Core Viewpoint - Clean Energy Fuels Corp. (CLNE) has reached a significant support level and is considered a good investment opportunity from a technical perspective due to the recent "golden cross" formation in its moving averages [1]. Technical Analysis - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), indicating a potential bullish breakout [1][2]. - The formation of a golden cross typically follows three stages: a downtrend, the crossover of moving averages, and an upward price movement [2]. Performance Metrics - CLNE shares have increased by 8.7% over the past four weeks, indicating positive momentum [3]. - The company currently holds a 3 (Hold) rating on the Zacks Rank, suggesting potential for further gains [3]. Earnings Outlook - There have been no upward revisions to earnings estimates in the past 60 days, but the Zacks Consensus Estimate has increased, supporting a positive earnings outlook for the current quarter [3][4]. - The combination of earnings estimate revisions and the technical breakout position strengthens the bullish case for CLNE [4].

Core Insights - Clean Energy Fuels Corp. (NASDAQ: CLNE) was previously part of the "green energy" excitement in early 2021, which significantly influenced the stock performance of small-cap clean fuel companies [1] Company Analysis - The company has experienced fluctuations in stock behavior, reflecting broader market trends in the clean energy sector [1] Industry Context - The clean energy sector has seen a surge in interest, particularly in small-cap companies, driven by the overall enthusiasm for green energy solutions [1]

Core Insights - Clean Energy Fuels (CLNE) experienced a significant stock price increase of nearly 13% following the release of its quarterly results, outperforming the S&P 500 index's 0.8% rise [1] Financial Performance - The company reported second-quarter revenue of $102.6 million, reflecting a year-over-year increase of nearly 5% [2] - Non-GAAP (adjusted) net income decreased to $337,000, equating to less than $0.01 per share [2] - Analysts had anticipated worse outcomes, projecting revenue slightly over $94 million and a net loss of $0.06 per share [4] Market Position and Demand - CEO Andrew Littlefair emphasized that renewable natural gas (RNG) is the most immediate and cost-effective clean transportation fuel, with strong demand evident in the second-quarter results [4] - The recent government legislation, including the extension of the clean fuel production tax credit, is expected to positively impact the RNG market [4] Strategic Developments - Clean Energy Fuels secured new supply agreements with several municipal transit fleets, including LA Metro, indicating a focus on long-term and reliable customers [5]

Financial Performance - Clean Energy Fuels reported break-even quarterly earnings per share, compared to a Zacks Consensus Estimate of a loss of $0.07, and earnings of $0.01 per share a year ago [1] - The quarterly report represents an earnings surprise of +100.00%, with a previous expectation of a loss of $0.20 per share, resulting in a surprise of +105% [2] - The company posted revenues of $102.61 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 14.93%, compared to year-ago revenues of $97.95 million [3] Market Performance - Clean Energy Fuels shares have lost about 19.1% since the beginning of the year, while the S&P 500 has gained 7.9% [4] - The current consensus EPS estimate for the coming quarter is -$0.06 on revenues of $92.03 million, and -$0.15 on revenues of $381.4 million for the current fiscal year [8] Industry Outlook - The Utility - Gas Distribution industry, to which Clean Energy Fuels belongs, is currently in the top 20% of over 250 Zacks industries, indicating a favorable outlook [9]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenue of $102 million, with adjusted EBITDA of $17.5 million, and a GAAP net loss of $20.2 million compared to a loss of $16.3 million in the previous year [5][16][17] - The company ended the quarter with $241 million in cash and investments, an increase from $217 million at the beginning of the year [5][16] - Adjusted EBITDA for Q2 2025 was lower than the previous year's $18.9 million, but the overall performance showed significant improvement compared to 2024 [17][19] Business Line Data and Key Metrics Changes - Renewable natural gas (RNG) volumes grew by 21% compared to Q2 2024, with over 61 million gallons sold [15] - The company has expanded its transit agreements, fueling over 9,000 transit buses daily across 115 locations [6][7] - The dairy RNG production business has six projects operating, with expectations for increased production by the end of the year [12][106] Market Data and Key Metrics Changes - The company noted a significant decline in new truck sales in California, down approximately 75%, due to regulatory changes and market conditions [49] - The trucking market has faced a tough year, with new equipment acquisitions down by about 50% [48] - Despite challenges, there is ongoing interest from trucking customers in sustainable equipment, indicating potential future demand [50] Company Strategy and Development Direction - The company is focused on expanding its RNG supply contracts and maintaining a steady flow of clean fuel, positioning itself as a leader in the alternative fuel space [8][14] - The company is optimistic about the heavy-duty truck market's adoption of RNG, despite current sales challenges [9][10] - The company is raising its guidance for 2025, reflecting positive trends in revenue and adjusted EBITDA, while remaining cautious about ongoing uncertainties [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite external distractions and regulatory uncertainties [5][6] - There is optimism regarding the impact of new legislation on carbon emissions and the potential for improved carbon intensity scores [25][26] - Management acknowledged the need for clarity in regulations and market conditions, particularly regarding the adoption of new technologies [50][51] Other Important Information - The company has monetized investment tax credits (ITC) from its projects, which will provide capital inflow for ongoing developments [81][85] - The company is experiencing a ramp-up phase in its dairy RNG projects, with expectations for improved production rates in the near future [41][102] Q&A Session Summary Question: What are the implications of the 45Z bill for the company? - Management expressed optimism about the bill's potential impact, highlighting its recognition of negative carbon emissions [25][26] Question: What is the timeline for treasury guidance on the 45Z? - Management indicated that the guidance is expected to be sorted out by October or November, as the bill takes effect in January [27][28] Question: What are the challenges with the X15N engine adoption? - Management noted that while sales are not as high as anticipated, there is increasing acceptance across the market, and efforts are being made to reduce incremental costs [33][34] Question: Can you provide an update on the ramp-up of dairy projects? - Management stated that the ramp-up is progressing normally, with expectations for improved production rates by the end of the year [41][46] Question: What is the outlook for LCFS prices? - Management is optimistic about LCFS prices firming up over time, with expectations for gradual improvement [78][79] Question: How is the company addressing the increased Amazon warrant charges? - Management confirmed that the increase reflects higher fueling demand from Amazon and other trucking customers [96][99]

