CLNE

Clean Energy Fuels reported second-quarter results that met most analyst expectations, but the market response was modestly negative. Management attributed the quarter's performance to operational improvements in its renewable natural gas (RNG) production, especially at major facilities in Texas and Idaho, and a steady contribution from legacy markets like transit and refuse. CEO Barclay F. Corbus noted the impact of increased advertising targeting the trucking industry and highlighted the completion of key fueling stations in Canada, which management believes are strengthening the company’s market presence. However, regulatory uncertainty and a prebuy of diesel trucks limited the pace of new RNG vehicle adoption, tempering some of the quarter’s gains. Is now the time to buy CLNE? Find out in our full research report (it’s free). Revenue: $106.4 million vs analyst estimates of $105.1 million (3.7% year-on-year growth, 1.2% beat) Adjusted EPS: -$0.01 vs analyst estimates of -$0.01 (in line) Adjusted EBITDA: $16 million vs analyst estimates of $16.27 million (15% margin, 1.6% miss) Operating Margin: -4.8%, up from -9% in the same quarter last year Market Capitalization: $383.6 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Eric Stine (Craig Hallum): asked about the incremental cost of the X15N engine and how diesel price and prebuy trends are impacting fleet adoption. CEO Barclay F. Corbus explained that incremental cost improvements remain limited, but fuel savings and targeted advertising are generating more customer interest despite market hesitancy. Eric Stine (Craig Hallum): questioned the $5 million potential impact of the Section 45Z credit on adjusted EBITDA. CFO Robert Vreeland clarified that guidance assumes a positive impact from the credit, but delays could push benefits into future years and lower 2026 results. Rob Brown (Lake Street Capital Markets): inquired about the pace of RNG adoption given current diesel pricing and regulatory uncertainty. Corbus noted that while interest is growing and small fleet orders are increasing, larger commitments are being delayed pending regulatory clarity. Rob Brown (Lake Street Capital Markets): asked about the maturity and profitability of upstream RNG facilities. Corbus said operational improvements and new project launches are expected to drive continued margin improvement and eventual positive EBITDA. Nate Pendleton (Texas Capital): explored the scale and investment requirements for Clean Energy Fuels’ off-grid power generation solutions. Corbus indicated that the company is using existing assets to test the market and will only invest further if contracts justify incremental spend. In the coming quarters, our analyst team will be watching (1) any updates on the finalization and terms of the Section 45Z production tax credit, (2) the ramp-up and operational performance of new RNG and hydrogen fueling projects, and (3) signs of increased fleet adoption of RNG vehicles as regulatory uncertainty diminishes. Additionally, we will track the company’s progress in building its power generation solutions business and the impact of evolving fuel price dynamics on customer behavior. Clean Energy Fuels currently trades at $1.74, down from $1.86 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Investor Relations - Thomas Driscoll President and Chief Executive Officer - Barclay F. Corbus Chief Financial Officer - Robert Vreeland Chief Operating Officer - Bartolomeo Frabotta Operator: Thank you for your continued patience. Your meeting will be in shortly. Zero, and a member of our team will be happy to help you. Your meeting is about to begin. Hello, and welcome, everyone. Joining today's Clean Energy Fuels Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press Please note, this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Tom Driscoll. Please go ahead. Thomas Driscoll: Thank you, operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ended 06/30/2026. If you did not receive the release, it is available on the Investor Relations section of the company's website. Where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we would like to remind you that some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Such forward looking statements are not a guarantee of performance and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10 Q filed today. These forward looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward looking statements or supply new information regarding the circumstances after the date of this release. The company's non GAAP EPS and adjusted EBITDA will be reviewed on the call and exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results, Non GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non GAAP information, the definition of non GAAP EPS and adjusted EBITDA, and a reconciliation between these non GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today. With that, I will turn the call over to our President and Chief Executive Officer, Andrew Corbus. Barclay F. Corbus: Thank you, Tom. Good afternoon, everyone. Today, we reported solid results for the second quarter. $106 million of revenue, $63 million of RNG sold and $16 million of adjusted EBITDA. These results were in line with our expectations and keep us on track for our annual financial outlook. Which we are maintaining. We kept our balance sheet strong and finished the quarter with $138 million in cash and short term investments. Upstream RNG production business saw improvement in the second quarter. Helped by better weather compared to the first quarter and continued ramp up at our 2 largest projects. South Fork in Texas and East Valley in Idaho. there is still more work to be done as we ramp production and improve operations across our portfolio. And we expect continued improvement in the second half of the year. In addition to our 8 operating RNG projects, have 3 projects under construction through our joint venture with Moss Energy Works. We continue to make good progress and expect 2 projects to come online later this year with the final project finishing up next year. The section 45Z clean fuel production credit is an important value driver for our RNG projects. We continue to await treasury's finalization of the 45Z rules and credit values which is now expected in the fourth quarter. We believe the finalized rule and updated Greek model once released will positively impact our upstream results in 2026 and the years ahead. Our RNG fuel volume from heavy duty trucking held steady during the quarter. We are seeing a handful of fleets add small numbers of trucks equipped with the X15N. But with the uncertainty surrounding the final 2027 standards recently released by the EPA, there has been a large prebuy of legacy diesel trucks. At the same time, we and others remain deeply engaged with many fleets to show strong interest in RNG, particularly with higher diesel prices. Over the past 4 to 5 months, we increased our advertising. To target the trucking industry, emphasizing RNG's low stable price compared to diesel. That effort has generated measurable interest and leads with potential new customers. I also hope you saw the press release we distributed earlier this week about the growing natural gas heavy duty truck market in Canada. We recently completed 2 additional stations, including a critical node in British Columbia just outside Vancouver, that completes a Western Canadian natural gas fueling network. Canada has extremely high taxes on diesel. And high truck mileage, which makes the cost comparison with natural gas all that much more attractive. And with the Cummins x 15 n arriving in the Canadian market, fleets that use a lot of fuel are responding very positively. As I mentioned on our last call, our legacy markets in transit and refuse continue to provide a solid foundation for us. 25 years after the first CNG buses rolled into cities, the transit market continues to be strong with new opportunities, and new wins. In fact, just last week, the Federal Transit Administration announced their funding will prioritize low emission solutions like CNG over zero emission buses. Our fueling expertise also creates opportunities beyond RNG. Clean energy has been awarded more contracts than any other company to build hydrogen fueling stations for transit agencies that are expanding with fuel cell buses. Reinforcing our leadership in alternative fuel infrastructure. Last week, we announced the latest and largest hydrogen project to date, a $27 million contract at the Orange County Transportation Authority, to design and build a new private station. This station will support OCTA's existing fleet of 10 fuel-cell buses plus the 40 buses the agency plans to add. Demonstrating both the strength of our customer relationships and scalability and flexibility of our platform. With nearly 30 years operating in the natural gas sector, our in house capabilities also extend beyond vehicle fueling and RNG production. As we all know, the country is experiencing a rapidly evolving energy market. And power grids are overtaxed. Because of this, we see emerging opportunities for clean energy and our ability to serve independent power solutions. Today, no 1 has nationwide compression capabilities that we do. And that CNG does not have to go into a vehicle tank. Large volumes can be put into tube trailers and that need power. but may have issues hooking up with the local grid. Or are not proximate to a natural gas pipeline. We can solve that problem. We currently serve customers across a range of natural gas solutions. And as demand for reliable, cleaner energy grows, customers are increasingly looking to us for these solutions. So let me share a few examples. As many of you know, we deliver LNG marine bunker fuel to Pasha at the Port Of Long Beach and have been doing this for the past 3 years. We produce the LNG at our plant in Boron, California, transported to the port using our fleet of LNG cryogenic tanker trucks, and provide fueling services that enable Pasha container ships to continually operate on cleaner burning LNG. Our LNG team has experience that includes designing and building LNG systems for gas to power applications. As an example, we were recently awarded contracts for 2 projects in Puerto Rico, that will provide energy security and resiliency for a pharmaceutical manufacturing facility owned by a global health care provider and another 1 for a 6-megawatt power plant. For customers that would rather operate facilities with cleaner, less expensive natural gas versus fuel oil, or cannot get enough electric power, we deliver compressed natural gas to our fleet CNG tube trailers to commercial and industrial customers that do not have pipeline access. We have long standing relationships with large volume customers. But we are also discovering new customers and new markets. Just recently, we signed a contract to supply CNG to a large fulfillment center in California that needs a bridge fuel solution for its power generation, while it indefinitely awaits a utility connection. Clean energy is uniquely positioned to provide natural gas solutions to customers across multiple fuel types, multiple applications, and multiple regions. In The United States and Canada. We have room to grow here and we are excited about it. Finally, I want to recognize Bartolomeo Frabotta, who we recently appointed as our chief operating officer. Improving execution and operational performance and driving technology throughout the company is a top priority for us. BART is the right leader for that work. Over his 15 years of clean energy, he has been central to