Clean Energy Fuels Corp. (CLNE) 2026 Q1 法說會逐字稿

Hello, and welcome everyone joining today's Clean Energy Fuels first quarter 2026 earnings conference call. (Operator Instructions) Please note this call is being recorded.

各位好，歡迎大家參加 Clean Energy Fuels 2026 年第一季財報電話會議。(接線員指示) 請注意，本通話將被錄音。

It is now my pleasure to turn the meeting over to Tom Driscoll, Vice President, Strategic Development and Sustainability. Please go ahead.

現在我很榮幸將會議交給策略發展與永續副總裁 Tom Driscoll。請開始。

Thank you, Dana. Earlier this afternoon, Clean Energy released financial results for the first quarter ending March 31, 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.

謝謝你，Dana。今天下午稍早，Clean Energy 公布了截至 2026 年 3 月 31 日止第一季的財務結果。若您尚未收到新聞稿，可至公司網站的投資人關係專區取得；本次電話會議亦同步網路直播。網站上將提供 30 天的重播。

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.

在開始之前，我們提醒各位，新聞稿及本次電話會議中所包含的部分資訊屬於前瞻性陳述，涉及難以預測的風險、不確定性與假設。

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.

此類前瞻性陳述不保證業績表現，且公司實際結果可能與該等陳述所載內容存在重大差異。可能造成或導致此類差異的若干因素，已於 Clean Energy 今日提交之 Form 10-Q 的「風險因素」章節中詳加說明。

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.

這些前瞻性陳述僅截至本新聞稿發布日為準。公司不承擔任何義務公開更新任何前瞻性陳述，或就本新聞稿發布日後的情況提供新資訊。

The company's non-GAAP EPS and adjusted EBITDA will be reviewed on this call and excludes 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.

本次電話會議將檢視公司之非 GAAP 每股盈餘（EPS）與調整後 EBITDA，並排除公司管理階層認為不代表公司核心業務營運結果的若干費用。非 GAAP 財務衡量指標應與依 GAAP 編製之結果一併考量，不應視為 GAAP 結果的替代或優於 GAAP 結果。

The directly comparable GAAP information, reasons why management uses non-GAAP information, a 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.

與之直接可比的 GAAP 資訊、管理階層使用非 GAAP 資訊的原因、非 GAAP EPS 與調整後 EBITDA 的定義，以及這些非 GAAP 與 GAAP 數字之間的調節表，均載於公司新聞稿中；該新聞稿已於今日以 Form 8-K 形式提交予美國證券交易委員會（SEC）。

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

接下來，我將把電話會議交給我們的總裁兼執行長 Clay Corbus。

All right. Thank you, Tom. I want to start by saying that I'm honored to be named CEO of Clean Energy. I've been part of this company for 19 years and have been involved in every major strategic chapter of our evolution, from our days building out the fueling network to our initial investments in RNG in 2008 to the integrated platform we operate today.

好的。謝謝你，Tom。我想先說，我很榮幸被任命為 Clean Energy 的執行長。我在這家公司已 19 年，參與了我們演進過程中的每一個重大策略篇章——從早期建置加氣網路、到 2008 年首次投資 RNG，再到我們今日所營運的整合式平台。

I have a huge amount of confidence in our team and the foundation we've built, and I'm very excited about the opportunity ahead of us. Now, as CEO, I plan to focus on growth, strengthen execution and operating discipline, and fully leverage the assets, infrastructure, and people we have in place.

我對我們的團隊以及我們所建立的基礎充滿信心，也非常期待眼前的機會。現在，作為執行長，我計畫聚焦於成長、強化執行力與營運紀律，並充分運用我們既有的資產、基礎設施與人才。

We have a strong balance sheet, recurring cash flow, and a very capable team. I also see opportunity to be more technology forward, using data and software to improve efficiency across operations, corporate functions, R&G. And how we identify new customers and serve existing customers.

我們擁有強健的資產負債表、經常性現金流，以及非常能幹的團隊。我也看到我們可以更以科技為導向，運用數據與軟體提升營運、公司職能與 R&G 的效率。以及我們如何辨識新客戶並服務既有客戶。

All of this supports the same objective, deliver value for our customers and stakeholders. At its core, I believe deeply in this business and our product. RNG is domestically produced, lowers fuel costs, reduces greenhouse gas emissions, and uses existing infrastructure.

