Clean Energy Fuels Corp.

Previous wording

This MD&A and the other disclosures in this report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements other than historical facts. These statements relate to future events or circumstances or our future performance, and they are based on our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: “if,” “may,” “might,” “shall,” “will,” “can,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “goal,” “objective,” “initiative,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “forecast,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements we make in this report include statements about, among other things, our future financial and operating performance, our growth strategies and operational plans, including expectations regarding our delivery and sales of RNG and Environmental Credits (each as defined below), and anticipated trends in our industry and our business.

Current wording

This MD&A and the other disclosures in this report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements other than historical facts. These statements relate to future events or circumstances or our future performance, and they are based on our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. In some cases, you can identify forward-looking statements by the following words: “if,” “may,” “might,” “shall,” “will,” “can,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “goal,” “objective,” “initiative,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “forecast,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements we make in this report include statements about, among other things, our future financial and operating performance, our growth strategies and operational plans, including expectations regarding our delivery and sales of RNG and Environmental Credits (each as defined below) and production at our RNG projects, and anticipated trends in our industry and our business.

Previous wording

information, they are only predictions of future events and conditions. Accordingly, our forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that might cause or contribute to such differences include, among others, those discussed under “Risk Factors” in Part II, Item 1A of this report, as such factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. In addition, we operate in a competitive and rapidly evolving industry in which new risks emerge from time to time, and it is not possible for us to predict all of the risks we may face. Nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors could cause actual results to differ from our expectations. As a result of these and other potential risks and uncertainties, our forward-looking statements should not be relied on or viewed as guarantees of future events or conditions.

Current wording

The preceding list is not intended to be an exhaustive list of all of the topics addressed by our forward-looking statements. Although the forward-looking statements we make reflect our good faith judgment based on available information, they are only predictions of future events and conditions. Accordingly, our forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that might cause or contribute to such differences include, among others, those discussed under “Risk Factors” in Part II, Item 1A of this report, as such factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. In addition, we operate in a competitive and rapidly evolving industry in which new risks emerge from time to time, and it is not possible for us to predict all of the risks we may face. Nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors could cause actual results to differ from our expectations. As a result of these and other potential risks and uncertainties, our forward-looking statements should not be relied on or viewed as guarantees of future events or conditions.

Previous wording

We are North America’s leading provider of the cleanest fuel for the transportation market, based on the number of stations operated and the amount of gasoline gallon equivalents (“GGEs”) of renewable natural gas (“RNG”) and conventional natural gas sold. We calculate one GGE to equal 125,000 British Thermal Units (“BTUs”) and, as such, one million BTUs (“MMBTU”) equals eight GGEs. Through our sales of RNG, which is derived from biogenic methane produced by the breakdown of organic waste, we help thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, reduce their amount of climate-harming greenhouse gases (“GHG”) from 60% to over 400% based on determinations by the California Air Resources Board (“CARB”), depending on the source of the RNG, while also reducing criteria pollutants such as Nitrogen Oxides, or NOx. RNG is either delivered as compressed natural gas (“CNG”) or liquefied natural gas (“LNG”).

Current wording

produced by the breakdown of organic waste, we help thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, reduce their amount of climate-harming greenhouse gases (“GHG”) from 60% to over 400% based on determinations by the California Air Resources Board (“CARB”), depending on the source of the RNG, while also reducing criteria pollutants such as Nitrogen Oxides, or NOx. RNG is either delivered as compressed natural gas (“CNG”) or liquefied natural gas (“LNG”).

Previous wording

As a clean energy solutions provider, we supply RNG (sourced from third party sources and from our anaerobic digester gas (“ADG”) RNG joint venture projects with TotalEnergies S.E. and BP Products North America, Inc. (“bp”) (see Note 3 - Investments in Other Entities and Noncontrolling Interest in a Subsidiary in Part I, Item 1 of this report) and conventional natural gas (sourced from third party suppliers), in the form of CNG and LNG, for medium and heavy-duty vehicles; design and build, as well as operate and maintain (“O&M”), public and private vehicle fueling stations in the United States (“U.S.”) and Canada; develop and own dairy ADG RNG production facilities; sell and service compressors and other equipment used in RNG production and at fueling stations; transport and sell RNG and conventional natural gas via “virtual” natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, “Environmental Credits”) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon, and Washington Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtain federal, state and local tax credits, grants and incentives.