building and running our company. I look forward to what his leadership will help us accomplish. Now with that, it is Rob's turn. Robert Vreeland: Okay. Thank you, Clay. Good afternoon to everyone. Overall, our second quarter performance was in line with our expectations from both the financial performance and fuel volume standpoint. Maintaining our full year guidance assumes improved financial performance in the second half of 2026, which is consistent with our original expectations. Thus far, in 2026, fuel price pricing, including RIN and LCFS credit values, has been favorable. Operating expenses remain on plan. And fuel volumes are meeting expectations. Our outlook for 2026 also assumes that final guidance on the Greek model for the 45Z production tax credit will be issued before year end. And that could provide up to $5 million of incremental adjusted EBITDA. Now if the guidance is delayed or provides minimal benefit over the current production tax credit values, adjusted EBITDA would come in below our $70 to $75 million range. Turning to volumes. Second quarter fuel volumes increased by 7% year-over-year to 81.8 million gallons. Approximately 2-thirds of the growth came from conventional natural gas, driven by additional fueling locations for large fleet customers for which we also provide maintenance services. RNG volumes increased 3% year-over-year to 3.2 million gallons, reflecting normal variations across customer sectors. As noted on our first quarter earnings call, RNG volumes declined sequentially because the first quarter included incremental deliveries to customers outside our station network. Through June, RNG volumes remained ahead of our plan. RNG production volume from our dairy projects was 2.1 million gallons for the second quarter of 2026, well above the prior year period as our RNG upstream portfolio continues to ramp. Consequently, we saw a notable improvement in the operating results of our RNG upstream business in the second quarter compared to the first quarter. This improvement was contemplated in our plan and guidance. Second quarter revenue was $106.4 million, up from $102 million-- $106.4 million, up from $102 million in the prior year period. Higher station construction revenue and increased rent and LCFS credit values more than offset lower commodity prices and customer pricing. As expected, revenue declined sequentially from the first quarter, primarily due to lower natural and natural gas prices and reduced gas trading volatility consistent with normal seasonal patterns. Fuel margins, including RIN and LCFS credits, were largely in line with our plan for the second quarter of 2026. Fuel and customer mix variations modestly reduced margins during the quarter, which is normal and factored into our outlook for 2026. Our cash and investments of $138 million at the end of June were up from $126 million at the end of March. And through June, we contributed $24 million to our Moss Energy Works dairy joint venture. Followed by an additional $12 million in July. Less than $5 million remains to be contributed before the projects are placed in service. And with that, operator, please open the call to questions. Operator: Thank you. If you would like to ask a question, please press 1 on your keypad. To leave the queue at any time. Press 2. Once again, that is *1 to ask a question. We will take our first question from Eric Stine with Craig Hallum. Please go ahead. Your line is open. Eric Stine: Hi, Clay. Hi, Rob. Karen here. Hey. So maybe if we could just start with the X15N. I mean, I know that I mean, we all know that it has been slower on the uptake. Certainly, slower than Cummins, people in the industry, etcetera. But could you maybe talk about what you are seeing in terms of the incremental cost? Because for some time, that was 1 of the areas of pushback. You know? And I and I know you mentioned that there is a heavy diesel prebuy. I mean, I know it is also a tough environment for fleets given what has happened to diesel prices, but, you know, just curious if at least the incremental cost piece you are hearing that, that has normalized to an extent. Barclay F. Corbus: Well, as we think about the incremental cost, 1 thing that has, once again, I think confused the market is that the delay on the certification for the 2027 engine and what that is meant for the diesel boys because a certain extent, you know, they had already you know, Cummins and all the other OEMs had already invested all the money into the technology, which was going to increase the price of the diesel engine, which would decrease the incremental cost. And with that sort of in disarray, it is unclear than what is going to there. I think what we hear from what I think is public that we got from the Cummins earnings call is that they are just going to sort of roll it out during the rest of 2027. So that, you know, they are still going to roll it out, but it is not all going to happen in January. it is going to happen over the, you know, over the year. But ultimately, you still are gonna have that incremental cost or that the incremental cost decrease because diesels are getting more expensive. I think on, you know, when you subtract that away, we still work with our other partners in the industry, you know, whether it is whether it is, you know, with the fuel tank providers, whether it is with the dealers, whether it is with the OEMs or the OEM manufacturers as well, to see what we can do to try to get that price down. You know, I do not think we have seen real movements in the in the sort of actual price. it is just movement around, you know, how each 1 of the different participants can chip in a little bit to help bring that price down. So that the incremental payback creating it down to a reasonable level. I would say though that what is important about that is it is not just the incremental price. it is how much they are saving on fuel and that is where, you know, the high price of diesel. And I think everything you read is that the price of diesel is gonna stay high for a while. And even if it does not stay high, that volatility does help us. And that is why, you know, we poured a lot more money into advertising to highlight that in the trade this past quarter. Which, you know, you know--our results. But we think it was absolutely good investment in the long term because it has resulted in a lot more appointments, a lot more discussions, you know. it is the type of investment that we want to make in order to drive future growth. Got it. that is helpful commentary. Eric Stine: And then maybe 1 just for Rob. You mentioned that your EBITDA guide you talked about $5 million incremental there depending on the outcome. Of the 45Z guidance. But to me, incremental would mean that it is above and beyond where you were. But then at the end, you talked about that if it were not to come to bear, that would mean downside to your guidance. So maybe just talk through some of the puts and takes as we think about that, and we see if that if that occurs. Robert Vreeland: Yeah. I mean, we when we issued our guidance at the beginning of the year, we were and still believe that the when the guidance comes out on the 45Z, the GREET model, it will have an improved value for the production tax credits. So we factored we factored you know, up to about $5 million in our guidance. And we are just that was also you know, we were also expecting that guidance would come out sooner than it has. And so as that has slipped, it is like, okay. Well, now we are getting to moving that closer to year end. And if something happens there, then let's have some transparency on what that could mean to our number. If that--now we think they will be positive. So we are not saying it is not going to be at all. And I guess the binary choice would be if they moved the approve the whatever, approval across into 2027, well, then you would not get that It would not happen for us in 2026. Other than that, then maybe the value could be different. But we do not think we think it will be positive to us. Eric Stine: Okay. So in your mind, it is more about timing. I mean, it is whether it gets acted on both in time. For you to impact results rather than necessarily you know, just thinking about what the potential outcomes might be. Exactly. Yeah. Okay. Thank you. Barclay F. Corbus: Thanks, Eric. Operator: Thank you. Our next question comes from Rob Brown with Lake Street Capital Markets. Rob Brown: Hi, Clay. Hi, Rob. Hello. I just wanted to follow-up on your comments about the interest level increasing the diesel fuel prices. I guess you are advertising, you said you had more sort of activity. But given the diesel price change and the spread now, what is your sort of view on fleet adoption and in the industry, kind of changing toward natural gas? Barclay F. Corbus: Well, I do not think it is changed. You know, I think we are still we are ever optimistic. I think it is because we do see you know, as you get as these, as the engine gets more seat, you know, to be frank, when the engine first came out, those alpha you know, and some of the testing did not go as anybody had hoped. And it just took a little while to work out the kinks. And so I think as you get more use cases out there, and you can and the improvement increases, you get better you know, you adjust the engine more for the use types. You get the right transmission in there. You get your mileage penalty reduced a little bit. You continue to see improvement in the performance of the engine with the fleets need. And when you combine that with the price of diesel, it makes a pretty compelling case. But, again, when you have all this uncertainty that is going on with the regulatory environment, that just you know, the market just says, Okay. Yeah. We like this. We will keep talking about it, but we are just gonna, you know, sort of wait to see how things settle out here before we make a big commitment. I think what we do see and what we like is, you know, people are people you know, we sell 10 here. I mean, if you look like, for instance, that Canadian release, you look at that. We got 35 you know, X15N's up there. it is not 1 fleet. it is a spread out among 7 or 8 fleets. And that is exactly what you would like to see. You know? It means that people are out there testing it. They are running it hard. They are putting the miles on it. And, you know, from there, we just we anticipate and hope they have good experiences. And that, you know, the adoption starts to pick up. Okay. Great. Thanks for the color. Rob Brown: And then on the RNG upstream business, it was close to breakeven EBITDA in the quarter. It sounds like it is crossing into positive. How do you sort of see that trend line? And how much more to go in terms of the maturity of those units? That are running or installations that are running? Barclay F. Corbus: Well, you know, I there is there is we see a lot of opportunity for those to improve You know, there is there is always there is always a story with every plant, you know, whether you have too much heat or too much cold, how the cows are producing everything. But we see the trend line absolutely going in the right direction. You know, we have enough manure at a number of the facilities. We have, you know, we have the process improvements that we put in place. You see the you know, we see the you know, 2 of the MOS projects coming online this fall and, as we mentioned, the third coming online early next year. So I think we see that trend line, you know, absolutely continuing. It will be the second half of the year will be much better than the first half of the year. So we are