Q1 2026 Clean Energy Fuels Corp Earnings Call

May 7, 2026

Speaker #1: Hello and welcome everyone joining today's Clean Energy Fuels First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Clay Corbus: Hello. Welcome everyone joining today's Clean Energy Fuels Q1 2026 Earnings Conference Call. It is now my pleasure to turn the meeting over to Tom Driscoll, Vice President, Strategic Development and Sustainability. Please go ahead.

Operator: Hello. Welcome everyone joining today's Clean Energy Fuels Q1 2026 Earnings Conference Call. At this time It is now my pleasure to turn the meeting over to Tom Driscoll, Vice President, Strategic Development and Sustainability. Please go ahead.

Speaker #1: Later, you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press *1 on your telephone keypad.

Speaker #1: Please note this call is being recorded. We are standing by should you need any assistance. It is now my pleasure to turn the meeting over to Tom Driscoll, Vice President Strategic Development and Sustainability.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Dana. Earlier this afternoon, Clean Energy Release Financial Results for the first quarter ending March 31, 2026. If you did not receive the release, it is available on the Investor Relations section of the company's website, where the call is also being webcast.

Thomas Driscoll: Thank you, Dana. Earlier this afternoon, Clean Energy released financial results for Q1 ending 31 March 2026. If you did not receive the release, it is available on the investor relations section of the company's website, where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10-Q filed today.

Tom Driscoll: Thank you, Dana. Earlier this afternoon, Clean Energy released financial results for Q1 ending 31 March 2026. If you did not receive the release, it is available on the investor relations section of the company's website, where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10-Q filed today.

Speaker #2: There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements, that involve risks, uncertainties, and assumptions that are difficult to predict.

Speaker #2: Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10Q filed today.

Speaker #2: These forward-looking statements speak only as the date of this release, the company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release.

Thomas Driscoll: These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding circumstances after the date of this release. The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes certain expenses that the company's management does not believe are indicative of the company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today.

Tom Driscoll: These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding circumstances after the date of this release. The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes certain expenses that the company's management does not believe are indicative of the company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today.

Speaker #2: The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes certain expenses that the company's management does not believe are indicative of the company's core business operating results.

Speaker #2: Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results.

Speaker #2: The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8K today.

Speaker #2: With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbis.

Thomas Driscoll: With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbus.

Tom Driscoll: With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbus.

Speaker #3: All right. Thank you, Tom. I want to start by saying that I'm honored to be named CEO of Clean Energy. I've been part of this company for 19 years, and have been involved in every major strategic chapter of our evolution, from our days building out the fueling network to our initial investments in R&D in 2008 to the integrated platform we operate today.

Clay Corbus: All right. Thank you, Tom. I want to start by saying that I'm honored to be named CEO of Clean Energy. I've been part of this company for 19 years and have been involved in every major strategic chapter of our evolution, from our days building out the fueling network to our initial investments in RNG in 2008 to the integrated platform we operate today. I have a huge amount of confidence in our team and the foundation we've built, and I'm very excited about the opportunity ahead of us. Now, as CEO, I plan to focus on growth, strengthen execution and operating discipline, and fully leverage the assets, infrastructure, and people we have in place. We have a strong balance sheet, recurring cash flow, and a very capable team.

Speaker #3: I have a huge amount of confidence in our team and the foundation we've built, and I'm very excited about the opportunity ahead of us.

Speaker #3: Now, as CEO, I plan to focus on growth, strengthen execution and operating discipline, and fully leverage the assets, infrastructure, and people we have in place.

Speaker #3: We have a strong balance sheet, recurring cash flow, and a very capable team. I also see opportunity to be more technology-forward, using data and software to improve efficiency across operations, corporate functions, R&D, and how we identify new customers and service-existing customers.

Clay Corbus: I also see opportunity to be more technology-forward, using data and software to improve efficiency across operations, corporate functions, RNG, and how we identify new customers and serve existing customers. All of this supports the same objective: deliver value for our customers and stakeholders. At its core, I believe deeply in this business and our product. RNG is domestically produced, lowers fuel costs, reduces greenhouse gas emissions, and uses existing infrastructure. Those fundamentals have always mattered, but they are especially relevant today. Beginning in early March, the conflict with Iran caused a sharp rise in crude oil prices, which quickly flowed through to diesel across the US. Diesel prices increased by roughly $1.50 to $2 per gallon or more. A 50% increase almost overnight.

Speaker #3: All of this supports the same objective. Deliver value for our customers and stakeholders. At its core, I believe deeply in this business and our product, R&D is domestically produced, lowers fuel costs, reduces greenhouse gas emissions, and uses existing infrastructure.

Speaker #3: Those fundamentals have always mattered, but they are especially relevant today beginning in early March the conflict with Iran caused a sharp rise in crude oil prices, which quickly flowed through the diesel across the US.

Speaker #3: Diesel prices increased by roughly $1.50 to $2 per gallon or more, a 50% increase almost overnight. Fuel is a meaningful component of cost per mile, and this level of volatility strains fleets, carriers, and shippers, and ultimately leads to higher costs for consumers.

Clay Corbus: Fuel is a meaningful component of cost per mile, and this level of volatility strains fleets, carriers, and shippers, and ultimately leads to higher costs for consumers. This environment reinforces why Clean Energy exists. Compared to diesel, natural gas is cheaper, cleaner, domestic, and less exposed to geopolitical events abroad. As you've heard many times before, nearly 100% of the fuel delivered through our stations today is renewable natural gas, which captures all the benefits I just mentioned and helps our customers advance their sustainability goals. Turning to the quarter. We delivered 67 million gallons of RNG. We generated $16.6 million of adjusted EBITDA, and we ended the quarter with $126 million of cash on the balance sheet. In our downstream business, performance across core markets remained steady.

Speaker #3: This environment reinforces why Clean Energy exists. Compared to diesel, natural gas is cheaper, cleaner, domestic, and less exposed to geopolitical events abroad. As you've heard many times before, nearly 100% of the fuel delivered through our stations today is renewable natural gas.

Speaker #3: Which captures all the benefits I just mentioned, and helps our customers advance their sustainability goals. Now, turning to the quarter, we delivered 67 million gallons of R&D, we generated 16.6 million of adjusted EBITDA, and we ended the quarter with $126 million of cash on the balance sheet.

Speaker #3: In our downstream business, performance across core markets remained steady. Our transit and refuse sectors continue to be consistent contributors, supported by long-standing customer relationships and the reliability of R&D.

Diesel prices increase by roughly a dollar fifty to 2 bucks per gallon or more. If 50% increase almost overnight.

Clay Corbus: Our transit and refuse sectors continue to be consistent contributors, supported by long-standing customer relationships and the reliability of RNG. We also see underappreciated growth potential in these segments. Over the past 5 years, battery, electric, and hydrogen solutions have proven costly and challenging to deploy in many locations. As those realities become clearer for transit and refuse fleets, RNG offers a practical, cleaner, and lower cost alternative to diesel, and many of these fleets already have firsthand experience with RNG. In trucking, the recent diesel price hikes and volatility have brought total cost of ownership back into focus. Heavy-duty trucking remains our largest growth opportunity. Class 8 trucks with the Cummins X15N engine allow fleets to capture RNG's economic and environmental benefits without sacrificing range or performance. The technology works, the infrastructure is in place, the fuel is available today, and it is cheap and less volatile.

Speaker #3: We also see underappreciated growth potential in these segments. Over the past five years, battery electric and hydrogen solutions have proven costly and challenging to deploy in many locations.

Fuel is a meaningful component of cost per mile and this level of volatility strains fleets carriers and shippers and ultimately leads to higher costs for consumers.

Speaker #3: As those realities become clearer for transit and refuse fleets, R&D offers a practical, cleaner, and lower-cost alternative to diesel. And many of these fleets already have firsthand experience with R&D.

Speaker #3: In trucking, the recent diesel price hikes and volatility have brought total cost of ownership back into focus. Heavy-duty trucking remains our largest growth opportunity, Class A trucks with the Cummins X15N engine allow fleets to capture R&D's economic and environmental benefits without sacrificing range, or performance.

This environment reinforces why clean energy exists compared to diesel natural glasses. Cheaper cleaner domestic and less exposed to geopolitical events abroad. As you've heard many times before, nearly 100% of the fuel delivered through our stations today is renewable natural gas, which captures all the benefits I just mentioned and helps our customers Advance their sustainability goals.

Now turning to the quarter, we delivered 67 million gallons of RNG, we generated 16.6 million of adjusted human de and we ended the quarter with 126 million of cash on the balance sheet.

Speaker #3: The technology works, the infrastructure is in place, the fuel is available today, and it is cheap and less volatile. Quite simply, the case for switching from diesel to R&D has never been stronger.

In our Downstream business performance across core markets, remain steady.

