Clean Energy Fuels Corp. · NASDAQ:CLNE
Clean Energy Fuels — Q1 2025 Earnings Presentation
46 slides from Clean Energy Fuels's earnings presentation, May 8, 2025
Slide 1: Company Overview
Company Overview May 2025 Ce Clean A ss Energy
Slide 2: Safe harbor
Safe harbor This presentation contains forward-looking statements within the meaning of Section 27A of the compressed natural gas for non-vehicle purposes via virtual natural gas pipelines and Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as interconnect
Slide 3: Who we are
Who we are Why RNG RNG supply RNG distribution Financial summary 3
Slide 4: CE at a glance
CE at a glance 600+ stations throughout Blue chip Leading RNG player the U.S. and Canada customer base in the US Safe harbor Partnerships with Environmental Growing RNG energy leaders credit leader fuel volumes 226M 237M 198M 167M 153M 2020 2021 2022 2023 2024 4
Slide 5: Who we are
Who we are RNG Supply Distribution – Dairy/RNG production – 600+ stations – Vertically integrated (U.S. and Canada) RNG solutions – 3rd party RNG supply contracts – Capacity to double volumes – 25+ years of experience – Fleet + marine customers – Invented RNG as a commercial fuel – Maintenance + con
Slide 6: Why RNG?
Why RNG? Sustainable: Affordable: Lowers carbon emissions Stabilized prices and lower by an average of 300% maintenance costs Renewable: Proven: Made from organic waste, Trusted by companies like Amazon, UPS, not drilling WM, and major transit fleets in NY & LA No diesel pollution: Less maintenance:
Slide 7: The RNG advantage: carbon intensity
The RNG advantage: carbon intensity Carbon intensity by fuel type (gCO2e per MJ) 100.6 100 52.4 43.2 46.8 46.6 RNG RNG 33.3 Zero Food waste Manure emissions Gasoline/ Hydrogen Renewable Electric RNG RNG diesel diesel vehicle Landfill Wastewater -54.1 -100 -200 -300 -335.5 average CI -400 -500 -485.5
Slide 8: RNG volume potential in US (2040)
RNG volume potential in US (2040) Animal manure RNG (GGEs) (GGEs) 3.7B 36.1B Carbon-for-carbon reduction compared to diesel at multiples 1.8B of RNG GGEs 15.3B Low case High case Source: American Gas Association and ICF Note: Estimated gasoline gallons equivalent (GGE) assuming 125,000 mcf per gasol
Slide 9: RNG supply
RNG supply Dairy RNG production – Produce RNG from dairy farms with JV partners TotalEnergies and bp – All gas produced goes to fill CLNE demand – Enhances overall economics of RNG to CLNE RNG 3rd party supply – Our demand creates value for the supply side – We see many deals due to our demand – Lev
Slide 10: All roads lead to RNG
All roads lead to RNG RNG Feedstock Hydrogen Reformer 4 Electric Generation C= te FR Be wl RNG Vehicles Hydrogen Vehicles Electric Vehicles Al Data Center Station Compression
Slide 11: Hydrogen station: Foothill Transit
Hydrogen station: Hydrogen station: Foothill Transit Foothill Transit 20-year relationship with one of California’s largest transit agencies Initially provided CNG, now RNG for 300 buses Awarded Foothill’s first hydrogen station for 33 fuel cell buses Demonstrates importance of customer relationship
Slide 12: Distribution
Distribution Distribution Fueling and customer network key to monetizing supply of RNG 600+ station network—scale and footprint advantage Our portfolio of RNG volume Growth drivers – Trucking – Customer optimization – NG engine expansion and improvement CA opportunity Policy view 12
Slide 13: Where we are: distribution
Where we are: distribution Public and private stations 600+ Natural gas fueling stations 13
Slide 14: Our customers
amazon Ups 7 BIMBO S44, WIM Zon aes © RUAN © y CALPORTLAND’ ee DB j 2 (leur Meee Exe. Unilever KAG Airgas CeVA KENAN ADVANTAGE GROUP, INC. an Air Liquide company LoGistics Hertz GED Cali; § oft nezyanic P8G ® etre D Gee
Slide 15: Distribution growth driver: heavy-duty trucking sector
