Clean Energy Fuels Q2 2026 Earnings Results & Report

Clean Energy Fuels EPS Results

• Actual EPS: -$0.01
• Consensus EPS: -$0.0107
• Beat/Miss: Beat by +$0.0007
• One Year Ago EPS: N/A
• EPS Beat Rate: 8 of last 8 quarters

Clean Energy Fuels Revenue Results

• Actual Revenue: $106.36 million
• Expected Revenue: $111.27 million
• Beat/Miss: Missed by -$4.91 million
• YoY Revenue Growth: +3.70%

Clean Energy Fuels (NASDAQ:CLNE) provides transportation fuel and fueling infrastructure for fleets that operate on natural gas, with a focus on renewable natural gas (RNG). The company serves public and private fleets in sectors such as refuse collection, public transit, trucking, airports, utilities and other commercial transportation markets.

Clean Energy develops, owns and operates compressed natural gas and liquefied natural gas fueling stations, and provides station construction, operation, maintenance and fuel delivery services. Through its Redeem brand, the company supplies RNG produced from organic waste sources, including landfills, livestock operations and wastewater treatment facilities. It also offers conventional natural gas fuel and related fleet fueling solutions.

Founded in 1997, Clean Energy Fuels serves customers primarily in the United States and Canada through a network of natural gas fueling stations and customer-owned facilities. The company is headquartered in Newport Beach, California, and has been led by co-founder Andrew J. Littlefair, who serves as president and chief executive officer.

Clean Energy Fuels Q2 2026 Earnings Call Transcript

Key Takeaways

• Neutral Sentiment: Second-quarter results were in line with expectations, with revenue of $106.4 million, adjusted EBITDA of $16 million, and 81.8 million gallons of fuel volume, up 7% year over year. The company maintained its 2026 outlook.
• Positive Sentiment: The RNG upstream business improved in the quarter as production ramped at the South Fork and East Valley projects, and management expects further improvement in the second half. Two additional Maas Energy Works projects are expected online later this year, with a third targeted for early 2027.
• Negative Sentiment: Heavy-duty trucking RNG volumes remained largely steady, as fleets delayed larger commitments amid regulatory uncertainty and a pre-buy of legacy diesel trucks. Management said X15N adoption is progressing through small fleet deployments, but incremental vehicle costs remain a barrier.
• Positive Sentiment: Clean Energy highlighted expanding opportunities beyond vehicle fueling, including a $27 million hydrogen-station contract with Orange County Transportation Authority and natural-gas power solutions for off-grid or grid-constrained customers. These projects generally use customer contracts and existing assets rather than requiring significant capital at risk.
• Negative Sentiment: The 2026 adjusted EBITDA outlook assumes final Treasury guidance on the Section 45Z credit and GREET model before year-end, potentially contributing up to $5 million. A delay into 2027 or limited improvement over current credit values could cause EBITDA to fall below the company’s $70 million-$75 million range.

Presentation

[Operator]

Hello and welcome everyone joining today's Clean Energy Fuels Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Tom Driscoll. Please go ahead.

[Tom Driscoll, VP of Strategic Development and Sustainability at Clean Energy Fuels]

Thank you, operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ending June 30th, 2026. If you did not receive the release, it is available on the investor relations section of the company's website, where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10-Q filed today.

[Tom Driscoll, VP of Strategic Development and Sustainability at Clean Energy Fuels]

These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release. The company's non-GAAP EPS and adjusted EBITDA will be reviewed on the call and exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, the definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today.

[Tom Driscoll, VP of Strategic Development and Sustainability at Clean Energy Fuels]

With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbus.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Thank you, Tom. Good afternoon, everyone. Today, we reported solid results for the second quarter. $106 million of revenue, $63 million of RNG sold, and $16 million of adjusted EBITDA. These results were in line with our expectations and keep us on track for our annual financial outlook, which we are maintaining. We kept our balance sheet strong and finished the quarter with $138 million in cash and short-term investments. Our upstream RNG production business saw improvement in the second quarter, helped by better weather compared to the first quarter, and continued ramp-up at our two largest projects, South Fork in Texas and East Valley in Idaho. There is still more work to be done as we ramp production and improve operations across our portfolio, and we expect continued improvement in the second half of the year.

