Clean Energy Fuels Stock Earnings Reports

Clean Energy Fuels Corp. reported Q1 2026 results with 67 million gallons of RNG delivered, $117.6 million in revenue, $16.6 million of Adjusted EBITDA and $126 million in cash on the balance sheet (plus ~$46 million at JV partners). The new CEO, Clay Corbus, emphasized a focus on growth, stronger execution, operating discipline, and greater use of data/software to improve operations and customer acquisition. Market dynamics — notably a sharp, geopolitically driven rise in diesel prices in March — have improved RNG’s value proposition versus diesel, particularly for transit, refuse, and heavy-duty trucking (Class 8 with Cummins X15N). Upstream, the company has eight RNG projects operating and three under construction; first-quarter production was affected by winter weather but management expects improvements as ramps complete. CARB certified a very low (approx. -300) carbon intensity pathway for the Del Rio Dairy project, materially increasing LCFS credit potential. Management acknowledged that project development and ramp timelines have been longer and operationally more challenging than expected and described steps to take a more hands-on approach to operations and vendor changes to improve performance. Guidance for full-year RNG delivery remains 250 million gallons or more; management cautioned Q1 strength included some one-time or non-recurring opportunities and that base fuel margins are expected to be softer at times during the year, but overall the company believes the economic and environmental case for RNG is strengthened by current diesel volatility.