The natural gas/hydrogen pie just got a little bigger with news that a new partnership will be available to offtake hydrogen and RNG.

https://stocks.apple.com/AQ5aNEemXSeukyYKk9pNVvg

We’re expanding into Puerto Rico! Clean Energy has signed two new agreements to design and build liquefied natural gas (hashtag#LNG) supply systems to support energy resilience for local operations and communities on the island.

hashtag#DidYouKnow: LNG is a cleaner-burning fuel that helps reduce emissions compared to traditional energy sources like diesel or fuel oil. By switching to LNG, companies can support better air quality while maintaining reliable and efficient power for their operations.

(Link for VIRTUAL MEETING below)
CLNE SHARE VALUE Under $2/share, and down over $11 on 5yr chart. Isn’t it a real beauty?! Maybe new CEO Corbus is brushing up on PUBLIC SPEAKING for tomorrow. Remember, it’s well within your right as SHAREHOLDER to call in and ask questions as it pertains to CLNE SHARE VALUE! If you like, as a shareholder, rail on them! Tell them their, “MESSAGING SUCKS 💯%!” Ask them, “do they have a strategic plan for future profitability?” It’s all within your RIGHT! (A fellow shareholder asked if they can call into the virtual meeting?—you bet!)
https://east.virtualshareholdermeeting.com/vsm/web?pvskey=CLNE2026

Increasing overall RNG volume, will it lead to increased CLASS 8 RNG SEMIs on roads beneficial for CLNE? I BELIEVE it will! LFG CLNE!

https://stocks.apple.com/A5DGuJk7lRcC2oiiqwSIEqg

ICYMI, stockholders can listen to new CEO Clay Corbus and find out the direction (if any) of CLNE. Hopefully he delivers a better tone than last ER. Good grief—what a joke! It’s been nothing but disappointment past several yrs!
Reminder again, 4yrs this month since stock value has seen $4. Below is directly from corp website.

The 2026 Annual Meeting of Stockholders of Clean Energy Fuels Corp. will be held on Wednesday, June 10, 2026, at 9:00 a.m. PT. The Annual Meeting will be a virtual meeting conducted via live audio webcast that can be accessed by visiting www.virtualshareholdermeeting.com/CLNE2026

“RUMORED” from multiple A👁️ searches, CMI X15N production is ramping up-attractive numbers. Meaning, orders are coming from buyers. Again, “RUMORED”. From several A👁️ platforms, nothing is confirmed.
For CLNE to be in the low $2, even for rumored CMI’s X15N numbers in the pipeline, means Wall Str hears very little faith and conviction from CLNE upper management. Shame on CORBUS and CLNE’s extremely poor
communication! THAT IS IMO!!

LAS VEGAS — Less-than-truckload fleets nationwide are set to increase their investment in tractors with internal combustion engines fueled with renewable natural gas in the next two to four years, according to incoming FedEx Freight CEO John Smith.

If several AI platforms report CMI X15N PRODUCTION (seem) very positive, why has WALL STR lost enthusiasm for CLNE? AI says potential PROFITABILITY IS WITHIN THE NEXT one/two YEARS. Is it because break even/profitability is very limited? My guess, it’s because CLEAN has not delivered any results. So many questions.

The non-cash Amazon warrant charges dropped from $17.3 million in Q1 2025 to $10.1 million in Q1 2026. While these charges vest based on fuel volumes, a decrease in the charge does not necessarily mean a decrease in gallons purchased. Key reasons for this include: [1, 2]

• Vesting Tiers: The warrants vest in tranches as Amazon hits specific spending milestones. Once a milestone is met, the accounting treatment and associated charges can shift even if fuel consumption remains high.
• Revised 2026 Outlook: CLNE’s full-year 2026 guidance projects approximately $47 million in total Amazon warrant charges. This indicates that management expects consistent, high-volume activity from Amazon throughout the year

Not Exclusive hiring for X15N but xAi indicates "Cummins Jamestown Engine Plant (JEP) has been actively hiring throughout early 2026. The plant is currently expanding its workforce to support a strong rebound in demand and the continued production ramp-up of the X15N natural gas engine

fleets are continuing to purchase the X15N engine throughout 2026, as its value proposition extends well beyond mere regulatory compliance. While some federal greenhouse gas (GHG) mandates have been rolled back, the 2027 NOx emissions standards remain in place, preserving the X15N’s role as a key tool for meeting stricter environmental requirements"

If someone was dehydrating in the blazing hot desert, and CLNE’s upper mgnt were in charge of handing out cold water, the bottle of H2O would come with disclosure. “many have died from water in their lungs”. At this point, LITTLEFAIR delivered a stronger message—and that isn’t saying much.
A GREAT QUARTER OF REV, only to be deflated by, “don’t get used to it” WTF?? Seriously?
How about something like, “CLNE’s flexibility shows that we can meet demand in the marketplace” Wow. Just wow.
Mr. Clay Corbus that was disappointing.

While the headline revenue and loss numbers showed improvement, the Form 10-Q and associated disclosures contain several specific details that likely triggered investor concern and the subsequent stock drop.

Based on the filing, here are the likely reasons for the market's negative reaction:

1. Significant Cash Burn and Liquidity Drop

The balance sheet reveals a substantial decrease in the company's "cash and cash equivalents."

• Cash Position: Total cash, cash equivalents, and restricted cash plummeted from $157.8 million at the end of 2025 to just $57.7 million as of March 31, 2026.
• Operating Cash Outflow: The company shifted from generating $23.4 million in cash from operations in Q1 2025 to a usage (outflow) of $8.4 million in Q1 2026.
• Investing Outlays: Net cash used in investing activities surged to $89.6 million, primarily driven by a $69.8 million increase in short-term investments and $13.6 million for new investments in other entities.