所有這些都支持同一個目標：為我們的客戶與利害關係人創造價值。就本質而言，我對這項業務與我們的產品深具信念。RNG 為國內生產，可降低燃料成本、減少溫室氣體排放，並可利用既有基礎設施。

Those fundamentals have always mattered, but they are especially relevant today. Beginning in early March, the conflict with Iran caused a sharp rise in crude oil prices, which quickly flowed through the diesel across the US.

這些基本面一直都很重要，但在今天尤其切題。自 3 月初起，與伊朗的衝突導致原油價格大幅上升，並迅速反映到全美的柴油價格上。

Diesel prices increased by roughly $1.50 to $2 per gallon or more, a 50% increase almost overnight. Fuel is a meaningful component of cost per mile, and this level of volatility strains fleets, carriers, and shippers, and ultimately leads to higher costs for consumers.

柴油價格每加侖上漲約 1.50 至 2.00 美元或更多，幾乎一夜之間上漲 50%。燃料是每英里成本的重要組成，這種程度的波動使車隊、承運商與貨主承受壓力，最終也會導致消費者成本上升。

This environment reinforces why clean energy exists. Compared to diesel, natural glass is cheaper, cleaner, domestic, and less exposed to geopolitical events abroad.

這樣的環境再次凸顯 clean energy 存在的理由。相較於柴油，天然氣更便宜、更乾淨、來源於國內，且較不受海外地緣政治事件影響。

As you've heard many times before, nearly 100% of the fuel delivered to our stations today is renewable natural gas, which captures all the benefits I just mentioned and helps our customers advance their sustainability goals.

如各位多次聽到的，我們目前送達各站點的燃料幾乎 100% 為再生天然氣（RNG），這能完整體現我剛提到的所有優勢，並協助客戶推進其永續目標。

Now, turning to the quarter, we delivered 67 million gallons of RNG, we generated $16.6 million of adjusted EBITDA, and we ended the quarter with $126 million of cash on the balance sheet. In our downstream business, performance across core markets remained steady.

接著談本季表現，我們交付了 6,700 萬加侖的 RNG，產生 1,660 萬美元的調整後 EBITDA，季末資產負債表上的現金為 1.26 億美元。在我們的下游業務方面，核心市場的表現維持穩定。

Our transit and rescue sectors continue to be consistent contributors, supported by long-standing customer relationships and the reliability of RNG. We also see underappreciated growth potential in these segments. Over the past five years, battery electric and hydrogen solutions have proven costly and challenging to deploy in many locations.

我們的公共運輸與廢棄物清運（rescue）領域持續穩定貢獻，受惠於長期客戶關係以及 RNG 的可靠性。我們也看到這些區隔存在被低估的成長潛力。過去五年，純電池電動與氫能解決方案在許多地點的部署已證明成本高且具挑戰性。

As those realities become clearer for transit and refuse fleets, RNG offers a practical, cleaner, and lower-cost alternative to diesel. And many of these fleets already have first-hand experience with RNG.

隨著這些現實對公共運輸與廢棄物車隊愈發明朗，RNG 提供了一個務實、更乾淨且成本更低的柴油替代方案。而且其中許多車隊已具備 RNG 的第一手使用經驗。

In trucking, the recent diesel price hikes and volatility have brought total cost of ownership back into focus. Heavy-duty trucking remains our largest growth opportunity. Class 8 trucks with the Cummins X15N engine allow fleets to capture R&G's economic and environmental benefits without sacrificing range or performance.

在卡車運輸方面，近期柴油價格上漲與波動，使總持有成本（TCO）再次成為焦點。重型卡車仍是我們最大的成長機會。搭載 Cummins X15N 引擎的 8 級卡車，讓車隊在不犧牲續航或性能的情況下，獲得 R&G 的經濟與環境效益。

The technology works. The infrastructure is in place, the fuel is available today, and it is cheaper and less volatile. Quite simply, the case for switching from diesel to RNG has never been stronger. At the same time, to be honest, adoption of the F-15N has been slower than we originally expected.

這項技術可行。基礎設施已就緒，燃料今日即可供應，而且更便宜、波動性更低。簡而言之，從柴油轉換至 RNG 的理由從未如此強而有力。同時，坦白說，F-15N 的採用速度比我們原先預期更慢。

Diesel is the incumbent fuel for the vast majority of fleets. In the last two years, the sector has faced challenging freight fundamentals, federal-owned state regulatory uncertainty, particularly in California, and frankly, ESG whiplash as companies balance long-term sustainability goals with fluid policies and near-term stakeholder expectations.

