Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Note 17 —Net Loss Per Share

The following table sets forth the computations of basic and diluted earnings (loss) per share for the years ended December 31, 2023, 2024 and 2025 (in thousands, except share and per share amounts):


	2023		2024		2025
Net loss attributable to Clean Energy Fuels Corp.	$	(99,497)	$	(83,070)	$	(222,024)

Weighted-average common shares outstanding		222,904,785		223,346,127		220,648,541
Dilutive effect of potential common shares from restricted stock units, stock options and stock warrants		—		—		—
Weighted-average common shares outstanding - diluted		222,904,785		223,346,127		220,648,541
Basic loss per share	$	(0.45)	$	(0.37)	$	(1.01)
Diluted loss per share	$	(0.45)	$	(0.37)	$	(1.01)

The following potentially dilutive securities have been excluded from the diluted net loss per share calculations because their effect would have been antidilutive. Although these securities were antidilutive for these periods, they could be dilutive in future periods.


(in shares)	2023	2024	2025
Stock options	17,825,577	20,155,612	18,776,692
Stonepeak warrant shares	20,000,000	20,028,918	20,058,269
Restricted stock units	399,709	1,928,600	4,263,578
Amazon warrant shares	58,767,714	58,767,714	58,767,714
Total	96,993,000	100,880,844	101,866,253

Clean Energy Fuels Corp. 10-K