[Clay Corbus, President and CEO at Clean Energy Fuels]

In addition to our eight operating RNG projects, we have three projects under construction through our joint venture with Maas Energy Works. We continue to make good progress and expect two projects to come online later this year, with the final project finishing up next year. The Section 45Z clean fuel production credit is an important value driver for our RNG projects. 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. Our RNG fuel volume from heavy-duty trucking held steady during the quarter. We are seeing a handful of fleets add small numbers of trucks equipped with the X15N.

[Clay Corbus, President and CEO at Clean Energy Fuels]

With the uncertainty surrounding the final 2027 emission standards recently released by the EPA, there has been a large pre-buy of legacy diesel trucks. At the same time, we and others remain deeply engaged with many fleets that continue to show strong interest in RNG, particularly with higher diesel prices. Over the past four to five months, we increased our advertising to target the trucking industry, emphasizing RNG's low, stable price compared to diesel. That effort has generated measurable interest and leads with potential new customers. I also hope you saw the press release we distributed earlier this week about the growing natural gas heavy-duty truck market in Canada. We recently completed two additional stations, including a critical node in British Columbia, just outside Vancouver, that completes a Western Canadian natural gas fueling network.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Canada has extremely high taxes on diesel and high truck mileage, which makes the cost comparison with natural gas all that much more attractive. With the Cummins X15N arriving in the Canadian market, fleets that use a lot of fuel are responding very positively. As I mentioned on our last call, our legacy markets in transit and refuse continue to provide a solid foundation for us. 25 years after the first CNG buses rolled into cities, the transit market continues to be strong with new opportunities and new wins. In fact, just last week, the Federal Transit Administration announced that their funding will prioritize low-emission solutions like CNG over zero-emission buses. Our fueling expertise also creates opportunities beyond RNG.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Clean Energy has been awarded more contracts than any other company to build hydrogen fueling stations for transit agencies that are expanding with fuel cell buses, reinforcing our leadership in alternative fuel infrastructure. Last week, we announced the latest and largest hydrogen project to date, a $27 million contract with Orange County Transportation Authority to design and build a new private station. This station will support OCTA's existing fleet of 10 fuel cell buses plus the 40 buses the agency plans to add, demonstrating both the strength of our customer relationships and scalability and flexibility of our platform. With nearly 30 years operating in the natural gas sector, our in-house capabilities also extend beyond vehicle fueling and RNG production. As we all know, the country is experiencing a rapidly evolving energy market, and power grids are overtaxed.

[Clay Corbus, President and CEO at Clean Energy Fuels]

We see emerging opportunities for Clean Energy and our ability to serve independent power solutions. Today, no one has nationwide compression capabilities that we do. As CNG doesn't have to go into a vehicle tank, large volumes can be put into tube trailers and transported to facilities that need power but may have issues hooking up with a local grid or are not proximate to a natural gas pipeline. We can solve that problem. We currently serve customers across a range of natural gas solutions. As demand for reliable, cleaner energy grows, customers are increasingly looking to us for these solutions. Let me share a few examples. As many of you know, we deliver LNG marine bunker fuel to Pasha at the Port of Long Beach and have been doing this for the past three years.

[Clay Corbus, President and CEO at Clean Energy Fuels]

We produce the LNG at our plant in Boron, California, transport it to the port using our fleet of LNG cryogenic tanker trucks, and provide fueling services that enable Pasha's container ships to continually operate on cleaner-burning LNG. Our LNG team has experience that includes designing and building LNG systems for gas to power applications. As an example, we were recently awarded contracts for two projects in Puerto Rico that will provide energy security and resiliency for a pharmaceutical manufacturing facility owned by a global healthcare provider and another one for a 6-MW power plant. For customers that would rather operate their facilities with cleaner, less expensive natural gas versus fuel oil or cannot get enough electric power, we deliver compressed natural gas through our fleet of CNG tube trailers to commercial and industrial customers that do not have pipeline access.