optimistic. And then, I mean, if you layer on top of that what could happen if you get 45Z across it, then financially, you start to see a much a much better impact as well. You know, it is for us, it is great because your you know, it is I mean, it is like much of our business. The more volume you get across it, the more easier you cover your overhead and the more that drops to the bottom line. And that is what we are seeing with our plants as well. So I would say overall we are optimistic. Excellent. Thank you. I will turn it over. Rob Brown: Great. Thanks. Operator: Thank you. We will move next with Nate Pendleton with Texas Capital. Please go ahead. Nate Pendleton: Good afternoon. Thanks for taking my questions. Barclay F. Corbus: Hi, Nate. How are doing? Nate Pendleton: Doing well. Regarding the opportunities to support power generation that you highlighted in your prepared remarks, how large is the pipeline of opportunities that you are assessing and if you could frame for us just how much investment would be needed to meet any incremental demand there? Barclay F. Corbus: Well, you know, Nate, we have had a we have had a subsidiary for a number of years called NG Advantage that is based in the in the Northeast that really has been working with off pipeline customers for a long time. And they have had an established good business. And it is been really interesting for us. You know, we have got 100 tube trailers. We got, you know, some large compression capacity. Up there. And it is been really interesting for us that as you have these sort of messy middle with getting power to a lot of facilities. Know, everything from EV charging to fulfillment centers, you know, data centers is a pretty large load. But we find that we are starting to get a lot of phone calls asking us if we can sort of service this. Can we do know, sometimes it is a it is a short term opportunity. Others are looking for much longer term opportunities. And as we think about it, we do have compression capacity across the entire United States. You know, we have it reserved and it is typically used for trucking, but it is underutilized. And then we also have the you know, we have excess tube trailers. So, in order to test this market, we do not have to spend anything. Can just use existing assets and existing infrastructure we have. And so I think that is where we stand. This would be a use case if, you know, as we I mean, we are doing it, you know, and as we see more of these come along, you know, depending on the on the on the you know, profit on the returns profile, we will determine whether it ends up taking up any investment. But it is not this is not like, you know, a $200 million dairy project in Idaho. This is small incremental justified by contracts we would have in place. But we do think, we do see there is a lot of growth potential here. And again, it is enabled by the fact that we have got, you know, 600 fueling stations across the country that have excess compression capacity. Got it. it is sounds like a great opportunity. Nate Pendleton: And then if I may It is. Barclay F. Corbus: Like, can you talk can you talk about the potential size and cadence of opportunities on the hydrogen side of the house? Following the recent announcement, with Orange County that you discussed? Yeah. You know, the way that we have gone about hydrogen is not to use our own capital. We use it you know, our model in the transit agencies world, which is where, you know, a transit agency puts out an RFP, you know, you win the RFP based on your experience and your cost, and then you get the contract, and it is usually cost plus contract. And then, in this case, we are also having operation and maintenance agreement to go along with it as well as in a hydrogen fuel supply to go along with it. So in all these cases, it is something where it is it is not putting our capital at risk or our you know, or we are taking you know, commodity risk on anything here. it is really a service that we provide. And I think we see that well, know we see that as the model going forward. We are happy to see, you know, OCTA go after this. We think that hydrogen you know, is a tough commercial, you know, to do hydrogen independently is pretty tough commercially. But I think when it is going through a transit agency and it is, you know, and it is and it is supported by the state or by the locality or by the feds to help you know, promote the industry and get it to a point where it can grow. We are there to be a service provider for that. But not to take you know, risk with our own capital to see where that market is gonna unfold. Nate Pendleton: Understood. Thanks for taking my questions. Barclay F. Corbus: Welcome. Operator: Thank you, Nate. Thank you. We will move next with Matthew Blair with TPH. Please go ahead. Matthew Blair: Thank you, and good afternoon. Want to ask about the California LCFS market. Just in light of the recent supply demand data that shows a growing quarterly shortage. Can you remind us where do you stand on pathways that is it still just Del Rio that has the LCFS pathway? And then I know it is not in your hands, but do you have an estimate of reasonable timeline of when you would receive future California LCFS pathways Thank you. Barclay F. Corbus: And, Matthew, when you say Del Rio, you that is a provisional pathway. Right. And then and then we have others have We have temporary we have temporary pathways on the 7 others. Yeah. We expect probably on our you know, early next well, next year, we expect on our you know, in our joint venture with BP, the 5 of them we expect to get the provisional next year. And then I think on our big 1, you know, up in Idaho, on both South Park South Fork and East Valley, you know, it is probably 2020 yeah. probably 2028. I mean, it is really hard This is 1 where it is really, you know, it is entirely dependent on CARB. You know, we have been whenever we gave the data out on Del Rio, we were ultimately frustrated every quarter and saying, well, we thought it was gonna be this quarter, but it is next quarter. So you know, right now, we would hope the end of 27 and 2028, but you know, we are not we are not putting anything in our forecast to move from provision from temporary to provisional. We are monetizing that to temporary. Right. Level. Sounds good. Matthew Blair: And then could you talk a little bit more about the moving parts in your outlook for fuel distribution? In the back half of the year? If I am doing my math right here, looks like your guidance implies that h 2 would be a little bit lower than h 1. Is that just typical seasonal pattern, or are there any other moving parts that could help explain that? Thank you. Robert Vreeland: No. I mean, it should be do not I do not think it will be lower. Barclay F. Corbus: It should be relatively consistent, maybe some improvement. On the for the distribution. Robert Vreeland: Great. Matthew Blair: Thank you. Robert Vreeland: Thank you. Operator: And at this time, there are no further questions in queue. I will now turn the meeting back to Andrew Corbus for closing comments. Barclay F. Corbus: Well, thank you, everybody, for being on the call. I know on a late on a Thursday afternoon in the beginning of August, there is probably things you would rather be doing. So I appreciate your time and interest in clean energy. Thanks very much. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Clean Energy Fuels, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Clean Energy Fuels wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Clean Energy Fuels (CLNE) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance in Q2 was driven by a 7% year-over-year increase in fuel volumes, primarily from conventional natural gas fueling for large fleets, alongside improving upstream RNG production. Management attributed the upstream improvement to better weather conditions and the continued operational ramp-up at the South Fork (Texas) and East Valley (Idaho) dairy projects. The trucking sector is currently experiencing a 'large prebuy' of legacy diesel trucks as fleets seek to avoid uncertainty surrounding the EPA's final 2027 emission standards. Clean Energy is pivoting to highlight RNG's price stability through increased advertising, successfully generating new leads by contrasting RNG costs against volatile and high diesel prices. The company is expanding its strategic footprint in Canada, where high diesel taxes and long-haul mileage make the natural gas cost-benefit analysis particularly attractive for fleets. Management is identifying new revenue streams by utilizing excess compression capacity and tube trailers to serve independent power solutions for data centers and fulfillment centers facing grid delays. The hydrogen strategy remains focused on a service-provider model for transit agencies, securing contracts like the $27 million OCTA project without putting corporate capital at risk. Full-year 2026 guidance is maintained, assuming improved financial performance in the second half of the year as upstream RNG projects continue to mature. The financial outlook includes an estimated $5 million benefit from the Section 45Z clean fuel production credit, contingent on Treasury finalization expected in Q4. Management warns that if 45Z guidance is delayed into 2027 or provides minimal benefit, adjusted EBITDA could fall below the $70 million to $75 million target range. Two additional RNG projects through the Moss Energy Works joint venture are expected to come online later in 2026, with a third finishing in 2027. Adoption of the Cummins X15N engine is expected to pick up as fleets move past initial testing 'kinks' and diesel engines become more expensive due to 2027 regulatory requirements. The appointment of Bartolomeo Frabotta as COO signals a strategic focus on improving execution, operational performance, and technology integration across the portfolio. Regulatory delays at CARB remain a factor, with management not forecasting a move from temporary to provisional LCFS pathways for major projects until late 2027 or 2028. Upstream RNG results remain sensitive to environmental factors, though process improvements have helped stabilize production levels at dairy facilities. Capital commitments to the Moss Energy Works joint venture are nearly complete, with less than $5 million remaining to be contributed before projects are placed in service. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that while the actual price of the engine hasn't moved significantly, industry partners are collaborating to reduce the total incremental cost for fleets. The 'diesel prebuy' and regulatory uncertainty are currently masking the long-term economic advantages of switching to natural gas. The $5 million incremental EBITDA from 45Z is primarily a timing risk; if the Treasury delays approval into 2027, the company will miss its current 2026 guidance range. Management remains confident the final GREET model will be positive for their upstream results once released. The company can test and serve the power generation market using existing, underutilized compression assets and tube trailers without significant new capital expenditure. Opportunities range from short-term bridge solutions for fulfillment centers to longer-term data center support where grid connections are delayed. Clean Energy is avoiding taking commodity or capital risk in hydrogen, preferring a 'cost-plus' service model for transit agencies supported by government funding. The company views itself as an infrastructure expert that can scale hydrogen fueling as the market matures through public-sector adoption.

