\nClean Energy Fuels Corp. (NASDAQ: CLNE) (\u201cClean Energy\u201d or the \u201cCompany\u201d) today announced its operating results for the first quarter of 2026.<\/p>\n
Financial Highlights<\/b><\/p>\n Operational and Strategic Highlights<\/b><\/p>\n Commentary by Clay Corbus, President and Chief Executive Officer<\/b><\/p>\n \n\u201cIt was great to see our RNG volumes continue at a steady pace and rebound from last year. There is always extreme winter weather that can impact RNG production at dairies, and this year was no different – particularly in the upper Midwest – but we see a lot of progress being made with refinements to operating procedures to continually improve dairy RNG production. We\u2019ve seen it with our dairies and see great efforts across the industry to keep the RNG volumes up and flowing. We are doing our part, with our most recent projects such as the East Valley project, in Idaho, and the South Fork project, in Texas, ramping up production. Additionally, at the end of the quarter the conflict in Iran and the resulting higher oil prices has driven up the price of diesel. Fleets are taking note of our much less volatile transportation fuel. Our results reflect some of these tailwinds of elevated oil and diesel prices, particularly in our revenues, compared to a relatively stable natural gas commodity market. We were very pleased with our first quarter results and feel good about our position in the geopolitical environment as it relates to offering a domestically supplied, low-cost sustainable transportation fuel that is available today.\u201d<\/p>\n Summary and Review of Results<\/b><\/p>\n \nThe Company\u2019s revenue for the first quarter of 2026 was decreased by $10.1 million of non-cash stock-based sales incentive contra-revenue charges (\u201cAmazon warrant charges\u201d) related to the warrant issued to Amazon.com NV Investment Holdings LLC (the \u201cAmazon warrant\u201d), compared to Amazon warrant charges of $17.3 million in Q1 2025. Q1 2026 station construction revenues were $8.2 million versus $5.6 million of station construction revenues in Q1 2025. Revenue for Q1 2026 also included an unrealized gain of $0.6 million on commodity swap and customer fueling contracts relating to the Company\u2019s Zero Now truck financing program, compared to an unrealized loss of $0.6 million in Q1 2025. Q1 2026 renewable identification number (\u201cRIN\u201d) and low carbon fuel standards (\u201cLCFS\u201d) revenues of $14.4 million versus $9.0 million of RIN and LCFS revenues in Q1 2025 reflecting an increase of $5.4 million. This $5.4 million increase was due (i) an increase in RIN revenue of $4.9 million primarily due to a higher share of RIN values, higher volume, and incremental RIN revenue generated by the Company\u2019s consolidated dairy RNG project (upstream) and (ii) an increase in LCFS revenue of $0.5 million primarily due to incremental LCFS revenue generated by the Company\u2019s consolidated RNG project (upstream business).<\/p>\n \nNet loss attributable to Clean Energy for Q1 2025 included an impairment of goodwill of $(64.3) million and accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations of $(50.7) million versus no such charges in Q1 2026. Q1 2026 losses from equity method investments were lower than Q1 2025 due to the ramp up of operations of our dairy RNG projects. Selling, general and administrative expenses were lower in Q1 2026 compared to Q1 2025 by approximately $2.9 million mainly due to a decrease in general business expenses.<\/p>\n \nNon-GAAP income (loss) per share (as defined below) for Q1 2025 was $0.01, compared to $(0.01) per share for Q1 2026.<\/p>\n \nIn this press release, Clean Energy refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures may not be comparable to similarly titled measures being used and disclosed by other companies. Clean Energy believes that this non-GAAP information is useful for an understanding of its operating results and the ongoing performance of its business. Non-GAAP income (loss) per share and Adjusted EBITDA are defined below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) attributable to Clean Energy, respectively.<\/p>\n \nThe table below shows GAAP and non-GAAP income (loss) attributable to Clean Energy per share and reconciles GAAP net income (loss) attributable to Clean Energy to the non-GAAP net income (loss) attributable to Clean Energy figure used in the calculation of non-GAAP income (loss) per share:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except share and per share data)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to Clean Energy Fuels Corp.<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(134,967<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(12,412<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAmazon warrant charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,338<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,107<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,777<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,030<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAmortization of investment tax credit from consolidated RNG project<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(232<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAccelerated depreciation expense associated with station equipment removal<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50,660<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss from Rimere equity method investment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,551<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss (gain) from SAFE S.p.A. equity method investment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n478<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(155<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nLoss (gain) from change in fair value of derivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n557<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(616<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nImpairment of goodwill<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64,328<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nHoldback payment from prior year extinguishment of loan receivable and preferred stock equity security<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(37<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAmortization of investment tax credit from RNG equity method investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(236<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(283<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP net income (loss) attributable to Clean Energy Fuels Corp.<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,486<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(1,598<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nDiluted weighted-average common shares outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n224,924,980<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n219,667,732<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP loss attributable to Clean Energy Fuels Corp. per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.60<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.06<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP income (loss) attributable to Clean Energy Fuels Corp. per share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.01<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe table below shows Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:<\/p>\n\n
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