對絕大多數車隊而言，柴油仍是既有主流燃料。過去兩年，該產業面臨具挑戰性的貨運基本面、聯邦與州層級監管不確定性（尤其在加州），以及坦白說，當企業在長期永續目標、變動的政策與短期利害關係人期待之間取得平衡時所出現的 ESG 反覆拉扯。

Even though RNG delivers a lower total cost of ownership, natural gas tractors still carry a higher upfront cost than diesel. In that environment, many fleets have chosen to delay change and stick with the status quo. Our strategy is to be targeted, focusing on applications and fleets where RNG delivers the clearest economic and low-carbon advantages.

儘管 RNG 可帶來較低的總持有成本（TCO），天然氣牽引車的前期購置成本仍高於柴油車。在那樣的環境下，許多車隊選擇延後轉換並維持現狀。我們的策略是採取更精準的聚焦，鎖定 RNG 能提供最明確經濟效益與低碳優勢的應用場景與車隊。

In our upstream RNG production business, we now have eight projects operating and three under construction. The first quarter reflected continued ramp-up at our South Fork project in Texas and our East Valley project in Ohio. The first quarter also had extreme winter weather, which impacted production, particularly in the Upper Midwest.

在我們上游 RNG 生產業務方面，目前已有八個專案在營運、三個在建。第一季反映出我們位於德州的 South Fork 專案與俄亥俄州的 East Valley 專案持續爬坡增產。第一季也遭遇極端冬季天氣，對產量造成影響，尤其是在美國上中西部地區。

We were able to get our projects back on track and anticipate production and financial results to improve as the year progresses.

我們已讓各專案重回正軌，並預期隨著年度推進，產量與財務表現將逐步改善。

I'd also like to highlight a positive regulatory milestone. In March, CARB approved the pathway for our Del Rio Dairy project in Texas with a carbon intensity of approximately negative 300. We also continue to await an upgraded GREET model from the Department of Energy for determining 45Z credit values, which is expected to better reflect the negative carbon intensity of dairy RNG.

我也想強調一項正面的監管里程碑。3 月，CARB 核准了我們位於德州的 Del Rio Dairy 專案之路徑，其碳強度約為負 300。我們也持續等待能源部發布升級版 GREET 模型，以用於決定 45Z 抵免的價值；該模型預期能更好反映乳牛場 RNG 的負碳強度。

As we scale the RNG production business, projects have taken longer to develop and ramp up than initially expected, and some have faced operational challenges. We've responded by taking a more hands-on approach to operations, strengthening internal oversight, and replacing vendors where performance fell short.

隨著我們擴大 RNG 生產業務規模，專案的開發與爬坡增產所需時間比原先預期更長，且部分專案面臨營運挑戰。我們的因應作法是更深入介入營運、強化內部監督，並在供應商表現未達標時予以更換。

These improvements and transitions take time, but we are making progress. We remain focused on improving performance at our operating sites and executing projects that are under construction. It remains true that clean energy is an advantaged donor of dairy RNG production. Customer demand for low CI RNG remains strong, particularly in California, where we have the largest RNG station network.

這些改善與轉換需要時間，但我們正在取得進展。我們仍專注於提升既有營運場址的表現，並推進在建專案的執行。清潔能源仍然是乳牛場 RNG 生產的具優勢承購方。市場對低 CI RNG 的客戶需求依然強勁，特別是在加州；我們在當地擁有最大的 RNG 加氣站網路。

Now, before concluding, I do want to take a moment to recognize Andrew Littlefair.Andrew founded this company. He led it for three decades and built clean energy into the platform that it is today.

在結束之前，我確實想花點時間表達對 Andrew Littlefair 的肯定。Andrew 創立了這家公司。他帶領公司三十年，並將清潔能源打造為今日的平台。

I've had the privilege of working alongside Andrew and learning from him. We are fortunate that he remains actively involved by continuing his work on policy matters in Washington and serving on our board.

我很榮幸能與 Andrew 並肩工作並向他學習。我們也很幸運他仍積極參與，持續在華盛頓推動政策相關工作，並擔任我們的董事。

On behalf of the entire company, I want to thank him for his contributions and continued commitment to clean energy.

我代表全公司，感謝他所做的貢獻，以及對清潔能源的持續投入與承諾。

And with that, I'll hand the call to our CFO, Bob Vreeland, to walk through the financials.

接下來，我把電話交給我們的財務長 Bob Vreeland，請他帶大家回顧財務表現。

Thank you, Clay, and good afternoon to everyone. Overall, our financial performance was in line with our expectations with normal variations within our integrated businesses.

