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]