Clay Corbus: Quite simply, the case for switching from diesel to RNG has never been stronger. At the same time, to be honest, adoption of the X15N has been slower than we originally expected. Diesel is the incumbent fuel for the vast majority of fleets. In the last 2 years, the sector's faced challenging freight fundamentals, federal and state regulatory uncertainty, particularly in California, and frankly, ESG whiplash as companies balance long-term sustainability goals with fluid policies and near-term stakeholder expectations. Even though RNG delivers a lower total cost of ownership, natural gas tractors still carry a higher upfront cost than diesel. In that environment, many fleets have chosen to delay change and stick with the status quo. Our strategy is to be targeted, focusing on applications and fleets where RNG delivers the clearest economic and low carbon advantages.

Our Transit and rescue sectors. Continue to be consistent contributors supported by long-standing customer relationships and the reliability of RNG.

Speaker #3: At the same time, to be honest, adoption of the X15N has been slower than we originally expected. Diesel is the incumbent fuel for the vast majority of fleets.

We also see underappreciated growth potential in these segments over the past 5 years, battery electric and hydrogen Solutions have proven costly and challenging to deploy in many locations.

Speaker #3: In the last two years, the sector has faced challenging freight fundamentals, federal and state regulatory uncertainty, particularly in California, and frankly, ESG whiplash as companies balance long-term sustainability goals with fluid policies and near-term stakeholder expectations.

As those realities become clear for Transit and rescue fleets. RNG offers a practical cleaner and lower cost alternative to diesel.

Clay Corbus: RNG. In trucking, the recent diesel price hikes and volatility have brought total cost of ownership back into focus. Heavy-duty trucking remains our largest growth opportunity. Class 8 trucks with a Cummins X15N engine allow fleets to capture RNG's economic and environmental benefits without sacrificing range or performance. The technology works, the infrastructure is in place, the fuel is available today, it is cheap and less volatile. Quite simply, the case for switching from diesel to RNG has never been stronger. At the same time, to be honest, adoption of the X15N has been slower than we originally expected. Diesel is the incumbent fuel for the vast majority of fleets. In the last 2 years, the sector's faced challenging freight fundamentals, federal and state regulatory uncertainty, particularly in California, frankly, ESG whiplash as companies balance long-term sustainability goals with fluid policies and near-term stakeholder expectations.

RG.

Speaker #3: Even though R&D delivers a lower total cost of ownership, natural gas tractors still carry a higher upfront cost than diesel. And that environment, many fleets have chosen to delay change and stick with the status quo.

Speaker #3: Our strategy is to be targeted, focusing on applications and fleets where R&D delivers the clearest economic and low-carbon advantages. In our upstream R&D production business, we now have eight projects operating and three under construction.

In trucking, the recent diesel price hikes and volatility have brought total cost of ownership back in the focus, heavy duty Trucking remains our largest growth opportunity. Class A trucks with the Cummins X-15 engine, allow fleets to capture R&G, economic and environmental benefits, without sacrificing range or performance.

The technology works, the infrastructure is in place. The fuel is available today and it is cheap and less volatile.

Clay Corbus: In our upstream RNG production business, we now have 8 projects operating and 3 under construction. The Q1 reflected continued ramp-up at our Southfork project in Texas and our East Valley project in Ohio. The Q1 also had extreme winter weather, which impacted production, particularly in the upper Midwest. We were able to get our projects back on track and anticipate production and financial results to improve as the year progresses. I'd also like to highlight a positive regulatory milestone. In March, CARB approved the pathway for our Del Rio dairy project in Texas with a carbon intensity of approximately -300. We also continue to await an upgraded GREET model from the Department of Energy for determining 45Z credit values, which is expected to better reflect the negative carbon intensity of dairy RNG.

Quite simply the case for switching from diesel to RNG has never been stronger.

Speaker #3: The first quarter reflected continued ramp-up at our South Fork project in Texas, and our East Valley project in Ohio. The first quarter also had extreme winter weather, which impacted production particularly in the upper Midwest.

Speaker #3: We were able to get our projects back on track and anticipate production and financial results to improve as the year progresses. I'd also like to highlight a positive regulatory milestone.

Speaker #3: In March, CARB approved the pathway for our Del Rio Dairy project in Texas, with a carbon-intensity of approximately negative 300. We also continued to await an upgraded GREET model from the Department of Energy for determining 45Z credit values.

Clay Corbus: Even though RNG delivers a lower total cost of ownership, natural gas tractors still carry a higher upfront cost than diesel. In that environment, many fleets have chosen to delay change and stick with the status quo. Our strategy is to be targeted, focusing on applications and fleets where RNG delivers the clearest economic and low carbon advantages. In our upstream RNG production business, we now have 8 projects operating and 3 under construction. The Q1 reflected continued ramp-up at our South Fork project in Texas and our East Valley project in Idaho. The Q1 also had extreme winter weather, which impacted production, particularly in the upper Midwest. We were able to get our projects back on track and anticipate production and financial results to improve as the year progresses. I'd also like to highlight a positive regulatory milestone.

At the same time, to be honest, adoption of the F-15N has been slower than we originally expected. Diesel is the incumbent fuel for the vast majority of fleets in the last two years. The sector has faced challenging freight fundamentals, federal and state regulatory uncertainty—particularly in California—and, frankly, ESG whiplash as companies balance long-term sustainability goals with fluid policies and near-term stakeholder expectations.

Speaker #3: Which is expected to be better I'm sorry, which is expected to better reflect the negative carbon intensity of dairy R&D. As we scaled our R&D production business, projects have taken longer to develop and ramp up than initially expected.

Even though RNG delivers a lower total cost of ownership natural, gas tractors still carry a higher upfront, cost in diesel and that environment, many fleets have chosen to delay change and stick with the status quo.

Clay Corbus: As we scale the RNG production business, projects have taken longer to develop and ramp up than initially expected, and some have faced operational challenges. We've responded by taking a more hands-on approach to operations, strengthening internal oversight, and replacing vendors where performance fell short. These improvements and transitions take time, we are making progress. We remain focused on improving performance at our operating sites and executing projects that are under construction. It remains true that Clean Energy is an advantaged owner of dairy RNG production. Customer demand for low CI RNG remains strong, particularly in California, where we have the largest RNG station network. Before concluding, I do want to take a moment to recognize Andrew Littlefair. Andrew founded this company. He led it for 3 decades and built Clean Energy into the platform that it is today.

Our strategy is to be targeted, focusing on applications and fleets, where R&D delivers the clearest economic and low-carbon advantages.

Speaker #3: And some have faced operational challenges. We've responded by taking a more hands-on approach to operations, strengthening internal oversight, and replacing vendors for performance fell short.

In our Upstream, RNG production business. We now have 8 projects operating and 300 construction. The first quarter reflected continue, ramp up at our South Fork project in Texas and our East Valley Project in Ohio,

Speaker #3: These improvements and transitions take time, but we are making progress. We remain focused on improving performance at our operating sites and executing projects that are under construction.

The first quarter also had extreme winter weather, which impacted production particularly in the Upper Midwest.

We were able to get our projects back on track and anticipate production and finance results to improve as year progresses.

Speaker #3: It remains true that Clean Energy is an advantage donor of dairy R&D production. Customer demand for low CI R&D remains strong, particularly in California, where we have the largest R&D station network.

Clay Corbus: In March, CARB approved the pathway for our Del Rio dairy project in Texas with a carbon intensity of approximately -300. We also continue to await an upgraded GREET model from the Department of Energy for determining 45Z credit values, I'm sorry, which is expected to better reflect the negative carbon intensity of Dairy RNG. As we scale the RNG production business, projects have taken longer to develop and ramp up than initially expected, and some have faced operational challenges. We've responded by taking a more hands-on approach to operations, strengthening internal oversight, and replacing vendors where performance fell short. These improvements and transitions take time, but we are making progress. We remain focused on improving performance at our operating sites and executing projects that are under construction.

I'd also like to highlight a positive regulatory milestone in March carb approved the pathway for our Del Rio, Dairy project in Texas with a carbon intensity of approximately negative -300,

Speaker #3: Now, before concluding, I do want to take a moment to recognize Andy Littlefehr. Andy founded this company. He led it for three decades, and built Clean Energy into the platform that it is today.

Speaker #3: I've had the privilege of working alongside Andy and learning from him. We are fortunate that he remains actively involved by continuing his work on policy matters in Washington and serving on our board.

We also continue to await an upgraded. Greek model from the Department of energy for determining 45z credit values, which is expected to be better. I'm sorry, which is expected to better reflect the negative carbon intensity of dairy RNG.

Clay Corbus: I've had the privilege of working alongside Andrew and learning from him. We are fortunate that he remains actively involved by continuing his work on policy matters in Washington and serving on our board. On behalf of the entire company, I want to thank him for his contributions and continued commitment to Clean Energy. With that, I'll hand the call to our CFO, Bob Vreeland, to walk through the financials.