Current wording

As a clean energy solutions provider, we supply RNG (sourced from third party sources and from our anaerobic digester gas (“ADG”) RNG joint venture projects with TotalEnergies S.E. and BP Products North America, Inc. (“bp”) (see Note 3 - Investments in Other Entities and Noncontrolling Interest in a Subsidiary in Part I, Item 1 of this report) and conventional natural gas (sourced from third party suppliers), in the form of CNG and LNG, for medium and heavy-duty vehicles; design and build, as well as operate and maintain (“O&M”), public and private vehicle fueling stations in the United States (“U.S.”) and Canada; develop and own dairy ADG RNG production facilities; sell and service compressors and other equipment used in RNG production and at fueling stations; transport and sell RNG and conventional natural gas via “virtual” natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, “Environmental Credits”) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (“RIN Credits” or “RINs”) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon, New Mexico and Washington Low Carbon Fuel Standards (collectively, “LCFS Credits”); and obtain federal, state and local tax credits, grants and incentives.

Previous wording

At present, we see the best use of RNG as a replacement for fossil-based fuel in the transportation sector. We believe the most attractive market for RNG is U.S. heavy-duty Class 8 trucking and, based on information from the American Trucking Association and our own internal estimates, we believe there are approximately 4.1 million Class 8 heavy-duty trucks operating in the U.S. that use over 40 billion gallons of fuel per year. As of September 30, 2025, we deliver RNG to the transportation market through over 580 fueling stations we own, operate or supply in 43 states and the District of Columbia in the U.S., including over 200 stations in California. We also own, operate, or supply 27 fueling stations in Canada as of September 30, 2025.

Current wording

At present, we see the best use of RNG as a replacement for fossil-based fuel in the transportation sector. We believe the most attractive market for RNG is U.S. heavy-duty Class 8 trucking and, based on information from the American Trucking Association and our own internal estimates, we believe there are approximately 4.1 million Class 8 heavy-duty trucks operating in the U.S. that use over 40 billion gallons of fuel per year. As of March 31, 2026, we deliver RNG to the transportation market through over 570 fueling stations we own, operate or supply in 43 states and the District of Columbia in the U.S., including over 200 stations in California. We also own, operate, or supply 27 fueling stations in Canada as of March 31, 2026.

Previous wording

participant in the market – we calculate that we have access to more fueling stations and vehicle fleets than all our competitors combined. As of September 30, 2025, we served over 1,000 fleet customers operating over 50,000 vehicles on our fuels.

Current wording

Critically, to generate the valuable Environmental Credits, RNG must be placed in vehicle fuel tanks. We believe our stations and customer relationships allow us to deliver substantially more RNG to vehicle operators than any other participant in the market – we calculate that we have access to more fueling stations and vehicle fleets than all our competitors combined. As of March 31, 2026, we served over 900 fleet customers operating over 50,000 vehicles on our fuels.

Previous wording

We continue to monitor changes in the U.S. Government’s trade policy, including the tariffs announced by the U.S. Government in the current year. Trade restrictions and increases in tariffs did not have a significant effect on our business, financial condition, and results of operations during the third quarter of 2025. The Company does not directly import products from regions subject to significant tariff increases, however we do not know whether, or the extent to which tariffs may impact our customers, which include fleet owners and operators across all heavy-duty trucking sectors. In addition, tariffs may increase the risk of elevated inflation, which may increase our input costs. The nature of such trade restrictions and tariffs remains unclear.

Current wording

We continue to monitor changes in the U.S. Government’s trade policy, including the tariffs announced by the U.S. Government in the current year. Trade restrictions and increases in tariffs did not have a significant effect on our business, financial condition, and results of operations during the first quarter of 2026. The Company does not directly import products from regions subject to significant tariff increases, however we do not know whether, or the extent to which tariffs may impact our customers, which include fleet owners and operators across all heavy-duty trucking sectors. In addition, tariffs may increase the risk of elevated inflation, which may increase our input costs. The nature of such trade restrictions and tariffs remains unclear.

