Clean Energy Reports 95.2 Million Gallons Delivered

Revenue of $77.7 Million for First Quarter of 2019

Clean Energy Fuels Corp announced its operating results for the first quarter of 2019.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “I’m pleased with our start to 2019, and particularly the volume growth momentum together with our continued financial discipline. Our focus in 2019 is on increasing heavy-duty truck adoption and the use of Clean Energy’s Redeem renewable natural gas as it is the cleanest, most affordable and immediate alternative fuel solution available. With the help from our partner, Total, we are seeing the first signs of success of fleets taking advantage of our Zero Now truck financing program which is encouraging. We will also continue to build on our improving financial performance as we exploit our existing fueling infrastructure with increased volumes.”

The Company delivered 95.2 million gallons in the first quarter of 2019, an 11.9% increase from 85.1 million in the first quarter of 2018. This increase was due to growth in CNG and LNG volumes principally from increased sales of Redeem.

The Company’s revenue for the first quarter of 2019 was $77.7 million, including an unrealized loss of $5.0 million on commodity swap contracts that support the Company’s Zero Now program, compared to $102.4 million of revenue in the same period last year, which included $25.5 million of U.S. federal excise tax credits for alternative fuels (“AFTC”). The AFTC applied to vehicle fuel sales made from January 1, 2017 through December 31, 2017 and expired effective January 1, 2018. Excluding the unrealized loss on commodity swaps of $5.0 million in 2019 and the AFTC of $25.5 million in 2018, revenue increased 7.5% for the first quarter of 2019 compared to the prior year period, which was driven by an 18.3% increase in volume -related revenue, reflecting higher volumes and retail pump prices and a continued strong renewable natural gas market. Station construction revenue was $3.2 million for the first quarter of 2019 compared to $5.8 million in the 2018 period. Also, 2018 included $3.9 million in revenue from the sale of used natural gas trucks acquired in 2017 which did not recur in 2019.

On a GAAP (as defined below) basis, net income (loss) attributable to Clean Energy for the first quarter of 2019 was $(10.9) million or $(0.05) per share, compared to $12.2 million, or $0.08 per share, for the first quarter of 2018. The first quarter of 2019 was negatively affected by $6.6 million in unrealized losses from changes in fair value of derivative instruments whereas 2018 was positively affected by AFTC revenue of $25.5 million.

Non-GAAP income (loss) per share and Adjusted EBITDA (each as defined below) for the first quarter of 2019 was $(0.01) and $11.2 million, respectively. Non-GAAP income per share and Adjusted EBITDA for the first quarter of 2018 was $0.10 and $32.4 million, respectively, which included the AFTC revenue.

Non-GAAP income (loss) per share and Adjusted EBITDA are described below and reconciled to GAAP net income (loss) per share attributable to Clean Energy and GAAP net income (loss) per share attributable to Clean Energy, respectively.

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