As we scaled our RNG production business products have taken longer to develop and ramp up than initially expected. And some have faced operational challenges,

Speaker #3: On behalf of the entire company, I want to thank him for his contributions and continue commitment to Clean Energy. And with that, I'll hand the call to our CFO, Bob Reeland, to walk through the financials.

We've responded by taking a more hands-on approach to operations, strengthening internal oversight, and replacing vendors for performance. We fell short.

Speaker #2: Thank you, Clay. And good afternoon to everyone. Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses.

Robert Vreeland: Thank you, Clay, and good afternoon to everyone. Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses. For example, while extreme cold weather impacted upstream RNG production, we were able to monetize a larger than expected amount of RIN and LCFS credits from our East Valley dairy in Idaho, which was placed into service in March. Increased RNG volumes delivered by our fuel distribution business drove higher RIN revenues, and we were able to optimize our gas costs in this volatile commodities market. To a lesser degree in the quarter, but still ongoing today, we enjoyed the dynamics of higher retail fuel prices while our natural gas commodity costs did not increase proportionally at the same level of oil and diesel prices.

Rob Vreeland: Thank you, Clay, and good afternoon to everyone. Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses. For example, while extreme cold weather impacted upstream RNG production, we were able to monetize a larger than expected amount of RIN and LCFS credits from our East Valley dairy in Idaho, which was placed into service in March. Increased RNG volumes delivered by our fuel distribution business drove higher RIN revenues, and we were able to optimize our gas costs in this volatile commodities market. To a lesser degree in the quarter, but still ongoing today, we enjoyed the dynamics of higher retail fuel prices while our natural gas commodity costs did not increase proportionally at the same level of oil and diesel prices.

Clay Corbus: It remains true that Clean Energy is an advantaged owner of dairy RNG production. Customer demand for low CI RNG remains strong, particularly in California, where we have the largest RNG station network. Now, before concluding, I do want to take a moment to recognize Andrew Littlefair. Andrew founded this company. He led it for three decades and built Clean Energy into the platform that it is today. I've had the privilege of working alongside Andrew and learning from him. We are fortunate that he remains actively involved by continuing his work on policy matters in Washington and serving on our board. On behalf of the entire company, I want to thank him for his contributions and continued commitment to Clean Energy. With that, I'll hand the call to our CFO, Robert Vreeland, to walk through the financials.

These improvements and transitions take time, but we are making progress. We remain focused on improving performance at our operating sites and executing projects that are under construction.

it remains true that clean energy is an advantage, donor of dairy, RNG production,

Speaker #2: For example, while extreme cold weather impacted upstream R&D production, we were able to monetize a larger-than-expected amount of wren and LCFS credits from our East Valley dairy in Idaho.

C customer demand for low CI. RNG remain strong, particularly in California where we have the largest RNG Station Network.

Speaker #2: Which was placed in the service in March. Increased R&D volumes delivered by our fuel distribution business drove higher wren revenues, and we were able to optimize our gas costs in this volatile commodities market.

Now, before concluding, I do want to take a moment to recognize Andy little far.

And you founded this company, he led it for 3 decades and build clean energy into the platform that it is today.

Speaker #2: To a lesser degree in the quarter, but still ongoing today, we enjoyed the dynamics of higher retail fuel prices while our natural gas commodity costs did not increase proportionally at the same level of oil and diesel prices.

I've had the privilege of working alongside Andrew and learning from him. We are fortunate that he remains actively involved by continuing his work on policy matters in Washington and serving on our board.

On behalf of the entire company. I want to thank and for his contributions and continue to commitment to clean energy.

Speaker #2: In fact, despite increases in our natural gas costs and the retail prices, we maintained a large discount on our fuel price compared to diesel.

Robert Vreeland: Thank you, Clay. Good afternoon to everyone. Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses. For example, while extreme cold weather impacted upstream RNG production, we were able to monetize a larger than expected amount of RIN and LCFS credits from our East Valley dairy in Idaho, which was placed into service in March. Increased RNG volumes delivered by our fuel distribution business drove higher RIN revenues, and we were able to optimize our gas costs in this volatile commodities market. To a lesser degree in the quarter, but still ongoing today, we enjoyed the dynamics of higher retail fuel prices while our natural gas commodity costs did not increase proportionally at the same level of oil and diesel prices.

And with that, I'll hand the call to our CFO Bob re-land to walk through the financials.

Robert Vreeland: One of the effects we see of elevated commodity and retail prices is higher revenue. Coupled with higher fuel volumes, which drive both base fuel sales revenue as well as RIN and LCFS revenues, we reported $117.6 million in revenue for Q1 2026 compared to $103.8 million last year. RNG volumes delivered in Q1 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing RNG for transportation. We've seen this before, and it's nice to have the supply to accommodate those deliveries.

Thank you, clay, and good afternoon to everyone.

Speaker #2: Consequently, one of the effects we see of elevated commodity and retail prices is higher revenue. Coupled with higher fuel volumes, which drive both base fuel sales revenue as well as wren and LCFS revenues, we reported $117.6 million in revenue for the first quarter of 2026, compared to $103.8 million last year.

Rob Vreeland: One of the effects we see of elevated commodity and retail prices is higher revenue. Coupled with higher fuel volumes, which drive both base fuel sales revenue as well as RIN and LCFS revenues, we reported $117.6 million in revenue for Q1 2026 compared to $103.8 million last year. RNG volumes delivered in Q1 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing RNG for transportation. We've seen this before, and it's nice to have the supply to accommodate those deliveries.

Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses.

For example while extreme cold weather impacted Upstream RNG production. We were able to monetize a larger than expected amount of Ren and lcfs credits, from our East Valley, Dairy in Idaho which was placed in the service in March.

Speaker #2: R&D volumes delivered in the first quarter of 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing R&D for transportation.

Increased RNG volumes delivered by our fuel distribution business, drove higher, Ren revenues and we were able to optimize our gas costs in this volatile Commodities Market.

Speaker #2: We've seen this before, and it's nice to have the supply to accommodate those deliveries. We believe we'll come off the first quarter R&D volumes by a few million gallons or so as we look forward, but remain confident in achieving our annual guidance of delivering 250 million gallons or more given the first quarter of R&D for the year.

Robert Vreeland: We believe we'll come off the Q1 RNG volumes by a few million gallons or so as we look forward, but remain confident in achieving our annual guidance of delivering 250 million gallons or more given the Q1 of RNG for the year. GAAP net loss was $12 million for the Q1 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the Q1, where we reported a GAAP net loss of $135 million, which included a couple of large non-cash charges totaling $115 million. Adjusted EBITDA of $16.6 million in the Q1 2026 compares to $17.1 million of adjusted EBITDA a year ago.

Rob Vreeland: We believe we'll come off the Q1 RNG volumes by a few million gallons or so as we look forward, but remain confident in achieving our annual guidance of delivering 250 million gallons or more given the Q1 of RNG for the year. GAAP net loss was $12 million for the Q1 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the Q1, where we reported a GAAP net loss of $135 million, which included a couple of large non-cash charges totaling $115 million. Adjusted EBITDA of $16.6 million in the Q1 2026 compares to $17.1 million of adjusted EBITDA a year ago.

Robert Vreeland: One of the effects we see of elevated commodity and retail prices is higher revenue. Coupled with higher fuel volumes, which drive both base fuel sales revenue as well as RIN and LCFS revenues, we reported $117.6 million in revenue for Q1 2026, compared to $103.8 million last year. RNG volumes delivered in Q1 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing RNG for transportation. We've seen this before, it's nice to have the supply to accommodate those deliveries.

To a lesser degree in the quarter but still ongoing today, we enjoyed the dynamics of higher retail fuel prices. While our natural gas commodity costs did not increase proportionally at the same level as oil and diesel prices, in fact, despite increases in our natural gas costs and the retail prices, we maintained a large discount on our fuel price compared to diesel.

Consequently 1 of the effects, we see of elevated commodity and retail prices is higher Revenue.

Speaker #2: Gap net loss was $12 million for the first quarter of 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the first quarter where we reported a gap net loss of $135 million.

Speaker #2: Which included a couple of large non-cash charges totaling $115 million. Adjusted EBITDA of $16.6 million in the first quarter of 2026 compares to $17.1 million of adjusted EBITDA a year ago.

15.6 million in revenue for the first quarter of 2026 compared to 1 0 3. 8.

Speaker #2: In addition to the normal variations I mentioned previously for the first quarter of 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026.

Robert Vreeland: In addition to the normal variations I mentioned previously for Q1 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026. As well, and also anticipated in our 2026 outlook, we lowered SG&A expenses in Q1 2026. One reporting comment I'll make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements.

Rob Vreeland: In addition to the normal variations I mentioned previously for Q1 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026. As well, and also anticipated in our 2026 outlook, we lowered SG&A expenses in Q1 2026. One reporting comment I'll make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements.

