Clean Energy Fuels Corp. — Second Quarter 2026 Earnings Summary

Financial Performance

• Revenue for Q2 2026 was $106.4 million, an increase from $102.6 million in Q2 2025.
• Net loss attributable to Clean Energy for Q2 2026 was $(14.9) million, or $(0.07) per share, compared to $(20.2) million, or $(0.09) per share, in Q2 2025.
• Adjusted EBITDA for Q2 2026 was $16.0 million, down from $17.5 million in Q2 2025.
• Non-GAAP income (loss) per share for Q2 2026 was $(0.01), compared to $0.00 per share in Q2 2025.
• Cash, cash equivalents (less restricted cash), and short-term investments totaled $138.0 million as of June 30, 2026, down from $156.1 million as of December 31, 2025.
• Total fuel volume sold in Q2 2026 was 81.8 million GGEs, up from 76.3 million GGEs in Q2 2025.
• RNG gallons sold in Q2 2026 were 63.2 million, a 2.9% increase compared to 61.4 million in Q2 2025.
• Conventional natural gas volume sold in Q2 2026 was 18.6 million GGEs, up from 14.9 million in Q2 2025.
• Product revenue in Q2 2026 was $91.1 million, compared to $87.1 million in Q2 2025.
• Service revenue in Q2 2026 was $15.3 million, compared to $15.5 million in Q2 2025.
• Station construction revenue in Q2 2026 was $16.0 million, up from $7.8 million in Q2 2025.
• RIN and LCFS revenues in Q2 2026 were $14.2 million, up from $11.9 million in Q2 2025.
• Fuel distribution Adjusted EBITDA for Q2 2026 was $16.6 million, down from $21.3 million in Q2 2025.
• RNG upstream Adjusted EBITDA for Q2 2026 was $(0.6) million, compared to $(3.8) million in Q2 2025.

Guidance and Future Outlook

• GAAP net loss for the full year 2026 is expected to range from approximately $(71) million to $(66) million.
• Adjusted EBITDA for the full year 2026 is estimated to range from approximately $70 million to $75 million.
• The 2026 outlook assumes Amazon warrant charges of approximately $47 million and excludes unrealized gains or losses on customer contracts relating to the truck financing program.
• Outlook excludes the impact of acquisitions, divestitures, new joint ventures, transactions, extraordinary events, macroeconomic conditions, and global supply chain issues.

Business Segments and Product Lines

• Announced the appointment of Bart Frabotta as Chief Operating Officer.
• Awarded two contracts to design and install liquefied natural gas fueling systems for gas-to-power applications in Puerto Rico, supporting local pharmaceutical manufacturing and a six-megawatt combined heat and power plant.
• Expanded the RNG station network to six new locations in California, New Jersey, Oklahoma, Michigan, and Washington in May 2026.
• Consolidated dairy RNG production project contributed to incremental RIN and LCFS revenue in Q2 2026.
• Rimere equity method investment was disposed of in December 2025; no loss from this investment was recorded in Q2 2026.

Market and Competitive Landscape

• Fuel volumes increased year-over-year, reflecting ongoing customer investment in and demand for cleaner, lower-carbon fuel.
• The company notes a volatile fuel environment where having a clean, domestically produced fuel remains a key driver for customers.
• Heavy-duty truck fleets are seeking immediate fuel cost savings and significant emissions reductions by powering trucks with RNG.

Risks and Challenges

• Significant variations in the vesting of the Amazon warrant could significantly affect the estimated GAAP net loss for 2026.
• Changes in diesel and natural gas market conditions resulting in unrealized gains or losses on customer fueling contracts relating to the truck financing program could significantly affect the estimated GAAP net loss.
• Forward-looking statements are qualified by risks including the willingness of fleets to adopt natural gas, market perception of RNG, vehicle and engine costs, RNG production capabilities, and dependence on government regulations and incentives.

Management Commentary and Tone

• Clay Corbus, President and CEO, stated that second quarter results demonstrate continued solid execution across the business.
• Management highlighted that fuel volumes, including RNG and conventional natural gas, increased year-over-year.
• The company remains on plan through the first half of the year due to customer investment in cleaner fuel and team execution.
• Management emphasized a focus on serving fleet customers and expanding the role of domestically supplied RNG in the rapidly evolving energy market.

Other Key Points

• Amazon warrant charges (non-cash stock-based sales incentive contra-revenue) were $9.6 million in Q2 2026, down from $17.4 million in Q2 2025.
• Unrealized loss on commodity swap and customer fueling contracts for the Zero Now truck financing program was $0.2 million in Q2 2026, compared to $0.5 million in Q2 2025.
• A conference call was held on August 6, 2026, at 4:30 p.m. Eastern time to discuss results.
• The company operates as the largest provider of clean fuel for the transportation market in the U.S., focusing on decarbonizing transportation through RNG derived from organic waste.