Previous wording

In recent periods, we have experienced increases in commodity and supply chain costs due to inflationary pressures. The future duration and extent of these pressures and effects are difficult to predict. Although we have partially offset these increased costs through price increases for our products and services, our efforts to manage the current inflationary pressure and to recover inflation-based cost increases from our customers may be hampered by the structure of our contracts as well as the competitive and economic conditions of the markets in which we serve. For more information, see “Risk Factors” in Part II, Item 1A of this report.

Current wording

In recent periods, we have experienced increases in commodity and supply chain costs due to inflationary pressures. The future duration and extent of these pressures and effects are difficult to predict. Although we have partially offset these increased costs through price increases for our products and services, our efforts to manage the current

Previous wording

In evaluating our operating performance, we focus primarily on: (1) the amount of total fuel volume we sell to our customers with particular focus on RNG volume as a subset of total fuel volume, (2) our station construction cost of sales, and (3) net income (loss) attributable to us. The following tables present our key operating data for the years ended December 31, 2022, 2023 and 2024 and for the three and nine months ended September 30, 2024, and 2025.

Current wording

In evaluating our operating performance, we focus primarily on: (1) the amount of total fuel volume we sell to our customers with particular focus on RNG volume as a subset of total fuel volume, (2) O&M services volume dispensed at facilities we do not own but where we provide O&M services on a per-gallon or fixed fee basis, (3) our station construction cost of sales, and (3) net income (loss) attributable to us. The following tables present our key operating data for the years ended December 31, 2023, 2024 and 2025 and for the three months ended March 31,2025, and 2026.

Previous wording

The following table summarizes the production volumes from our RNG project portfolio for the years ended December 31 2022, 2023 and 2024 and for the three and nine months ended September 30, 2024, and 2025:

Current wording

The following table summarizes the production volumes from our RNG project portfolio for the three-months ended March 31, 2025, and 2026

Previous wording

Five of six projects under the bpJV were in operation during 2024, with four of the projects being placed in operation during the summer of 2024. The six projects under the bp JV Agreement are estimated to produce up to 8.2 million GGEs of RNG annually. Our estimated production may not reflect actual production from the projects, which depends on many variables including, but not limited to: (i) quantity and quality of the manure; (ii) operational up-time of the facility; and (iii) actual productivity of the facility.

Current wording

Five of six projects under the bpJV were in operation during 2025. The six projects under the bp JV Agreement are estimated to produce up to 8.2 million GGEs of RNG annually. Our estimated production may not reflect actual production from the projects, which depends on many variables including, but not limited to: (i) quantity and quality of the manure; (ii) operational up-time of the facility; and (iii) actual productivity of the facility.

Previous wording

Our business and prospects are exposed to numerous risks and uncertainties. For more information, see “Risk Factors” in Part II, Item 1A of this report. In addition, our performance in any period may be affected by various trends in our business and our industry, including certain seasonality trends. See the description of the key trends in our past performance and anticipated future trends included in the MD&A, contained in this report and our 2024 Form 10-K. Except as set forth below, and in “Impact of Tariffs, Inflation, and Interest Rate” and “2025 Key Development – OBBBA Tax Law Changes above, there have been no material changes to such trends as described in the MD&A contained in our 2024 Form 10-K.

Current wording

Our business and prospects are exposed to numerous risks and uncertainties. For more information, see “Risk Factors” in Part II, Item 1A of this report. In addition, our performance in any period may be affected by various trends in our business and our industry, including certain seasonality trends. See the description of the key trends in our past performance and anticipated future trends included in the MD&A, contained our 2025 Form 10-K. Except as set forth below and in “Impact of Tariffs, Inflation, and Interest Rate” above, there have been no material changes to such trends as described in the MD&A contained in our 2025 Form 10-K.

Previous wording

The market for our vehicle fuels is a relatively new and developing market, and has experienced slow, volatile or unpredictable growth in many sectors. For example, to date, adoption and deployment of natural gas vehicles, both in general and in certain of our key customer markets, including heavy-duty trucking, have been slower than we anticipated. Slower growth may occur due to unfavorable macroeconomic events such as inflationary pressures, increased tariffs, lingering or reoccurring pandemic effects, supply chain challenges, government regulations related to other alternative fuels or products, regulatory uncertainty or other events.

