Hello and welcome everyone joining today's Clean Energy Fuels first 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 star 1 on your telephone keypad. Please note this call is being recorded. We are standing by should you need any assistance. It is now my pleasure to turn the meeting over to Tom Driscoll, Vice President Strategic Development and

sustainability. Please go ahead. Thank you, Dana. Earlier this afternoon, Clean Energy released financial results for the first quarter ending March 31st, 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'd 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's Form 10Q filed today. These forward-looking statements speak only as the date of this release. The company undertakes no obligation to public 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 excludes 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 8K today. With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbis.

All right. Thank you, Tom. I want to start by saying that I'm honored to be named CEO of Clean Energy. I've been part of this company for 19 years and have been involved in every major strategic chapter of our evolution, from our days building out the fueling network to our initial investments in R&G in 2008 to the integrated platform we operate today. I have a huge amount of confidence in our team and the foundation we've built, and I'm very excited about the opportunity ahead of us. Now, at 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, R&G, 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 $2.00 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 exists. Compared to diesel, natural gas is cheaper, cleaner, domestic, and less exposed to geopolitical events abroad. As you've 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 remain steady. Our transit and refuge sectors continue to be consistent contributors, supported by longstanding customer relationships and the reliability of R&G. 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, R&G offers a practical, cleaner, and lower-cost alternative to diesel. And many of these fleets already have firsthand experience with R&G. 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 A 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, to be honest, 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 great 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 R&G 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'd 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 the RNG production business, projects have taken longer to develop and ramp up than initially expected, and some have faced operational challenges. We've 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 that are under construction. It remains true that clean energy is an advantage donor of dairy RNG production. Customer demand for low CI RNG remains strong, particularly in California, where we have the largest RNG station network. Now, before concluding, I do want to take a moment to recognize Andrew Littlefair. Andrew founded this company. he led it for three decades and built clean energy into the platform that it is today. I've had the privilege of working alongside Andrew 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. And with that, I'll hand the call to our CFO,

Bob Breland to walk through the financials. 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 R&G production, we were able to monetize a larger than expected amount of REN and LCFS credits from our East Valley, Dairy, and Idaho, which was placed into service in March. Increased R&G volumes delivered by our fuel distribution business drove higher 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 enjoyed the dynamics of higher retail fuel prices, while our natural gas commodity costs did not increase proportionally at the same level of oil and diesel prices. In fact, despite increases in our natural gas costs and the 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 rent and LCFS revenues, We reported $117.6 million in revenue for the first quarter of 2026, compared to $103.8 million last year. RNG volumes delivered in the first quarter of 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've seen this before, and it's nice to have the supply to accommodate those deliveries. We believe we'll 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. Gap net loss was $12 million for the first quarter of 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the first quarter where we reported a gap net loss of $135 million, which included a couple large non-cash charges totaling $115 million. Adjusted EBITDA of $16.6 million in the first quarter of 2026 compares to $17.1 million of adjusted EBITDA a year ago. In addition to the normal variations I mentioned previously for the first quarter of 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026, and also anticipated in our 2026 outlook, we lowered SG&A expenses in the first quarter of 2026. reporting comment I'll make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements. You'll 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. And there's more detail on the Amazon warrant charge. It's just a different place in the income statement that you're seeing it this year. There's 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 R&G joint ventures. And during the first quarter, we contributed $12 million to our Moss Energy Works JV, with another $12 million that was contributed in April. Moss Energy Works continues to make progress toward completing the three dairy projects under construction and with that operator please

open the call to questions thank you if you'd like to ask a question press star one on your keypad to leave the queue at any time press star two once again that's star one to ask a question and we'll pause for just one moment to allow everyone a chance to join the queue our first question comes from eric stein with craig hallam please go ahead your line is now open

Hi, Clay.

Hey, Eric.

Clay, you touched on it a little bit just with the X-15N. I mean, I know that, you know, now there are two OEMs in the market, and prior to Freightliners entry, pricing was an issue. So incremental cost has come down some, and obviously we've all read the glowing feedback of fleets that have been testing this. um but i mean the market conditions as you said you've got um you know a more difficult environment but obviously highlights the price benefit i mean is this something where i know you're taking a targeted approach i mean do you kind of view this as this is just going to make it all the more likely that it's going to be the large fleets rather than you know the small kind of one-off adoption stories? Or, you know, how do you view that? I mean, is this the kind of thing that if it persists, it could be what actually jumpstarts this market? Because as you've said, you know, it's although Cummins' view of it hasn't changed in terms of the overall

opportunity, it is well behind schedule. Yeah, well, Eric, it's, you know, it's what we spent a lot of time thinking about and focused on. I don't 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 were talking about is, hey, 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 fleets are trying to plan going forward what their fuel costs are going to be and their total cost of ownership. They're 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 don't know that it changes the types of fleets we're looking at, whether they're large fleets or small fleets, because even with the large fleets, they're not looking, you know, to be honest, they're not going to change, you know, 2,000 trucks over overnight. But I think what we are seeing is that as, and as we heard from some of the fleets that are transitioning, hey, start out with five trucks, start out with 10 trucks, let's sort of dip our toe in the water, get our mechanics used to it, get our drivers used to it, get our, you know, get our routes used to it. And then from there, go ahead and, you know, expand it into a larger, you know, larger numbers within the fleet. And I think that, you know, that combined with that sort of let's dip our toe in first, combined with the price advantages that we're seeing now in the total cost of ownership will result in, you know, incremental adoption as we go forward. But it's not, you know, it's a long sale cycle. It takes a long time to get the trucks ordered. It takes a long time to get them on the road. So it's not something that we, you know, people can see high diesel prices today and are going to order a truck tomorrow. It's a longer decision process than that. But certainly the fundamentals behind it, I think, are reopening a lot of discussions that we're excited to take part in.