Robert Vreeland: We believe we'll come off the Q1 RNG volumes by a few million gallons or so as we look forward, but remain confident in achieving our annual guidance of delivering 250 million gallons or more, given the Q1, of RNG for the year. GAAP net loss was $12 million for the Q1 of 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the Q1, where we reported a GAAP net loss of $135 million, which included a couple large non-cash charges totaling $115 million.

RG volumes delivered in the first quarter of 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing RNG for transportation. We've seen this before and it's nice to have the supply to accommodate those deliveries.

Speaker #2: And as well, and also anticipated in our 2026 outlook, we lowered SG&A expenses in the first quarter of 2026. One reporting comment I'll make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements.

We believe we'll come off the first quarter RNG volumes by a few million gallons or so as we look forward but remain confident in achieving our annual guidance of delivering 250 million gallons or more given the first quarter of RNG for the year.

Speaker #2: You'll notice in 2026, a portion of the warrant charge is included as a charge against our O&M service revenue, whereas previously 100% of the charge was in our products revenue.

Robert Vreeland: You'll notice in 2026, a portion of the warrant charge is included as a charge against our O&M service revenue, whereas previously 100% of the charge was in our products revenue. There's more detail on the Amazon warrant charge. It's just a different place in the income statement that you're seeing it this year. There's more disclosed in our 10-Q. In addition to the $126 million in cash and investments on our balance sheet, there is another $46 million in cash off balance sheet at our dairy RNG joint ventures. During Q1, we contributed $12 million to our Maas Energy Works JV, with another $12 million that was contributed in April. Maas Energy Works continues to make good progress toward completing the 3 dairy projects under construction. With that, operator, please open the call to questions.

Rob Vreeland: You'll notice in 2026, a portion of the warrant charge is included as a charge against our O&M service revenue, whereas previously 100% of the charge was in our products revenue. There's more detail on the Amazon warrant charge. It's just a different place in the income statement that you're seeing it this year. There's more disclosed in our 10-Q. In addition to the $126 million in cash and investments on our balance sheet, there is another $46 million in cash off balance sheet at our dairy RNG joint ventures. During Q1, we contributed $12 million to our Maas Energy Works JV, with another $12 million that was contributed in April. Maas Energy Works continues to make good progress toward completing the 3 dairy projects under construction. With that, operator, please open the call to questions.

Robert Vreeland: Adjusted EBITDA of $16.6 million in Q1 2026 compares to $17.1 million of adjusted EBITDA a year ago. In addition to the normal variations I mentioned previously for Q1 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026. As well, and also anticipated in our 2026 outlook, we lowered SG&A expenses in Q1 2026. One reporting comment I'll make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements. You'll notice in 2026, a portion of the warrant charge is included as a charge against our O&M service revenue, whereas previously 100% of the charge was in our products revenue. There's more detail on the Amazon warrant charge.

Gap. Net loss was 122 million for the first quarter of 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago. In the first quarter, where we reported a gap, net loss of 135 million, which included a couple large non-cash, charges totaling 115 million dollars,

Speaker #2: And there's more detail on the Amazon warrant charge; it's just the different placed in the income statement that you're seeing it this year. There's more disclosed in our 10-Q.

Adjusted evida of 16.6 million in the first quarter of 2026 compares to 1 7. 1 2.

Speaker #2: In addition to the $126 million in cash and investments on our balance sheet, there is another $46 million in cash off-balance sheet at our dairy R&D joint ventures.

Speaker #2: And during the first quarter, we contributed $12 million to our Moss Energy Works JV, with another $12 million that was contributed in April. Moss Energy Works continues to make good progress toward completing the three dairy projects under construction.

In addition to the normal variations, I mentioned previously for the first quarter of 2026, we also saw lower Albia. Still, very adequate base fuel margins, which we anticipated in our outlook for 2026 and as well. And also anticipated in our 2026 Outlook. We lowered sgna expenses in the first quarter of 2026,

Speaker #2: And with that, operator, please open the call to questions.

Speaker #1: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the Q at any time, press star two.

Operator: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. Once again, that's star one to ask a question. We'll pause for just one moment to allow everyone a chance to join the queue. Our first question comes from Eric Stine with Craig-Hallum. Please go ahead.

Speaker #1: Once again, that's star one to ask a question, and we'll pause for just one moment to allow everyone a chance to join the Q.

Robert Vreeland: It's just a different place in the income statement that you're seeing it this year. There's more disclosed in our 10-Q. In addition to the $126 million in cash and investments on our balance sheet, there is another $46 million in cash off balance sheet at our Dairy RNG joint ventures. During Q1, we contributed $12 million to our Maas Energy Works JV, with another $12 million that was contributed in April. Maas Energy Works continues to make good progress toward completing the three dairy projects under construction. With that, operator, please open the call to questions.

Speaker #1: Our first question comes from Eric Stein, with Craig Hallam. Please go ahead. Your line is now open.

1 reporting comment. I'll make is a change in where the non-cash Amazon warranty charge is recorded in our financial statements. You'll notice in 2026. A portion of the warrant, charge, is included as a charge against our onm service Revenue. Whereas previously, 100% of the charge was in our products revenue, and there's more detail on the Amazon warrant, uh, charge is just a different place than the income statement that you're seeing at. Uh, this year, there's more disclosed in our 10 Q.

Speaker #3: Hi, Clay. Hi, Bob.

Eric Stine: Hi, Clay. Hi, Bob.

Speaker #4: Hey, Eric.

Clay Corbus: Hey, Eric.

Speaker #3: Hey. Clay, you touched on it a little bit just with the X15N. I mean, I know that now they're two OEMs in the market, and prior to Freightliner's entry, pricing was an issue.

Eric Stine: Hey. Clay, you touched on it a little bit, just with the X15N. I mean, I know that, you know, now there are 2 OEMs in the market and prior to Freightliner's entry, pricing was an issue, so incremental cost has come down some. Obviously we've all read the glowing feedback of fleets that have been testing this. I mean, the market conditions, as you said, you've got, you know, a more difficult environment, but obviously highlights the price benefit. I mean, is this something where I know you're taking a targeted approach? I mean, do you kind of view this as this is just going to make it all the more likely that it's going to be the large fleets rather than, you know, the small kind of one-off adoption stories?

In addition to the 126 million in cash and Investments on our balance sheet, there is another 46 million dollars in cash off balance sheet at our Dairy, RNG joint ventures.

Speaker #3: So incremental cost has come down some. And obviously, we've all read the glowing feedback of fleets that have been testing this. But I mean, the market conditions, as you said, you've got a more difficult environment, but obviously highlights the price benefit.

And during the first quarter, we contributed 12 million dollars to our Maas energy works JV with another 12 million. That was contributed. In April Maas energy. Works continues to make good progress. Toward completing the 3 dare projects under construction.

And with that operator, please open the call to questions.

Operator: Thank you. Our first question comes from Eric Stine with Craig-Hallum.

Speaker #3: I mean, is this something where I know you're taking a targeted approach? I mean, do you kind of view this as this is just going to make it all the more likely that it's going to be the large fleets rather than the small kind of one-off adoption stories?

Thank you. If you'd like to ask a question, press star 1 on your keypad. To leave the queue at any time, press star 2. Once again, that's star 1 to ask a question, and we'll pause for just one moment to allow everyone a chance to join the queue.

Speaker #3: Or how do you view that? I mean, is this the kind of thing that if it persists, it could be what actually jumps starts this market?

Eric Stine: Hi, Clay Corbus. Hi, Robert Vreeland.

Eric Stine: You know, how do you view that? I mean, is this the kind of thing that if it persists, it could be what actually jumpstarts this market? Because as you've said, you know, it's although Cummins' view of it hasn't changed in terms of the overall opportunity, it is well behind schedule.

Our first question comes from Eric Stein with Craig Hallam. Please go ahead. Your line is now open.

Clay Corbus: Hey, Eric.

Hi clay. Hi Bob.

Eric Stine: Hey. Clay, you touched on it a little bit, just with the X15N. I mean, I know that, you know, now there are two OEMs in the market and prior to Freightliner's entry, pricing was an issue, so incremental cost has come down some and obviously we've all read the glowing feedback of fleets that have been testing this. I mean, the market conditions, as you said, you've got, you know, a more difficult environment, but obviously highlights the price benefit. I mean, is this something where I know you're taking a targeted approach. I mean, do you kind of view this as this is just going to make it all the more likely that it's going to be the large fleets rather than, you know, the small kind of one-off adoption stories?

Hey, Eric.

Hi. Um,

Speaker #3: Because as you've said, it's although Cummins' view of it hasn't changed in terms of the overall opportunity, it is well behind schedule.

Speaker #4: Yeah. Well, Eric, it's what we spend a lot of time thinking about and focused on. I don't think anybody really thinks that diesel is going to stay at these prices forever.

Clay Corbus: Yeah. Well, Eric, it's, you know, what we spend a lot of time thinking about and focus on. I don't think anybody really thinks that diesel is gonna stay at these prices forever. I do think that this run-up in diesel has really heightened the awareness of the volatility.

