Clean Energy Fuels (CLNE) investor relations material

Executive summary

• Q1 2026 revenue increased to $117.6 million from $103.8 million in Q1 2025, driven by higher RNG sales, increased fleet adoption, and higher RIN/LCFS credit revenue.

• Net loss narrowed to $12.4 million ($0.06 per share) from $135 million ($0.60 per share) in Q1 2025, reflecting the absence of prior-year impairment and depreciation charges.

• RNG volumes delivered reached 67.4 million gallons in Q1 2026, up 33.2% year-over-year, with strong performance in transit and refuse sectors.

• Leadership transition occurred with Barclay F. Corbus (Clay Corbus) appointed as President and CEO in April 2026.

• East Valley ADG RNG project commenced operations, expected to produce 3.5 million gallons of RNG annually.

Financial highlights

• Adjusted EBITDA was $16.6 million, slightly down from $17.1 million year-over-year.

• Cash, cash equivalents, and short-term investments totaled $126.2 million at quarter-end.

• Product revenue grew by $12.6 million year-over-year, mainly due to higher volumes and increased RIN and LCFS credit sales.

• Depreciation and amortization dropped by $51.3 million due to prior year accelerated depreciation from asset retirements.

• Interest expense decreased by $1.8 million following early debt repayment.

Outlook and guidance

• Annual guidance for RNG delivery remains at 250 million gallons or more for 2026.

• 2026 GAAP net loss expected between $66 million and $71 million, assuming no unrealized gains/losses on customer contracts and $47 million in Amazon warrant charges.

• 2026 Adjusted EBITDA projected at $70–$75 million, excluding extraordinary events and acquisitions.

• 2026 capital expenditures planned at $25 million, focused on fueling stations, IT, and LNG plant costs.

• Management believes liquidity is sufficient for at least the next 12 months, with flexibility to raise additional capital if needed.