Current wording

The market for our vehicle fuels is a relatively new and developing market, and has experienced slow, volatile or unpredictable growth in many sectors. For example, to date, adoption and deployment of natural gas vehicles, both in general and in certain of our key customer markets, including heavy-duty trucking, have been slower than we anticipated. Slower growth may occur due to unfavorable macroeconomic events such as inflationary pressures, increased tariffs, future pandemic effects, supply chain challenges, government regulations related to other alternative fuels or products, international conflicts, regulatory uncertainty or other events.

Previous wording

Market prices for RINs and LCFS Credits can be volatile and unpredictable, and the prices for such credits can be subject to significant fluctuations. The value of RINs and LCFS Credits (derived from market prices) can materially affect our revenue. Prices have historically fluctuated significantly and will likely continue to be volatile. During the first three quarters of 2025, RIN prices have been about 27% lower than the prices seen in 2024 and could continue to remain low throughout 2025.

Current wording

Market prices for RINs and LCFS Credits can be volatile and unpredictable, and the prices for such credits can be subject to significant fluctuations. The value of RINs and LCFS Credits (derived from market prices) can materially affect our revenue. Prices have historically fluctuated significantly and will likely continue to be volatile. During the first quarter of 2026, RIN prices have been about 2.0% lower than the prices seen in the first quarter of 2025.

Previous wording

Our risk management activities are discussed in the MD&A contained in our 2024 Form 10-K. During the nine months ended September 30, 2025, there were no material changes to these activities.

Current wording

Our risk management activities are discussed in the MD&A contained in our 2025 Form 10-K. During the three months ended March 31, 2026, there were no material changes to these activities.

Previous wording

Our critical accounting policies and the related judgments and estimates are discussed in the MD&A contained in our 2024 Form 10-K. Except for certain updates relating to our goodwill impairment assessment during the first quarter of 2025, which are described below, there have been no other material changes during the nine months ended September 30, 2025 to our critical accounting policies as described in the MD&A contained in our 2024 Form 10-K.

Current wording

Our critical accounting policies and the related judgments and estimates are discussed in the MD&A contained in our 2025 Form 10-K. There have been no material changes during the three months ended March 31, 2026 to our critical accounting policies as described in the MD&A contained in our 2025 Form 10-K.

Previous wording

Recently Adopted and Recently Issued Accounting Standards

Current wording

Recently Adopted and Recently Issued Accounting Pronouncements

Previous wording

See Note 1 – General in Part I, Item 1 of this report for a description of recently adopted accounting standards and recently issued accounting standards pending adoption.

Current wording

See Note 1 – General in Part I, Item 1 of this report for a description of recently adopted accounting pronouncements and recently issued accounting pronouncements pending adoption.

Previous wording

Product revenue. Product revenue for the three months ended September 30, 2025 increased by $1 million to $90.9 million, representing 85.6% of total revenue, compared to $89.9 million, representing 85.7% of total revenue, for the three months ended September 30, 2024. The increase was primarily due to (1) increased volumes of vehicle fueling at our stations including $2.9 million of LNG sales from our Pickens plant that has reopened in 2025 and higher pricing partially due to higher underlying natural gas commodity costs in the third quarter of 2025 as compared to the third quarter of 2024, partially offset by an increase of $1.0 million in non-cash stock-based sales incentive contra-revenue charges relating to the Amazon Warrant, resulting in an $5.7 million net increase in fuel sales from the prior year period and (2) an increase in station construction sales of $2.1 million due to increased construction activities. The increase in product revenue between periods was partially offset by (1) a decrease in RIN revenue of $2.8 million principally attributable to lower RIN credit prices partially offset by higher share of RIN values and higher volume in the third quarter of 2025 when compared to the same period of 2024, (2) an increase in LCFS credits of $1.2 million for the three months ended September 30, 2025 when compared to the same period in 2024 primarily due to a higher share of LCFS values and higher low-CI volume, (3) a decrease in AFTC revenue of $6.4 million due to the expiration of the program in December 2024, and (4) a change in fair value of our commodity swap and customer contracts entered into in connection with our truck financing program, as we recognized an unrealized loss of $0.3 million in the third quarter of 2025 compared to an unrealized loss of $1.4 million in same period of 2024.

