CLNE · Clean Energy Fuels Corp.

Clean Energy’s Q1 2026 results reflect a sharp improvement in profitability driven by the absence of large non-recurring charges—specifically the $64.3 million goodwill impairment and $50.7 million accelerated depreciation related to LNG station abandonment that weighed heavily on Q1 2025. Revenue growth of 13.3% year-over-year was underpinned by a 33.2% increase in RNG gallons sold (to 67.4 million), higher RIN and LCFS revenues ($14.4M vs. $9.0M), and stronger station construction sales ($8.2M vs. $5.6M). Management attributes the RNG volume growth to operational improvements across dairy projects—including the newly commissioned East Valley project in Idaho—and notes progress in mitigating winter weather impacts on production. While Adjusted EBITDA declined modestly year-over-year ($16.6M vs. $17.1M), upstream RNG operations improved their Adjusted EBITDA contribution to $(2.8)M from $(3.0)M in Q1 2025, signaling stabilization in early-stage project economics. The appointment of Clay Corbus as CEO signals strategic continuity around scaling RNG infrastructure and leveraging near-term policy tailwinds, particularly as elevated diesel prices enhance the competitiveness of RNG fuel. Full-year guidance anticipates GAAP net loss between $(71)M and $(66)M—still impacted by ~$47M in Amazon warrant charges—and Adjusted EBITDA of $70–75M, implying sequential acceleration in second-half performance and continued margin expansion from growing RNG volumes and credit monetization.