Interested in Clean Energy Fuels Corp.? Here are five stocks we like better. Second-quarter results were solid: Revenue rose to $106.4 million, adjusted EBITDA reached $16 million, and fuel volumes increased 7% year over year to 81.8 million gallons. Management maintained its full-year adjusted EBITDA guidance of $70 million to $75 million. RNG growth is expected to accelerate: Dairy RNG production improved significantly, and Clean Energy expects its upstream business to perform much better in the second half as projects ramp. However, the outlook remains partly dependent on final Treasury guidance for the Section 45Z clean fuel credit, which could affect 2026 EBITDA. The company is expanding beyond vehicle fueling: Clean Energy is pursuing CNG power-generation and industrial contracts and signed a $27 million hydrogen fueling-station contract with the Orange County Transportation Authority. Trucking adoption of RNG remains gradual, although diesel costs and fleet interest are supporting demand. Clean Energy Fuels Stock is Waking Up Clean Energy Fuels (NASDAQ:CLNE) reported second-quarter results that management said were in line with expectations, as higher fuel volumes, improved renewable natural gas production and favorable environmental credit pricing supported its full-year outlook. The company posted second-quarter revenue of $106.4 million, compared with $102.6 million in the prior-year period. Adjusted EBITDA was $16 million, while renewable natural gas, or RNG, sales totaled $63 million. Clean Energy ended June with $138 million in cash and short-term investments, up from $126 million at the end of March. → 3 Drone Stocks That Should Soar After the Summer Slump President and Chief Executive Officer Clay Corbus said the company remains on track to meet its annual financial outlook, although its upstream RNG business is expected to continue improving during the second half of the year. Second-quarter fuel volumes increased 7% year over year to 81.8 million gallons, Chief Financial Officer Bob Vreeland said. About two-thirds of the growth came from conventional natural gas volumes, driven by added fueling locations for major fleet customers for which Clean Energy also provides maintenance services. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth RNG volumes increased 3% from a year earlier to 63.2 million gallons. Vreeland said the growth reflected normal variations among customer sectors, while RNG volumes through June remained ahead of the company’s internal plan. Production from Clean Energy’s dairy RNG projects reached 2.1 million gallons during the quarter, substantially above the prior-year level as the company’s upstream portfolio continued to ramp. Corbus said improved weather compared with the first quarter and continued progress at the South Fork project in Texas and East Valley project in Idaho contributed to the improvement. → Jersey Mike's Serves Fresh Gains After IPO Stumble Clean Energy has eight operating RNG projects and three projects under construction through its joint venture with Maas Energy Works. Management expects two of those projects to begin operations later in 2026, with the final project expected to be completed next year. Corbus said the second half should be “much better” than the first half for the upstream RNG business as production rises and operational improvements take hold. The company also expects greater production volumes to improve profitability by absorbing more fixed overhead costs. Management maintained its full-year adjusted EBITDA guidance of $70 million to $75 million, but said the outlook depends in part on final Treasury guidance for the Section 45Z clean fuel production credit and an updated GREET model. Vreeland said the company’s guidance includes up to $5 million of potential incremental adjusted EBITDA from improved 45Z production-credit values. The final rules are now expected in the fourth quarter, later than Clean Energy had initially anticipated. If the guidance is delayed into 2027, or if its economic value is limited, Clean Energy’s 2026 adjusted EBITDA could fall below the stated range, Vreeland said. He characterized the principal uncertainty as one of timing, while maintaining that the company expects the final rules to be favorable. The company is also monetizing California Low Carbon Fuel Standard credits for its RNG operations at temporary pathway levels. Management said it has a provisional pathway for Del Rio and temporary pathways for seven other projects. It expects provisional pathways for five projects in its BP joint venture next year, while South Fork and East Valley may not receive provisional pathways until 2028. The company said it is not incorporating a transition from temporary to provisional pathways in its forecast. Clean Energy said RNG fuel volumes from heavy-duty trucking were steady during the quarter, with several fleets adding small numbers of trucks powered by the Cummins X15N natural gas engine. Corbus said demand has been affected by uncertainty around EPA 2027 emissions standards, contributing to a “large pre-buy” of legacy diesel trucks. He added that the incremental cost advantage for natural gas trucks remains influenced by the future cost of diesel engines, which are expected to become more expensive as emissions-related technology is introduced. Still, higher diesel prices and price volatility have strengthened the case for RNG, according to Corbus. The company increased advertising directed toward trucking fleets over the past four to five months, emphasizing RNG’s lower and more stable price compared with diesel. He said the campaign has generated more leads, appointments and discussions with potential customers. In Canada, Clean Energy recently completed two additional stations, including a location outside Vancouver that completes a western Canadian natural gas fueling network. Corbus said high diesel taxes, significant truck mileage and the arrival of the X15N in Canada have prompted positive fleet responses. Beyond vehicle fueling and RNG production, Clean Energy is pursuing opportunities to supply natural gas for power generation and industrial applications. Corbus said the company can use compressed natural gas tube trailers to serve facilities that lack pipeline access or are awaiting electrical-grid connections. The company’s NG Advantage subsidiary has 102 trailers and compression capacity in the Northeast. Corbus said Clean Energy can initially pursue these opportunities using existing assets and excess compression capacity at its roughly 600 fueling stations, without requiring significant new investment. Clean Energy recently signed a contract to supply CNG to a large California fulfillment center that requires bridge fuel for power generation while awaiting a utility connection. The company also cited contracts in Puerto Rico for a pharmaceutical manufacturing facility and a 6-megawatt power plant. On the hydrogen side, Clean Energy announced a $27 million contract with the Orange County Transportation Authority to design and build a private fueling station. The station is intended to support OCTA’s existing fleet of 10 fuel-cell buses and 40 additional buses planned by the agency. Corbus said Clean Energy’s hydrogen strategy is centered on cost-plus contracts with transit agencies, coupled with operations, maintenance and hydrogen supply agreements. The company does not intend to deploy its own capital or take commodity risk to develop standalone hydrogen projects. Clean Energy also announced the appointment of Bart Frabotta as chief operating officer. Corbus said Frabotta’s priorities will include improving execution, operating performance and technology deployment across the company. Clean Energy Fuels Corp., founded in 1997 and headquartered in Newport Beach, California, is a leading provider of natural gas and renewable natural gas (RNG) fuel for the transportation sector. The company operates a network of more than 500 fueling stations across the United States and Canada, supplying compressed natural gas (CNG), liquefied natural gas (LNG) and RNG derived from organic waste streams. Clean Energy serves a diverse customer base that includes commercial trucking fleets, public transit agencies, refuse haulers and municipal vehicle operators. In addition to fuel supply, Clean Energy offers turnkey station design, construction and ongoing maintenance services, as well as fueling hardware and project management. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Clean Energy Fuels Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

NEWPORT BEACH, Calif., August 06, 2026--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced its operating results for the second quarter of 2026. Financial Highlights Revenue of $106.4 million in Q2 2026 compared to $102.6 million in Q2 2025. Net loss attributable to Clean Energy for Q2 2026 was $(14.9) million, or $(0.07) per share, on a GAAP (as defined below) basis, compared to $(20.2) million, or $(0.09) per share, for Q2 2025. Adjusted EBITDA (as defined below) was $16.0 million for Q2 2026, compared to $17.5 million for Q2 2025. Cash, Cash Equivalents (less restricted cash) and Short-Term Investments totaled $138.0 million as of June 30, 2026, compared to $156.1 million as of December 31, 2025. Operational and Strategic Highlights Announced the appointment of Bart Frabotta as Chief Operating Officer. Awarded two separate contracts to design and install liquefied natural gas fueling systems for gas-to-power applications in Puerto Rico. These contracts will provide energy security and resiliency to support local pharmaceutical manufacturing operations as well as fuel a six-megawatt combined heat and power plant. In May, we announced the expansion of our RNG station network to six new locations in California, New Jersey, Oklahoma, Michigan and Washington. These new locations allow us to continue expanding our nationwide network to meet the growing demand from heavy-duty truck fleets seeking immediate fuel cost savings and significant emissions reductions by powering their trucks with clean-burning RNG. RNG gallons sold of 63.2 million gallons in Q2 2026, a 2.9% increase compared to Q2 2025. Commentary by Clay Corbus, President and Chief Executive Officer "Our second quarter results demonstrate continued solid execution across the business. Fuel volumes, including both RNG and conventional natural gas, increased year over year, reflecting ongoing customer investment in and demand for cleaner, lower-carbon fuel. This has been especially true in today’s volatile fuel environment. Having a clean, domestically produced fuel is one of the reasons that we remain on plan through the first half of the year, along with great execution by our team. With $138.0 million in cash and investments at quarter end, we remain focused on serving our fleet customers and expanding the role of domestically supplied RNG as a practical, low-carbon fuel for a variety of applications in this rapidly evolving energy market." Summary and Review of Results The Company’s revenue for the second quarter of 2026 was decreased by $9.6 million of non-cash stock-based sales incentive contra-revenue charges ("Amazon warrant charges") related to the warrant issued to Amazon.com NV Investment Holdings LLC (the "Amazon warrant"), compared to