Clean Energy Fuels : Company Presentation May 2026

Published: 2026-05-15 12:35:13 ET CLNE

Published on 05/15/2026 at 12:35 pm EDT

Company Overview

May 2026

Who we are

Why RNG

RNG supply

RNG distribution

Image gallery

Financial summary

2021

2022

2023

2024

2025

167M

198M

226M

237M

Image

Dairy/RNG production

3rd party RNG supply contracts

600+ stations (U.S. and Canada)

Capacity to double volumes

Fleet + marine customers

Maintenance + construction

2 owned LNG plants

Vertically integrated RNG solutions

25+ years of experience

Invented RNG as a commercial fuel

As a sustainable biofuel, RNG dramatically reduces carbon emissions vs. diesel.

RNG is a domestically produced, stable-priced fuel that costs significantly less than diesel.

Engine built by Cummins, supported by major OEMs, and trusted by fleets like Amazon, UPS, and Saia.

Carbon intensity measures emissions across a fuel's entire lifecycle, which impacts LCFS states like CA.

100.6

100.0

0.0

gCO2e per MJ

-100.0

47.9

41.7

42.2

47.1

Landfill

34.8

Wastewater

Food waste

-25.0

Manure

-297.6

-200.0

-300.0

Note: For gasoline/diesel, hydrogen, electric vehicle and renewable diesel, data represents average CI of delivered fuel.

For RNG, data represents average CI score of active certified pathways (version 3.0) to show the different CI scores by feedstock.

Source: California Air Resources Board, Q1 2025 LCFS data, and certified pathways as of July 31, 2025 8

(GGEs)

Low case

High case

Source: American Gas Association and ICF

Note: Estimated gasoline gallons equivalent (GGE) assuming 125,000 mcf per gasoline gallon.

Carbon-for-carbon reduction compared to diesel at multiples of RNG GGEs

Produce RNG from dairy farms with

JV partners TotalEnergies, bp, and Maas

All gas produced goes to fill CLNE demand

Enhances overall economics of RNG to CLNE

Our demand creates value for the supply side

We see many deals due to our demand

Leverage our CA network

RNG can serve multiple alternative fuel solutions

Further growth opportunities to CLNE

Fueling and customer network key to monetizing supply of RNG

600+ station network-scale and footprint advantage

Our portfolio of RNG volume

Growth in the heavy-duty trucking industry, largely due to the Cummins X15N 15-liter natural gas engine.

Public & private fueling stations

Tractor-trailer friendly public stations

Vehicles fueling daily

San Bernardino, CA Carneys Point, NJ Fort Worth, TX

40B+ gallons per year

Lower emissions, lower cost of ownership

Current trucking customers include:

Amazon

Estes

UPS

Source: American Trucking Associations and internal data

15-liter big bore natural gas powertrain

Available today with Freightliner, Peterbilt, and Kenworth

6M miles of pre-production testing & 50,000 engines in operation globally

Up to 500 hp & 1850 lb-ft of torque

Up to a 10% fuel economy/GHG improvement over ISX12N

500 lbs lighter than current 15L diesels

12.31.23

12.31.24

12.31.25

03.31.26

Cash and short-term investments (unrestricted)

$263M

$217M

$156M

$126M

Land, property, and equipment

$332M

$365M

$324M

$318M

Total assets

$1,259M

$1,244M

$1,057M

$1,037M

Long-term debt

$304M

$303M

$254M

Total stockholders' equity

$734M

$720M

$565M

$564M

(76,400)

(36,353)

(159,864)

(126,298)

(2,895)

$ (99,497)

$ (83,070)

$ (222,024)

$ (134,967)

$ (12,412)

Total revenue

2023

425,159

Year ended December 31, 2024

415,865

2025

424,833

Three months ended March 31,

2025

103,764

2026

117,556

Total operating expenses

501,559

452,218

584,697

230,062

120,451

Operating loss

Net income (loss) attributable to Clean Energy Fuels Corp.

To supplement the Company's unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), in this Company Presentation the Company uses a non-GAAP financial measure that it calls adjusted EBITDA ("Adjusted EBITDA"). Management presents Adjusted EBITDA because it believes this measure provides meaningful supplemental information about the Company's performance for the following reasons: (1) it allows for greater transparency with respect to key metrics used by management to assess the Company's operating performance and make financial and operational decisions; (2) it excludes the effect of items that management believes are not directly attributable to the Company's core operating performance and may obscure trends in the business; and (3) it is used by institutional investors and the analyst community to help analyze the Company's business. In future quarters, the Company may adjust for other expenditures, charges or gains to present this non-GAAP financial measure that the Company's management believes are indicative of the Company's core operating performance.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to GAAP income (loss), GAAP income (loss) per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income (loss) attributable to Clean Energy Fuels Corp plus (minus) income tax expense (benefit), plus interest expense (including any losses from the extinguishment of debt), minus interest income, plus depreciation and amortization expense, plus the accelerated depreciation expense from the abandonment of certain LNG station assets located at 55 Pilot Flying J locations, plus one-off, non-cash charge to Goodwill, minus gain on extinguishment of loan receivable and equity security, plus Amazon warrant charges, plus stock-based compensation expense, plus (minus) loss (income) from the Rimere equity method investment, plus (minus) loss (income) from the SAFE S.p.A. equity method investment, plus (minus) any loss (gain) from changes in the fair value of derivative instruments, plus depreciation and amortization expense from RNG equity method investments, plus interest expense from RNG equity method investments, minus interest income from RNG equity method investments, and minus amortization of investment tax credit from RNG equity method investments and the Company's consolidated RNG project. The Company's management believes Adjusted EBITDA provides useful information to investors regarding the Company's performance for the same reasons discussed above with respect to non-GAAP income (loss) per share. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.

The tables below show Adjusted EBITDA and also reconciles this figure to GAAP net loss attributable to Clean Energy:

Net income (loss) attributable to Clean Energy Fuels Corp.

$ (99,497)

$ (83,070)

$ (222,024)

Income tax expense (benefit)

Interest expense

(423)

22,924

2,692

32,179

(2,820)

52,687

Interest income

(11,148)

(14,005)

(11,383)

Depreciation and amortization

45,674

44,737

41,316

Accelerated depreciation expense associated with station equipment removal

56,041

Impairment of investments in equity securities

8,102

Impairment of goodwill

64,328

Gain on extinguishment of loan receivable and equity security

(2,058)

Amazon warrant charges

60,609

60,764

66,101

Stock-based compensation expense

Loss (income) from Rimere equity method investment

23,336

10,803

8,854

8,869

5,446

Loss (income) from SAFE S.p.A. equity method investment

1,700

2,218

179

Loss (gain) from change in fair value of derivative instruments

158

131

1,664

Depreciation and amortization from RNG upstream

1,666

6,067

12,113

Interest expense from RNG upstream

992

1,386

881

Interest income from RNG upstream

Amortization of investment tax credit from RNG upstream

(2,420)

(3,826)

(390)

(1,904)

(1,830)

Disclaimer

Clean Energy Fuels Corporation published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 16:34 UTC.