[Clay Corbus, President and CEO at Clean Energy Fuels]

We have long-standing relationships with large volume customers, but we are also discovering new customers and new markets. Just recently, we signed a contract to supply CNG to a large fulfillment center in California that needs a bridge fuel solution for its power generation while it indefinitely awaits a utility connection. Clean Energy is uniquely positioned to provide natural gas solutions to customers across multiple fuel types, multiple applications, and multiple regions in the U.S. and Canada. We have room to grow here, and we are excited about it. Finally, I want to recognize Bart Frabotta, who we recently appointed as our Chief Operating Officer. Improving execution and operation performance and driving technology throughout the company is a top priority for us. Bart is the right leader for that work. Over his 15 years at Clean Energy, he has been central to building and running our company.

[Clay Corbus, President and CEO at Clean Energy Fuels]

I look forward to what his leadership will help us accomplish. With that, it's Bob's turn.

[Bob Vreeland, CFO at Clean Energy Fuels]

Okay. Thank you, Clay. Good afternoon to everyone. Overall, our second quarter performance was in line with our expectations from both the financial performance and fuel volume standpoint. Maintaining our full year guidance assumes improved financial performance in the second half of 2026, which is consistent with our original expectations. Thus far in 2026, fuel pricing, including RIN and LCFS credit values, has been favorable. Operating expenses remain on plan, and fuel volumes are meeting expectations. Our outlook for 2026 also assumes that final guidance on the GREET model for the 45Z production tax credit will be issued before year-end, and that could provide up to $5 million of incremental adjusted EBITDA. If the guidance is delayed or provides minimal benefit over the current production tax credit values, adjusted EBITDA would come in below our $70 million-$75 million range. Turning to volumes.

[Bob Vreeland, CFO at Clean Energy Fuels]

Second quarter fuel volumes increased by 7% year-over-year to 81.8 million gallons. Approximately two-thirds of the growth came from conventional natural gas, driven by additional fueling locations for large fleet customers, for which we also provide maintenance services. RNG volumes increased 3% year-over-year to 63.2 million gallons, reflecting normal variations across customer sectors. As noted on our first quarter earnings call, RNG volumes declined sequentially because the first quarter included incremental deliveries to customers outside our station network. Through June, RNG volumes remained ahead of our plan. RNG production volume from our dairy projects was 2.1 million gallons for the second quarter of 2026, well above the prior year period as our RNG upstream portfolio continues to ramp. Consequently, we saw a notable improvement in the operating results of our RNG upstream business in the second quarter compared to the first quarter.

[Bob Vreeland, CFO at Clean Energy Fuels]

This improvement was contemplated in our plan and guidance. Second quarter revenue was $106.4 million, up from $102.6 million in the prior year period. Higher station construction revenue and increased RIN and LCFS credit values more than offset lower commodity prices and customer pricing. As expected, revenue declined sequentially from the first quarter, primarily due to lower natural gas prices and reduced gas trading volatility consistent with normal seasonal patterns. Fuel margins, including RIN and LCFS credits, were largely in line with our plan for the second quarter of 2026. Fuel and customer mix variations modestly reduced margins during the quarter, which is normal and factored into our outlook for 2026. Our cash and investments of $138 million at the end of June were up from $126 million at the end of March.

[Bob Vreeland, CFO at Clean Energy Fuels]

Through June, we contributed $24 million to our Maas Energy Works Dairy joint venture, followed by an additional $12 million in July. Less than $5 million remains to be contributed before the projects are placed in service. With that, operator, please open the call to questions.

[Operator]

Thank you. If you would like to ask a question, please press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star and one to ask a question. I will take our first question from Eric Stine with Craig-Hallum. Please go ahead. Your line is open.

[Eric Stine, Analyst at Craig-Hallum]

Hi, Clay and Bob.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Hey, Eric.