Clay, you touched on it a little bit, just for the X-15, n. I mean, I know that, um, you know, now there are 2 O's in the market and, and, and prior to freight liners, entry pricing was an issue. So incremental cost has come down some and, and obviously, we've all read the glowing feedback of fleets that have been testing this, um,

Speaker #4: But I do think that the this run-up in diesel has really heightened the awareness of the volatility. We were at the ACT conference the last few days, and what a lot of people were talking about is, "Hey, if you just do a just take the last five years and do a regression analysis on what the price of diesel has been, and then you compare that to the price of natural gas, it is just higher overall." And when you're and fleets are trying to plan going forward what their fuel costs are going to be, and their total cost of ownership, they're factoring that into those decisions.

Clay Corbus: You know, we were at the ACT conference the last few days, and what a lot of people are talking about is, if you just take the last 5 years and do a regression analysis on what the price of diesel has been, and then you compare that to the price of natural gas, it is just higher overall. When fleets are trying to plan going forward what their fuel costs are gonna be and their total cost of ownership, they're factoring that into those decisions. It certainly helps us because it helps us with the total cost of ownership and the payback period for that incremental cost.

But I mean, the market conditions, as you said, you've got, um, you know, a more difficult environment, but obviously, highlights the price benefit, I mean, is this something where I know you're taking a targeted approach? I mean, do you kind of view this as this is just going to make it all the more

Likely that it’s going to be the large fleets rather than, you know, the small.

Eric Stine: You know, how do you view that? I mean, is this the kind of thing that if it persists, it could be what actually jumpstarts this market? As you've said, you know, it's, although Cummins' view of it hasn't changed in terms of the overall opportunity, it is well behind schedule.

Speaker #4: So it certainly helps us because it helps us with the total cost of ownership and the payback period for that incremental cost. I would also say that I don't know that it changes the types of fleets we're looking at, whether they're large fleets or small fleets.

Clay Corbus: I would also say that I don't know that it changes the types of fleets we're looking at, whether they're large fleets or small fleets, because even with the large fleets, they're not looking, you know, to be honest, they're not gonna change, you know, 2,000 trucks overnight. I think what we are seeing is that as, and as we heard from some of the fleets that are transitioning, Hey, start out with 5 trucks. Start out with 10 trucks. Let's sort of dip our toe in the water, get our mechanics used to it, get our drivers used to it, get our, you know, get our routes used to it.

Kind of 1-off adoption stories or, you know, how do you view that? I mean, is this the kind of thing that if it persists it could be what actually jumpstarts this Market? Because, as you've said um, you know it's it's although cumins view of it hasn't changed in terms of the overall opportunity. It is Well behind schedule.

Clay Corbus: Well, Eric, you know, it's what we spend a lot of time thinking about and focused on. I don't think anybody really thinks that diesel is gonna stay at these prices forever. I do think that the, this run-up in diesel has really heightened the awareness of the volatility.

Speaker #4: Because even with the large fleets, they're not looking to be honest, they're not going to change 2,000 trucks over overnight. But I think what we are seeing is that as and as we heard from some of the fleets that are transitioning, "Hey, start out with five trucks.

Speaker #4: Start out with 10 trucks. Let's sort of dip our toe in the water, get our mechanics used to it, get our drivers used to it, get our routes used to it." And then from there, go ahead and expand it into a larger numbers within the fleet.

Clay Corbus: You know, we were at the ACT Expo the last few days, what a lot of people are talking about is, Hey, if you just take the last 5 years and do a regression analysis on what the price of diesel has been, then you compare that to the price of natural gas, it is just higher overall. When fleets are trying to plan going forward what their fuel costs are gonna be and their total cost of ownership, they're factoring that into those decisions. It certainly helps us because it helps us with the total cost of ownership and the payback period for that incremental cost.

Yeah, well Eric it's you know it's it's what we spent a lot of time thinking about and focused on, I don't think anybody really thinks that this is going to stay at these prices forever. Um, but I do think that the the this this run-up in diesel has really heightened, the awareness of the volatility. You know, we were at a at the at conference the last few days and

Clay Corbus: From there, go ahead and, you know, expand it into a larger, you know, larger numbers within the fleet. I think that, you know, that combined with that sort of let's dip our toe in first, combined with the price advantages that we're seeing now in the total cost of ownership will result in, you know, incremental adoption as we go forward. It's not, you know, it's a long sales cycle. It takes a long time to get a trucks ordered. It takes a long time to get them on the road. It's not something that we, you know, people can see high diesel prices today and are gonna order a truck tomorrow. It's a longer decision process than that.

Speaker #4: And I think that that combined with that sort of let's dip our toe in first, combined with the price advantages that we're seeing now in the total cost of ownership, will result in incremental adoption as we go forward.

Speaker #4: But it's not it's a long sell cycle. It takes a long time to get the trucks ordered. It takes a long time to get them on the road.

Clay Corbus: I would also say that I don't know that it changes the types of fleets we're looking at, whether they're large fleets or small fleets, because even with the large fleets, they're not looking, you know, to be honest, they're not gonna change, you know, 2,000 trucks overnight. I think what we are seeing is that as, and as we heard from some of the fleets that are transitioning, start out with 5 trucks, start out with 10 trucks, let's sort of dip our toe in the water, get our mechanics used to it, get our drivers used to it, get our, you know, get our routes used to it.

5 years and do a regression analysis on what the price of diesel has been and then you compare that to the price of natural gas it just it is just higher overall and when you're and fleets are trying to plan going forward, what their fuel costs are going to be and their total cost of ownership. They're factoring that into those decisions. So it helps us because it helps us with the total cost of ownership and the payback period for that incremental cost.

Speaker #4: So it's not something that we people can see high diesel prices today and are going to order a truck tomorrow. It's a longer decision process than that.

I, I would also say that I don't know that it changes.

Speaker #4: But certainly, the fundamentals behind it, I think, are reopening a lot of discussions that we're excited to take part in.

Clay Corbus: Certainly the fundamentals behind it, I think, are reopening a lot of discussions that we're excited to take part in.

Speaker #1: Got it. That's very helpful. And then maybe just my second one, for Bob, so you mentioned lower-based fuel margins and something that was kind of the expectation.

Eric Stine: Got it. No, that's very helpful. Maybe, just my second one, for Bob. You mentioned lower base fuel margins and something that, you know, was kind of the expectation. I just wanna clarify. I mean, was that commentary for Q1 or early in the year? If I think about, especially in trucking, when you've got high diesel margins, you can still offer a pretty healthy discount and, you know, it's a pretty good margin environment for you. Just maybe clarify that statement and maybe how you're thinking about that for the remainder of the year.

Clay Corbus: From there, go ahead and, you know, expand it into larger numbers within the fleet. I think that, you know, that combined with that sort of let's dip our toe in first, combined with the price advantages that we're seeing now in the total cost of ownership, will result in, you know, incremental adoption as we go forward. It's not, you know, it's a long sales cycle. It takes a long time to get the trucks ordered. It takes a long time to get them on the road. It's not something that we, you know, people can see high diesel prices today and are gonna order a truck tomorrow. It's a longer decision process than that.

Speaker #1: And I just want to clarify. I mean, was that commentary for Q1 or early in the year because if I think about especially in trucking, when you've got high diesel margins, you can still offer a pretty healthy discount and it's a pretty good margin environment for you.

Speaker #1: So just maybe clarify that statement and maybe how you're thinking about that for the remainder of the year.

Speaker #4: Yeah. Eric, that I mean, that comment there is kind of looking at the full year. I mean, when we gave our guidance back in February, we talked about some of the dynamics that could impact what our guidance for 2026.

Robert Vreeland: Yeah. Eric, that, I mean, that comment there is kind of looking at the full year. I mean, when we gave our guidance back in February, we talked about some of the dynamics that could impact, you know, what are our guidance for 2026. The possibility of lower margins from a variety of reasons was in the mix, and it's really kind of throughout the year. I will say to the point you're making is, we have numerous levers.

Rob Vreeland: Yeah. Eric, that, I mean, that comment there is kind of looking at the full year. I mean, when we gave our guidance back in February, we talked about some of the dynamics that could impact, you know, what are our guidance for 2026. The possibility of lower margins from a variety of reasons was in the mix, and it's really kind of throughout the year. I will say to the point you're making is, we have numerous levers.