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $102.6 million, a 4.7% increase from $98.0 million in the same period of 2024[181]. - Fuel sales increased from $57.4 million in Q2 2024 to $67.9 million in Q2 2025, representing a 18.0% growth[181]. - Renewable Natural Gas (RNG) sales volume reached 61.4 million GGEs for the three months ended June 30, 2025, compared to 57.1 million GGEs in the same period of 2024, marking a 4.9% increase[184]. - For the three months ended June 30, 2025, product revenue increased by $4.1 million to $87.1 million, representing 84.9% of total revenue, compared to $83.0 million, or 84.7% of total revenue, for the same period in 2024[212][215]. - Service revenue for the three months ended June 30, 2025, increased by $0.5 million to $15.5 million, representing 15.1% of total revenue, compared to $15.0 million, or 15.3% of total revenue, for the same period in 2024[216]. - Total revenue for the six months ended June 30, 2025 was $206.4 million, with product revenue increasing by $5.0 million to $177.4 million, representing 86.0% of total revenue[226]. Expenses and Losses - The net loss attributable to Clean Energy Fuels Corp. for the six months ended June 30, 2025, was $155.2 million, compared to a net loss of $83.1 million for the same period in 2024[184]. - Total operating expenses increased by $27.1 million to $134.5 million, primarily due to a $49.8 million increase in depreciation and amortization[226][232]. - Net loss for the six months ended June 30, 2025 was $44.2 million, compared to a net loss of $17.5 million for the same period in 2024[226]. - Product cost of sales increased by $11.3 million to $65.2 million, representing 63.5% of total revenue, from $53.9 million, or 55.0% of total revenue, in the same period of 2024[217]. - Service cost of sales decreased by $0.8 million to $9.2 million, representing 9.0% of total revenue, compared to $10.0 million, or 10.2% of total revenue, in the same period of 2024[218]. - Selling, general and administrative expenses decreased by $0.8 million to $27.5 million in the three months ended June 30, 2025, from $28.3 million in the same period of 2024[219]. - Depreciation and amortization decreased by $1.3 million to $10.0 million in the three months ended June 30, 2025, from $11.3 million in the same period of 2024[220]. - Interest expense decreased by $0.2 million to $7.7 million in the three months ended June 30, 2025, from $7.9 million in the same period of 2024[221]. - Interest income decreased by $0.5 million to $3.1 million in the three months ended June 30, 2025, from $3.6 million in the same period of 2024[222]. - Loss from equity method investments increased by $0.7 million to $6.5 million in the three months ended June 30, 2025, from $5.8 million in the same period of 2024[223]. - A goodwill impairment loss of $64.3 million was recognized for the period ended March 31, 2025, resulting in no goodwill remaining as of June 30, 2025[209][210]. Cash Flow and Financing - Cash provided by operating activities increased to $59.3 million in the six months ended June 30, 2025, compared to $21.4 million in the same period of 2024[242]. - Cash used in investing activities was $6.6 million, up from $3.9 million in the comparable 2024 period[243]. - Cash used in financing activities was $10.2 million, compared to cash provided of $0.9 million in the same period of 2024[244]. - Total indebtedness as of June 30, 2025 was approximately $313.0 million, with expected payments due in 2025 totaling approximately $0.5 million[251]. - The company plans approximately $30.0 million in capital expenditures for 2025, primarily for fueling stations and IT equipment[246]. - As of June 30, 2025, the company had total cash and cash equivalents of $240.8 million, an increase from $217.5 million as of December 31, 2024[255]. - The company expects cash provided by operating activities to fluctuate based on operating results and other risk factors[256]. - The company believes its cash and cash equivalents, along with anticipated cash from operations, will meet business requirements for at least the next 12 months[257]. - Additional capital may be required for planned or unanticipated expenditures, investments, or debt repayments[257]. - The company may raise additional capital through equity offerings, debt restructuring, or asset sales, but may face challenges in doing so[260]. - As of June 30, 2025, the company had off-balance sheet arrangements related to surety bonds for construction contracts, with no recorded liabilities[261]. - The company committed up to $10.0 million in delayed draw loans to support Rimere's working capital requirements[262]. Operational Developments - The company repurchased 4,913,818 shares of common stock during the six months ended June 30, 2025, utilizing $31.3 million from its Repurchase Program[190]. - The company recognized $50.7 million in accelerated depreciation expense related to the removal of fueling station equipment in Q1 2025[192]. - The joint venture with BP sold $29.5 million in Investment Tax Credits (ITCs) for gross proceeds of $27.2 million on June 30, 2025[189]. - The Pickens Plant resumed production of LNG in January 2025 after major repairs, generating $1.6 million in revenue for Q2 2025[191]. - The company expects the ADG RNG production project to produce approximately 3.5 million gallons of RNG annually upon completion, with remaining costs estimated at $33 million[195]. - The One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025, includes substantial changes to tax incentives affecting the company's operations[187]. - The company has a fixed supply arrangement with UPS for the supply and sale of 170.0 million GGEs of RNG through March 2026[263].