謝謝你，Clay，也向各位致意，下午好。整體而言，我們的財務表現符合預期，在整合式業務之間的波動也屬正常範圍。

For example, while extreme cold weather impacted. Upstream RNG production, we were able to monetize a larger than expected amount of RIN and LCFS credits from our East Valley, Dairy, and Idaho, which was placed in the service in March.

例如，雖然極端寒冷天氣影響了上游 RNG 產量，但我們得以將來自 East Valley、Dairy，以及 3 月投入服務的 Idaho 專案之 RIN 與 LCFS 抵免，變現的金額高於預期。

Increased RNG volumes delivered by our fuel distribution business drove higher RIN revenues, and we were able to optimize our gas costs in this volatile commodities market.

我們燃料配送業務所交付的 RNG 量增加，帶動 RIN 收入提高；同時在這個波動的商品市場中，我們也得以優化天然氣成本。

To a lesser degree in the quarter. But still ongoing today, we enjoyed the dynamics of higher retail fuel prices while our natural gas commodity costs did not increase proportionally at the same level of oil and diesel prices. In fact, despite increases in our natural gas costs and retail prices, we maintained a large discount on our fuel price compared to diesel.

在本季影響程度較小，但至今仍在持續：我們受惠於零售燃料價格走高的態勢，而天然氣商品成本並未以與原油與柴油價格相同的幅度同比例上升。事實上，儘管天然氣成本與零售價格上升，我們的燃料價格相較柴油仍維持大幅折扣。

Consequently, one of the effects we see of elevated commodity and retail prices is higher revenue. Coupled with higher fuel volumes, which drive both base fuel sales revenue as well as RIN and LCFS revenues, we reported $117.6 million in revenue for the first quarter of 2026, compared to $103.8 million last year.

因此，我們看到商品與零售價格走高帶來的其中一個效果是營收增加。再加上燃料銷量提升，帶動基礎燃料銷售收入以及 RIN 與 LCFS 收入，我們 2026 年第一季營收為 1.176 億美元，較去年同期的 1.038 億美元增加。

RNG volumes delivered in the first quarter of 2026 were strong. In addition to our normal recurring volumes, we saw higher demand from customers outside our network of stations needing RNG for transportation. We've seen this before, and it's nice to have the supply to accommodate those deliveries.

2026 年第一季交付的 RNG 量表現強勁。除了我們正常的經常性供應量外，我們也看到來自站點網路以外、需要 RNG 作為運輸用途的客戶需求增加。我們以前也見過這種情況，很高興我們有足夠供應來滿足這些交付。

We believe we'll come off the first quarter RNG volumes by a few million gallons or so as we look forward, but remain confident in achieving our annual guidance of delivering 250 million gallons or more given the first quarter of RNG for the year.

展望未來，我們認為第一季的 RNG 交付量可能會回落約數百萬加侖，但基於今年第一季的表現，我們仍有信心達成全年指引：交付 2.5 億加侖或以上。

GAAP net loss was $12 million for the first quarter of 2026. Certainly, there was a return in 2026 to more normal operations versus a year ago in the first quarter where we reported a GAAP net loss of $135 million, which included a couple of large non-cash charges totaling $115 million. Adjusted EBITDA of $16.6 million in the first quarter of 2026 compares to $17.1 million of adjusted EBITDA. Ago.

2026 年第一季 GAAP 淨損為 1,200 萬美元。可以確定的是，2026 年的營運回到較正常的狀態；相較之下，去年第一季我們報告 GAAP 淨損 1.35 億美元，其中包含合計 1.15 億美元的幾項重大非現金費用。2026 年第一季調整後 EBITDA 為 1,660 萬美元，對比去年調整後 EBITDA 1,710 萬美元。

In addition to the normal variations I mentioned previously for the first quarter of 2026, we also saw lower, albeit still very adequate, base fuel margins, which we anticipated in our outlook for 2026. And as well, and also anticipated in our 2026 outlook, we lowered SG&A expenses in the first quarter of 2026.

除了我先前提到的 2026 年第一季正常波動外，我們也看到基礎燃料毛利較低，但仍相當充足；這點我們在 2026 年展望中已預期。同樣地，也如我們在 2026 年展望中所預期，我們在 2026 年第一季降低了 SG&A 費用。

One reporting comment I'll make is a change in where the non-cash Amazon warrant charge is recorded in our financial statements. You'll notice in 2026, a portion of the warrant charge is included as a charge against our O&M service revenue, whereas previously 100% of the charge was in our products revenue.

