Clean Energy Fuels Corp. Q1 FY2026 earnings call

• Clay Corbis, President and CEO, focused on growth, execution, operating discipline, and leveraging assets. • Mentioned conflict with Iran caused crude oil price rise, making natural gas a better alternative. • Downstream business: Transit, refuse, and trucking segments discussed. • Upstream RNG production: Projects in operation and under construction, winter weather impacted production but expected improvement. • Positive regulatory milestone with CARB approval for Del Rio Dairy project. • Recognized Andy Littlefair's contributions. • CFO Bob Breland discussed financials, revenue increase, adjusted EBITDA, SG&A expenses, and Amazon warrant charge change.

Downstream business: Core markets' performance remained steady. Transit and refuse sectors were consistent contributors with longstanding customer relationships. Trucking: Heavy-duty trucking is a large growth opportunity with Class 8 trucks using Cummins X15N engine. Upstream RNG production: 8 projects operating, 3 under construction. First quarter delivered 67 million gallons of RNG, generated 16.6 million of adjusted EBITDA, ended with 126 million cash on balance sheet. Revenue for the quarter was $117.6 million compared to $103.8 million last year. Gap net loss was 12 million for the first quarter of 2026, adjusted EBITDA was $16.6 million compared to $17.1 million a year ago.

• Believes will come off first quarter RNG volumes by a few million gallons but confident in achieving annual guidance of 250 million gallons or more. • Lower base fuel margins anticipated in 2026 outlook, SG&A expenses lowered in first quarter. • Commented on full year dynamics with higher prices and stable costs offsetting some margin issues. • Mentioned unique opportunities in Q1 that may not be repeated, so not multiplying Q1 result by four for full year.

• Forward-looking statements involve risks, uncertainties, and assumptions difficult to predict. • Factors causing actual results to differ materially from forward-looking statements described in risk factors section of Form 10-Q. • Projects in RNG production took longer to develop and ramp up than initially expected and faced operational challenges.

Q: Eric Stein asked about X-15N adoption and market impact.

A: Clay Corbis discussed TCO, adoption being a long sales cycle, and dip-toe-in approach.

Q: Eric Stein asked about base fuel margins.

A: Bob Breland said comment was on full year, margins impacted by various reasons but offset by other factors.

Q: Rob Brown asked about R&G volume from third parties and CARB pathway.

A: Clay Corbis explained Q1 volume compared to easy comp in 2025 and CARB pathway doubling LCF credits.

Q: Matthew Blair asked about demand from outside network and fuel distribution guide.

A: Clay Corbis explained distribution model and guidance on Q1 result not being multiplied for full year.

Q: Betty Zhang asked about Amazon relationship and warrant charge change.

A: Clay Corbis said not to comment specifically on Amazon, Bob Breland said warrant charge change was contractually based