Current wording

Product revenue.Product revenue for the three months ended March 31, 2026 increased by $12.6 million to $102.9 million, representing 87.5% of total revenue, compared to $90.3 million, representing 87.0% of total revenue, for the three months ended March 31, 2025. The increase was primarily due to (1) increased volumes of vehicles fueling and a decrease of $9.8 million in non-cash stock-based sales incentive contra-revenue charges related to the Amazon Warrant (as defined in Note 14 – Stock-Based Compensation in Part I, Item 1 of this report), partially offset by lower pricing, resulting in a $3.7 million net increase in fuel sales from the prior year period, (2) an increase in RIN revenue of $4.9 million primarily due to a higher share of RIN values, higher volume, and incremental RIN revenue generated by the Company’s consolidated dairy RNG production project (upstream) business, (3) an increase in LCFS revenue of $0.5 million primarily due to incremental LCFS revenue generated by the Company’s consolidated dairy RNG production project (upstream business), (4) an increase in station construction sales of $2.7 million due to increased construction activities, and (5) a change in fair value of our commodity swap and customer contracts entered into in connection with our truck financing program, as we recognized an unrealized gain of $0.6 million in the first quarter of 2026 compared to an unrealized loss of $0.6 million in the same period in 2025.

Previous wording

Service revenue. Service revenue for the three months ended September 30, 2025 increased $0.2 million to $15.2 million, representing 14.4% of total revenue, compared to $15.0 million, representing 14.3% of total revenue, for the three

Current wording

*Service revenue.*Service revenue for the three months ended March 31, 2026 increased $1.2 million to $14.7 million, representing 12.5% of total revenue, compared to $13.5 million, representing 13.0% of total revenue, for the three

Previous wording

Product cost of sales. Product cost of sales for the three months ended September 30, 2025 increased by $5.4 million to $69.2 million, representing 65.2% of total revenue, from $63.9 million, representing 60.9% of total revenue, in the three months ended September 30, 2024. The increase was primarily due to higher underlying natural gas commodity costs and increased volumes of vehicle fueling at our stations, with a $1.0 million increase in station construction costs.

Current wording

*Product cost of sales.*Product cost of sales for the three months ended March 31, 2026 increased by $6.0 million to $73.8 million, representing 62.8% of total revenue, from $67.8 million, representing 65.4% of total revenue, in the three months ended March 31, 2025. The increase was primarily due to increased volumes of vehicles fueling and a $2.2 million increase in station construction costs.

Previous wording

Service cost of sales. Service cost of sales for the three months ended September 30, 2025 increased by $0.3 million to $9.6 million, representing 9.04% of total revenue, compared with $9.3 million or 8.9% of total revenue in the three months ended September 30, 2024. The increase was primarily due to additional work performed at private stations.

Current wording

*Service cost of sales.*Service cost of sales for the three months ended March 31, 2026 increased by $2.9 million to $11.1 million, representing 9.4% of total revenue, compared with $8.2 million or 7.9% of total revenue in the three months ended March 31, 2025. The increase was primarily due to the higher volumes serviced.

Previous wording

Selling, general and administrative. Selling, general and administrative expenses decreased by $2.6 million to $26.3 million in the three months ended September 30, 2025, from $28.9 million in the three months ended September 30, 2024. The decrease was primarily driven by a $0.7 million decrease in stock-based compensation expense due to vesting of equity awards granted in prior periods and a $1.9 million decrease in general business, selling and administrative expenses.

Current wording

*Selling, general and administrative.*Selling, general and administrative expenses decreased by $2.9 million to $24.5 million in the three months ended March 31, 2026, from $27.5 million in the three months ended March 31, 2025. The decrease was primarily driven by a $3.2 million decrease in general business, selling and administrative expenses, partially offset by a $0.3 million increase in stock-based compensation expense due to vesting of equity awards granted in prior period.

Previous wording

Depreciation and amortization. Depreciation and amortization increased by $53.1 million to $86.9 million in the nine months ended September 30, 2025, from $33.8 million in the nine months ended September 30, 2024. The increase was primarily due to the accelerated depreciation expense relating to the change in depreciable life of the Pilot station assets.