我想補充一點報表呈列上的說明：我們在財務報表中調整了 Amazon 認股權證非現金費用的列示位置。你會注意到在 2026 年，部分認股權證費用被列為對我們 O&M 服務收入的扣減，而先前該費用 100% 都列在產品收入中。

And there's more detail on the Amazon warrant charge. It's just a different place in the income statement that you're seeing it this year. There's more disclosed in our 10-Q. In addition to the $126 million in cash and investments on our balance sheet, there is another $4,600,000 in cash off balance sheet at our dairy R&G joint ventures.

關於 Amazon 認股權證費用還有更多細節。你今年看到的只是它在損益表上的呈列位置不同。我們在 10-Q 中有更多揭露。除了資產負債表上的 1.26 億美元現金與投資外，我們的乳牛場 R&G 合資企業在表外另有 4,600,000 美元現金。

And during the first quarter, we contributed $12 million to our Moss Energy Works JV, with another $12 million that was contributed in April. Moss Energy Works continues to make good progress toward completing the three dairy projects under construction.

此外，在第一季期間，我們向 Moss Energy Works 合資企業投入 1,200 萬美元，並於 4 月再投入另外 1,200 萬美元。Moss Energy Works 在完成三個在建乳牛場專案方面持續取得良好進展。

And with that, operator, please open the call to questions.

接下來，麻煩接線員開放提問。

(Operator Instructions)

(操作員指示)

Eric Stein, Craig Hallam.

Eric Stein、Craig Hallam。

Clay, you touched on it a little bit just for the X-15N. I mean, I know that now there are two OEMs in the market, and prior to Freightliners entry, pricing was an issue. So incremental cost has come down some. And obviously, we've all read the glowing feedback of fleets that have been testing this.

Clay，你剛才針對 X-15N 稍微提到了一點。我的意思是，我知道現在市場上有兩家 OEM，而在 Freightliner 進入之前，定價是一個問題。所以增量成本已經下降了一些。而且顯然，我們都讀過那些正在測試這項技術的車隊所給出的非常正面的回饋。

But I mean, the market conditions, as you said, you've got.

但我的意思是，市場狀況如你所說，你已經有了。

A more difficult environment, but obviously highlights the price benefit. I mean, is this something where I know you're taking a targeted approach. I mean, do you kind of view this as this is just going to make it all the more likely that it's going to be the large fleets rather than the small kind of.

更艱難的環境，但顯然也凸顯了價格上的優勢。我的意思是，這是不是一種情況：我知道你們採取的是有針對性的策略。我的意思是，你是否認為這會讓更有可能採用的會是大型車隊，而不是小型的那種。

One-off adoption stories or how do you view that? I mean, is this the kind of thing that if it persists, it could be what actually jump-starts this market? Because as you've said, it's although Cummins' view of it hasn't changed in terms of the overall opportunity, it is well behind schedule.

一次性的採用案例，或者你怎麼看？我的意思是，這是不是那種如果持續下去，反而可能真正啟動這個市場的因素？因為如你所說，雖然 Cummins 對整體機會的看法沒有改變，但進度確實遠遠落後於原定時程。

Yeah, well, Eric, it's what we spent a lot of time thinking about and focused on.

是的，Eric，這正是我們花了很多時間思考並聚焦的事情。

I don't think anybody really thinks that diesel is going to stay at these prices forever, but I do think that this run-up in diesel has really heightened the awareness of the volatility. We were at the ACT conference the last few days, and.

我不認為有人真的覺得柴油會永遠維持在這些價格，但我確實認為這波柴油上漲大幅提高了大家對價格波動性的認知。我們過去幾天在 ACT 會議上，然後。

What a lot of people are talking about is, hey, if you just take the last five years and do a regression analysis on what the price of diesel has been, and then you compare that to the price of natural gas, it is just higher overall. And when fleets are trying to plan going forward what their fuel costs are going to be and their total cost of ownership, they're factoring that into those decisions. So it certainly helps us because it helps us with the total cost of ownership and the payback period for that incremental cost.

很多人在談的是：嘿，如果你把過去五年的資料拿來，對柴油價格做回歸分析，然後再跟天然氣價格相比，整體而言柴油就是更高。而當車隊在規劃未來燃料成本以及總持有成本（TCO）時，他們會把這點納入決策考量。所以這確實對我們有幫助，因為它有助於我們在總持有成本與那個增量成本的回收期上更具優勢。

I would also say that I don't know that it changes the types of fleets we're looking at, whether they're large fleets or small fleets, because even with the large fleets, they're not looking to to be H1st, they're not going to change 2000 trucks overnight.

