Financial Data and Key Metrics Changes - For the full year 2025, the company reported a GAAP loss of $222 million, slightly higher than expected due to non-cash interest charges [17] - Adjusted EBITDA for 2025 was $67.6 million, exceeding the top end of guidance of $65 million [17] - In Q4 2025, the company delivered 64.1 million gallons of RNG, a 5% increase over Q3 2025 and approximately 3% higher than Q4 2024 [18] Business Line Data and Key Metrics Changes - The RNG upstream business showed improved financial performance in Q4 2025, with expectations for continued growth into 2026 [19] - The fuel distribution business maintained gross margins consistent with the first three quarters of 2025, despite a $4 million increase in SG&A expenses in Q4 due to one-off costs [19] Market Data and Key Metrics Changes - RNG delivered in 2025 was 237.4 million gallons, about 97% of the target, with a slight shortfall attributed to extreme weather in Q1 [18] - The company expects to deliver 250 million gallons of RNG in 2026, with total fuel volumes around 324 million gallons [20] Company Strategy and Development Direction - The company is focused on scaling its RNG production and optimizing operations while pursuing growth across its integrated RNG model [16] - The company plans to maintain a cautious view on natural gas spreads to oil for 2026 while being optimistic about RIN and LCFS credit prices [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current regulatory environment for RNG, highlighting its economic and environmental benefits [9] - The company anticipates continued growth in RNG volumes and improved overall results in 2026, with adjusted EBITDA expected to range from $70 million to $75 million [15][20] Other Important Information - The company ended 2025 with $156.1 million in cash and investments after paying down $65 million in debt [19] - Capital expenditures for 2026 are expected to remain steady at approximately $25 million for the fuel distribution business and around $40 million for RNG upstream investments [24] Q&A Session Summary Question: What is the ramp trajectory for the eight facilities now open and operating? - Management indicated a gradual ramp-up in production, with significant improvements expected in the second half of the year [29] Question: What is the interest in buying trucks and the 15-liter engine? - Management noted that despite macro issues, there is still strong interest from fleets in cleaner, sustainable trucks, and the performance of the new engine has been encouraging [31] Question: How is the company accounting for the 45Z credits in guidance? - The company is accruing for the credits as volumes are produced, with expectations for improvements once final rules are established [37] Question: Are there any weather challenges anticipated this quarter? - Management acknowledged some weather challenges but not to the extent seen in the previous year [54] Question: What is the status of the company's JVs with BP and TotalEnergies? - Management confirmed that current upstream investments are focused on Maas Energy Works projects, with no immediate plans for additional investments [65]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported a GAAP loss of $222 million, slightly higher than expected due to non-cash interest charges [17] - Adjusted EBITDA for 2025 was $67.6 million, exceeding the top end of guidance of $65 million [17] - In Q4 2025, the company delivered 64.1 million gallons of RNG, a 5% increase over Q3 2025 and approximately 3% higher than Q4 2024 [18] Business Line Data and Key Metrics Changes - The RNG upstream business showed improved financial performance in Q4 2025, with expectations for continued growth into 2026 [19] - The fuel distribution business maintained gross margins consistent with previous quarters, despite a $4 million increase in SG&A expenses due to one-off costs [19] Market Data and Key Metrics Changes - RNG delivered in 2025 was 237.4 million gallons, about 97% of the target, with a slight shortfall attributed to extreme weather in Q1 [18] - The company expects to deliver 250 million gallons of RNG in 2026, with total fuel volumes around 324 million gallons [20] Company Strategy and Development Direction - The company is focused on scaling its RNG production and optimizing costs while pursuing growth across its integrated RNG model [16] - The company plans to continue leveraging its existing infrastructure and relationships to increase RNG adoption in transportation [76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the regulatory environment for RNG, highlighting positive signals from major regulatory programs [9] - The company anticipates significant improvements in its RNG upstream business for 2026, with lower GAAP losses and positive adjusted EBITDA [21] Other Important Information - The company ended 2025 with $156.1 million in cash and investments after paying down $65 million in debt [19] - Capital expenditures for 2026 are expected to remain steady at approximately $25 million for the fuel distribution business [24] Q&A Session Summary Question: What is the ramp trajectory for the 8 facilities now open and operating? - Management indicated a gradual ramp-up in production, with significant improvements expected in the second half of the year [29] Question: What is the interest in the 15-liter engine and the truck market? - Management noted that there is still strong interest from fleets in cleaner alternatives, despite macroeconomic challenges [31] Question: How is the company accounting for the 45Z credits in guidance? - Management confirmed that they are accruing for the credits as they produce volume, with expectations for improvement once final rules are established [37] Question: Are there any weather challenges anticipated for the current quarter? - Management acknowledged some weather challenges but not to the extent seen in the previous year [54] Question: What is the status of the company's JVs with BP and TotalEnergies? - Management confirmed that current upstream investments are focused on Maas Energy Works projects, with no immediate plans for additional investments [64]