Current wording

*Depreciation and amortization.*Depreciation and amortization decreased by $51.3 million to $11.0 million in the three months ended March 31, 2026, from $62.3 million in the three months ended March 31, 2025. The decrease was primarily due to the accelerated depreciation expense relating to the change in depreciable life of the Pilot Travel Centers, LLC station assets that were removed in 2025.

Previous wording

Accordingly, a goodwill impairment loss for the Company’s single reporting unit was recognized in the amount of $64.3 million in the period ended March 31, 2025, which comprised the total amount of goodwill of the Company before giving effect to the impairment and is recognized as “Impairment of goodwill” on the consolidated statement of operations for the nine month period ended September 30, 2025.

Current wording

Impairment of goodwill. In the three months ended March 31, 2025, a goodwill impairment loss for our single reporting unit was recognized in the amount of $64.3 million, which comprised the total amount of our goodwill before giving effect to the impairment.

Previous wording

Interest expense. Interest expense in the three months ended September 30, 2025 decreased by $0.6 million to $7.8 million, from $8.4 million in the three months ended September 30, 2024, primarily due to lower amortization of debt discount.

Current wording

*Interest expense.*Interest expense decreased by $1.8 million to $5.7 million in the three months ended March 31, 2026, from $7.5 million in the three months ended March 31, 2025, primarily due to lower principal balance on debt after the voluntary early repayment of $65 million in 2025, and corresponding lower amortization of debt discount and issuance costs.

Previous wording

Interest income. Interest income in the three months ended September 30, 2025 decreased by $0.7 million to $2.9 million in the three months ended September 30, 2025, from $3.6 million in the three months ended September 30, 2024, primarily due to lower average interest rates of the Company’s short-term investments and loan receivables, and lower balance of the Company’s short-term investments.

Current wording

*Interest income.*Interest income decreased by $1.5 million to $1.4 million in the three months ended March 31, 2026, from $2.9 million in the three months ended March 31, 2025, primarily due to lower average interest rates of the Company’s short-term investments and loan receivables, and lower balance of the Company’s short-term investments.

Previous wording

Loss from equity method investments. Loss from equity method investments increased by $2.5 million to $7.5 million in the three months ended September 30, 2025, from $5.0 million in the three months ended September 30, 2024, due to the operating results of SAFE S.p.A., Rimere, and our joint venture with bp.

Current wording

*Loss from equity method investments.*Loss from equity method investments decreased by $1.4 million to $5.6 million in the three months ended March 31, 2026, from $7.0 million in the three months ended March 31, 2025, due to the operating results of SAFE S.p.A. and our joint ventures with TotalEnergies and bp.

Previous wording

*Income tax (expense) benefit.*Income tax expense was $0.6 million for the nine months ended September 30, 2024. We recognized an income tax benefit of $2.8 million for the nine months ended September 30, 2025. Income tax expense and/or benefit is primarily related to deferred taxes associated with goodwill and the Company’s expected state tax expense.

Current wording

Income tax (expense) benefit. Income tax benefit was $2.9 million for the three months ended March 31, 2025, and income tax expense was $(0.0) million for the three months ended March 31, 2026. Income tax expense and/or benefit is primarily related to deferred taxes associated with goodwill and the Company’s expected state tax expense.

Previous wording

*Loss attributable to noncontrolling interest.*During the three months ended September 30, 2024 and 2025, we recorded a gain of $0.1 million and $0.2 million, respectively, for the noncontrolling interest in the net loss of NG Advantage, LLC (“NG Advantage”). The noncontrolling interest in NG Advantage represents a 6.7% minority interest that was held by third parties during both the 2024 and 2025 periods.

Current wording

*Loss attributable to noncontrolling interest.*During the three months ended March 31, 2025 and 2026, we recorded a gain of $0.1 million and $0.1 million, respectively, for the noncontrolling interest in the net loss of NG Advantage, LLC (“NG Advantage”). The noncontrolling interest in NG Advantage represents a 6.7% minority interest that was held by third parties during both the 2025 and 2026 periods.