[Eric Stine, Analyst at Craig-Hallum]

Hey, maybe if we could just start with the X15N. I know that we all know that it has been slower on the uptake, certainly slower than Cummins, people in the industry, et cetera. Could you maybe talk about what you're seeing in terms of the incremental cost? Because for some time, that was one of the areas of pushback. I know you mentioned that it's heavy diesel pre-buy. I know it's also a tough environment for fleets given what has happened to diesel prices. Just curious if at least the incremental cost piece you're hearing that has normalized to an extent.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Well, I think as we think about the incremental cost, one thing that has once again, I think confused the market is that the delay on the certification for the 2027 engines and what that's meant for the diesel boys, because to a certain extent, Cummins and all the other OEMs had already invested all the money into the technology, which was going to increase the price of the diesel engine, which would decrease the incremental cost. With that sort of in disarray, it's sort of unclear then what's going to happen there. I think what we hear from what I think is public that we got from the Cummins earnings call is that they're just going to sort of roll it out during the rest of 2027 so that they're still going to roll it out, but it's not all going to happen in January.

[Clay Corbus, President and CEO at Clean Energy Fuels]

It's going to happen over the year. Ultimately, you still are going to have that incremental cost or that the incremental cost decrease because diesels are getting more expensive. I think when you subtract that away, we still work with our other partners in the industry, whether it's with the fuel tank providers, whether it's with the dealers, whether it's with the OEMs or the OEM manufacturers as well, to see what we can do to try to get that price down. 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.

[Clay Corbus, President and CEO at Clean Energy Fuels]

I would say, though, that what's important about that is it's not just the incremental price, it's how much they're saving on fuel. That's where the high price of diesel, and I think everything you read is that the price of diesel is going to stay high for a while. Even if it doesn't stay high, that volatility does help us. That's why we poured a lot more money into advertising to highlight that in the trades this past quarter, which impacted our results. We think it was an absolutely good investment in the long term because it has resulted in a lot more appointments, a lot more discussions. It's the type of investment that we want to make in order to drive future growth.

[Eric Stine, Analyst at Craig-Hallum]

Got it. That's helpful commentary. Maybe one just for Bob. You mentioned that your EBITDA guide, you talked about $5 million incremental there depending on the outcome of the 45Z guidance. To me, incremental would mean that it's above and beyond where your guidance is. At the end, you talked about that if it were not to come to bear, that that would mean downside to your guidance. Maybe just talk through some of the puts and takes as we think about that and we see if that occurs.

[Bob Vreeland, CFO at Clean Energy Fuels]

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. We factored up to about $5 million in our guidance. We were also expecting that that guidance would come out sooner than it has. As that has slipped, now we're moving that closer to year end, and if something happens there, then let's have some transparency on what that could mean to our number. We think that it'll be positive, so we're not saying it's not going to be at all. I guess the binary choice would be if they moved the approval across into 2027, then you wouldn't get that

[Bob Vreeland, CFO at Clean Energy Fuels]

It wouldn't happen for us in 2026. Other than that, maybe the value could be different, but we think it'll be positive to us.

[Eric Stine, Analyst at Craig-Hallum]

Okay. In your mind, it's more about timing. It's whether it gets acted on in time for you to impact results rather than necessarily just thinking about what the potential outcomes might be.

[Bob Vreeland, CFO at Clean Energy Fuels]

Exactly. Yeah.

[Eric Stine, Analyst at Craig-Hallum]

Okay. Thank you.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Thanks, Eric.

[Operator]

Thank you. Our next question comes from Rob Brown with Lake Street Capital Markets. Please go ahead.

[Rob Brown, Analyst at Lake Street Capital Markets]

Hi, Clay. Hi, Bob.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Hey, Rob.

[Rob Brown, Analyst at Lake Street Capital Markets]

I just wanted to follow up on your comments about the interest level increasing with the diesel fuel prices. I guess you're advertising. You said you had more sort of activity, but given the diesel price change and the spread now, what's your view on fleet adoption and thinking in the industry kind of changing toward natural gas?

[Clay Corbus, President and CEO at Clean Energy Fuels]

Well, I don't think it's changed. We're ever optimistic. To be frank, when the engine first came out, those alpha and some of the testing didn't go as anybody had hoped, and it just took a little while to work out the kinks. I think as you get more use cases out there and the improvement increases, you adjust the engine more for the use type, so you get the right transmission in there, you get your mileage penalty reduced a little bit. You continue to see improvement in the performance of the engine for what the fleets need. When you combine that with the price of diesel, it makes a pretty compelling case. Again, when you have all this uncertainty that's going on with the regulatory environment the market just says, "Huh, okay.

