Seeks clarification on the $5 million incremental EBITDA from 45Z guidance, specifically whether it's truly incremental to the existing guidance range or if a delay would cause downside.

Robert Vreeland clarifies that the initial full-year guidance already factored in up to $5 million from an anticipated positive 45Z outcome. The statement about downside risk is for transparency, acknowledging that if the guidance is delayed past year-end or provides minimal benefit, adjusted EBITDA would fall below the $70M-$75M range. He emphasizes it's primarily a timing issue. “When we issued our guidance at the beginning of the year, we were and still believe that when the guidance comes out on the 45Z, the GREET model, it will have an improved value for the production tax credits. So we factored up to about $5 million in our guidance.”

Asks about the company's view on fleet adoption changing towards natural gas given increased interest and high diesel fuel prices.

Barclay Corbus states that while they are optimistic due to engine improvements and the compelling case made by high diesel prices, regulatory uncertainty is causing fleets to wait before making large commitments. He highlights that adoption is happening in smaller batches, with fleets testing the X15N, as seen in Canada. “But again, when you have all this uncertainty that's going on with the regulatory environment, that just -- the market just says, okay, yes, we like this. We'll keep talking about it, but we're just going to sort of wait to see how things settle out here before we make a big commitment.”

Inquires about the trend line for the RNG upstream business, which was near breakeven, and how much more maturity is expected from running units.

Barclay Corbus expresses optimism for continued improvement in the RNG upstream business, citing sufficient manure, process improvements, and the upcoming online status of two Maas projects in H2 2026 and one in early 2027. He notes that increased volume covers overhead more easily, leading to better financial impact, especially with potential 45Z benefits. “Well, there's -- we see a lot of opportunity for those to improve... we see the 2 of the Maas projects coming online this fall and as we mentioned, the third coming online early next year. So I think we see that trend line absolutely continuing.”

CLNE

Clean Energy Fuels (CLNE) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Energy· Aug 6, 2026

Source: earnings call transcript

Executive summary

Clean Energy Fuels Q2 FY26 — Solid Results and Strategic Expansion

Clean Energy Fuels delivered Q2 FY26 results in line with expectations, maintaining its annual financial outlook despite regulatory uncertainty impacting new engine adoption. The company is leveraging existing infrastructure for new power generation opportunities and expanding its alternative fuel station network, while awaiting clarity on key tax credits to further boost its upstream RNG business.

Highlights

Reported solid Q2 results with $106 million in revenue, $63 million in RNG sold, and $16 million in adjusted EBITDA, aligning with expectations.
Strengthened balance sheet with cash and short-term investments increasing to $138 million at quarter-end, up from $126 million in Q1 FY26.
Upstream RNG production improved significantly in Q2, aided by better weather and the ramp-up of key projects like South Fork and East Valley.
Total fuel volumes grew 7% year-over-year to 81.8 million gallons, with RNG volumes specifically increasing 3% year-over-year to 63.2 million gallons.
Secured a $27 million contract with Orange County Transportation Authority for a new hydrogen fueling station, reinforcing leadership in alternative fuel infrastructure.

Concerns

Uncertainty surrounding final 2027 EPA emission standards led to a large prebuy of legacy diesel trucks, impacting the adoption rate of the new X15N engine.
Delay in Treasury's finalization of Section 45Z clean fuel production credit rules, now expected in Q4, could impact 2026 adjusted EBITDA by up to $5 million if delayed further or provides minimal benefit.
Revenue declined sequentially from Q1 FY26, primarily due to lower natural gas prices and reduced gas trading volatility, consistent with normal seasonal patterns.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year 2026 Adjusted EBITDA	$70 million to $75 million high materiality	FY26	High
Incremental Adjusted EBITDA from 45Z credit	up to $5 million medium materiality	FY26	Medium
Maas Energy Works JV projects online	2 projects low materiality	H2 2026 · FY26	High
Maas Energy Works JV projects online	final project low materiality	early 2027 · FY27	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
Upstream RNG Production Saw improvement in Q2 2026 compared to Q1 2026, helped by better weather and ramp-up of South Fork and East Valley projects. Volume was well above prior year period. RNG production volume: 2.1 million gallons	—	—	—	noted improvement in operating results

Deals & partnerships

Maas Energy Works Construction of 3 RNG production projects

Clean Energy contributed $24 million through June and an additional $12 million in July to the JV. Less than $5 million remains to be contributed.

Orange County Transportation Authority (OCTA) Design and build a new private hydrogen fueling station $27 million

Largest hydrogen project to date for Clean Energy. Includes operation and maintenance agreement and hydrogen fuel supply.

Global health care provider (pharmaceutical manufacturing facility) Provide energy security and resiliency for a pharmaceutical manufacturing facility in Puerto Rico

One of two projects awarded in Puerto Rico for gas-to-power applications.

Unnamed (6-megawatt power plant) Provide energy for a 6-megawatt power plant in Puerto Rico

One of two projects awarded in Puerto Rico for gas-to-power applications.