我也想說，我不確定這是否會改變我們鎖定的車隊類型，不論是大型車隊或小型車隊，因為即便是大型車隊，他們也不會想當第一個，他們不可能一夜之間就把 2000 輛卡車都換掉。

But I think what we are seeing is that as -- and as we heard from some of the fleets that are transitioning, hey, start out with five trucks, start out with 10 trucks. Let's sort of dip our toe in the water. Get our mechanics used to it, get our drivers used to it, get our routes used to it. And then from there, go ahead and expand it into larger numbers within the fleet.

但我認為我們看到的是，隨著——而且我們也從一些正在轉型的車隊那裡聽到：嘿，先從五輛車開始，先從 10 輛車開始。先算是試試水溫。讓我們的維修技師習慣它，讓我們的司機習慣它，讓我們的路線也適應它。然後再從那裡開始，把數量擴大到車隊內更大的規模。

And I think that that combined with that sort of let's dip our toe in first, combined with the price advantages that we're seeing now in the total cost of ownership will result in.

我認為這種「先試水溫」的做法，再加上我們現在在總持有成本上看到的價格優勢，將會帶來。

Incremental adoption as we go forward. But it's not, it's a long sale cycle. It takes a long time to get the trucks ordered. It takes a long time to get them on the road. So it's not something that we, people can see high diesel prices today and they're going to order a truck tomorrow. It's a longer decision process than that. But certainly the fundamentals behind it, I think, are reopening a lot of discussions that we're excited to take part in.

隨著時間推進的逐步採用。但這不是——這是一個很長的銷售週期。下訂卡車需要很長時間。讓它們真正上路也需要很長時間。所以不是那種大家今天看到柴油價格很高，明天就會去訂一輛卡車的事情。決策流程比那更長。但當然，我認為其背後的基本面正在重新開啟許多討論，而我們也很期待參與其中。

Got it. It's very helpful. And then maybe. Just my second one for Bob, so you mentioned lower base fuel margins and something that was kind of the expectation, and I just want to clarify, I mean, was that commentary for...

了解。非常有幫助。然後也許。我第二個問題給 Bob：你提到較低的基礎燃料毛利，以及那是某種原本的預期，我只是想釐清一下，我的意思是，那段評論是針對……

For Q1 or early in the year, because if I think about, especially in trucking, when you've got high diesel margins, you can still offer a pretty healthy discount, and it's a pretty good margin environment for you. So just maybe clarify that statement and maybe how you're thinking about that for the remainder of the year?

針對第一季或年初嗎？因為如果我想，特別是在卡車運輸領域，當柴油毛利很高時，你仍然可以提供相當可觀的折扣，而對你來說也是一個相當不錯的毛利環境。所以請你澄清一下那個說法，並談談你對今年剩餘期間的看法？

Comment there is kind of looking at the full year. I mean, when we gave our guidance back in February, we talked about some of the dynamics that could impact what our guidance for 2026 and the.

那段評論是比較著眼於全年。我的意思是，當我們在二月給出指引時，我們談到了一些可能影響我們 2026 年指引的動態，以及。

Possibility of lower margins from a variety of reasons was in the mix, and it's really kind of throughout the year. But I will say, to the point you're making, is we have numerous levers. And so, while maybe that -- while the margin gets impact from one area, the fact that we're enjoying this, kind of the higher prices with our costs remaining pretty stable.

由各種原因導致毛利下降的可能性也在考量之中，而且其實是貫穿全年。但我會說，回到你提出的重點，我們有很多可以調整的槓桿。因此，即便毛利可能在某一個面向受到影響，但我們目前享有這種較高的價格、而我們的成本仍相當穩定的情況。

Helps offset some of that. But it's kind of a go-forward look, but certainly in our plan.

有助於抵消其中一部分影響。但這比較是對未來的展望，不過當然也在我們的計畫之中。

Rob Brown with Lake Street, Capital Markets.

Lake Street Capital Markets 的 Rob Brown。

Hi, Clay and Bob. Thanks for taking my call.

嗨，Clay 和 Bob。謝謝接聽我的電話。

On the on kind of the RNG volume we talked about in the quarter from kind of third parties, could you just kind of clarify how that how that works and maybe sort of visibility on it?