Amazon warrant charges of $17.4 million in Q2 2025. Q2 2026 station construction revenues were $16.0 million versus $7.8 million of station construction revenues in Q2 2025. Revenue for Q2 2026 also included an unrealized loss of $0.2 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program, compared to an unrealized loss of $0.5 million in Q2 2025. Q2 2026 renewable identification number ("RIN") and low carbon fuel standards ("LCFS") revenues were $14.2 million versus $11.9 million of RIN and LCFS revenues in Q2 2025 reflecting (i) an increase in RIN revenue of $1.0 million primarily due to incremental RIN revenue generated by the Company’s consolidated dairy RNG production project (upstream business), higher price, and higher volume partially offset by a lower share of RIN values and (ii) an increase in LCFS revenue of $1.3 million primarily due to a higher share of LCFS values, higher low-CI volume, higher price, and incremental LCFS revenue generated by the Company’s consolidated dairy RNG production project (upstream business). Net loss attributable to Clean Energy for Q2 2025 included higher non-cash stock-based sales incentive contra-revenue charges related to the Amazon warrant, and a loss from the Rimere equity method investment, which was disposed of in December 2025. Non-GAAP income (loss) per share (as defined below) for Q2 2026 was ($0.01), compared to $0.00 per share for Q2 2025. In this press release, Clean Energy refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures may not be comparable to similarly titled measures being used and disclosed by other companies. Clean Energy believes that this non-GAAP information is useful for an understanding of its operating results and the ongoing performance of its business. Non-GAAP income (loss) per share and Adjusted EBITDA are defined below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively. The table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share: The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy: The tables below present a further breakdown of the above consolidated Adjusted EBITDA: Fuel Volume The following table presents, for the three and six months ended June 30, 2025 and 2026, the amount of total fuel volume the Company sold to customers, with particular focus on RNG volume as a subset of total fuel volume. The following table shows the Company’s sources of revenue for the three and six months ended June 30, 2025 and 2026: 2026 Outlook Our GAAP net loss for 2026 is expected to range from approximately $(71) million to $(66) million, assuming no unrealized gains or losses on customer contracts relating to the Company’s truck financing program and Amazon warrant charges estimated to be approximately $47 million. Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on the Company’s customer fueling contracts relating to the Company’s truck financing program, and significant variations in the vesting of the Amazon warrant could significantly affect the Company’s estimated GAAP net loss for 2026. Adjusted EBITDA for 2026 is estimated to range from approximately $70 million to $75 million. These expectations exclude the impact of any acquisitions, divestitures, new joint ventures, transactions and other extraordinary events; and macroeconomic conditions and global supply chain issues. Additionally, the expectations regarding 2026 Adjusted EBITDA assume the calculation of this non-GAAP financial measure in the same manner as described above and adding back the estimated Amazon warrant charges described above and without adjustments for any other items that may arise during 2026 that management deems appropriate to exclude. These expectations are forward-looking statements and are qualified by the statement under "Safe Harbor Statement" below. The tables below present a further breakdown of the above consolidated Adjusted EBITDA: Today’s Conference Call The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.800.343.4136 from the U.S. (Conference ID: CLEAN) and international callers can dial 1.203.518.9843 (Conference ID: CLEAN). A telephone replay will be available approximately three hours after the call concludes through Thursday, August 20, 2026, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 11162192. There also will be a simultaneous, live webcast available on the Investor Relations section of the Company’s website at www.cleanenergyfuels.com, which will be available for replay for 30 days. About Clean Energy Fuels Corp. Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas ("RNG"), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on X (formerly known as Twitter). Non-GAAP Financial Measures To supplement the Company’s unaudited condensed consolidated financial statements presented in accordance with GAAP, the Company uses non-GAAP financial measures that it calls non-GAAP income (loss) per share ("non-GAAP income (loss) per share") and adjusted EBITDA ("Adjusted EBITDA"). Management presents non-GAAP income (loss) per share and Adjusted EBITDA because it believes these measures provide meaningful supplemental information about the Company’s performance for the following reasons: (1) they allow for greater transparency with respect to key metrics used by management to assess the Company’s operating performance and make financial and operational decisions; (2) they exclude the effect of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) they are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance. Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Non-GAAP income (loss) per share and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company’s presentation of non-GAAP income (loss) per share and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies. Non-GAAP Income (Loss) Per Share Non-GAAP income (loss) per share, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp., plus Amazon warrant charges, plus stock-based compensation expense, plus the accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations, plus (minus) loss (income) from Rimere equity method investment, plus (minus) loss (income) from the SAFE S.p.A. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus one-off, non-cash charge to Goodwill, (minus) gain on extinguishment of loan receivable and equity security and minus amortization of investment tax credit from RNG equity method investments, the total of which is divided by the Company’s weighted-average common shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to the Amazon warrant charges provides useful information to investors regarding the Company’s performance because the Amazon warrant charges are measured based upon a fair value determined using a variety of assumptions and estimates, and the Amazon warrant charges do not affect the Company’s operating cash flows related to the delivery and sale of vehicle fuel to its customer. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use, which may obscure trends in a company’s core operating performance. In addition, the Company’s management believes excluding the results from the Rimere equity method investment is useful to investors because Rimere is an investment belonging to the non-core operations of the Company, and its results are not indicative of the Company’s ongoing operations. Similarly, the Company’s management believes excluding the non-cash results from the SAFE S.p.A. equity method investment is useful to investors because these charges are not part of or representative of the core operations of the Company. In addition, the Company’s management believes excluding the non-cash loss (gain) from changes in the fair value of derivative instruments is useful to investors because the valuation of the derivative instruments is based on a number of subjective assumptions, the amount of the loss or gain is derived from market forces outside of management’s control, and the exclusion of these amounts enables investors to compare the Company’s performance with other companies that do not use, or use different forms of, derivative instruments. Furthermore, the Company’s management believes excluding other income relating to the amortization of investment tax credit from RNG equity method investments is useful to investors because such income is not generated from the core operations of the Company and may obscure trends of the Company’s core operations. Adjusted EBITDA Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp plus (minus) income tax expense (benefit), plus interest expense (including any losses from the extinguishment of debt), minus interest income, plus depreciation and amortization expense, plus the accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations, plus one-off, non-cash charge to Goodwill, minus gain on extinguishment of loan receivable and equity security, plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the Rimere equity method investment, plus (minus) loss (income) from the SAFE S.p.A. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus depreciation and amortization expense from RNG equity method investments, plus interest expense from RNG equity method investments, minus interest income from RNG equity method investments, and minus amortization of investment tax credit from RNG equity method investments and the Company’s consolidated RNG project. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about, among other things, our fiscal 2026 outlook, our volume growth, customer expansion, network expansion, production sources, joint ventures, governmental regulations, vehicle adoption, and the benefits of our fuels. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate and level of any such adoption; the market’s perception of the benefits of RNG and conventional natural gas relative to other alternative vehicle fuels; natural gas vehicle and engine cost, fuel usage, availability, quality, safety, convenience, design, performance and residual value, as well as operator perception with respect to these factors, in general and in the Company’s key customer markets, including heavy-duty trucking; the Company’s ability to further develop and manage its RNG business, including its ability to procure adequate supplies of RNG and generate revenues from sales of such RNG; the Company and its suppliers’ ability to successfully develop and operate projects and produce expected volumes of RNG; the impact of a bankruptcy or failure of any source owners at our projects; the Company’s dependence on the production of vehicles and engines by manufacturers over which the Company has no control; the long and variable development cycle required to secure ADG RNG from new projects; the potential commercial viability, solvency, financial capacity, and operational capability of livestock waste and dairy farm projects to produce RNG; the Company’s history of net losses and the possibility that the Company could incur additional net losses in the future; the Company’s and its partners’ ability to acquire, finance, construct and develop other commercial projects; the Company’s ability to invest in hydrogen stations or modify its fueling stations to reform its RNG to fuel hydrogen and charge electric vehicles; the future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, and other vehicle fuels, including overall levels of and volatility in