Previous wording

Liquidity is the ability to meet present and future financial obligations through operating cash flows, the sale or maturity of investments or the acquisition of additional funds through capital management. Our financial position and liquidity are, and will continue to be, influenced by a variety of factors, including the level of our outstanding indebtedness and the principal and interest we are obligated to pay on our indebtedness; the amount and timing of any capital calls related to our existing joint ventures, or any other joint venture we may enter into in the future; the amount and timing of any additional debt or equity financing we may pursue; our capital expenditure requirements; any merger, divestiture or acquisition activity; and our ability to generate cash flows from our operations. We expect cash provided by our operating

Current wording

Liquidity is the ability to meet present and future financial obligations through operating cash flows, the sale or maturity of investments or the acquisition of additional funds through capital management. Our financial position and liquidity are, and will continue to be, influenced by a variety of factors, including the level of our outstanding indebtedness and the principal and interest we are obligated to pay on our indebtedness; the amount and timing of any capital calls related to our existing joint ventures, or any other joint venture we may enter into in the future; the amount and timing of any additional debt or equity financing we may pursue; our capital expenditure requirements; any merger, divestiture or acquisition activity; and our ability to generate cash flows from our operations. We expect cash provided by our operating activities to fluctuate as a result of a number of factors, including our operating results and the factors that affect these results, including the amount and timing of our vehicle fuel sales, station construction sales, sales of RINs and LCFS Credits and recognition of government credits, grants and incentives, if any; fluctuations in commodity, station construction and labor costs; supply chain issues and unfavorable macroeconomic events, including inflationary pressures; environmental credit prices; variations in the fair value of certain of our derivative instruments that are recorded in revenue; and the amount and timing of our billing, collections and liability payments.

Previous wording

Operating Activities. Cash provided by operating activities was $72.4 million in the nine months ended September 30, 2025, compared to cash provided by operating activities of $42.7 million in the comparable 2024 period. The increase in cash provided by operating activities was primarily attributable to changes in working capital resulting from the timing of cash receipts, accruals, billings and payments of cash. Additionally, higher contributions relating to the procurement and sales of natural gas in the nine months ended September 30, 2025 when compared to the same period in 2024 contributed to the increase in cash provided by operating activities in the nine months ended September 30, 2025 when compared to the same period in 2024.

Current wording

Operating Activities. Cash used in operating activities was $8.4 million in the three months ended March 31, 2026, compared to cash provided by operating activities of $23.4 million in the comparable 2025 period. The decrease in cash provided by operating activities was primarily attributable to changes in working capital resulting from the timing of cash receipts, accruals, billings and payments of cash when compared to the same period in 2025.

Previous wording

Investing Activities. Cash provided by investing activities was $30.0 million in the nine months ended September 30, 2025, compared to cash used in investing activities of $30.6 million in the comparable 2024 period. The increase in cash provided by investing activities was primarily attributable to a $70.5 increase in maturities of short-term investments and a $34.4 million decrease in purchases of and deposits on property plant and equipment when compared to the same period in 2024, partially offset by a $27.0 million increase in purchase of short-term investments and increase in $19.0 million in RNG production projects.

Current wording

Investing Activities. Cash used in investing activities was $89.6 million in the three months ended March 31, 2026, compared to cash provided by investing activities of $7.4 million in the comparable 2025 period. The increase in cash used by investing activities was primarily attributable to a $69.8 million increase in short-term investments in the three months ended March 31, 2026 when compared to the same period in 2025, as well as $13.6 million increase in investments in other entities.

Previous wording

Our 2025 business plan calls for approximately $30.0 million in capital expenditures primarily related to the construction of fueling stations, IT software and equipment and LNG plant costs, and we expect to fund these expenditures primarily through cash on hand and cash generated from operations.

Current wording

Our 2026 business plan calls for approximately $25.0 million in capital expenditures primarily related to the construction of fueling stations, IT software and equipment and LNG plant costs, and we expect to fund these expenditures primarily through cash on hand and cash generated from operations.

Previous wording

Further, in 2025, our business plan calls for up to $35.0 million in capital expenditures to develop ADG RNG production projects owned 100% by us. As of September 30, 2025, we have invested $75.2 million in the development of ADG RNG production facilities that we own 100%.

Current wording

Further, in 2026, our business plan calls for no further capital expenditure in the development of consolidated ADG RNG production projects. As of March 31, 2026, we have invested $81.9 million in the development of consolidated ADG RNG production facilities.

