K Results of operations53
  10. Sep 11, 20258-K Executive or director change; Regulation FD disclosure54
  11. Aug 7, 20258-K Results of operations55
  12. May 28, 20258-K Executive or director change56
  13. May 24, 2007New chief executive Andrew J. Littlefair becomes CEO14

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.11) a share, on Nov 4, 2025.57

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results46
  2. May 7, 2026Reported quarterly or annual results49
  3. Feb 24, 2026Reported quarterly or annual results51
  4. Nov 4, 2025Reported quarterly or annual results53
  5. Aug 7, 2025Reported quarterly or annual results55
  6. May 8, 2025Reported quarterly or annual results58
  7. Feb 24, 2025Reported quarterly or annual results59
  8. Nov 6, 2024Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

221 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 42 major events, 102 insider forms, 21 large holders, 36 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 7, 20263 EDGAR
  3. Oct 6, 20268-K EDGAR
  4. Aug 31, 2026144 EDGAR
  5. Aug 10, 20264 EDGAR
  6. Aug 6, 2026SCHEDULE 13G/A EDGAR
  7. Aug 6, 202610-Q EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Jun 25, 20264 EDGAR
  10. Jun 24, 20264 EDGAR
  11. Jun 24, 20264 EDGAR
  12. Jun 23, 20263 EDGAR
  13. Jun 23, 20268-K EDGAR
  14. Jun 12, 20264 EDGAR
  15. Jun 12, 20264 EDGAR
  16. Jun 12, 20264 EDGAR
  17. Jun 12, 20264 EDGAR
  18. Jun 12, 20264 EDGAR
  19. Jun 10, 20268-K EDGAR
  20. May 28, 2026144 EDGAR

The 221 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

15 open-market trades by officers, directors and large owners since October 2021: 7 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 10, 2026Corbus BarclayPRESIDENT AND CEOBuy25,000$1.62$40.5KForm 4
Jun 25, 2026Scully StephenDirectorBuy25,000$1.75$43.8KForm 4
Jun 23, 2026Corbus BarclayPRESIDENT AND CEOBuy14,000$1.77$24.8KForm 4
May 18, 2026Littlefair Andrew JDirectorSale165,000$2.05$338.2KForm 4
Sep 18, 2025Corbus BarclayPRESIDENT AND CEOSale105,300$2.63$276.9KForm 4
Aug 14, 2025Littlefair Andrew JDirectorSale250,000$2.25$562.5KForm 4
Mar 21, 2025Vreeland Robert M.CHIEF FINANCIAL OFFICERBuy10,000$1.68$16.8KForm 4
Mar 6, 2025Vreeland Robert M.CHIEF FINANCIAL OFFICERBuy10,000$1.83$18.3KForm 4
Feb 26, 2025Vreeland Robert M.CHIEF FINANCIAL OFFICERBuy15,000$1.94$29.1KForm 4
Feb 27, 2023Corbus BarclayPRESIDENT AND CEOSale5,643$5.69$32.1KForm 4
Feb 27, 2023Pratt Mitchell WCOO AND SECRETARYSale3,950$5.70$22.5KForm 4
Jan 23, 2023Pratt Mitchell WCOO AND SECRETARYSale8,140$5.57$45.3KForm 4
Jan 23, 2023Corbus BarclayPRESIDENT AND CEOSale11,286$5.49$62.0KForm 4
Nov 14, 2022Littlefair Andrew JDirectorSale200,000$7.33$1.5MForm 4
May 12, 2022Littlefair Andrew JDirectorBuy25,000$4.09$102.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Andrew J. Littlefair65$787.1K$2.7M66
2025Barclay F. Corbus59$545.9K$1.6M66
2025Robert M. Vreeland65$516.2K$1.6M66
2024President and Chief Executive$771.7K$2.7M66
2024Senior VicePresident,$534.8K$2.3M66
2024Chief Financial Officer$499.6K$1.6M66
2023Officer$700.8K$2.0M66
2023Strategic Development and Headof Renewable Fuels$495.9K$1.7M66
2023Chief Financial Officer$462.7K$1.1M66