Large fulfillment center Supply CNG for power generation as a bridge fuel solution

Customer in California needs power generation while awaiting a utility connection indefinitely.

Capital programs

Maas Energy Works Dairy JV Projects under construction

Period spend: $24 million through June, $12 million in July

Spent to date: $36 million

Clean Energy contributed $24 million through June and an additional $12 million in July. Less than $5 million remains to be contributed before the projects are placed in service.

Risks & headwinds

Uncertainty surrounding final 2027 EPA emission standards current

large prebuy of legacy diesel trucks

Mitigation:Deep engagement with fleets, increased advertising emphasizing RNG's low stable price.

Delay in finalization of Section 45Z clean fuel production credit rules FY26

now expected in the fourth quarter, could provide up to $5 million of incremental adjusted EBITDA (if positive), adjusted EBITDA would come in below our $70 million to $75 million range (if delayed or minimal benefit)

Mitigation:Awaiting Treasury's finalization; believe updated GREET model will positively impact results.

Lower natural gas prices and reduced gas trading volatility Q2 FY26

revenue declined sequentially from the first quarter

Mitigation:Considered normal seasonal patterns and factored into outlook.

What to watch in Q3 FY26

45Z Clean Fuel Production Credit Finalization

Q4 FY26

Current Expected in Q4 FY26

Target Finalized rules and updated GREET model

Why it matters

Finalization is expected to positively impact upstream RNG results and could provide up to $5 million of incremental adjusted EBITDA for FY26.

We continue to await Treasury's finalization of the 45Z rules and credit values, which is now expected in the fourth quarter. We believe the finalized rule and updated GREET model, once released, will positively impact our upstream results in 2026 and the years ahead.

Find out whether CLNE delivers this. Inve re-checks your case every morning.

Q&A highlights

Inquires about the incremental cost of the X15N engine and how it affects adoption, especially with the diesel prebuy and high diesel prices.

Barclay Corbus explains that regulatory uncertainty has complicated the incremental cost picture for diesel engines, which would have reduced the X15N's incremental cost. While the actual price hasn't moved much, partners are collaborating to reduce the payback period. High and volatile diesel prices make RNG compelling, leading to increased advertising and customer discussions.

“I don't think we've seen real movement in the sort of actual price. It's just movement around how each one of the different participants can chip in a little bit to help bring that price down so that the incremental payback period can get down to a reasonable level.”

asked by Eric Stine · answered by Barclay Corbus

2 min read 6 chapters

Detailed narrative

RNG Production and 45Z Credit Outlook

Upstream RNG production showed improvement in Q2 FY26, attributed to better weather conditions and the ramp-up of key projects like South Fork and East Valley. The company anticipates continued operational improvements in the second half of 2026. Awaiting Treasury's finalization of Section 45Z clean fuel production credit rules and an updated GREET model, expected in Q4, which is projected to positively impact upstream results in 2026 and beyond.

Heavy-Duty Trucking Market Dynamics

RNG fuel volume in heavy-duty trucking remained steady, with some fleets adopting the X15N engine in small numbers. However, regulatory uncertainty surrounding 2027 EPA emission standards has led to a significant prebuy of legacy diesel trucks. Clean Energy is actively engaging with fleets and increasing advertising efforts to highlight the stable price advantage of RNG over volatile diesel, generating measurable interest and leads.

Canadian Market Expansion and Infrastructure

Clean Energy Fuels has expanded its presence in Canada, completing two additional natural gas fueling stations, including a critical node near Vancouver. This establishes a Western Canadian natural gas fueling network. The Canadian market presents a strong opportunity due to high diesel taxes, extensive truck mileage, and positive fleet responses to the Cummins X15N engine.

Hydrogen Fueling Infrastructure Leadership

The company was awarded a $27 million contract by the Orange County Transportation Authority (OCTA) to design and build a new private hydrogen fueling station. This project, the largest hydrogen initiative to date for Clean Energy, will support OCTA's existing and planned fuel cell bus fleet.

The company's strategy for hydrogen projects involves acting as a service provider, winning cost-plus contracts through RFPs, and avoiding capital or commodity risk.

Emerging Independent Power Solutions

Clean Energy is identifying new opportunities in independent power solutions, leveraging its nationwide compression capabilities and existing assets. Examples include delivering LNG marine bunker fuel to Pasha at the Port of Long Beach, securing contracts for energy security in Puerto Rico for a pharmaceutical facility and a 6-megawatt power plant, and supplying CNG to a California fulfillment center awaiting utility connection.

This segment utilizes underutilized assets like tube trailers and excess compression capacity, requiring minimal new investment.

Operational Leadership Appointment

Bart Frabotta has been appointed Chief Operating Officer, with a mandate to enhance execution, operational performance, and technology integration across the company. This strategic hire underscores Clean Energy's commitment to optimizing internal processes and maximizing the efficiency of its extensive infrastructure.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.