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Clean Energy Fuels (CLNE) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +100.00%. A quarter ago, it was expected that this provider of natural gas as an alternative fuel for vehicle fleets would post a loss of $0.07 per share when it actually produced break-even earnings, delivering a su ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $106 million, an increase from $104.9 million in the same quarter last year, marking an 8% increase when excluding the alternative fuel tax credit from last year's figures [14][16] - Adjusted EBITDA for Q3 2025 was $17.3 million, down from $21.3 million in Q3 2024, primarily due to the absence of the alternative fuel tax credits [15][16] - The GAAP net loss for Q3 2025 was $23.8 million compared to $18.2 million in Q3 2024, with the 2025 loss impacted by $3 million in one-time costs [14][15] Business Line Data and Key Metrics Changes - The downstream fueling business continues to perform well, with 61 million gallons of renewable natural gas (RNG) sold in Q3 2025 [5] - The company has 140 refuse companies and 309 fueling sites, maintaining strong relationships with transit agencies [6][12] - The upstream RNG production business is expected to produce between 5 and 6 million gallons by the end of 2025, with plans to double that in 2026 [21][22] Market Data and Key Metrics Changes - The heavy-duty trucking sector remains a significant opportunity, with approximately 250,000 new Class 8 trucks sold annually in the U.S. and Canada [8] - The company is facing challenges in the heavy-duty sector due to lower freight rates and uncertain regulations, impacting truck sales [8][30] - RIN pricing has stabilized, but LCFS credit prices are facing headwinds, with expectations for gradual improvement in 2026 [10][76] Company Strategy and Development Direction - The company is focused on practical decarbonization solutions that are cost-effective compared to diesel, aiming to resonate with fleets and shippers [12][33] - Clean Energy is expanding its hydrogen fueling infrastructure alongside RNG, with new contracts awarded for hydrogen stations [6][7] - The company is actively pursuing partnerships to lower barriers for fleets adopting RNG-powered equipment [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the RNG market, highlighting strong customer relationships and a robust supply chain [22][12] - The company is confident in maintaining its 2025 outlook, with expectations for continued growth in RNG production and sales [16][48] - Management noted that while the market environment presents challenges, the company is well-positioned to capitalize on the demand for low-emission fuels [30][33] Other Important Information - The company has $232 million in cash and short-term investments, providing financial flexibility for growth [5][16] - The average carbon intensity score of the fuel sold in California is minus 194, showcasing the company's commitment to sustainability [12] Q&A Session Summary Question: What is the expected run rate of volumes for the RNG upstream business by the end of 2025? - The company expects to exit 2025 with production between 5 and 6 million gallons, with plans to double that in 2026 [21][22] Question: What are the initial impressions of the Pioneer Clean Fleet Solutions and its impact on X15N adoption? - Initial interest is positive, with the first deal in the works and meetings held with 20 different fleets [27][28] Question: How does the company view the current market environment for heavy-duty trucks? - The market is facing headwinds due to lower freight rates, but there is a clear demand for sustainable solutions that make economic sense [30][33] Question: What is the timeline for certification of environmental attributes for new projects? - Certification processes for RINs and LCFS credits can take time, with expectations for full certification by 2026 [43][44] Question: What are the expectations for RNG volume growth in 2026? - The company anticipates a nice growth trajectory but does not expect a step change, with increased adoption rates expected [56][58] Question: How is the company managing fuel margins in light of market changes? - The company is confident in maintaining fuel margins despite narrowing spreads between WTI and Henry Hub prices [59][60]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q For the transition period from to Commission File Number: 001-33480 CLEAN ENERGY FUELS CORP. (Exact name of registrant as specified in its charter) Delaware 33-0968580 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, ...

"We continued to see year-over-year growth in RNG volumes in the third quarter along with solid financial results, meeting our expectations in line with our raised outlook for 2025 announced in August. On the RNG production side of our business, the operating dairy projects made good progress in increasing their overall volume production. But we feel like there is still room for improved production at these facilities which we are focused on. Construction of the five new dairy RNG projects is coming along v ...

