Clean Energy Fuels Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue increased to $112.2 million in Q3 2026 from $106.1 million in Q3 2025.
• Net loss attributable to Clean Energy narrowed to $(5.7) million, or $(0.03) per share, compared to $(23.8) million, or $(0.11) per share, in Q3 2025.
• Adjusted EBITDA rose to $27.2 million in Q3 2026 from $17.3 million in Q3 2025.
• Non-GAAP income per share was $0.03 for Q3 2026, compared to $0.00 in Q3 2025.
• RNG gallons sold reached 66.8 million in Q3 2026, a 9.0% increase compared to Q3 2025.
• Cash, cash equivalents (less restricted cash), and short-term investments totaled $140.2 million as of September 30, 2026, down from $156.1 million as of December 31, 2025.
• The company partially paid down long-term debt by $15 million using available cash and investments.
• Product cost of sales decreased by $12.7 million in Q3 2026 due to the recognition of Section 45Z Production Tax Credits.
• RIN and LCFS revenues increased to $16.0 million in Q3 2026 from $11.4 million in Q3 2025.
• Station construction revenues were $6.2 million in Q3 2026, down from $9.9 million in Q3 2025.
• Amazon warrant charges (non-cash stock-based sales incentive contra-revenue) were $10.6 million in Q3 2026, compared to $16.8 million in Q3 2025.

Guidance and Future Outlook:

• The company raised its 2026 adjusted EBITDA outlook to a range of $75 million to $80 million, up from the previous range of $70 million to $75 million.
• GAAP net loss for 2026 is expected to range from approximately $(55) million to $(50) million.
• The 2026 outlook assumes Amazon warrant charges of approximately $44.0 million and excludes unrealized gains or losses on customer fueling contracts.
• Management expects continued contributions from 45Z production tax credits through at least 2029.

Business Segments and Product Lines:

• RNG upstream Adjusted EBITDA was $10.955 million for Q3 2026, compared to a loss of $(3.3) million in Q3 2025.
• Fuel distribution Adjusted EBITDA was $16.222 million for Q3 2026, down from $20.629 million in Q3 2025.
• The company closed the sale of $30.7 million in federal tax credits from seven RNG production facilities, including $26.0 million in ITC tied to the South Fork Dairy RNG facility in Dimmit, Texas.
• A $27.5 million contract was awarded by the Orange County Transportation Authority to design and build a new hydrogen fueling station at its Garden Grove bus base, with completion expected in 2028.
• New fueling and maintenance agreements were secured in Western Canada with Nortrans Freight Management, Mullen Dedicated Logistics, GFL Environmental, and Integrity Waste Solutions.
• New stations were added in Grande Prairie and Chilliwack through a partnership with Tourmaline to support Cummins X15N natural gas engine adoption.

Market and Competitive Landscape:

• Total fuel volume sold increased to 85.1 million GGEs in Q3 2026 from 76.6 million GGEs in Q3 2025.
• RNG volume sold increased to 66.8 million GGEs in Q3 2026 from 61.3 million GGEs in Q3 2025.
• Conventional natural gas volume sold increased to 18.3 million GGEs in Q3 2026 from 15.3 million GGEs in Q3 2025.
• The company operates a network of fueling stations across the U.S. and Canada.

Risks and Challenges:

• The press release notes that actual results could differ materially from forward-looking statements due to factors including fleet adoption rates, market perception of RNG, natural gas vehicle costs, and supply chain issues.
• Risks include the potential bankruptcy or failure of source owners at RNG projects, dependence on vehicle and engine manufacturers, and the long development cycle for ADG RNG.
• The company faces risks related to the availability of environmental, tax, and government legislation, as well as competition from other vehicle fuels like electric and hydrogen.
• Significant fluctuations in diesel and natural gas market conditions could affect unrealized gains or losses on customer fueling contracts.

Management Commentary and Tone:

• Clay Corbus, President and CEO, stated that the value of the dairy RNG investments and station network was underscored by solid third-quarter results.
• Management emphasized a priority to scale production and deliveries to drive sustained earnings growth and long-term shareholder value.
• The tone highlighted favorable developments in the quarter, specifically the significant 45Z production tax credit contribution to Adjusted EBITDA.
• Management noted that core recurring RNG and conventional natural gas fuel sales, construction, and operating services businesses performed in line with expectations.

Other Key Points:

• Leadership changes included the appointment of Sean Wine as Chief Revenue Officer and JJ Armstrong as Chief Financial Officer.
• The company monetized PTC and ITC credits associated with its dairy RNG portfolio, strengthening its cash position.
• The sale of $30.7 million in tax credits represented the company's largest investment tax credit (ITC) sale to date.
• The company reported an unrealized gain of $0.3 million on customer fueling contracts in Q3 2026, compared to an unrealized loss of $0.3 million in Q3 2025.
• The company hosted an investor conference call on November 5, 2026, at 4:30 p.m. Eastern time.