these factors; changes in the competitive environment in which we operate, including potentially increasing competition in the market for vehicle fuels generally; the Company’s ability to manage and increase its business of transporting and selling CNG for non-vehicle purposes via virtual natural gas pipelines and interconnects, as well as its station design and construction activities; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to procure and maintain contracts with government entities; the Company’s ability to execute and realize the intended benefits of any acquisitions, divestitures, investments or other strategic relationships or transactions; significant fluctuations in the Company’s results of operations, which make it difficult to predict future results of operations; the Company’s warranty reserves may not adequately cover its warranty obligations; a future pandemic, epidemic or other infectious disease outbreak; the future availability of and the Company’s access to additional capital, which may include debt or equity financing, in the amounts and at the times needed to fund growth in the Company’s business and the repayment of its debt obligations (whether at or before their due dates) or other expenditures, as well as the terms and other effects of any such capital raising transaction; the Company’s ability to generate sufficient cash flows to repay its debt obligations as they come due; the availability of environmental, tax and other government legislation, regulations, programs and incentives that promote natural gas, such as AFTC, or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor these or other vehicles or vehicle fuels over natural gas; the Company’s ability to comply with various registration and regulatory requirements related to its RNG projects; the effect of, or potential for changes to greenhouse gas emissions requirements or other environmental regulations applicable to vehicles powered by gasoline, diesel, natural gas or other vehicle fuels and crude oil and natural gas fueling, drilling, production, transportation or use; the Company’s ability to manage the health, safety and environmental risks inherent in its operations; the Company’s compliance with all applicable government and environmental regulations; the impact of the foregoing on the trading price of the Company’s common stock; the interests of the Company’s significant stockholders may differ from the Company’s other stockholders; the Company’s ability to protect against any material failure, inadequacy, interruption or security failure of its information technology; the Company’s recent leadership transition; and general political, regulatory, economic and market conditions. The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company’s periodic reports filed with the Securities and Exchange Commission (www.sec.gov), including its Annual Report on Form 10-K for the year ended December 31, 2025 that the Company filed with the Securities and Exchange Commission on February 24, 2026, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 that the Company filed with the Securities and Exchange Commission on May 7, 2026, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 that the Company expects to file with the Securities and Exchange Commission on or about August 6, 2026, contain additional information about these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release, and such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805199210/en/ Contacts Media Contact: Gary Foster(949) [email protected] Investor Contact: Thomas Driscoll(949) [email protected]

Let’s dig into the relative performance of Clean Energy Fuels (NASDAQ:CLNE) and its peers as we unravel the now-completed Q1 mixed or offshore upstream e&p earnings season. This category includes smaller or niche E&P companies operating in specialized basins, geographies, or resource types outside major classifications. These firms may target unconventional resources, frontier regions, or specific commodity niches. Tailwinds include potential for outsized returns from successful exploration, acquisition opportunities during industry downturns, and specialized expertise commanding premium valuations. Headwinds include higher operational and geological risks, limited scale reducing negotiating power and cost efficiencies, and constrained capital market access during challenging commodity environments. Regulatory risks and ESG concerns may disproportionately affect smaller operators with fewer resources for compliance. The 21 mixed or offshore upstream e&p stocks we track reported a satisfactory Q1. As a group, revenues missed analysts’ consensus estimates by 5%. While some mixed or offshore upstream e&p stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.3% since the latest earnings results. Operating the largest network of natural gas fueling stations in North America with over 600 locations, Clean Energy Fuels (NASDAQ:CLNE) supplies renewable natural gas and conventional natural gas as fuel for commercial vehicle fleets. Clean Energy Fuels reported revenues of $117.6 million, up 13.3% year on year. This print exceeded analysts’ expectations by 18.5%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and EBITDA estimates. Clean Energy Fuels achieved the biggest analyst estimates beat of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 11.7% since reporting and currently trades at $2.04. Is now the time to buy Clean Energy Fuels? Access our full analysis of the earnings results here, it’s free. Operating in water depths reaching 12,000 feet below the surface, Seadrill (NYSE:SDRL) owns and operates drillships and semi-submersible rigs that drill oil and gas wells in deepwater offshore locations. Seadrill reported revenues of $358 million, up 6.9% year on year, outperforming analysts’ expectations by 7.2%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. The market seems happy with the results as the stock is up 6.2% since reporting. It currently trades at $51.30. Is now the time to buy Seadrill? Access our full analysis of the earnings results here, it’s free. Taking a hands-off approach to energy production, Vitesse Energy (NYSE:VTS) owns non-operated stakes in oil and natural gas wells primarily in North Dakota and Montana's Williston Basin. Vitesse Energy reported revenues of $67.41 million, up 1.9% year on year, falling short of analysts’ expectations by 6.8%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates. As expected, the stock is down 8.2% since the results and currently trades at $17.52. Read our full analysis of Vitesse Energy’s results here. After acquiring Mobile Energy Rentals in 2024 to enter the distributed power market, Solaris Energy Infrastructure (NYSE:SEI) leases mobile power equipment and provides logistics services for oil and gas well completion. Solaris Energy Infrastructure reported revenues of $196.2 million, up 55.3% year on year. This print beat analysts’ expectations by 6.8%. It was an incredible quarter as it also produced a beat of analysts’ EPS and EBITDA estimates. The stock is up 6.6% since reporting and currently trades at $75.27. Read our full, actionable report on Solaris Energy Infrastructure here, it’s free. With roots dating to the late 1800s when railroads were expanding westward and land grants were common, Black Stone Minerals (NYSE:BSM) owns oil and natural gas mineral rights across the U.S., earning royalties when energy companies drill on its land. Black Stone Minerals reported revenues of $59.36 million, flat year on year. This result missed analysts’ expectations by 39.5%. Zooming out, it was actually a very strong quarter as it logged a solid beat of analysts’ EBITDA and EPS estimates. The stock is down 3.8% since reporting and currently trades at $13.70. Read our full, actionable report on Black Stone Minerals here, it’s free. Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. 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Clean Energy Fuels delivered first quarter results that exceeded Wall Street’s revenue and non-GAAP profit expectations, but the market responded negatively as investors focused on underlying operational uncertainties. Management pointed to robust renewable natural gas (RNG) volumes, aided by higher demand from both core transit and refuse segments and customers outside its network. CEO Clay Corbus acknowledged that “adoption of the X15N [engine] has been slower than we originally expected” due to economic and regulatory headwinds, and the company faced production challenges related to extreme winter weather, particularly in the Upper Midwest. Is now the time to buy CLNE? Find out in our full research report (it’s free). Revenue: $117.6 million vs analyst estimates of $99.2 million (13.3% year-on-year growth, 18.5% beat) Adjusted EPS: -$0.01 vs analyst estimates of -$0.03 ($0.02 beat) Adjusted EBITDA: $16.57 million vs analyst estimates of $13.5 million (14.1% margin, 22.7% beat) Operating Margin: -2.5%, up from -122% in the same quarter last year Market Capitalization: $451.5 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Eric Stine (Craig Hallum) asked whether high diesel prices would accelerate RNG truck adoption or only benefit larger fleets. CEO Clay Corbus explained that adoption decisions remain gradual, with fleets “starting out with five trucks, start out with 10 trucks,” and expanding as experience grows, regardless of fleet size. Eric Stine (Craig Hallum) followed up on lower base fuel margins and whether this was a short-term or ongoing trend. CFO Robert Vreeland clarified that margin pressures are expected throughout the year, but that the company can offset this with stable commodity costs and higher pricing. Rob Brown (Lake Street Capital Markets) inquired about the sustainability of higher RNG volumes from third parties and whether Q1 strength was repeatable. Corbus cautioned that some of the growth reflected an “easy comp” versus last year and unique Q1 opportunities, signaling that volumes may moderate. Rob Brown (Lake Street Capital Markets) also asked about the impact of the recent CARB pathway certification. Corbus stated the new certification “almost doubles the number of LCFS credits we can generate” for the Del Rio Dairy project, enhancing revenue potential. Matthew Blair (TPH) probed whether Clean Energy Fuels is taking market share from competitors or simply meeting higher demand. Corbus explained that the company’s flexible distribution model enables it to supply RNG to external stations when opportunities arise, but he doesn’t view this as a shift in competitive dynamics. In the coming quarters, the StockStory team will be closely watching (1) the pace of new RNG project ramp-ups and operational improvements, (2) the impact of regulatory milestones on LCFS and RIN credit revenues, and (3) adoption trends for RNG-powered heavy-duty trucks, particularly as more fleets evaluate their total cost of ownership. The effects of any further diesel price volatility and execution on cost control will also be key areas of focus. Clean Energy Fuels currently trades at $2.06, down from $2.31 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meeting near-term momentum - both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks - FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.

