Clean Energy Fuels Corp.

Second-quarter revenue was $106.4 million, up from $102 million a year ago. Adjusted EBITDA was $16 million, and the company said those results were in line with expectations. Fuel volumes increased 7% year over year to 81.8 million gallons, with RNG volumes up 3% to 3.2 million gallons; dairy RNG production was 2.1 million gallons, well above the prior-year period. Cash and short-term investments were $138 million at quarter-end, up from $126 million at the end of March. For 2026, management maintained its annual outlook and said final 45Z GREET guidance could contribute up to $5 million of incremental adjusted EBITDA, but if delayed or minimally beneficial, full-year adjusted EBITDA would come in below the $70 million to $75 million range.

Andrew Corbus framed the quarter as solid and emphasized that the business remains on track for the full year. He pointed to improvement in upstream RNG production from better weather and the ramp at South Fork and East Valley, while saying more operational work remains. He also highlighted demand-side efforts, including more advertising around diesel-price savings, stronger Canadian fleet interest, hydrogen station wins, and new opportunities in power solutions and LNG marine fueling. His tone was constructive and confident, but he repeatedly noted that execution and ramp-up still need improvement.

Robert Vreeland said Q2 performance matched expectations on both financials and fuel volumes, and that maintaining full-year guidance assumes better second-half results. He said fuel pricing, including RIN and LCFS values, was favorable year to date, operating expenses were on plan, and fuel volumes met expectations. He also noted that fuel margins were largely in line with plan, revenue was $106.4 million versus $102 million a year ago, and cash and investments ended at $138 million. On 45Z, he said final GREET guidance is expected before year-end and could add up to $5 million of adjusted EBITDA, but a delay or limited benefit would pressure the company’s $70 million to $75 million EBITDA range.

Analysts focused on the slower adoption of the X15N natural gas engine, asking whether incremental cost concerns were easing and whether fleets were shifting toward natural gas as diesel prices rose. Management said the key issue is still the uncertain rollout of the 2027 diesel-engine standards, which affects the cost gap, but that diesel remains expensive and the company is pushing harder on advertising to drive interest. Questions also covered 45Z timing, with management clarifying that the issue is not just the size of the benefit but whether final guidance arrives in time to affect 2026 results. Other questions centered on upstream RNG profitability, LCFS pathway timing, hydrogen growth, and power-generation opportunities; management said upstream performance should improve in the second half, LCFS timing depends on CARB, hydrogen is being pursued as a service model without capital at risk, and off-pipeline power customers can be served initially using existing assets.