Clean Energy Fuels Corp. Segments Disclosure
Note 19 —Reportable Segments and Geographic Information
The Company operates as one reportable segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on a consolidated basis.
The CODM uses profitability metrics, including net income/(loss) to evaluate financial performance, as well as cost of sales and selling, general and administrative expenses (excluding stock compensation) in the achievement towards the Company’s strategy, and to make key operating decisions such as the determination of the markets in which the Company seeks to make capital investments and the allocation of budget between cost of revenues, selling, general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single reportable segment for the years ended December 31, 2023, 2024 and 2025. As the Company’s single reportable segment represents the consolidated entity, amounts are traceable to the Consolidated Statements of Operations.
2023 | 2024 | 2025 | ||||||||
Revenue: |
| |
| |
| | ||||
Total revenue(1) | $ | 425,159 | $ | 415,865 | $ | 424,833 | ||||
Cost of Sales (excluding depreciation)(2): |
|
|
| |||||||
Commodity product cost of sales | 190,616 | 123,999 | 142,524 | |||||||
Other product cost of sales | 119,285 | 125,628 | 130,759 | |||||||
Product cost of sales | 309,901 | 249,627 | 273,283 | |||||||
Service cost of sales | 33,719 | 37,918 | 36,642 | |||||||
Operating expenses: |
| |
| |
| | ||||
Selling, general and administrative, excluding stock compensation | 88,929 | 101,031 | 102,969 | |||||||
Stock compensation | 23,336 | 10,803 | 8,869 | |||||||
Selling, general and administrative | 112,265 | 111,834 | 111,838 | |||||||
Depreciation and amortization | 45,674 | 44,737 | 98,606 | |||||||
Impairment of goodwill | — | — | 64,328 | |||||||
Impairment of investments in equity securities | — | 8,102 | — | |||||||
Interest(3) | (11,776) | (18,174) | (41,304) | |||||||
Other income, net | 165 | 106 | 2,449 | |||||||
Loss from equity method investments | (12,510) | (26,576) | (26,737) | |||||||
Loss before income taxes | (100,521) | (80,997) | (225,456) | |||||||
Income tax benefit | 423 | (2,692) | 2,820 | |||||||
Net loss | (100,098) | (83,689) | (222,636) | |||||||
Loss attribute to noncontrolling interest |
| 601 | 619 |
| 612 | |||||
Net loss attribute to Clean Energy Corp. | $ | (99,497) | $ | (83,070) | $ | (222,024) |
| (1) | The CODM is provided revenue information disaggregated by product and service type in exactly the same manner as provided in Note 2 - Revenue from Contracts with Customers, Disaggregation of Revenue. |
| (2) | Costs of sales provided to the CODM are displayed here. Commodity cost of sales represents costs associated with natural gas and its transportation, and is included in the Product Cost of Sales financial statement caption on the Consolidated Statements of Operations. Total Product Cost of Sales and Service Cost of Sales reconcile to the amounts in the Consolidated Statements of Operations. |
| (3) | Interest, net is computed as the net of interest income and interest expense. Refer to the Consolidated Statements of Operations. |
2023 | | | 2024 | | 2025 | |||||
Interest expense | $ | (22,924) | $ | (32,179) | $ | (52,687) | ||||
Interest income | 11,148 | 14,005 | 11,383 | |||||||
(11,776) | (18,174) | (41,304) | ||||||||
The Company's revenue and long-lived assets recognized on the consolidated balance sheets were located as follows:
2023 | | 2024 | | 2025 | |||||
Revenue: |
| |
| |
| | |||
United States | $ | 418,754 | $ | 410,150 | $ | 417,825 | |||
Canada |
| 6,405 |
| 5,715 |
| 7,008 | |||
Total revenue | $ | 425,159 | $ | 415,865 | $ | 424,833 | |||
Long-lived assets: |
| |
| |
| | |||
United States | $ | 657,397 | $ | 691,398 | $ | 582,414 | |||
Canada |
| 3,827 |
| 9,882 |
| 13,847 | |||
Total long-lived assets | $ | 661,224 | $ | 701,280 | $ | 596,261 | |||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Mar 10, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Mar 13, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.