A week ago, Clean Energy Fuels Corp. (NASDAQ:CLNE) came out with a strong set of first-quarter numbers that could potentially lead to a re-rate of the stock. Revenue crushed expectations at US$118m, beating expectations by 22%. Clean Energy Fuels reported a statutory loss of US$0.06 per share, which - although not amazing - was much smaller than the analysts predicted. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Following last week's earnings report, Clean Energy Fuels' four analysts are forecasting 2026 revenues to be US$434.5m, approximately in line with the last 12 months. Losses are predicted to fall substantially, shrinking 30% to US$0.32. Before this earnings announcement, the analysts had been modelling revenues of US$409.8m and losses of US$0.32 per share in 2026. View our latest analysis for Clean Energy Fuels The analysts trimmed their valuations, with the average price target falling 18% to US$3.84, with the ongoing losses clearly weighing on sentiment despite the upgraded revenue estimates. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. The most optimistic Clean Energy Fuels analyst has a price target of US$6.00 per share, while the most pessimistic values it at US$2.50. Note the wide gap in analyst price targets? This implies to us that there is a fairly broad range of possible scenarios for the underlying business. Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 1.3% by the end of 2026. This indicates a significant reduction from annual growth of 9.6% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 3.5% annually for the foreseeable future. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - Clean Energy Fuels is expected to lag the wider industry. The most obvious conclusion is that the analysts made no changes to their forecasts for a loss next year. They also upgraded their revenue estimates for next year, even though it is expected to grow slower than the wider industry. The consensus price target fell measurably, with the analysts seemingly not reassured by the latest results, leading to a lower estimate of Clean Energy Fuels' future valuation. Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have forecasts for Clean Energy Fuels going out to 2028, and you can see them free on our platform here. We don't want to rain on the parade too much, but we did also find 1 warning sign for Clean Energy Fuels that you need to be mindful of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Image source: The Motley Fool. Thursday, May 7, 2026 at 4:30 p.m. ET President and Chief Executive Officer — Clay Corbus Chief Financial Officer — Robert Vreeland Moderator — Tom Driscoll Tom Driscoll: Thank you, Dana. Earlier this afternoon, Clean Energy Fuels Corp. released financial results for the first quarter ending 03/31/2026. If you did not receive the release, it is available on the Investor Relations section of the company's website, where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we would like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy Fuels Corp.'s Form 10-Q filed today. These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release. The company's non-GAAP EPS and Adjusted EBITDA will be reviewed on this call and exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and Adjusted EBITDA, and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today. With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbus. Clay Corbus: Alright. Thank you, Tom. I want to start by saying that I am honored to be named CEO of Clean Energy Fuels Corp. I have been part of this company for 19 years and have been involved in every major chapter of our evolution, from our days building out the fueling network to our initial investments in RNG in 2008, to the integrated platform we operate today. I have a huge amount of confidence in our team and the foundation we have built, and I am very excited about the opportunity ahead of us. Now as CEO, I plan to focus on growth, strengthen execution and operating discipline, and fully leverage the assets, infrastructure, and people we have in place. We have a strong balance sheet, recurring cash flow, and a very capable team. I also see opportunity to be more technology-forward, using data and software to improve efficiency across operations, corporate functions, RNG, and how we identify new customers and serve existing customers. All of this supports the same objective: deliver value for our customers and stakeholders. At its core, I believe deeply in this business and our product. RNG is domestically produced, lowers fuel costs, reduces greenhouse gas emissions, and uses existing infrastructure. Those fundamentals have always mattered, but they are especially relevant today. Beginning in early March, the conflict with Iran caused a sharp rise in crude oil prices, which quickly flowed through to diesel across the U.S. Diesel prices increased by roughly $1.50 to $2 per gallon or more, a 50% increase almost overnight. Fuel is a meaningful component of cost per mile, and this level of volatility strains fleets, carriers, and shippers, and ultimately leads to higher costs for consumers. This environment reinforces why Clean Energy Fuels Corp. exists. Compared to diesel, natural gas is cheaper, cleaner, domestic, and less exposed to geopolitical events abroad. As you have heard many times before, nearly 100% of the fuel delivered to our stations today is renewable natural gas, which captures all the benefits I just mentioned and helps our customers advance their sustainability goals. Now turning to the quarter, we delivered 67 million gallons of RNG, we generated $16.6 million of Adjusted EBITDA, and we ended the quarter with $126 million of cash on the balance sheet. In our downstream business, performance across core markets remained steady. Our transit and refuse sectors continue to be consistent contributors, supported by long-standing customer relationships and the reliability of RNG. We also see underappreciated growth potential in these segments. Over the past five years, battery-electric and hydrogen solutions have proven costly and challenging to deploy in many locations. As those realities become clearer for transit and refuse fleets, RNG offers a practical, cleaner, and lower-cost alternative to diesel, and many of these fleets already have firsthand experience with RNG. In trucking, the recent diesel price hikes and volatility have brought total cost of ownership back into focus. Heavy-duty trucking remains our largest growth opportunity. Class 8 trucks with the Cummins X15N engine allow fleets to capture RNG's economic and environmental benefits without sacrificing range or performance. The technology works, the infrastructure is in place, the fuel is available today, and it is cheap and less volatile. Quite simply, the case for switching from diesel to RNG has never been stronger. At the same time, adoption of the X15N has been slower than we originally expected. Diesel is the incumbent fuel for the vast majority of fleets. In the last two years, the sector has faced challenging freight fundamentals, federal and state regulatory uncertainty, particularly in California, and frankly, ESG whiplash as companies balance long-term sustainability goals with fluid policies and near-term stakeholder expectations. Even though RNG delivers a lower total cost of ownership, natural gas tractors still carry a higher upfront cost than diesel. In that environment, many fleets have chosen to delay change and stick with the status quo. Our strategy is to be targeted, focusing on applications and fleets where RNG delivers the clearest economic and low-carbon advantages. In our upstream RNG production business, we now have eight projects operating and three under construction. The first quarter reflected continued ramp-up at our South Fork project in Texas and our East Valley project in Ohio. The first quarter also had extreme winter weather, which impacted production, particularly in the Upper Midwest. We were able to get our projects back on track and anticipate production and financial results to improve as the year progresses. I would also like to highlight a positive regulatory milestone. In March, CARB approved the pathway for our Del Rio Dairy project in Texas with a carbon intensity of approximately negative 300. We also continue to await an upgraded GREET model from the Department of Energy for determining 45Z credit values, which is expected to better reflect the negative carbon intensity of dairy RNG. As we scale our RNG production business, projects have taken longer to develop and ramp up than initially expected, and some have faced operational challenges. We have responded by taking a more hands-on approach to operations, strengthening internal oversight, and replacing vendors where performance fell short. These improvements and transitions take time, but we are making progress. We remain focused on improving performance at our operating sites and executing projects under construction. It remains true that Clean Energy Fuels Corp. is an advantaged owner of dairy RNG production. Customer demand for low-CI RNG remains strong, particularly in California, where we have the largest RNG station network. Now, in concluding, I want to take a moment to recognize Andrew J. Littlefair. Andrew J. Littlefair founded this company, led it for three decades, and built Clean Energy Fuels Corp. into the platform that it is today. I have had the privilege of working alongside Andrew J. Littlefair and learning from him. We are fortunate that he remains actively involved by continuing his work on policy matters in Washington and serving on our board. On behalf of the entire company, I want to thank him for his contributions and continued commitment to Clean Energy Fuels Corp. With that, I will hand the call to our CFO, Robert Vreeland, to walk through the financials. Robert Vreeland: Thank you, Clay, and good afternoon to everyone. Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses. For example, while extreme cold weather impacted upstream RNG production, we were able to monetize a larger-than-expected amount of RIN and LCFS credits from our East Valley dairy in Idaho, which was placed into service in March. Increased RNG volumes delivered by our fuel distribution business drove higher RIN revenues, and we were able to optimize our gas costs in this volatile commodities market. To a lesser degree in the quarter, but still ongoing today, we enjoy the dynamics of higher retail fuel prices while our natural gas commodity costs did not increase proportionally at the same level as oil and diesel prices. In fact, despite increases in our natural gas costs and retail prices, we maintained a large discount on our fuel price compared to diesel. Consequently, one of the effects we see of elevated commodity and retail prices is higher revenue. Coupled with higher fuel volumes, which drive both base fuel sales revenue as well as RIN and LCFS revenues, we reported $117.6 million in revenue for 2026 compared to $103.8 million last year. RNG volumes delivered in 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing RNG for transportation. We have seen this before, and it is nice to have the supply to accommodate those deliveries. We believe we will come off the first-quarter RNG volumes by a few million gallons or so as we look forward, but remain confident in achieving our annual guidance of delivering 250 million gallons or more given the first quarter of RNG for the year. GAAP net loss was $12 million for 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the first quarter, where we reported a GAAP net loss of $135 million, which included a couple of large non-cash charges totaling $115 million. Adjusted EBITDA of $16.6 million in 2026 compares to $17.1 million of Adjusted EBITDA a year ago. In addition to the normal variations I mentioned for 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026. And, as well and also anticipated in our 2026 outlook, we lowered SG&A expenses in 2026. One reporting comment I will make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements. You will notice in 2026, a portion of the warrant charge is included as a charge against our O&M service revenue, whereas previously, 100% of the charge was in our products revenue. There is more detail on the Amazon warrant charge—it is just a different place in the income statement that you are seeing it this year. There is more disclosed in our 10-Q. In addition to the $126 million in cash and investments on our balance sheet, there is another $46 million in cash off balance sheet at our dairy RNG joint ventures. And during the first quarter, we contributed $12 million to our MAS Energy Works JV, with another $12 million that was contributed in April. MAS Energy Works continues to make good progress toward completing the three dairy projects under construction. And with that, operator, please open the call to questions. Operator: Thank you. To leave the queue at any time, press 2. Once again, that is 1 to ask a question, and we will pause for just one moment to allow everyone a chance to join the queue. Our first question comes from Eric Stine with Craig Hallum. Please go ahead. Your line is now open. Eric Stine: Hi, Clay. Hi, Bob. Clay, you touched on it a little bit, just with the X15N. I mean, I know that now there are two OEMs in the market and prior to Freightliner's entry, pricing was an issue, so incremental cost has come down some. And obviously we have all read the glowing feedback of fleets that have been testing this. But the market conditions, as you said, you have a more difficult environment, but obviously it highlights the price benefit. Do you view this as just going to make it more likely that it is going to be the large fleets rather than the small one-off adoption stories? Or how do you view that? I mean, is this the kind of thing that, if it persists, could be what actually jumpstarts this market? Because as you have said, although Cummins' view of it has not changed in terms of the overall opportunity, it is well behind schedule. Clay Corbus: Yeah. Well, Eric, it is what we spend a lot of time thinking about and focused on. I do not think anybody really thinks that diesel is going to stay at these prices forever. But I do think that this run-up in diesel has really heightened the awareness of the volatility. You know, we were at the ACT conference the last few days, and what a lot of people are talking about is, if you just take the last five years and do a regression analysis on what the price of diesel has been, and then you compare that to the price of natural gas, it is just higher overall. And when fleets are trying to plan going forward what their fuel costs are going to be and their total cost of ownership, they are factoring that into those decisions. So it certainly helps us because it helps us with the total cost of ownership and the payback period for that incremental cost. I would also say that I do not know that it changes the types of fleets we are looking at, whether they are large fleets or small fleets. Because even with the large fleets, they are not going to change 2,000 trucks overnight. I think what we are seeing is that—as we heard from some of the fleets—they are going to start out with five trucks, start out with 10 trucks, dip their toe in the water, get their mechanics used to it, get their drivers used to it, get their routes used to it, and then from there, expand it into larger numbers within the fleet. I think that, combined with the advantages that we are seeing now in the total cost of ownership, will result in incremental adoption as we go forward. But it is a long sales cycle. It takes a long time to get trucks ordered, and it takes a long time to get them on the road. So it is not something where people can see high diesel prices and say they are going to order a truck tomorrow. It is a longer decision process than that. But certainly, the fundamentals behind it are reopening a lot of discussions that we are excited to take part in. Eric Stine: Got it. That is very helpful. And then maybe just my second one for Bob. So you mentioned lower base fuel margins and something that was kind of the expectation. Was that commentary for Q1 or early in the year? Because if I think about, especially in trucking, when you have got high diesel prices, you can still offer a pretty healthy discount, and it is a pretty good margin environment for you. So just maybe clarify that statement and how you are thinking about that for the remainder of the year? Robert Vreeland: Yeah, Eric, that comment is looking at the full year. When we gave our guidance back in February, we talked about some of the dynamics that could impact our guidance for 2026, and the possibility of lower margins from a variety of reasons was in the mix, and it is really throughout the year. But I will say, to the point you are making, we have numerous levers. So while the margin gets impacted from one area, the fact that we are enjoying higher prices with our costs remaining pretty stable helps offset some of that. But it is a go-forward look and certainly in our plan. Eric Stine: Okay. Thanks a lot. Clay Corbus: Great. Thanks, Eric. Operator: Thank you. We will now go to Rob Brown with Lake Street Capital Markets. Please go ahead. Your line is open. Rob Brown: Hi, Clay and Bob. Thanks for taking my call. On the RNG volume you talked about in the quarter from kind of third parties, could you just clarify how that works and maybe sort of visibility on that? Clay Corbus: Yeah. You know, it was a strong growth quarter, particularly when you compare it against last year. But I think we want to be careful on that because part of that growth was that the first quarter of last year, we did see our volumes trend down. If you remember, we had the biogas reform that pushed a lot of our volume into 2024, so 2025 was lower. And then, of course, we always have bad weather in the first quarter, but last year it was really spread throughout the country, and so we had less RNG from our third parties, in addition to our own production that was down. So while we are very pleased with the first quarter, a lot of it really was that we were comparing against a very easy comp in 2025. Rob Brown: Okay. Thank you. And just to clarify, given the CARB pathway certification right now, it sounds like that is great. How does that flow through into the ability to get credits? Clay Corbus: Well, it basically almost doubles the number of LCFS credits we can generate. When you are at a negative 150 versus negative 300, you are able to generate more credits off the same fuel that is coming through. Rob Brown: Okay. Thank you. I will turn it over. Clay Corbus: Yeah. Thanks, Rob. Operator: Thank you. We will now go to Matthew Blair with TPH. Please go ahead. Your line is open. Matthew Blair: Thanks, and good afternoon, Clay and Bob. Could you talk a little bit more about the comment where you mentioned higher demand from customers outside of your network? Could you unpack that a little bit? Do you think you were taking share from some of your competitors? Or was it just a situation that these customers were utilizing their existing CNG trucks a little bit more and just needed more fuel given rising diesel prices? And could you also talk about what end markets you saw increased demand from? And then on the fuel distribution guide for 2026—it looks like you did not change it, still 67 to approximately 70 million despite the good result in the first quarter of 19 million. I think you mentioned that you would expect things to roll off a little bit in Q2. Are you already seeing softer conditions so far in the second quarter, or is that just your general expectation? Clay Corbus: Yeah. So, Matthew, there are other folks out there with CNG fueling stations, and there are instances where, based on supply availability and that sort of thing, we will flow our RNG into those stations. It is really a supply-demand dynamic, and I could not necessarily tell you what is going on with their demand, but I know that they need the supply, and we are able to move it. We have done it before. It is not necessarily routine, but that is what that looks like because we have the RNG and we can flow it to other places. It is the beauty of the distribution model. As for the fuel distribution guide, I will not comment on what I am seeing intra-quarter. Second quarter is not really softer or consistent; it is more a comment relative to the volatility and the strength that we saw in the first quarter, and knowing that we may not see that level of strength as we go forward. We had some unique opportunities to sell some RNG to some of our customers that are probably not going to be repeated. So while it was a good result, it was an easy comp against last year, and you should not just multiply it by four for the full year because there were some unique opportunities in Q1 that we took advantage of. Matthew Blair: Sounds good. Thanks for your comments. Clay Corbus: Yeah. Thank you, Matthew. Operator: We will go next to Betty Zhang with Scotiabank. Please go ahead. Betty Zhang: Thank you for taking my questions. I wanted to ask about Amazon and that relationship. Earlier, Amazon announced its logistics services. Do you think there would be an opportunity to leverage that existing relationship and maybe increase some RNG volumes to them? And then for my follow-up, also related to Amazon, on those warrant charges, you mentioned it is now shared between the fuel and services. Is this a change in the contract with Amazon, or how would you describe that change? Thank you. Clay Corbus: Betty, I will take the first comment. We do not comment specifically on Amazon. We want to be very careful—that is not something we can, or will, do. Across our customers, though, every single customer with existing trucks—whether they are 12-liter, 9-liter, wherever they are—we work with all of our customers to try to increase the penetration into their fleet with the X15N. So I am not going to speak specific to Amazon, but it is just good business sense to work with customers that you already have and see if you can continue your growth with them. As far as the Amazon warrant charge, I will let Bob take that one. Robert Vreeland: Yeah. And Betty, I really cannot say that much, but it was not an arbitrary change. Any change like that is typically going to be driven contractually. We are just doing the appropriate accounting based on the contract that we have. Betty Zhang: Thank you. Operator: At this time, there are no further questions in the queue. I will now turn the meeting back over to Clay Corbus. Clay Corbus: Alright, Dana. Thanks very much. And thank everybody else for joining us. We look forward to speaking with you next quarter. Unknown Speaker: Thank you. Operator: This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Clean Energy Fuels, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Clean Energy Fuels wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 974% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Clean Energy (CLNE) Q1 2026 Earnings Transcript was originally published by The Motley Fool