Changes the types of fleets. We're looking at whether they're large fleets or small fleets, because even with the large fleets, they're not looking, you know, to be honest, they're not going to change you know, 2,000 trucks over overnight but I think what we are seeing is that as and and as we heard from some of the fleets that are transitioning. Hey start out with 5 with 5 trucks. Start out with 10 trucks, that sort of dip our toe in the water, get our mechanics, used to it, get our drivers used to it, get our, you know, get our routes used to it. And then, from there go ahead and, you know, expand it into a larger, you know, larger numbers within the fleet. And I think that, you know, that that combined with that, that sort of, let's dip our toe in first combined with the price advantages that we're seeing now in the total cost of ownership will result in, in, you know, uh, uh, incremental adoption as we go forward. But it's not, you know, it's it's a long sales cycle that takes a long time to get the trucks ordered, it takes a long time to get them on the road. So it's not something that we, you know, people can see. Hi diesel prices today are going to

Clay Corbus: Certainly the fundamentals behind it, I think, are reopening a lot of discussions, that we're excited to take part in.

Are going to order truck tomorrow. It's a longer decision process than that, but certainly the fundamentals behind it I think um, are are reopening a lot of discussions uh that were excited to take part in.

Eric Stine: Got it. No, that's very helpful. Maybe, just my second one, for Bob. You mentioned lower base fuel margins and something that, you know, was kind of the expectation. I just want to clarify. I mean, was that commentary for Q1 or early in the year? If I think about, especially in trucking, when you've got high diesel margins, you can still offer a pretty healthy discount and, you know, it's a pretty good margin environment for you. Just maybe clarify that statement and maybe how you're thinking about that for the remainder of the year.

Speaker #4: And the possibility of lower margins from a variety of reasons, was in the mix. And it's really kind of throughout the year. But I will say to the point you're making, is we have numerous levers.

Speaker #4: And so while maybe that while the margin gets impact from one area, the fact that we're enjoying this kind of the higher prices with our costs remaining pretty stable, helps offset some of that.

Robert Vreeland: While the margin gets impact from one area, the fact that we're enjoying, this, you know, kind of the higher prices with our costs remaining pretty stable, helps offset some of that. It's kind of a go forward look, but certainly, in our plan.

Rob Vreeland: While the margin gets impact from one area, the fact that we're enjoying, this, you know, kind of the higher prices with our costs remaining pretty stable, helps offset some of that. It's kind of a go forward look, but certainly, in our plan.

Speaker #4: But it's kind of a go-forward look. But certainly, in our plan.

Robert Vreeland: Yeah. Eric, that comment there is kind of looking at the full year. I mean, when we gave our guidance back in February, we talked about some of the dynamics that could impact, you know, what are our guidance for 2026. The possibility of lower margins from a variety of reasons was in the mix, and it's really kind of throughout the year. I will say to the point you're making is, we have numerous levers. While maybe that, while the margin gets impact from one area, the fact that we're enjoying this, you know, kind of the higher prices with our costs remaining pretty stable, helps offset some of that. It's kind of a go forward look, but certainly, in our plan.

Got it. Uh, it's very helpful and then maybe um, just my second 1. Um, for Bob. So you mentioned lower base fuel margins and something that, you know, was was kind of the expectation. And I just want to clarify. I mean, was that, was that commentary for um, for q1 or early in the year? Because if I think about, uh, especially in trucking, when you've got high diesel margins you can still offer a pretty healthy discount. And, you know, it's a, it's a pretty good margin environment for you so just maybe clarify that statement and and maybe how you're thinking about that uh for the remainder of the year.

Speaker #1: Okay. Thanks a lot.

Eric Stine: Okay. Thanks a lot.

Speaker #4: Great. Thanks, Eric.

Clay Corbus: Great. Thanks, Eric.

Speaker #1: Thank you. We'll now go to Rob Browne with Lake Street Capital Markets. Please go ahead. Your line is open.

Operator: Thank you. We'll now go to Rob Brown with Lake Street Capital Markets. Please go ahead. Your line is open.

Speaker #5: Hi, Clay. And Bob, thanks for taking my call. On the on kind of the R&D volume we talked about in the quarter from kind of third parties, could you just kind of clarify how that works and maybe sort of the visibility on that?

Rob Brown: Hi, Clay and Bob. Thanks for taking my call. On kind of the RNG volume you talked about in the quarter from third parties, could you just kind of clarify how that works and maybe sort of visibility on that?

Speaker #4: Yeah. I think it was a strong growth quarter particularly when you compare it against last year. But I think we want to be careful on that because part of that growth was that last the first quarter of last year, we did see our volumes trend down.

Clay Corbus: Yeah. You know, I think it was a strong growth quarter particularly when you compare it against last year. I think we wanna be careful on that because part of that growth was at last The first quarter of last year, we did see our volumes trend down. If you remember, we had the biogas reform that sort of pushed a lot of our volume into Q4 of 2024, so Q1 of 2025 was lower. Of course, you know, we always have bad weather in the first quarter, but last year it was really spread throughout the country. So we had less, I should say. We had less RNG from our third parties, in addition to our own production that was down.

Yeah. Um, Eric that I mean is that, uh, comment there is kind of looking at the full year. I mean, when we, um, gave our guidance back in February, we talked about, uh, some of the Dynamics that, um, could impact, you know what, our guidance for 2026 and the, uh, possibility of of lower margins from a variety of reasons, uh, was in the mix and it's really kind of throughout the year, but I will say to the point you're making is uh, we have numerous levers and so while maybe that um, while the market

Gets impacted from.

Speaker #4: If you remember, we had the biogas reform that sort of pushed a lot of our volume into Q4 of 2024. So Q1 of 2025 was lower.

1 area. The uh, the fact that we're enjoying uh this, you know, kind of the higher prices with our costs remaining, pretty stable. Um, helps offset some of that but it's, it's kind of a go forward. Look, but certainly, um, in our plan

Eric Stine: Okay. Thanks a lot.

Okay, thanks a lot.

Speaker #4: And then of course, we always have bad weather in the first quarter. But last year, it was really spread throughout the country. And so we had more we had fewer we had less, I should say.

Clay Corbus: Great. Thanks, Eric.

Great. Thanks. Eric.

Operator: Thank you. We'll now go to Rob Brown with Lake Street Capital Markets. Please go ahead. Your line is open.

Thank you. We'll now go to Rob Brown with Lake Street Capital markets. Please go ahead. Your line is open.

Rob Brown: Hi, Clay and Bob. Thanks for taking my call. On kind of the RNG volume you talked about in the quarter from kind of third parties, could you just kind of clarify how that works and maybe sort of the visibility on that?

Speaker #4: We had less R&D from our third parties. In addition to our own production, it was down. So I think we were really while this we were very pleased with the first quarter, a lot of it really was that we were comparing it against a very easy comp in Q1 of 2025.

I claim Bob, thanks for taking my call. Uh,

Clay Corbus: I think we're really, we're very pleased with Q1, a lot of it really was that we were comparing against a very easy comp in Q1 of 2025.

On the, uh, on kind of the RNG volume talked about in the quarter from, from, um, kind of third parties, could you just kind of clarify how that works and maybe, um, sort of visibility on that?

Clay Corbus: You know, I think it was a strong growth quarter, particularly when you compare it against last year. I think we wanna be careful on that because part of that growth was that the first quarter of last year, we did see our volumes trend down. If you remember, we had the biogas reform that sort of pushed a lot of our volume into Q4 2024, so Q1 of 2025 was lower. Of course, you know, we always have bad weather in the first quarter, but last year it was really spread throughout the country. We had less, I should say. We had less RNG from our third parties, in addition to our own production that was down.

Speaker #5: Okay. Thank you. And then just to clarify, given the carb pathway certification of right now, it sounds like that's great. How does that sort of flow through into the ability to get credits?

Rob Brown: Okay. Thank you. Then just to clarify, getting the CARB pathway certification, right? How it sounds like that's great. How does that sort of flow through into the ability to get credits?

Speaker #4: Well, it basically just it almost doubles the value of the LCF or doubles the number of LCF credits we can generate when we're at 150 versus the 300.

Clay Corbus: Well, it basically, you know, almost doubles the value of the LCFS or doubles the number of LCFS credits we can generate. You know, when we're at 150 versus the 300, you're just able to generate more credits off the same fuel that's coming through.

Speaker #4: You are just able to generate more credits off the same fuel that's coming through.

Speaker #5: Okay. Great. Thank you. I'll turn it over.

Rob Brown: Okay, great. Thank you. I'll turn it over.

Speaker #4: Yep. Thanks, Rob.

Clay Corbus: Yep. Thanks, Rob.

Speaker #1: Thank you. We'll now go to Matthew Blair with TPH. Please go ahead. Your line is open.

Yeah, you know, I think it it was a strong growth quarter, particularly, when you compare it against last year, but I think we want to be careful on that because part of that growth was at last the, the, the first quarter of last year. We did see our our volumes Trend down. If you remember, uh, we had the uh, the biogas reform that sort of pushed a lot of our volume into Q4 of 2024. So q1 of 2025 was lower and then of course, you know, we always have bad weather in the first quarter but uh last year it was really spread throughout the country. And uh, so we had more, we had fewer, uh, we

Operator: Thank you. We'll now go to Matthew Blair with TPH&Co.. Please go ahead. Your line is open.