[Clay Corbus, President and CEO at Clean Energy Fuels]

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. I think what we do see and what we like is we sell 10 here. If you look like for instance, that Canadian release, you look at that, we got 35 X15Ns up there. It's not one fleet. It's spread out amongst seven or eight fleets. That's exactly what you'd like to see. It means that people are out there testing it. They're running it hard. They're putting the miles on it. From there, we anticipate and hope they have good experiences and that the adoption starts to pick up.

[Rob Brown, Analyst at Lake Street Capital Markets]

Okay, great. Thanks for the color. Then on the RNG upstream business, it was close to breakeven EBITDA in the quarter. Sounds like it's crossing into positive. How do you sort of see that trend line and how much more to go in terms of the maturity of those units that are running or installations that are running?

[Clay Corbus, President and CEO at Clean Energy Fuels]

We see a lot of opportunity for those to improve. There's always a story with every plant whether you have too much heat or too much cold, how the cows are producing everything. We see the trend line absolutely going in the right direction. We have enough manure at a number of the facilities. We have the process improvements that we put in place. We see two of the Maas projects coming online this fall, and as we mentioned, the third coming online early next year. I think we see that trend line absolutely continuing. The second half of the year will be much better than the first half of the year. We're optimistic. Then if you layer on top of that what could happen if you get 45Z across it, then financially you start to see a much better impact as well.

[Clay Corbus, President and CEO at Clean Energy Fuels]

For us, it's great because it's like much of our business. The more volume you get across it, the more easier you cover your overhead and the more that drops to the bottom line. That's what we're seeing with our plants as well. I'd say overall, we are optimistic.

[Rob Brown, Analyst at Lake Street Capital Markets]

Excellent. Thank you. I'll turn it over.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Great. Thanks.

[Operator]

Thank you. We will move next with Nate Pendleton with Texas Capital. Please go ahead.

[Nate Pendleton, Analyst at Texas Capital]

Good afternoon. Thanks for taking my questions.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Hi, Nate. How you doing?

[Nate Pendleton, Analyst at Texas Capital]

Doing well. Regarding the opportunities to support power generation that you highlighted in your prepared remarks, how large is the pipeline of opportunities that you're assessing? If you could frame for us how much investment would be needed to meet any incremental demand there?

[Clay Corbus, President and CEO at Clean Energy Fuels]

Well, Nate, we've had a subsidiary for a number of years called NG Advantage that's based in the Northeast that really has been working with off-pipeline customers for a long time. They've had an established good business, and it's been really interesting for us. We've got 102 trailers. We got some large compression capacity up there. It's been really interesting for us that as you have these sort of messy middle with getting power to a lot of facilities, everything from EV charging to fulfillment to centers. Data centers is a pretty large load. We find that we are starting to get a lot of phone calls asking us if we can sort of service this. Sometimes it's a short-term opportunity. Others are looking for much longer-term opportunities. As we think about it, we do have compression capacity across the entire United States.

[Clay Corbus, President and CEO at Clean Energy Fuels]

We have it reserved, and it's typically used for trucking, but it is underutilized. We also have excess tube trailers. In order to test this market, we don't have to spend anything. We can just use the existing assets and existing infrastructure we have. I think that's where we stand. This would be a use case if, as we are doing it, and as we see more of these come along, depending on the returns profile, we'll determine whether it ends up taking up any investment. This is not like a $200 million dairy project in Idaho. This is small, incremental, justified by contracts that we'd have in place. We do see there's a lot of growth potential here. Again, it's enabled by the fact that we've got 600 fueling stations across the country that have excess compression capacity.

[Nate Pendleton, Analyst at Texas Capital]

Got it. It sounds like a great opportunity. If I may-

[Clay Corbus, President and CEO at Clean Energy Fuels]

It is.

[Nate Pendleton, Analyst at Texas Capital]

Can you talk about the potential size and cadence of opportunities on the hydrogen side of the house following the recent announcement with Orange County that you discussed?

