Encouragingly, Acquis is finding there is increasing demand from these partners to structure pan-European partnerships with common product structures and legal setups, compliant with both domestic and EU regulations, helping to offset what has been a generally weak market in France lately due to economic and regulatory uncertainty tied to its political crisis.Many of these lenders are present throughout Europe with multiple subsidiaries, Guez explains, and they continue to invest and grow, offering ample bu ...

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]