Distribution Distribution growth growth driver: driver: heavy-duty heavy-duty trucking trucking sector sector 40B+ gallons per year Sustainability goals increasing pressure while time is of the essence Large fleets create exponential growth – 3000 units (one fleet) can be 45M GGEs annually Current t
Slide 16: Customer example
Customer example Switching just 10% 50% reduction in Achieve carbon of their fleet from carbon emissions emissions goals diesel to RNG from vehicles in only 2.5 years 16
Slide 17: Distribution growth driver: optimization of existing customer base
Distribution Distribution growth growth driver: driver: optimization optimization of of existing existing customer customer base base Converting maintenance to fuel Refuse – Republic Services Transit – LA Metro – New York City MTA 17
Slide 18: Distribution growth driver: Near Zero NG engines
Distribution Distribution growth growth driver: driver: Near Near Zero Zero NG NG engines engines Cummins engine – Near Zero attributes – Clean, quiet enhanced transmission and 90% lower NOx Expansion to X15N: “game changer” per Cummins – “Initial interest in the 15-liter natural gas powertrain has
Slide 19: CA opportunity
CA opportunity As we increase the supply of dairy RNG in CA, we will distribute the landfill RNG to other states 125M+ Dairy RNG GGE Non-CA Network Opportunity to enhance margins $8.00/GGE* by displacing LFG with dairy bio-gas CA RNG Demand Landfill RNG $4.20/GGE* *Gross values before value chain sp
Slide 20: Balance sheet highlights
Balance sheet highlights 12.31.22 12.31.23 12.31.24 03.31.25 Cash and short-term investments (unrestricted) $264M $263M $217M $227M Land, property, and equipment $264M $332M $365M $319M Total assets $1,082M $1,259M $1,244M $1,116M Long-term debt $153M $304M $303M $308M Total stockholders’ equity $72
Slide 21: Statement of operations highlights
Statement of operations highlights Year ended December 31, Three months ended March 31, 2022 2023 2024 2024 2025 Total revenue $ 420,164 $ 425,159 $ 415,865 $ 103,709 $ 103,764 Total operating expenses 471,871 501,559 452,218 113,020 230,062 Operating loss (51,707) (76,400) (36,353) (9,311) (126,298
Slide 22: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Non-GAAP financial measure Adjusted EBITDA To supplement the Company’s unaudited consolidated financial statements presented in Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is accordance with accounting principles generally acce
Slide 23: Adjusted EBITDA by year
Adjusted EBITDA by year (see disclaimer on previous page) Year ended December 31, 2022 2023 2024 Net income (loss) attributable to Clean Energy Fuels Corp. $ (58,733) $ (99,497) $ (83,070) Income tax expense (benefit) 220 (423) 2,692 Interest expense 6,308 22,924 32,179 Interest income (3,374) (11,1
Slide 24: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (see disclaimer on page 22) Three months ended Mar 31, 2024 2025 Net income (loss) attributable to Clean Energy Fuels Corp. $ (18,443) $ (134,967) Income tax expense (benefit) (178) (2,932) Interest expense 7,762 7,528 Interest income (3,579) (2,899) Depreciation and a
Slide 25: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (see disclaimer on page 22) Three months ended Mar 31, 2024 2025 Net income (loss) attributable to Clean Energy Fuels Corp. $ (15,250) $ (129,932) Income tax expense (benefit) (178) (2,932) Interest expense 7,762 7,528 Interest income (3,579) (2,899) Depreciation and a
Slide 26: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation (see disclaimer on page 22) Three months ended Mar 31, 2024 2025 Net income (loss) attributable to Clean Energy Fuels Corp. $ (3,193) $ (5,035) Depreciation and amortization from RNG JV equity method investments 850 2,746 Interest expense from RNG JV equity method inve
Slide 27: Clean Energy
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