Got it. That's very helpful. And then maybe just my second one for Bob. You mentioned lower base fuel margins and something that was kind of the expectation. and I just want to clarify, I mean, was that commentary for Q1 or early in the year? Because if I think about, especially in trucking, when you've got high diesel margins, you can still offer a pretty healthy discount, and, you know, it's a pretty good margin environment for you. So just maybe clarify that statement and maybe how you're thinking about that for the remainder of the year.

Yeah, Eric, that comment there is kind of looking at the full year. I mean, 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's really kind of throughout the year, but I will say to the point you're making, is we have numerous levers. And so while maybe that – while the margin gets impact from one area, the fact that we're enjoying this, you know, kind of the higher prices with our costs remaining pretty stable helps offset some of that. But it's kind of a go-forward look, but certainly in our plan.

Okay. Thanks a lot.

Great. Thanks, Eric.

Thank you. We'll now go to Rob Brown with Lake Street Capital Markets. Please go ahead. Your line is open.

Hi, Clayton, Bob. Thanks for taking my call. On kind of the RNG volume you talked about in the quarter from kind of third parties, could you just kind of clarify how that works and maybe sort of visibility on that?

Yeah, you know, I think 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 sort of pushed a lot of our volume into Q4 of 2024, so Q1 of 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 fewer, we had less, I should say, we had less RNG from our third parties in addition to our own production that was down. So I think we were really, while we were very pleased with the first quarter, a lot of it really was that we were comparing it against a very easy comp in Q1 of 2025.

Okay, thank you.

And then just to clarify, getting the CARB pathway certification right now, it sounds like that's great. How does that sort of flow through into the ability to get credits?

Well, it basically just almost doubles the value of the LCF or doubles the number of LCF credits we can generate. When we're at 150 versus 300, you're just able to generate more credits off the same fuel that's coming through.

Okay, great. Thank you. I'll turn it over. Yeah. Thanks, Rob.

Thank you. We'll now go to Matthew Blair with TPH. Please go ahead. Your line is open.

Thanks, Jim, and good afternoon, Clay and Bob. Could you talk a little bit more about the – good afternoon. The comment where you talked about 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 C&G 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 increase demand from?

So, Matthew, that is, you know, there's other folks out there with C&G fueling stations. And, you know, and there are instances where, you know, based on supply availability and that sort of thing, where we will flow our RNG into those stations. And it's really, you know, kind of supply demand. And I couldn't necessarily tell you what's going on with their demand, but I know that they do need the supply. And so we're able to move the supply. You know, we've done it before. You know, it's not necessarily routine, but that's what that looks like is we have the RNG and then we can flow it to other places. It's kind of the beauty of the distribution model.

And then can you talk about the fuel distribution guide for 2026? It looks like you did not change it, still $67 million to approximately $70 million, despite the good result in the first quarter, $19 million. I think you mentioned that you would expect things to roll off a little bit in Q2. I guess just to clarify, are you already seeing foster conditions so far in the second quarter, or is that just your general expectation?

Well, I won't comment on necessarily what I'm seeing in the second quarter. It's not really soft or consistent. I think it's more of a comment relative to the volatility and the strength that we saw in the first quarter. And we may not see that level of strength as we go forward.

We had some unique opportunities to sell some R&G to some of our customers. It is probably not going to be repeated. So while it was a good result, I think, like we said, it was an easy comp against last year. And then I think as you try to do a don't just multiply it by four for the full year because there were some unique opportunities in Q1 that we took

advantage of.

Sounds good. Thanks for your comments.

Yeah. Thank you, Matthew.

Once again, if you'd like to ask a question, please press star and then one on your keypad. We'll go next to Betty Zhang with Scotiabank.

please go ahead. Thank you for taking my questions. I wanted to ask about kind of Amazon and that relationship. So earlier Amazon announced its logistics services. Do you think there'd be an opportunity to leverage that existing relationship and maybe, you know, increase some RNG volumes to them. And then for my follow-up, also related to Amazon, on those warrant charges, you mentioned it's now kind of shared between the fuel and services. Is this a change in the contract with Amazon, or how would you describe that change? Thank you.

So, Betty, I'll take the first comment. You know, we do not comment specifically on Amazon. We want to be very careful that that is not, you know, we just can't and don't and won't do that. I think that across our customers, though, you know, every single customer, we do look at those that have existing trucks, whether they're, you know, 12 liter, 9 liter, wherever they are, we work with all of our customers to try to increase the penetration into their fleet uh with with the x15n so um you know like i said i'm not going to speak specific to amazon but you know it's just it's just good business sense to try to do that you know work with customers that you have already and uh and see if you can you know continue your growth with them now as far as the amazon warrant charge i'll let i'll let bob take that one yeah and uh betty i

will just say because i really can't say that much but um it was not an arbitrary change i mean And any kind of change like that is typically going to be kind of contractually, the reason is contractually on that front.

So we are just basically doing the appropriate accounting based on the contract that we have.

Thank you. At this time, there are no further questions in the queue. I will now turn the meeting back over to Clay Corbis.

All right, Dana, thanks very much. And thank everybody else for joining us. We look forward to speaking with you next quarter.

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.