關於我們在本季談到的、來自第三方的 RNG 量，你能否釐清一下它是如何運作的，以及大概的可見度如何？

Yeah, I think it was a strong growth quarter, particularly when you compare it against last year, but I think we want to be careful on that because part of that growth was that last the the first quarter of last year, we did see our volumes trend down. If you remember, we had the.

是的，我認為這是一個強勁成長的季度，特別是與去年相比，但我覺得我們在這點上要謹慎，因為部分成長是因為去年第一季我們確實看到量在走低。如果你記得，我們當時有。

The biogas reform that sort of pushed a lot of our volume into Q4 of 2024, so Q1 of 2025 was lower. And then, of course, we always have bad weather in the first quarter, but last year was really spread throughout the country and so we had more we we had fewer.

那次沼氣改革把我們相當一部分的量推到了 2024 年第四季，所以 2025 年第一季就比較低。然後，當然第一季我們總是會遇到惡劣天氣，但去年是全國各地都受到影響，所以我們有更多——我們有更少。

We had less, I should say, we had less R&G from our third parties in addition to our own production that was down. So I think we're really, while we're very pleased with the first quarter, a lot of it really was that we were comparing against a very easy comp in Q1 of 2025.

我應該說，我們從第三方取得的 R&G 更少，此外我們自己的產量也下降。所以我認為，雖然我們對第一季非常滿意，但其中很大一部分其實是因為我們是拿 2025 年第一季一個非常容易的比較基期來對比。

Okay, thank you. And then just to clarify, giving the CARB pathway certification of right now, it sounds like that's great. How does that. How does that sort of flow through into the ability to get credit?

好的，謝謝。接著只是想釐清一下，以目前的 CARB 路徑認證來看，聽起來這很棒。那這會如何。那這在取得信用額度的能力上，會如何反映出來？

Well, it basically just -- it, almost doubles the value of the LCF or doubles the number of LCF credits we can generate. when we're at 150 versus the 300, you are just able to generate more credits off the same fuel that's coming through.

嗯，基本上就是——它幾乎把 LCF 的價值加倍，或是把我們能產生的 LCF 信用額度數量加倍。當我們從 150 到 300 時，你就能用同樣流經的燃料產生更多信用額度。

Matthew Blair, TPH.

Matthew Blair，TPH。

Thanks, and good afternoon, Clay and Bob. Could you talk a little bit more about the... Good afternoon. The comment where you talked about higher demand from customers outside of your network.

謝謝，Clay 和 Bob，下午好。能否再多談一點關於……下午好。你提到網路以外客戶需求更高的那段評論。

Could you unpack that a little bit? Do you think you were taking share from some of your competitors, or was it just a situation that these customers were utilizing their existing CNG trucks a little bit more and just being more fuel given rising diesel prices? And could you also talk about what end markets you saw increase demand from? Thank you.

能否再拆解說明一下？你認為你們是在從某些競爭對手那裡搶市占，還是只是因為柴油價格上漲，這些客戶更頻繁地使用他們既有的 CNG 卡車、加更多燃料？另外也請談談你們看到哪些終端市場的需求增加？謝謝。

So Matthew that it is there's other folks out there with CNG fueling stations and You know and there there are instances where you know based on supply availability and that sort of thing where we That well where we will flow our RNG into those stations and it's really a kind of supply demand and and.

所以 Matthew，外面確實也有其他人有 CNG 加氣站。你知道，而且在某些情況下，基於供應可得性之類的因素，我們——嗯，我們會把我們的 RNG 導入那些站點，這其實就是一種供需的——

I couldn't necessarily tell you what's going on with their demand, but I just but I know that they do need the supply and so we're able to move the supply. we've done it before. it's not necessarily routine, but that's what that looks like is we have the RNG and then and we can flow it to other places. It's kind of the beauty of the distribution model.

我不一定能告訴你他們的需求狀況，但我知道他們確實需要供應，所以我們能夠移動供應。我們以前做過。這不一定是例行性的，但大概就是這樣：我們有 RNG，然後我們可以把它導到其他地方。這算是這種配送模式的優勢所在。

Sounds good.

了解。

And then could you talk about the fuel distribution guide for 2026? It looks like you did not change it. It's still $67 million to approximately $70 million, despite the good result in the first quarter, $19 million. I think you mentioned that you would expect things to roll off a little bit in Q2. I guess just to clarify, are you already seeing softer conditions so far in the second quarter or is that.