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.15,005,980$30.8M0.0%−389,826
Grantham, Mayo, Van Otterloo & Co. LLC10,935,829$22.4M0.1%−262,104
Global Alpha Capital Management Ltd.9,516,240$19.5M1.2%+2,389,423
Vanguard Capital Management LLC7,366,402$15.1M0.0%+130,811
State Street Corp6,374,675$13.1M0.0%+533,331
Dimensional Fund Advisors LP5,665,840$11.6M0.0%−879,496
Geode Capital Management, LLC4,462,527$9.2M0.0%+104,326
Vanguard Portfolio Management LLC3,944,478$8.1M0.0%−13,711
D. E. Shaw & Co., Inc.3,051,728$6.3M0.0%−171,267
ECP ControlCo, LLC2,594,759$5.3M0.1%No change
Arrowstreet Capital, Limited Partnership2,414,230$4.9M0.0%+1,139,953
SIR Capital Management, L.P.2,103,095$4.3M0.5%No change
Citadel Advisors LLC1,867,413$3.8M0.0%−606,674
J. Derek Lewis & Associates Inc.1,714,158$3.5M0.7%+463,800
Goldman Sachs Group Inc1,703,975$3.5M0.0%+232,814
Bridgeway Capital Management, LLC1,664,097$3.4M0.1%−11,727
American Century Companies Inc1,593,084$3.3M0.0%+1,245,135
Charles Schwab Investment Management Inc1,416,828$2.9M0.0%−12,439
Marshall Wace, Llp1,406,331$2.9M0.0%+880,362
Northern Trust Corp1,405,660$2.9M0.0%+20,217
Qube Research & Technologies Ltd1,343,291$2.8M0.0%+959,217
Morgan Stanley1,260,755$2.6M0.0%−24,810
Vanguard Fiduciary Trust Co1,147,836$2.4M0.0%−17,932
Empowered Funds, LLC1,139,097$2.3M0.0%+63,273
Renaissance Technologies LLC1,025,232$2.1M0.0%−8,063

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 15, 2024Austin ScottRepublican, HouseSale$1,001 - $15,000+81.1%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Clean Energy Fuels Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARClean Energy Fuels Corp.1
  • CIK0001368265
  • Employer ID (EIN)33-09685805
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4932 Gas & Other Services Combined1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address4675 Macarthur Court, Suite 800, Newport Beach, CA 926601
  • Phone(949) 437-10001
  • Shares outstanding220,445,015 as of Jul 30, 202612
  • Public float$336.2M as of Jun 30, 20255
  • AuditorKPMG LLP, Irvine, CA PCAOB ID 185; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceSep 6, 20061
  • Filings1,305 in all: 4 (637), 8-K (212), 10-Q (58), 3 (37), SC 13G/A (32), CORRESP (30), UPLOAD (30), DEFA14A (23)1
    All 46 form types

    10-K (19), DEF 14A (19), S-8 (18), SC 13G (17), EFFECT (13), SC 13D/A (13), 424B5 (12), 424B3 (11), ARS (11), CT ORDER (10), S-3 (9), 4/A (8), 424B7 (8), FWP (7), S-1/A (7), SCHEDULE 13G/A (7), 144 (6), POS AM (6), SD (6), S-3/A (5), 3/A (4), PRE 14A (4), 8-K/A (3), D (3), SC 13D (3), 10-K/A (2), S-3ASR (2), SCHEDULE 13D/A (2), SCHEDULE 13G (2), 8-A12B (1), AW (1), CERTNAS (1), DEFR14A (1), DEL AM (1), PRER14A (1), REGDEX (1), S-1 (1), S-3MEF (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 6, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, $0.0001 par value per shareCLNENASDAQ

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Clean Energy Fuels Corp. names in Item 1A of its 10-K filed Feb 24, 2026: 30 risks under these headings, as written.5