Clay Corbus: I think we're really, we're very pleased with Q1, a lot of it really was that we were comparing against a very easy comp in Q1 of 2025.

Speaker #6: Thanks. And good afternoon, Clay and Bob. Could you talk a little bit more about the good afternoon. The comment where you talked about higher demand from customers outside of your network, could you unpack that a little bit?

Matthew Blair: Thanks, and good afternoon, Clay and Bob. Could you talk a little bit more about

Clay Corbus: Hey, Matthew.

Matthew Blair: Good afternoon. The comment where you talked about higher demand from customers outside of your network, could you unpack that a little bit? Do you think you were taking share from some of your competitors, or was it just a situation that these customers were utilizing their existing CNG trucks a little bit more and just needing more fuel given rising diesel prices? Could you also talk about what end markets you saw increased demand from? Thank you.

Had left. I should say, you see we had less RNG from our third parties, um in addition to our own production, it was down. So I think we're really uh while this we're very pleased with the first quarter. A lot of it really was that we were comparing against a very easy comp in q1 of 2025.

Rob Brown: Okay. Thank you. Just to clarify, getting the CARB pathway certification right, how it sounds like that's great. How does that sort of flow through into the ability to get credit?

Speaker #6: Do you think you were taking share from some of your competitors? Or was it just a situation that these customers were utilizing their existing CNG trucks a little bit more and just needing more fuel given rising diesel prices?

Is that sort of flow through into the ability to get uh to get credit.

Clay Corbus: Well, it, you know, almost doubles the value of the LCFS or doubles the number of LCFS credits we can generate. You know, when we're at 150 versus the 300, you're just able to generate more credits off the same fuel that's coming through.

Speaker #6: And could you also talk about what end markets you saw increased demand from? Thank you. Yeah. So Matthew, that it is there's other folks out there with CNG fueling stations.

Robert Vreeland: So Matthew, that it is You know, there's other folks out there with CNG fueling stations. There are instances where, you know, based on supply availability and that sort of thing, where we will flow our RNG into those stations. It's really a, you know, kind of supply demand. I couldn't necessarily tell you what's going on with their demand, but I know that they do need the supply. We're able to move the supply. You know, we've done it before. You know, it's not necessarily routine, but that's what that looks like, is we have the RNG. We can flow it to other places. It's kind of the beauty of the distribution model.

Rob Vreeland: So Matthew, that it is You know, there's other folks out there with CNG fueling stations. There are instances where, you know, based on supply availability and that sort of thing, where we will flow our RNG into those stations. It's really a, you know, kind of supply demand. I couldn't necessarily tell you what's going on with their demand, but I know that they do need the supply. We're able to move the supply. You know, we've done it before. You know, it's not necessarily routine, but that's what that looks like, is we have the RNG. We can flow it to other places. It's kind of the beauty of the distribution model.

Well, it it basically just it it, you know, almost doubles the value of the lcf or the doubles. The number of lcf credits, we can generate, you know, when we're at 150 versus the 300, you're just able to generate more credits off, the same fuel that's coming through.

Rob Brown: Okay, great. Thank you. I'll turn it over.

Clay Corbus: Yeah. Thanks, Rob.

Okay, thank you. I'll turn it over.

Speaker #6: And there are instances where based on supply availability and that sort of thing, where we well, where we will flow our R&D into those stations.

Yep, thanks Rob.

Operator: Thank you. We'll now go to Matthew Blair with TPH. Please go ahead. Your line is open.

Thank you. Well, now, go to Matthew Blair with tph. Please go ahead. Your line is open.

Matthew Blair: Thanks, good afternoon, Clay and Bob. Could you talk a little bit more about?

Clay Corbus: You can imagine.

Clay Corbus: Good afternoon. The comment where you talked about higher demand from customers outside of your network, could you unpack that a little bit? Do you think you were taking share from some of your competitors, or was it just a situation that these customers were utilizing their existing CNG trucks a little bit more and just needing more fuel given rising diesel prices? Could you also talk about what end markets you saw increased demand from? Thank you. Yeah. So Matthew, that it is You know, there's other folks out there with CNG fueling stations and, you know, there are instances where, you know, based on supply availability and that sort of thing, where we will flow our RNG into those stations.

Uh, thanks and good afternoon, clay. And Bob, um, could you talk a little bit more about the

Speaker #6: And it's really kind of sublime demand and I couldn't necessarily tell you what's going on with their demand. But I just but I know that they do need the supply.

Speaker #6: And so we're able to move the supply. We've done it before. It's not necessarily routine. But that's what that looks like is we have the R&D.

Speaker #6: And then we can flow it to other places. It's kind of the beauty of the distribution model. Yeah. Sounds good. And then could you talk about the fuel distribution guide for 2026?

Good. Good afternoon. Um, the the comment where you talked about higher, demand from customers, outside of your network, um, could you unpack that a little bit? Do you think you were taking share from some of your competitors, or was it just a situation that that these customers were were utilizing their existing CNG trucks? A little bit more and and just need more fuel given rise and diesel prices and could you also talk about what, what end markets you saw? Um, increase demand from thank you.

Matthew Blair: Sounds good. Could you talk about the fuel distribution guide for 2026? It looks like you did not change it. Still $67 to approximately $70 million, despite the good result in Q1, $19 million. I think you mentioned that you would expect things to roll off a little bit in Q2. I guess just to clarify, are you already seeing softer conditions so far in Q2, or is that just your general expectation?

Speaker #6: It looks like you did not change it. Still 67 to approximately 70 million despite the good result in the first quarter of 19 million.

yeah, um, so Matthew that, uh, it is, you know, there's other folks out there with CNG fueling stations and um,

Speaker #6: I think you mentioned that you would expect things to roll off a little bit in Q2. I guess just to clarify, are you already seeing softer conditions so far in the second quarter?

Clay Corbus: It's really a, you know, kind of supply and demand. I couldn't necessarily tell you what's going on with their demand, but I know that they do need the supply. We're able to move the supply. You know, we've done it before. You know, it's not necessarily routine, but that's what that looks like, is we have the RNG, and we can flow it to other places. It's kind of the beauty of the distribution model. Yeah. Sounds good. Could you talk about the fuel distribution guide for 2026? It looks like you did not change it. Still $67 to approximately $70 million, despite the good result in the Q1, $19 million.

You know, and there there are instances where um you know based on Supply availability and that sort of thing where we um well where we will flow our RNG um into those stations.

Speaker #6: Or is that just your general expectation?

Speaker #4: Well, I won't comment. I'm necessarily what I'm seeing the second quarter. It's not really softer conditions. I think it's more of a comment relative to the volatility and the strength that we saw in the first quarter.

Robert Vreeland: Well, I won't comment on necessarily what I'm seeing Q2. It's not really softer. Two systems. I think it's more of a comment relative to the volatility and the strength that we saw in Q1.

And it's really you know, kind of sublime demand and and I couldn't necessarily tell you what's going on with their uh, demand but I just but I know that they do need the supply and so uh, we're able to move the supply. You know, we've done it before.

Rob Vreeland: Well, I won't comment on necessarily what I'm seeing Q2. It's not really softer. Two systems. I think it's more of a comment relative to the volatility and the strength that we saw in Q1.

Um you know it's it's not um necessarily routine but that's what that looks like is we have the RNG and then and we can flow it to other places. It's kind of the beauty of the distribution model.

Speaker #4: And knowing that that we may not see that level of strength as we go forward. We had some unique opportunities to sell some R&D to some of our customers that is probably not going to be repeated.

Matthew Blair: And-

Clay Corbus: And-

Robert Vreeland: Knowing that, you know, we may not see that level of strength as we go forward.

Rob Vreeland: Knowing that, you know, we may not see that level of strength as we go forward.

Um, yeah.

Clay Corbus: We had some unique opportunities to sell some RNG to some of our customers that is probably not gonna be repeated. While it was a good, you know, it was a good result, I think, you know, like we said, it was an easy comp against last year. I think as you try to do a, you know, don't just multiply it by 4 for the full year because, you know, there were some unique opportunities in Q1 that we took advantage of.

Speaker #4: So while it was a good it was a good result, I think like we said, it was an easy comp against last year. And then I think as you try to do a don't just multiply it by four for the full year because there were some unique opportunities in Q1 that we took advantage of.

Matthew Blair: I think you mentioned that you would expect things to roll off a little bit in Q2. I guess just to clarify, are you already seeing softer conditions so far in Q2, or is that just your general expectation? Well, I won't comment on necessarily what I'm seeing Q2. It's not really softer. Two systems. I think it's more of a comment relative to the volatility and the strength that we saw in Q1.

Speaker #6: Sounds good. Thanks for your comments.

Sounds good. Um, and then could you talk about the fuel distribution guide for 2026? It looks like um, you did not, you did not change it still 67 to approximately 70 million despite the the good result in the first quarter of 19 million. Um, I think you mentioned that that you would expect things to roll off a little bit in Q2 or I guess just to clarify. Are you already seeing uh Foster conditions so far in the second quarter or is that

Matthew Blair: Sounds good. Thanks for your comments.