Previous wording

In 2025 we anticipate contributing equity capital up to $65 million, in cash, into our equity method investment as part of the Maas JDA. We do not anticipate making equity contributions under our TotalEnergies JV Agreement in 2025 as the one operating project’s cash requirements are being satisfied by its current operations as well as the benefits from the use of ITC proceeds. We do not anticipate making equity contributions into the bpJV in 2025 as that joint venture has sufficient contributed capital and ITC proceeds to support the five projects that are ramping up operations and one project

Current wording

In 2026 we anticipate contributing equity capital up to $42.0 million, of which we have already contributed $24 million, in cash, into our equity method investment as part of the Maas JDA. We do not anticipate making equity contributions under our TotalEnergies JV Agreement in 2026 as the one operating project’s cash requirements are being satisfied by its current operations as well as the benefits from the use of ITC proceeds. We do not anticipate making equity contributions into the bpJV in 2026 as that joint venture has sufficient contributed capital and ITC proceeds to support the six projects that are ramping up operations. We continue to evaluate the ADG RNG development market but cannot say with certainty when we may approve additional investments in ADG RNG production facilities through the TotalEnergies JV Agreement and the bpJV. As of March 31, 2026, we have invested $377.8 million into our equity method investment entities that develop ADG RNG production facilities.

Previous wording

We had total indebtedness, consisting of our debt and finance leases, of approximately $318.5 million in principal amount as of September 30, 2025, of which approximately $0.3 million, $1.3 million, $1.3 million, $0.5 million, $315.0 million and $0.0 million are expected to become due in 2025, 2026, 2027, 2028, 2029 and thereafter, respectively.

Current wording

We had total indebtedness, consisting of our debt and finance leases, of approximately $254.0 million in principal amount as of March 31, 2026, of which approximately $1.4 million, $1.5 million, $0.7 million, $250.3 million, $0.1 million and $0.0 million are expected to become due in 2026, 2027, 2028, 2029, 2030 and thereafter, respectively.

Previous wording

We also have indebtedness, including the amount representing interest, from our operating leases of approximately $140.1 million as of September 30, 2025, of which approximately $8.2 million, $16.8 million, $16.8 million, $16.1 million, $15.3 million and $66.9 million are expected to become due in 2025, 2026, 2027, 2028, 2029 and thereafter, respectively.

Current wording

We also have indebtedness, including the amount representing interest, from our operating leases of approximately $139.0 million as of March 31, 2026, of which approximately $13.2 million, $17.9 million, $17.1 million, $16.4 million, $15.8 million and $58.6 million are expected to become due in 2026, 2027, 2028, 2029, 2030 and thereafter, respectively.

Previous wording

Historically, our principal sources of liquidity have consisted of cash on hand; cash provided by our operations, including, if available, AFTC and other government credits, grants and incentives; cash provided by financing activities; and sales of assets. As of September 30, 2025, excluding restricted cash, we had total cash and cash equivalents and short-term investments of $232.2 million, compared to $217.5 million as of December 31, 2024.

Current wording

Historically, our principal sources of liquidity have consisted of cash on hand; cash provided by our operations, including, if available, AFTC and other government credits, grants and incentives; cash provided by financing activities; and sales of assets. As of March 31, 2026, excluding the current portion of restricted cash, we had total cash and cash equivalents and short-term investments of $126.2 million, compared to $156.1 million as of December 31, 2025.

Previous wording

We may raise additional capital through one or more sources, including, among others, obtaining equity capital, including through offerings of our common stock or other securities, obtaining new or restructuring existing debt, selling assets, or any combination of these or other potential sources of capital. We may not be able to raise capital when needed, on terms that are favorable to us or our stockholders or at all. Any inability to raise necessary capital may impair our ability to develop and maintain fueling infrastructure, invest in strategic transactions or acquisitions or repay our outstanding indebtedness and may reduce our ability to support and build our business and generate sustained or increased revenue.

Current wording

on terms that are favorable to us or our stockholders or at all. Any inability to raise necessary capital may impair our ability to develop and maintain fueling infrastructure, invest in strategic transactions or acquisitions or repay our outstanding indebtedness and may reduce our ability to support and build our business and generate sustained or increased revenue.