Exhibit 99.1 Clean Energy Reports Revenue of $102.6 Million and 61.4 Million RNG Gallons Sold for the Second Quarter of 2025 NEWPORT BEACH, Calif. — (BUSINESS WIRE) — August 7, 2025 — Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced its operating results for the second quarter of 2025. Financial Highlights Operational and Strategic Highlights Commentary by Andrew J. Littlefair, President and Chief Executive Officer "RNG remains the most immediate and cost-effective c ...

Company Overview - Clean Energy Fuels Corp is a leading RNG player in the US[18] - The company has 600+ stations throughout the U S and Canada[11, 21, 61] - The company has partnerships with energy leaders[14] - The company is an environmental credit leader[16] RNG (Renewable Natural Gas) - RNG lowers carbon emissions by an average of 300%[28] - RNG volume potential in the US (2040) is projected to be 15 3 billion GGEs in the low case and 36 1 billion GGEs in the high case[41] - Switching just 10% of a fleet from diesel to RNG can achieve a 50% reduction in carbon emissions from vehicles[74, 75] Financial Performance - The company's total revenue was $415 865 million for the year ended December 31, 2024[99] - The company's net loss attributable to Clean Energy Fuels Corp was $83 070 million for the year ended December 31, 2024[99] - Adjusted EBITDA for the year ended December 31, 2024, was $76 642 million[109] - Adjusted EBITDA for the three months ended March 31, 2025, was $17 085 million[113]

