Clean Energy Fuels Corp.

Please stand by. Your program is about to begin. If you need assistance during your conference today, please press star zero. Good day, everyone, and welcome to today's Clean Energy Fuels Third Quarter 2025 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. You may register to ask a question at any time by pressing star 1 on your telephone keypad. Please note this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Robert Vreeland, Chief Financial Officer. Please go ahead.

Thank you, Operator. Earlier this afternoon, Clean Energy released financial results for the third quarter ending September 30, 2025. 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 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 as 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 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 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 report that our business delivered another strong quarter. For the third quarter, we posted $106 million in revenue, sold 61 million gallons of renewable natural gas, and generated $17 million of adjusted EBITDA. We ended the quarter meeting our expectations in line with the raised guidance for 2025 that we announced in August, with $232 million in cash and short-term investments, and maintaining a strong balance sheet with ample financial flexibility and capacity to fund growth. Today, I will provide updates on our downstream fueling business, R&G's opportunity in the heavy-duty truck sector, and progress in our upstream R&G production business. I'll let Bob provide more detail on our financials and our reaffirmed full-year outlook. Our downstream fueling business continues to perform well. Transit and refuse remain steady contributors, reflecting long-standing customer relationships and our ability to deliver clean, affordable fuel day in and day out. For over two decades, natural gas trucks and buses have delivered cleaner air and lower emissions to these fleets and the cities they serve. On the revenue side, we currently have 140 different companies ranging from national leaders like WM and Republic Services, many regional companies around the country. 309 fueling sites, and we fuel the buses of transit agencies from New York City to L.A. and many in between. We are well positioned to support additional fleets in their adoption of ultra-clean R&G. Clean Energy also continues to support transit agencies that are following California state incentives to explore hydrogen alongside R&G. Late September, we announced we were awarded the contract to design, build, and maintain a second hydrogen fueling station for Foothill Transit. This extends our 20-plus year partnership with the agency and complements the R&G fuel fleet Foothill already operates. The new site will support an initial 19 hydrogen fuel cell buses. We've also won awards to build hydrogen stations for the cities of Riverside and Ventura transit agencies. The largest opportunity for our downstream fueling business continues to be heavy-duty trucking. Approximately 250,000 new Class 8 heavy-duty trucks are sold each year in the U.S. and Canada. The heavy-duty sector is tasked with providing critical goods movement services across our economy. Meanwhile, the sector has been facing challenging freight rates, uncertain policy regulations, and continued demand from shippers. to lower emissions in this hard to decarbonize segment of the value chain. As you know, overall sales of heavy duty trucks has been significantly lower over the last year or two compared to most years. Battery electric and hydrogen face significant challenges for heavy duty trucking. RNG on the other end is low NOx and has low to negative greenhouse gas emissions It does this at a lower cost of ownership than even diesel. Engine technology, infrastructure, and reliable supply of clean fuel are here today. And at Clean Energy, we are pursuing this opportunity on multiple fronts. In September, Pioneer Clean Fleet Solutions launched as the first leasing company focused on low-carbon, heavy-duty vehicles with next-generation CNG trucks as the focus. Clean Energy, alongside Cummins and Hexagon Agility, partnered with Pioneer to support another pathway that lowers barriers for fleets to adopt RNG-powered equipment. Just last week, we expanded our Class A demo truck program with a 2026 Freightliner Cascadia Gen 5 day cab equipped with the Cummins X15N. Our truck was unveiled at the American Trucking Association's conference to high praise from the senior editor of Transport Topics, a leading trucking publication who did a test drive. Demo truck will rotate among carriers so they can experience the X-15N's performance across real routes in our fueling network. This builds on the success of our first Peterbilt X-15N demo launch last year, and that continues to be in rotation around the country. Since Freightliner has the largest overall market share in the heavy-duty space, the demand to get in the queue for this new demo truck has been very high. Turning to our upstream R&G production business, while RIN pricing has stabilized, LCFS credit prices continue to face some headwinds impacting segment profitability. We expect CARB's program changes, which are already in effect, to tighten. the market to tighten the market and support gradual price improvement in 2026 and beyond. The 45Z Clean Fuel Production Credit is an important value driver for dairy RNG that recognizes the fuel's negative emissions benefit. We continue to await Treasury's finalization of the 45Z rules and credit values, which we expect in the next few months. We plan to begin to monetize our 2025-45Z credits once those rules are finalized. Meanwhile, we are controlling what we can control, project execution and production improvement. I'm pleased to report that our two largest dairy projects, one in Texas and one in Idaho, have recently begun initial operations. We will be announcing more specifics soon about these exciting developments. This brings our total projects in Operation 8. We continue to be focused on optimizing production across our portfolio to increase our own supply of negative carbon RNG for our network. 100% of the fuel that we sell in California is RNG, and the average carbon intensity score of that fuel is minus 194, so that's impressive. In addition, we broke ground on three new dairy RNG projects under our development agreement with Moss Energy Works. These projects span six dairies across South Dakota, Georgia, Florida, and New Mexico, and are expected to produce 3 million gallons of RNG annually once fully operational. In summary, our business fundamentals remain solid. The downstream fueling business is steady and well-positioned for growth. And on the upstream side, we're executing and scaling. Clean Energy is uniquely positioned with the largest RNG fueling network, a substantial supply of RNG from our own operations and from third parties, and a team that knows how to deliver for our customers. We believe our formula of practical decarbonization at a lower cost per mile than diesel will continue to resonate with fleets and shippers that need solutions they can deploy today. And with that, I'll hand the call back to Buck.