Clean Energy Fuels (CLNE) investor relations material

Executive summary

• Q2 2026 revenue reached $106.4 million, up 3.7% year-over-year, with RNG sales of 63.2 million gallons and adjusted EBITDA of $16 million, all supporting maintained annual guidance.

• Net loss for Q2 2026 was $14.9 million ($0.07/share), a 27% improvement from Q2 2025, reflecting the absence of prior-year goodwill impairment.

• Cash and short-term investments totaled $138 million at June 30, 2026, reflecting a strong balance sheet.

• Upstream RNG production improved due to better weather and ramp-up at major projects, with further improvement expected in H2 2026.

• Management transition included the appointment of Clay Corbus as CEO and Bart Frabotta as COO in 2026.

Financial highlights

• Q2 2026 product revenue was $91.1 million (+4.6% YoY); service revenue was $15.2 million (-1.9% YoY); station construction revenue doubled year-over-year to $16 million.

• Adjusted EBITDA for Q2 2026 was $16 million, slightly down from $17.5 million in Q2 2025.

• Q2 2026 revenue included a $9.6 million non-cash contra-revenue charge related to Amazon warrant, down from $17.4 million in Q2 2025.

• RIN and LCFS revenues increased to $14.2 million from $11.9 million, driven by higher prices, volumes, and contributions from consolidated dairy RNG projects.

• Cash and investments rose to $138 million at June-end, up from $126 million at March-end.

Outlook and guidance

• Full-year guidance maintained, with 2026 Adjusted EBITDA projected between $70 million and $75 million, and GAAP net loss expected between $(71) million and $(66) million.

• Guidance includes up to $5 million incremental adjusted EBITDA from the 45Z production tax credit, pending final Treasury guidance.

• If 45Z guidance is delayed or less favorable, adjusted EBITDA could fall below the $70–$75 million range.

• 2026 business plan calls for $25 million in capital expenditures, mainly for fueling stations and LNG plant costs.

• Sufficient liquidity expected for at least 12 months; additional capital may be needed for future expansion.