Clean Energy Fuels Corp.

Good day, everyone, and welcome to today's Clean Energy Fuels second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and one keys on your telephone keypad. Please note this call is being recorded and that I will be standing by should you need any assistance. It is now my pleasure to turn today's program over to Robert Vreeland, CFO.

Thank you, Operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ending June 30, 2025. If you did not receive the release, it is available on the investor relations section of the company's website at www.cleanenergyfuels.com, 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 risk, 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 factor section of Clean Energy's Form 10-Q filed today. These forward-looking statements speak only at 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 this 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 gap information, reasons why management uses non-gap information, a definition of non-gap EPS and adjusted EBITDA, and a reconciliation between these non-gap and gap figures is provided in the company's press release, which has been furnished to the SEC on Form 8K today. With that, I will turn the call over to our President and Chief Executive Officer, Andrew Littlefair.

Thank you, Bob. I'm pleased to say that the second quarter of this year again demonstrated the underlying strength of our overall business. Despite the continued shifting regulatory atmosphere, uncertainty around tariffs, and other external distractions in the market, we posted a very solid performance with $102 million in revenue, over 61 million gallons of renewable natural gas sold, $17.5 million of adjusted EBITDA for the quarter. And with $241 million in cash and other investments, we remain on solid financial footing. I will keep my remarks on the short side today and let the results speak for themselves. But I do want to give a little color to emphasize my previous point about the strength of our fundamental business, which is allowing us to update our projections for our 2025 financials. Bob will be giving you the details, but suffice to say, we believe we will be exceeding even the high end of our original guidance. We distributed a press release last week that highlighted a number of deals that we have made over the last several months with transit agencies across the country. We signed our first transit agreement over 25 years ago, and since that time, we have continued to steadily grow this business. Today, we fuel over 9,000 transit buses every day at 115 locations. This is due to several factors. Buses equipped with natural gas engines are not only reliable in tough conditions, but they are clean and quiet. Operators very much appreciate their dependability. Cities like that the buses dramatically reduce harmful NOx pollutants, and passengers appreciate they don't smell diesel fumes as they ride along. Also, more and more transit agencies are seeing the double benefit of carbon emissions reductions plus cost savings by converting their fleets from traditional CNG to RNG. With almost 100 different RNG supply contracts, no other company can ensure a steady flow of this clean fuel like clean energy, which is why we are winning so many contracts. Like the transit market, our business with waste companies is consistent and growing. As the recognized leader in the alternative fuel space, we can expand existing relationships with refuse companies and win new deals. once more by the assurance of a steady supply of R&G as these companies expand their natural gas fleets. We continue to be bullish on the heavy-duty truck market's adoption of R&G. While we, as well as Cummins, acknowledge that the sales of trucks equipped with their new X15N engine aren't where we had hoped they would be at this point, there are signs that continue to point in the right direction. Between the change in administrations in Washington and the evolving regulatory atmosphere in California, all truck sales have been hit hard while operators wait for more clarity. Fortunately, that clarity is beginning to emerge. There is acknowledgement during our discussions with both carriers and shippers that they want to continue to look at ways to reduce harmful Scope 1 and Scope 3 emissions. One of the most promising recent policy changes is that these fleets no longer are forced to consider only one technology and one that is too costly and still unproven. That, along with other developments like market leader Freightliner recently offering the X15N option, is why we remain bullish. Trucking companies continue to engage with us as they evaluate the R&G solutions. Price still wins the day in the highly competitive logistics business. Fortunately, it is easy to get the fleet's attention when they are presented with up to a $2 a gallon savings on fuel. I'll end my remarks with a quick report about the progress we have made in our R&G development business. In the relatively short time since launching our dairy R&G production business, we now have six dairy projects operating with another large project in Texas in commissioning, and our largest project in Idaho completing an important pipeline extension and nearing mechanical completion. Both the Texas and Idaho projects are on schedule to begin producing RNG by the end of the year. Additionally, the dairy RNG projects that we are developing with Moss Energy have begun construction. Producing our own RNG allows us to capture a greater percentage of the overall value of the fuel, not only at the pump with environmental credits, but also through the monetization of the investment tax credit. We recently announced $29 million ITC sale in connection with four projects owned by our RNG joint venture with BP. Area RNG emission rates for the 45Z production tax credit are in the process of being finalized. We are pleased with the recognition of negative emission manure feedstock, RNG, in the One Big Beautiful Bill Act. This legislation allows the US Treasury to recognize the full benefit of dairy RNG, which involves capturing carbon emissions from dairy cow manure and converting them into productive use as a negative emissions highway transportation fuel. Let me close with saying that we continue to feel very good about the way our businesses are performing. both the upstream and downstream, to put it in the old energy business vernacular. Fleets like transit agencies and waste companies that have been operating natural gas buses and trucks for decades are seeing a revitalization with the added environmental and financial benefits of migrating from CNG to RNG. And the relatively new market of heavy-duty trucking is slowly but surely starting to see the light. Clean Energy is well positioned to continue to lead the exciting RNG space with a growing portfolio of production facilities, the largest supply of RNG, the most expansive fueling network, and a talented group of people. And with that, I will hand the call back to Bob.