[Clay Corbus, President and CEO at Clean Energy Fuels]

Yeah. The way that we've gone about hydrogen is not to use our own capital. We used our model in the transit agencies world, which is where a transit agency puts out an RFP. You win the RFP based on your experience and your cost, then you get the contract, and it's usually a cost-plus contract. Then in this case, we also have an operation and maintenance agreement to go along with it, as well as a hydrogen fuel supply to go along with it. In all these cases, it's something where it's not putting our capital at risk or we're taking commodity risk on anything here. It's really a service that we provide. I think we see that, well, I know we see that as the model going forward. We're happy to see OCTA go after this. We think that hydrogen is a tough commercial.

[Clay Corbus, President and CEO at Clean Energy Fuels]

To do hydrogen independently is pretty tough commercially. I think when it's going through a transit agency, and it's supported by the state or by the locality or by the feds to help promote the industry and get it to a point where it can grow, we're there to be a service provider for that, but not to take risk with our own capital to see where that market is going to unfold.

[Nate Pendleton, Analyst at Texas Capital]

Understood. Thanks for taking my questions.

[Clay Corbus, President and CEO at Clean Energy Fuels]

You're welcome. Thank you, Nate.

[Operator]

Thank you. We will move next with Matthew Blair with TPH. Please go ahead.

[Matthew Blair, Analyst at TPH]

Thank you, and good afternoon. I wanted to ask about the California LCFS market, just in light of the recent supply-demand data that shows a growing quarterly shortage. Can you remind us where do you stand on pathways? Is it still just Del Rio that has the LCFS pathway? I know it's not in your hands, but do you have an estimate of a reasonable timeline of when you would receive future California LCFS pathways? Thank you.

[Bob Vreeland, CFO at Clean Energy Fuels]

Matthew, when you say Del Rio, that is a provisional pathway.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Right. we have-

[Bob Vreeland, CFO at Clean Energy Fuels]

The others have temporary.

[Clay Corbus, President and CEO at Clean Energy Fuels]

We have temporary pathways on the seven others.

[Bob Vreeland, CFO at Clean Energy Fuels]

Yeah.

[Clay Corbus, President and CEO at Clean Energy Fuels]

We expect probably next year, we expect in our joint venture with BP, the five of them, we expect to get the provisional next year. I think in our big one up in Idaho, on both South Fork and East Valley, it's probably.

[Bob Vreeland, CFO at Clean Energy Fuels]

2028.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Yeah, probably 2028. It's really hard. This is one where it's entirely dependent on CARB. Whenever we gave a date out on Del Rio, we were ultimately frustrated every quarter and saying, "Well, we thought it was going to be this quarter, but it's next quarter." Right now, we'd hope the end of 2027 and 2028, but we're not putting anything in our forecast to move from temporary to provisional.

[Bob Vreeland, CFO at Clean Energy Fuels]

We're monetizing at the temporary.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Right

[Bob Vreeland, CFO at Clean Energy Fuels]

level.

[Matthew Blair, Analyst at TPH]

Sounds good. Could you talk a little bit more about the moving parts in your outlook for fuel distribution in the back half of the year? If I'm doing my math right here, it looks like your guidance implies that H2 would be a little bit lower than H1. Is that just a typical seasonal pattern, or are there any other moving parts that would help explain that? Thank you.

[Bob Vreeland, CFO at Clean Energy Fuels]

No. I don't think it'll be lower. It should be relatively consistent, maybe some improvement for the distribution.

[Matthew Blair, Analyst at TPH]

Great. Thank you.

[Operator]

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Clay Corbus for closing comments.

[Clay Corbus, President and CEO at Clean Energy Fuels]

Well, thank you, everybody, for being on the call. I know late on a Thursday afternoon in the beginning of August, there's probably things you'd rather be doing, so we appreciate your time and interest in Clean Energy. Thanks very much.

[Operator]

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Participants

Executives

• Tom Driscoll, VP of Strategic Development and Sustainability
• Clay Corbus, President and CEO
• Bob Vreeland, CFO

Analysts

• Eric Stine, Analyst at Craig-Hallum
• Rob Brown, Analyst at Lake Street Capital Markets
• Nate Pendleton, Analyst at Texas Capital
• Matthew Blair, Analyst at TPH