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]

Financial Data and Key Metrics Changes - Revenues decreased to $42.9 million from $72.6 million year-over-year, primarily due to delayed biodiesel contracts in India [4] - Operating loss was $15.6 million, reflecting a $1.6 million increase in SG&A expenses, mainly from legal and transaction costs related to the sale of investment tax credits [5] - Net loss remained flat at $24.5 million compared to Q1 last year [5] - Cash at the end of the quarter was $500,000 after $15.4 million of debt repayment and $1.8 million invested in carbon intensity reduction and dairy RNG expansion [6] Business Line Data and Key Metrics Changes - The Quays ethanol plant experienced a revenue increase of $1.7 million due to stronger ethanol pricing [5] - RNG volumes increased by 17% year-over-year [5] - The dairy RNG business is scaling gas production, expecting to reach 550,000 MMBtu capacity this year and grow to 1,000,000 MMBtu annually by the end of 2026 [8] Market Data and Key Metrics Changes - The California Low Carbon Fuel Standard (LCFS) amendments are expected to tighten credit supply and increase credit prices significantly [12] - Aemetis anticipates generating over $60 million annually from LCFS credits once provisional pathways are approved [12] Company Strategy and Development Direction - Aemetis is preparing for an IPO of its India subsidiary targeting late 2025 or early 2026, while evaluating expansion into RNG and ethanol production in India [10] - The company is focused on sustainable aviation fuel and carbon capture projects, with significant regulatory support expected [11] - Aemetis plans to monetize tax credits and advance development projects, positioning for growth and improved cash flow in the second half of 2025 and into 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expects multiple revenue streams from India, LCFS credits, and federal tax incentives to ramp up as the year progresses, leading to a stronger second half of 2025 [6] - The company is optimistic about the impact of E15 ethanol blend expansion and the potential for increased domestic demand for ethanol [15] - Management highlighted the importance of the 45Z production tax credit starting January 2025, which is expected to significantly enhance revenue and debt repayment capabilities [22] Other Important Information - Aemetis received $19 million in cash from the sale of investment tax credits in Q1 2025, with expectations for additional sales throughout the year [14] - The company is actively working on financing structures for its sustainable aviation fuel project and awaiting clarity on tax credits to support project financing [10] Q&A Session Summary Question: Impact of tariffs on RNG production for 2025 and 2026 - Management indicated that the RNG value chain is primarily domestic, with no anticipated direct impact from tariffs [18] Question: Improvement in the balance sheet and debt outlook for 2025 - Management expects to continue paying down debt, with significant increases in LCFS revenues anticipated from approved dairy pathways [21] Question: Long-term target for dairy RNG OpEx - Management expects a dramatic decrease in OpEx per MMBtu as production increases, with seasonality also affecting costs [27] Question: California ethanol segment's EBITDA outlook - Management is optimistic about the potential for an EBITDA positive quarter, driven by E15 approval and improving ethanol margins [29] Question: Opportunities for RNG and ethanol in India - Management elaborated on the strong market position in India, with plans for diversification into RNG and ethanol production [36] Question: Potential hiccups due to geopolitical issues in India - Management stated that current geopolitical tensions have had no impact on operations or supply chains [41] Question: Opportunities for cheaper debt from EB-5 financing - Management confirmed approval for $200 million in EB-5 financing, which is expected to be a cost-effective funding source [45] Question: Progress on 45Z tax credits and timing - Management provided updates on the expected timeline for final rules from Treasury regarding 45Z tax credits [51] Question: Ethanol and corn crush margins outlook - Management expressed a positive outlook for ethanol margins, especially with the potential adoption of E15 across more states [60]