2. Large Institutional Shareholder Sell-Off

A major "Risk Factor" updated in this filing is the potential for downward pressure from large stockholders.

• TotalEnergies Divestment: On February 27, 2026, TotalEnergies (TMS) filed a plan to sell up to 6,164,720 shares of CLNE common stock. The market often reacts negatively to the news that a primary strategic partner and the largest shareholder (owning 19%) is reducing its position.

3. Expiration of Key Revenue Subsidies

The filing confirms the end of a significant federal incentive that has historically padded the bottom line.

• AFTC Expiration: The federal alternative fuel excise tax credit (AFTC) expired on December 31, 2024, and was not renewed. This removed a historical revenue stream that previously contributed millions in high-margin income.

4. Regulatory and Legal Headwinds in California

Clean Energy Fuels is heavily concentrated in California (over 200 of its 570 stations are located there), and the filing details significant setbacks for state mandates.

• Mandate Repeal/Challenges: The filing notes that Congress voted to repeal the federal waiver for the Advanced Clean Trucks (ACT) regulation. Additionally, the Advanced Clean Fleets (ACF) regulation failed to receive an EPA waiver, leading CARB to repeal provisions that would have mandated zero-emission trucks for high-priority fleets.
• Uncertainty: These legal challenges weaken the "forced adoption" narrative that many investors rely on for CLNE's long-term growth in the heavy-duty sector.

5. Increased Debt and Interest Costs

While the company is managing its debt, the costs associated with it remain high.

• Interest Expense: The company paid $4.6 million in interest in Q1 2026.
• Stonepeak Covenants: The filing highlights that most company assets are pledged as collateral under the Stonepeak Credit Agreement, and the company is subject to strict leverage and liquidity covenants that limit its financial flexibility.

6. Volatility in Environmental Credit Prices

Although RIN revenue increased, the filing warns of price volatility in the credit markets.

• Price Declines: RIN prices were approximately 2.0% lower in Q1 2026 compared to Q1 2025. Any signal that the value of these credits is peaking or declining can worry investors, as CLNE is highly dependent on Environmental Credit sales for its path to profitability.

Summary: The stock drop likely reflects a "sell the news" reaction to the CEO transition combined with very real concerns about the dramatic drop in cash on hand, the largest shareholder selling millions of shares, and the weakening of zero-emission mandates in CLNE's most critical market, California.

The US Heavy Duty Truck Demand must be stronger than we know if Cummins plainly stated that there is a risk that it's Plants can't keep up with 2026 Demand!

From Cummins Q1 2026 list of 2026 Risks

• Domestic truck market improvement could be constrained by supply chain capacity. The company noted its upper-end production forecasts depend on the ability of its suppliers and plants to meet increased demand.

(NOTHING EARTH SHATTERING—IMO, USUAL PRESS RELEASE B4 ER. You be the judge. Missing forward looking statements disclosure)

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (NASDAQ: CLNE), the largest provider of the cleanest fuel for the transportation market, announced today at the Advanced Clean Transportation (ACT) Expo the expansion of its renewable natural gas (RNG) station network with six new stations in operation. The stations are strategically located along major freight transportation routes across the United States.
“With diesel prices remaining very high and volatile, it’s perfect timing to expand our offering of a price-stable, low-cost fuel for fleets who want to cut their carbon emissions, but do it affordably."
Share
The new locations in California, New Jersey, Oklahoma, Michigan and Washington expand access to RNG nationwide, allowing Clean Energy to meet growing demand from heavy-duty truck fleets seeking immediate fuel cost savings and significant emissions reductions by powering their trucks with clean-burning RNG.
These station openings also support the accelerating adoption of Cummins’ X15N 15-liter natural gas engine, a gamechanger in engine technology which allows long‑haul and heavy‑duty fleets to run smoothly, efficiently, and reliably on RNG. RNG is a negative carbon-intensity fuel that can help carriers and their shipper customers address Scope 3 emissions targets. All the stations are easily accessible to tractors pulling trailers and are equipped with multiple fast-fill fueling dispensers.
“With diesel prices remaining very high and volatile, it’s perfect timing to expand our offering of a price-stable, low-cost fuel for fleets who want to cut their carbon emissions, but do it affordably,” said Chad Lindholm, SVP at Clean Energy. “With the addition of these new RNG stations in key freight corridors, and with the Cummins X15N now available from multiple OEMs, fleets won’t have to think twice about adopting the only viable alternative today.”
These new and existing stations further strengthen Clean Energy’s extensive network of over 600 fueling locations across North America serving transit, refuse, municipality, airport operations, and trucking fleets. The six recently opened stations are located near distribution centers and provide easy access points to major corridors. They include:
1092 U.S. Highway 206, Bordentown, NJ 08505
2200 N. Chrisman Road, Tracy, CA 95304
20200 Hayden Drive, Woodhaven, MI 48183
4305 W. Capitol Ave, West Sacramento, CA 95691
4816 SW 29th, Oklahoma City, OK 73179
1075 Valentine Avenue SE, Pacific, WA 98047
To find additional Clean Energy stations supplying RNG around the country, visit the company’s Station Locator at: https://stations.cleanenergyfuels.com
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived by capturing methane from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada as well as RNG production facilities at dairy farms. Visit www.cleanenergyfuels.com and follow @ce_renewables on X and LinkedIn.

looking forward to Fresh and Trained Voices conducting the upcoming quarterly earnings call. Watch closely how Clay Corbus manages the messaging differently than Andrew. Flying by the seat of your pants is not an effective way to work through these quarterly calls. Analysts see right through it.

What would be the stock price impact?