Financial Data and Key Metrics Changes - The company reported revenue of $104 million for Q1 2025, which is essentially flat compared to the previous year, despite the expiration of the alternative fuel tax credit that contributed $5.4 million to last year's revenue [20][21]. - Adjusted EBITDA for Q1 2025 was $17.1 million, up from $12.8 million in the same quarter last year, driven by strength in the fuel distribution business [23][24]. - The company ended the quarter with $227 million in cash, reflecting a $9 million increase since the beginning of the year [7]. Business Line Data and Key Metrics Changes - Renewable natural gas (RNG) sales volumes were reported at 51 million gallons, lower than Q1 2024 due to reduced supply from third-party producers affected by weather and operational issues [6][7]. - Despite lower RNG sales volumes, the company maintained strong demand from fleet customers in the refuse, transit, and trucking sectors [8][10]. Market Data and Key Metrics Changes - The company noted that tariffs have minimal direct impact on its business, although they create uncertainty for customers in the heavy-duty trucking sector [8][10]. - The market dynamics for RNG are favorable, with a strong demand for low-carbon fuels, particularly in the heavy-duty trucking market [12][30]. Company Strategy and Development Direction - The company is focused on expanding its RNG production and distribution capabilities, with ongoing projects in dairy RNG production expected to come online by the end of the year [17][18]. - The company is maintaining its full-year financial outlook and capital expenditure guidance, indicating confidence in its growth trajectory [10][18]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding achieving the 2025 guidance, citing potential impacts from tariffs and economic conditions affecting truck purchases [28][29]. - The company believes RNG is well-positioned as a viable alternative fuel amidst changing regulatory landscapes and customer preferences for low-carbon solutions [30][51]. Other Important Information - The company resumed its share repurchase program in late March, indicating confidence in its stock valuation and financial health [18]. - The expiration of the alternative fuel tax credit and the introduction of the Renewable Natural Gas Incentive Act are significant developments that could impact future financial results [15][16]. Q&A Session Summary Question: What would take you to the lower end and what could take you to the upside regarding the 2025 guidance? - Management indicated that clarity on tariffs and customer purchasing behavior in the trucking sector would influence the outlook, with optimism for increased truck purchases as market conditions stabilize [28]. Question: How do you see pricing shaking out for the remainder of the year? - Management expects steady pricing, supported by a favorable spread between oil and natural gas, despite the absence of the alternative fuel tax credit [32][34]. Question: Can you provide an update on RNG facilities and their timelines? - Management reported that one RNG facility is producing well, while others are progressing but not yet at desired levels, with expectations for improvement by the end of the year [56][58]. Question: What is the status of partnerships with Total, BP, and Chevron? - The company maintains strong relationships with these partners, with ongoing projects and a focus on RNG development [87][89]. Question: What is the outlook for the 45Z tax credit? - Management noted that the impact of the 45Z tax credit is uncertain, but discussions are ongoing, and it could be a significant contributor if finalized favorably [94][98].

Financial Data and Key Metrics Changes - Clean Energy Fuels reported revenue of $104 million for Q1 2025, which is level with the previous year despite the absence of the alternative fuel tax credit that contributed $5.4 million in Q1 2024 [19][20] - The company generated $17 million in adjusted EBITDA for the quarter, up from $12.8 million a year ago, driven by strength in the fuel distribution business [22][23] - The company finished the quarter with $227 million in cash, reflecting a $9 million increase since the start of the year [7] Business Line Data and Key Metrics Changes - The company sold 51 million gallons of renewable natural gas (RNG) in Q1 2025, which was lower than the previous year due to reduced supply from third-party producers affected by weather and operational issues [6][7] - Despite lower RNG sales volumes, demand from fueling customers remained stable, particularly from fleet customers in refuse transit and trucking sectors [8][10] Market Data and Key Metrics Changes - The company noted that tariffs have minimal direct impact on its business, although they create uncertainty for customers in the heavy-duty trucking sector [8][10] - The company serves over 69 transit agencies and 175 refuse customers across 325 different sites in the U.S. and Canada, indicating a strong market presence [13] Company Strategy and Development Direction - Clean Energy Fuels is maintaining its full-year financial outlook and capital expenditure guidance, with a focus on expanding its RNG production and fueling station network [10][17] - The company is optimistic about the adoption of the Cummins X-15N engine running on RNG, which is expected to drive future growth in the heavy-duty trucking market [12][30] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding achieving the 2025 guidance, citing potential impacts from tariffs and economic conditions affecting truck purchases [27][30] - The company is actively engaging with policymakers to support the Renewable Natural Gas Incentive Act and the 45Z production tax credit, which could enhance financial results once finalized [15][28] Other Important Information - The company resumed its share repurchase program in late March, believing its shares are undervalued while maintaining sufficient cash for growth [17] - Management highlighted ongoing improvements in RNG production from dairy projects, with expectations for additional projects to come online in 2026 [16][55] Q&A Session Summary Question: What would take you to the lower end and what could take you to the upside? - Management indicated that clarity on tariffs and the 45Z credit could significantly impact future outlook and volume growth [27] Question: How do you think about pricing for the remainder of the year? - Management expects steady pricing, supported by a favorable oil to natural gas spread, despite the absence of the alternative fuel tax credit [31][34] Question: What is the status of RNG facilities and their contribution to EBITDA? - Management reported that one facility is producing well, while others are ramping up, with expectations for significant contributions to EBITDA in 2026 [54][99] Question: How is the company positioned regarding partnerships with oil companies? - Management confirmed strong relationships with Total, BP, and Chevron, with ongoing projects and renewed interest in RNG from Chevron [86][88]