Cummins Inc. is playing a filthy game. On one side, they’re flogging Accelera as their shiny green future, a zero-emissions saviour for a world choking on diesel fumes. On the other, their financials scream the truth: Accelera’s a cash-bleeding mess, a distraction to keep the eco-crowd quiet while Cummins rakes in billions from the diesel empire they’ve no intention of quitting.
The Sinkhole: Accelera’s Financial Bloodbath
Let’s cut the bollocks. In Q2 2025, Accelera limped in with $105 million in sales – down 5% from last year – and torched $100 million in EBITDA losses. Sure, that’s “better” than the $117 million it haemorrhaged in 2024, but it’s still a gaping wound. Meanwhile, Cummins as a whole swaggered to $8.6 billion in revenue and $890 million in net income. Accelera’s losses? A rounding error, a small price to pay for the PR stunt. But for anyone with eyes, it’s a neon sign flashing “this ain’t working.”
The Diesel Cash Cow: Power Systems Thrives
Contrast that with their diesel-driven Power Systems segment. Q2 2025: $1.9 billion in sales, up 19% from last year, with an EBITDA of $430 million – a juicy 22.8% margin. This is the real kingpin, fuelled by data centres and mission-critical markets guzzling diesel like it’s happy hour. Cummins isn’t pivoting to green; they’re doubling down on diesel, and Accelera’s just the decoy to dodge the pitchforks.
The Distraction: Greenwashing for Suckers
Why bother? It’s optics, plain and simple. Accelera’s the billboard screaming “we care,” while Cummins quietly banks on the fossil fuel status quo. They even scored a $75 million grant from the Department of Energy in 2024 to prop it up – your tax dollars footing the bill for their eco-friendly façade. It’s not about solving the climate crisis; it’s about looking like they’re trying, all while diesel keeps the profits humming. The numbers don’t lie: Accelera’s a sinkhole, a distraction worth paying for, and Cummins knows it.
The Hedge: No Outlook, No Confidence
Here’s the kicker – they won’t even commit to a full-year outlook. “Economic uncertainty,” they say, shrugging like it’s no big deal. Translation: “We’re not sure this green shit’s gonna fly, and we’re not betting the farm on it.” When your diesel segments are printing cash and your green baby’s a money pit, that vagueness smells like doubt dressed up as caution.
The Payoff: Shareholders and CEOs Cash In
And yet, while Accelera bleeds, Cummins is handing out treats. They’ve hiked the quarterly dividend to $2.00 per share – 16 years of consecutive increases – and CEO Jennifer Rumsey’s been crowned one of Barron’s Top CEOs of 2025 for her “visionary leadership.” Visionary? More like a masterclass in distraction. Reward the shareholders, pat the boss on the back, and keep the diesel gravy train rolling – Accelera be damned.
The Verdict: A Con in Plain Sight
This isn’t progress; it’s a con. Accelera’s a financial sinkhole, a distraction from Cummins’ core business of diesel engines and power generation. While they tout their “Destination Zero” strategy, the numbers tell a different story: diesel’s the lifeblood, and Accelera’s the sacrificial lamb. Cummins is trying to have its cake and eat it too – profiting from diesel while pretending to be a green pioneer. But the financials don’t lie, and Accelera’s losses are a stark reminder that the company is still deeply entrenched in the fossil fuel business. If you’re waiting for Accelera to save the day, don’t hold your breath.
Lee Thompson – Founder, The Cummins Accountability Project
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