Core Insights - Clean Energy Fuels Corp. has announced new agreements to expand the use of renewable natural gas (RNG) across various transportation markets in the US, highlighting the growing demand for clean fuel alternatives [1][2][3] RNG Agreements and Customer Base Expansion - The new agreements include RNG supply, operations, maintenance, and construction of fueling infrastructure, reflecting the momentum of RNG adoption as fleets seek cost-effective emission reduction solutions [2] - Clean Energy has signed a fueling agreement with United Dairymen of Arizona to supply 200,000 gallons of RNG to five fleets operating natural gas trucks, showcasing the deployment of new Cummins X15N engines [3] - Paper Transport has committed to approximately 250,000 gallons of RNG annually for a dozen new trucks, continuing its long-standing partnership with Clean Energy [4] - Giant Oil has signed an RNG supply agreement for approximately 180,000 gallons per year at its station in Pennsylvania, with Pitt-Ohio as a key customer [5] - Birkmire Trucking has entered an RNG supply deal for 100,000 gallons per year to fuel 15 vehicles, while Vestis will fuel 12 medium-duty trucks with RNG [6] - The Atlantic City Jitney Association has extended its partnership with Clean Energy, upgrading its natural gas station to support 125 new RNG shuttle buses with an estimated 300,000 gallons per year [7] - Republic Services is expanding its RNG fueling portfolio with new stations in Colorado and Nevada, including two new fueling stations in Fort Collins and Parker designed to support 135 RNG trucks [8] - USA Hauling & Recycling has renewed its RNG supply contract for 2.5 million gallons annually to fuel 150 refuse vehicles, alongside plans for a new fueling station in Connecticut [9] - Ecotech Waste Logistics has signed an agreement for approximately 300,000 gallons of RNG annually to fuel 30 vehicles [10] LNG Agreements in Space and Energy Sectors - Clean Energy has signed a bulk LNG fueling agreement with Astrobotic for 100,000 gallons to support lunar lander operations [11] - Stoke Space has entered an agreement for 120,000 gallons of high-purity LNG for rocket engine testing, while Apollo Energy Resources has signed for 480,000 gallons to support advanced energy solutions [12]

Core Insights - Clean Energy Fuels Corp. has announced new agreements to expand the use of renewable natural gas (RNG) across the United States [1] - The company has also increased its customer base for bulk liquefied natural gas (LNG), including partnerships with multiple space companies [1] Summary by Category Agreements and Partnerships - The new agreements focus on the utilization of ultraclean and affordable RNG, along with operations and maintenance services [1] - The expansion of RNG usage indicates a growing trend towards cleaner fuel options in the transportation market [1] Customer Base Expansion - Clean Energy Fuels Corp. has successfully grown its customer base for bulk LNG, highlighting its appeal to various sectors, including the space industry [1]

Group 1: AI and Technology Market Insights - AI remains a key market driver alongside technology, with a focus on fundamentals and an all-tech-driven market [1] - The current market is supported by cash flows and operating profits rather than debt, indicating a sustainable build-out for AI infrastructure [2] - Investment opportunities are shifting towards infrastructure plays as the market recognizes the scale of necessary infrastructure for technology deployment [2] Group 2: Clean Energy Fuels Corp. (NASDAQ:CLNE) - Clean Energy Fuels Corp. is launching its second heavy-duty truck demo program featuring the 2026 Freightliner Cascadia Gen 5 with the Cummins X15N natural gas engine [8] - The new demo program follows the success of the previous Peterbilt X15N demo truck program, which was well-received for its performance and cost savings [9] - The program aims to showcase the capabilities of the new truck and promote the integration of low-carbon fueling options through Clean Energy's nationwide RNG stations [10][11] Group 3: Repay Holdings Corporation (NASDAQ:RPAY) - Repay Holdings Corporation announced a partnership with Emotive Software to enhance automotive finance and compliance through integrated payment technology [12] - The collaboration aims to automate loan payment processing and provide flexible payment options for automotive lenders and dealerships [13] - Repay specializes in integrated payment processing solutions for both consumers and businesses across two segments: Consumer Payments and Business Payments [14]

Core Insights - Clean Energy Fuels Corp. is launching its second heavy-duty truck demo program featuring the 2026 Freightliner Cascadia Gen 5 day cab with the Cummins X15N natural gas engine [1] - The new truck will be showcased at the American Trucking Associations' Management Conference & Exhibition in San Diego from October 25–28 [1] Company Overview - Clean Energy Fuels Corp. is the largest provider of renewable natural gas (RNG) for the transportation industry [1]

Core Insights - Clean Energy Fuels Corp. (NASDAQ:CLNE) is recognized as one of the top oil and gas penny stocks, driven by hedge fund interest and significant upside potential [1] Group 1: Hydrogen Fueling Stations - Clean Energy Fuels Corp. announced the construction of a second hydrogen fueling station for Foothill Transportation, with a budget of $11.3 million, partially funded by federal grants [2] - The new station will be located at Foothill's Arcadia bus yard and will support 19 new hydrogen fuel cell buses [2] - The first hydrogen station at Pomona has been operational since June 2023, serving 33 buses, highlighting a long-term collaboration of over 20 years between the two organizations [3] Group 2: Renewable Natural Gas (RNG) Production - The company is also constructing three RNG production plants in collaboration with Mass Energy Works, with a total investment of $80 million [3] - These plants, located on dairy farms in South Dakota, Georgia, Florida, and New Mexico, are expected to produce three million gallons of RNG annually starting in 2026 [3] - The RNG produced will supply over 600 fueling stations across the United States [3] Group 3: Market Position - Clean Energy Fuels Corp. is the largest supplier of renewable natural gas for transportation in North America, with fueling stations strategically located throughout the U.S. and Canada [4]