Core Viewpoint - Clean Energy Fuels Corp. has appointed two new members to its Board of Directors, representing a strategic shift in governance with ties to TotalEnergies [1] Group 1: Board Changes - Marc de Guilhem de Lataillade and Aimeric Ramadier have been appointed to the Board of Directors of Clean Energy Fuels Corp. effective immediately [1] - The new appointees will replace outgoing directors Karine Boissy-Rousseau and Mathieu Soulas, who have served since 2021 and 2023 respectively [1] - Marc de Guilhem de Lataillade currently holds the position of Vice President of Biogas at TotalEnergies [1]

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].

Financial Performance - Clean Energy reported revenue of $102.6 million for Q2 2025, an increase from $98.0 million in Q2 2024[6] - Net loss attributable to Clean Energy for Q2 2025 was $(20.2) million, or $(0.09) per share, compared to $(16.3) million, or $(0.07) per share, in Q2 2024[6] - Adjusted EBITDA for Q2 2025 was $17.5 million, down from $18.9 million in Q2 2024[9] - Revenue from renewable identification numbers (RIN) and low carbon fuel standards (LCFS) was $11.9 million, down from $13.9 million in Q2 2024, reflecting a decrease of $2.0 million[5] - Total revenue for the second quarter of 2025 was $102.6 million, a 4% increase from $98.0 million in the same period of 2024[38] - Product revenue increased to $87.1 million in Q2 2025, up from $83.0 million in Q2 2024, representing a 5% growth[38] - Service revenue for the second quarter of 2025 was $15.5 million, compared to $15.0 million in Q2 2024, reflecting a 3% increase[38] - Operating loss for the second quarter of 2025 was $9.2 million, compared to a loss of $5.6 million in Q2 2024, indicating a worsening of 64%[38] - The company expects a GAAP net loss for 2025 to range from $(217) million to $(212) million, which includes significant one-off charges such as $64.3 million for goodwill impairment[19] Sales and Volume - The company sold 61.4 million gallons of renewable natural gas (RNG) in Q2 2025, representing a 7.5% increase compared to Q2 2024[6] - For the three months ended June 30, 2024, total fuel volume sold was 70.4 million GGEs, increasing to 76.3 million GGEs for the same period in 2025, representing a growth of approximately 12.5%[14] - The company reported a total fuel volume of 145.4 million GGEs for the six months ended June 30, 2024, which decreased to 143.0 million GGEs in 2025, a decline of about 1.6%[14] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $240.8 million as of June 30, 2025, up from $217.5 million as of December 31, 2024[6] - Cash and cash equivalents increased to $134.2 million as of June 30, 2025, up from $91.6 million at the end of 2024[35] - The company executed new RNG supply agreements expected to provide over 20 million gallons of RNG annually to transit fleets and municipalities[6] - Clean Energy's joint venture with BP finalized the sale of $29.5 million in investment tax credits (ITCs) for gross proceeds of $27.2 million[6] - The company resumed share repurchases, buying back 4,913,818 shares for $7.9 million, with approximately $18.7 million remaining under the program[6] Liabilities and Debt - Current liabilities decreased to $144.3 million as of June 30, 2025, down from $154.7 million at the end of 2024[35] - Long-term debt increased to $265.3 million as of June 30, 2025, compared to $265.3 million at the end of 2024[35] Future Outlook - Adjusted EBITDA for 2025 is estimated to range from approximately $60 million to $65 million, excluding the impact of acquisitions and macroeconomic conditions[19] - The company expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, on or about August 7, 2025[32] Other Charges - The company recognized higher Amazon warrant charges in Q2 2025 due to increased fuel volumes sold to Amazon[8] - The company incurred Amazon warrant charges estimated to be approximately $63 million for 2025, impacting net loss calculations[20] - The company’s revenue from RIN Credits for the three months ended June 30, 2024, was $9.5 million, slightly decreasing to $9.2 million in 2025, a decline of about 3.2%[15] - The company’s service revenue for the six months ended June 30, 2024, was $29.3 million, compared to $29.0 million in 2025, indicating a slight decrease of about 1.0%[15]

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].