Speaker #4: Yeah. Thank you, Matthew.

Is that just your general expectation?

Clay Corbus: Yeah. Thank you, Matthew.

Speaker #1: Once again, if you'd like to ask a question, please press star. And then one on your keypad. We'll go next to Betty Zhang with Scotiabank.

Operator: We'll go next to Betty Zhang with Scotiabank. Please go ahead.

Uh,

Operator: We'll go next to Betty Zhang with Scotiabank. Please go ahead.

Speaker #1: Please go ahead.

Speaker #7: Thank you. For taking my questions. I wanted to ask about kind of Amazon and that relationship. So earlier, Amazon announced its logistics services. Do you think there'd be an opportunity to leverage that existing relationship and maybe increase some R&D volumes to them?

Well, I want to I want to comment on necessarily what I'm seeing. The second quarter is not really soft or consistent, I think it's more of a comment relative to

Betty Zhang: Thank you for taking my questions. I wanted to ask about kind of Amazon and that relationship. Earlier, Amazon announced its logistics services. Do you think there'd be an opportunity to leverage that existing relationship and maybe, you know, increase some RNG volumes to them? For my follow-up, also related to Amazon, on those warrant charges, you mentioned it's now kind of shared between the fuel and services. Is this a change in the contract with Amazon or how would you describe that change? Thank you.

Robert Vreeland: And-

Robert Vreeland: Knowing that, you know, we may not see that level of strength as we go forward.

uh, the volatility and the strength that we saw in the first quarter,

and knowing that,

um,

Clay Corbus: We had some unique opportunities to sell some RNG to some of our customers that is probably not gonna be repeated. While it was a good, you know, it was a good result, I think, you know, like we said, it was an easy comp against last year. I think as you try to do a, you know, don't just multiply it by four for the full year because, you know, there were some unique opportunities in Q1 that we took advantage of.

Speaker #7: And then for my follow-up, I also related to Amazon. On those warrant charges, you mentioned it's now kind of shared between the fuel and services.

that, you know, we may not see that level of strength as we go forward. We have some, we have some unique opportunities to sell smart to some of our customers. That is probably not going to be repeated. So while it was a good, you know, it was a good result. I think, you know, like we said as an easy comp against last year and then I think as you try to do a you know, don't just multiply it by 4 for the full year because um you know that there were some unique

Speaker #7: Is this a change in the contract with Amazon? Or how would you describe that change? Thank you.

Opportunities in q1 that we took advantage of.

Matthew Blair: Sounds good. Thanks for your comments.

Sounds good. Thanks for your comments.

Clay Corbus: Yeah. Thank you, Matthew.

Speaker #4: So Betty, I'll take the first comment. We do not comment specifically on Amazon. not we just can't and don't and won't do that. I think that across our customers, though, every single customer, we do look at those that have existing trucks whether they're 12-liter, 9-liter, wherever they are.

Yeah, thank you. Matthew.

Operator: Once again, if you'd like to ask a question, please press star and then one on your keypad. We'll go next to Betty Zhang with Scotiabank. Please go ahead.

Clay Corbus: Betty, I'll take the first, the first comment. You know, we do not comment specifically on Amazon. We wanna be very careful that that is not, you know, we just can't and don't and won't do that. I think that across our customers though, you know, every single customer, we do look at those that have existing trucks, whether they're, you know, 12 liter, 9 liter, wherever they are, we work with all of our customers to try to increase the penetration into their fleet with the X15N. You know, like I said, I'm not gonna speak specifically to Amazon, but, you know, it's just good business sense to try to do that.

Once again, if you'd like to ask a question, please press star and then 1 on your keypad.

We'll go next to Betty Jean with Scotia Bank. Please go ahead.

Speaker #4: We work with all of our customers to try to increase the penetration into their fleet with the X15N. So like I said, I'm not going to speak specifically to Amazon.

Speaker #4: But it's just good business sense. To try to do that, work with customers that you have already. And see if you can continue your growth with them.

Clay Corbus: You know, work with customers that you have already and see if you can, you know, continue your growth with them. Now, as far as the Amazon warrant charge, I'll let Bob take that one.

Speaker #4: Now, as far as the Amazon warrant charge, I'll let Bob take that one.

Speaker #6: Yeah. And Betty, I'll ll just say because I really can't say that much. But it was not an arbitrary change. I mean, any kind of change like that is typically going to be kind of contractually the reason is contractually.

Robert Vreeland: Yeah. Betty, I'll just say 'cause I really can't say that much, but it was not an arbitrary change. I mean, any kind of change like that is typically gonna, you know, be kind of contractually, the reason is, you know, contractually, on that front. We are just basically, you know, doing the appropriate accounting based on the contract that we have.

Rob Vreeland: Yeah. Betty, I'll just say 'cause I really can't say that much, but it was not an arbitrary change. I mean, any kind of change like that is typically gonna, you know, be kind of contractually, the reason is, you know, contractually, on that front. We are just basically, you know, doing the appropriate accounting based on the contract that we have.

Thank you uh, for taking that questions. Um I wanted to ask about um kind of Amazon and and that relationship. Um so earlier Amazon announced its Logistics services, do you think there'd be an opportunity to leverage that existing relationship and maybe, um, you know, increase some RNG volumes to to them. And then for my follow-up, I also related to to Amazon on those warrant charges. Um, you mentioned, it's now kind of shared between the fuel and services. Is this, a change in the contract with Amazon or, or how, how would you describe that that change?

Clay Corbus: Betty, I'll take the first comment. You know, we do not comment specifically on Amazon. We wanna be very careful that that is not. You know, we just can't and don't and won't do that. I think that across our customers, though, you know, every single customer, we do look at those that have existing trucks, whether they're, you know, 12 liter, 9 liter, wherever they are, we work with all of our customers to try to increase the penetration into their fleet with the X15N.

Speaker #6: On that front. So we are just basically doing the appropriate accounting based on the contract that we have.

Thank you. So Betty I'll I'll take the first the the the first comment. You know, we do not comment specifically on Amazon. We uh, we want to be very careful that that is not. Um, you know we just can't and and and and don't and won't do that.

Speaker #7: Thank you.

Betty Zhang: Thank you.

Speaker #1: Thank you. At this time, there are no further questions in the queue. I will now turn the meeting back over to Clay Corbis.

Operator: Thank you. At this time, there are no further questions in the queue. I will now turn the meeting back over to Clay Corbus.

Clay Corbus: You know, like I said, I'm not gonna speak specifically to Amazon, but, you know, it's just, it's just good business sense to try to do that, you know, work with customers that you have already and see if you can, you know, continue your growth with them. Now, as far as the Amazon warrant charge, I'll let Bob take that one.

Speaker #4: All right, Dana. Thanks very much. And thank everybody else for joining us. We look forward to speaking with you next quarter.

Clay Corbus: All right. Dana, thanks very much. Thank everybody else for joining us. We look forward to speaking with you next quarter.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

We know every single customer we do. Look at those that have existing trucks, uh, whether they're, you know, 12 lead or 9 liter wherever they are. We work with all of our customers, to try to increase the penetration into their Fleet uh, with with the x15n. So, um, you know, like I said, I'm not going to speak specific to Amazon. But, you know, it's just, it's just good business sense to try to do that, you know, work with customers that you have already and uh, and see if you can, you know, continue your growth with them.

Robert Vreeland: Yeah. Betty, I will just say, 'cause I really can't say that much, but it was not an arbitrary change. I mean, any kind of change like that is typically gonna, you know, be kind of contractually, the reason is, you know, contractually, on that front. We are just basically, you know, doing the appropriate accounting based on the contract that we have.

As far as the Amazon warranty charge. I'll let I'll let Bob take that 1. Yeah. And um Betty I'll just say because I really can't say that much but um,

It it was not an arbitrary change. I mean, any kind of change like that is typically going to

you know, be kind of contractually, uh,

uh, the reason is, you know, contractually, um, on that front. So we are just basically, you know, doing the appropriate accounting based on the uh, the contract that we have

Betty Zhang: Thank you.

thank you.

Operator: Thank you. At this time, there are no further questions in the queue. I will now turn the meeting back over to Clay Corbus.

Thank you. At this time. There are no further questions in the queue. I will now turn the meeting back over to Clay corbis.

Clay Corbus: All right. Dana, thanks very much. Thank everybody else for joining us. We look forward to speaking with you next quarter.

All right. Dana, thanks very much. Uh and thank everybody else for joining us. We look forward to speaking with you next quarter.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation you may now disconnect

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Q1 2026 Clean Energy Fuels Corp Earnings Call

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Q1 2026 Clean Energy Fuels Corp Earnings Call

Thursday, May 7th, 2026 at 8:30 PM

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