  • Risks Related to Our Business
  • Our success is dependent on the willingness of fleets and other customers to adopt our vehicle fuels, which may not occur in a timely manner, at expected levels or at all.
  • We are dependent on the production of vehicles and engines in our key customer and geographic markets by manufacturers, over which we have no control.
  • Our RNG business may not be successful.
  • Our commercial success depends on our ability and the ability of our third-party supply sources to successfully develop and operate projects and produce expected volumes of RNG.
  • Acquisition, financing, construction, and development of projects by us or our partners that own projects and divestitures, investments or other strategic relationships, may not commence on anticipated timelines or at all, may not meet expectations, and may otherwise harm our business.
  • To secure ADG RNG from new projects we develop, we typically face a long and variable development cycle that requires significant resource commitments and a long lead time before we realize revenue.
  • Livestock waste and dairy farm projects are dependent on LCFS credits and RINs.
  • We have a history of losses and may incur additional losses in the future.
  • Any potential future plans for hydrogen and electric vehicle stations may require significant cash investments and management resources and may not meet our expectations.
  • Increases, decreases and general volatility in the prices of RNG, natural gas, crude oil, diesel, renewable diesel and Environmental Credits could adversely affect our business.
  • We face increasing competition from competitors, many of which have far greater resources, customer bases and brand awareness than we have, and we may not be able to compete effectively with these businesses.
The other 19 risks
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption, or security failure of that technology could harm our business.
  • NG Advantage may not be successful.
  • Our station construction activities subject us to business and operational risks.
  • We have significant contracts with government entities, which are subject to unique risks.
  • Our results of operations fluctuate significantly and are difficult to predict.
  • A pandemic, epidemic or other infectious disease outbreaks may adversely harm our business.
  • Our future success will depend on our ability to attract and retain qualified management, technical, and other personnel.
  • Risks Related to Our Indebtedness and Other Capital Resources.
  • We may need to raise additional capital to continue to fund our business, which could have negative effects and may not be available when needed, on acceptable terms or at all.
  • Our indebtedness could adversely affect our financial condition or operating flexibility and prevent us from fulfilling our obligations under our credit agreement and other indebtedness we may incur, and we may not generate sufficient cash flow from our business to pay our debt.
  • Our warranty reserves may not adequately cover our warranty obligations, which could result in unexpected costs.
  • Risks Related to Environmental Health and Safety and Governmental and Environmental Regulations
  • Our business is influenced by environmental, tax and other government regulations, programs and incentives that promote our vehicle fuels, and their modification or repeal could negatively affect our business.
  • To benefit from Environmental Credits, RNG projects are required to be registered and are subject to audit.
  • Our business could be negatively affected by federal or state laws, orders or regulations mandating new or additional limits on GHG emissions, “tailpipe” emissions or internal combustion engines.
  • Our operations entail inherent safety and environmental risks, which may result in substantial liability to us.
  • Risks Related to Our Common Stock
  • A significant portion of our outstanding common stock is owned or otherwise subject to acquisition by three equityholders, each of which may have interests that differ from the Company’s other stockholders and which now or in the future may be able to influence the Company’s corporate decisions, including a change of control.
  • Sales of our common stock, or the perception that such sales may occur, could cause the market price of our stock to drop significantly, regardless of the state of our business.
  • The price of our common stock may continue to fluctuate significantly, and you could lose all or part of your investment.

Legal proceedings

From time to time, we may become involved in various legal proceedings that arise in the ordinary course of our business, including lawsuits, claims, audits, government enforcement actions and related matters. It is not possible to predict when or if these proceedings may arise, nor is it possible to predict the outcome of any proceedings that do arise, including, among other things, the amount or timing of any liabilities we may incur, and any such proceedings could have a material effect on us regardless of outcome. In the opinion of management, however, we are not a party, and our properties are not subject, to any pending legal proceedings that are material to us.

The opening of Item 3, Legal Proceedings.5

Sources

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