另外能否談談 2026 年燃料配送的指引？看起來你們沒有調整。儘管第一季有不錯的結果、達到 1,900 萬美元，但仍維持在 6,700 萬到約 7,000 萬美元。我想你提到你預期第二季會稍微回落一些。我想釐清一下：你們在第二季到目前為止已經看到環境轉弱了嗎，還是那只是——

Is that just your general expectation?

那只是你們的一般性預期？

Well, I won't comment on necessarily what I'm seeing. The second quarter is not really softer. I think it's more of a comment relative to the volatility and the strength that we saw in the first quarter. We may not see that level of strength as we go forward.

嗯，我不會特別評論我看到的情況。第二季其實沒有真的變弱。我覺得那比較是相對於第一季我們看到的波動性與強勁程度所做的評論。往後我們可能不會再看到那樣的強度。

We had some unique opportunities to sell some R&G to some of our customers that is probably not going to be repeated. So while it was a good it it was a good result, I think, like we said, it was an easy comp against last year. And then I think as you try to do a don't just multiply it by four for the full year because there were some unique opportunities in Q1 that we took advantage of.

我們有一些獨特的機會，能把一些 R&G 賣給部分客戶，這大概不會再重複。所以雖然這是個不錯的——這確實是個不錯的結果，但我想，如同我們說的，去年基期也比較容易。另外我認為，做全年推估時不要只是把它乘以四，因為第一季有一些我們把握住的獨特機會。

Sounds good. Thanks for your comments.

了解。謝謝你的說明。

Yeah, thank you, Matthew.

好的，謝謝你，Matthew。

(Operator Instruction) We'll go next to Betty Zhang with Scotiabank.

(接線員指示) 接下來是 Scotiabank 的 Betty Zhang。

Thank you for taking my questions.

謝謝讓我提問。

I wanted to ask about kind of Amazon and that relationship. So earlier, Amazon announced its logistics services. Do you think there'd be an opportunity to leverage that existing relationship and maybe increase some RNG volumes to them? And then for my follow-up, also related to Amazon, on those warrant charges, you mentioned it's now kind of shared between the fuel and services. Is this a change in the contract with Amazon, or how would you describe that change?

我想問一下關於 Amazon 以及你們之間的關係。先前 Amazon 宣布了其物流服務。你認為是否有機會利用既有的合作關係，並可能增加供應給他們的 RNG 量？接著我的追問也與 Amazon 有關：關於那些認股權證費用，你提到現在在燃料與服務之間分攤。這是與 Amazon 合約的變更嗎？或你會如何描述這個變化？

Thank you. Benny, I'll take the first comment. We do not comment specifically on Amazon. We want to be very careful that that is not -- we just can't and don't and won't do that. I think that across our customers, though, every single customer, we do look at those that have existing trucks.

謝謝。Betty，我先回答第一個問題。我們不會針對 Amazon 做具體評論。我們必須非常小心，那不是——我們就是不能、也不會這麼做。不過我想，就我們的客戶整體而言，每一位客戶，我們都會去看那些已經有既有卡車的客戶。

Whether they're 12-liter, 9-liter, wherever they are, we work with all of our customers to try to increase the penetration into their fleet with the X15N. So like I said, I'm not going to speak specific to Amazon, but it's just good business sense to try to do that, work with customers that you have already and see if you can continue your growth with them. Now as far as the Amazon warrant charge, I'll let Bob take that one.

不論是 12 公升、9 公升，或其他配置，我們都會與所有客戶合作，嘗試用 X15N 提高其車隊的滲透率。所以如我所說，我不會針對 Amazon 特別發言，但從商業角度來看，與既有客戶合作並看看能否持續在他們身上成長，是合理的做法。至於 Amazon 的認股權證費用，我讓 Bob 來回答。

Yeah, and Betty, I'll just say, because I really can't say that much, but it was not an arbitrary change. I mean, any kind of change like that is typically going to, be kind of contractually -- the reason is, contractually on that front. So we are just basically, doing the appropriate accounting based on the contract that we have.

好的，Betty，我只能說，因為我也不能講太多，但這不是任意的變更。我的意思是，這類變更通常會——其原因通常是合約上的，也就是在那方面有合約條款的原因。所以我們基本上只是依據我們的合約，做適當的會計處理。

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

謝謝。目前提問隊列中沒有其他問題。我現在把會議交回給 Clay Corbus。

All right, Dana, thanks very much. And thank everybody else for joining us. We look forward to speaking with you next quarter.

好的，Dana，非常感謝。也謝謝各位的參與。我們期待下個季度再與各位交流。

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

謝謝。今天的會議到此結束。感謝各位撥冗與會。您現在可以斷線。