Welcome to the Clean Energy Fuels Corp 2026 Annual Meeting of Stockholders. I would now like to turn the meeting over to the Chairman of the Board of Directors, Mr. Stephen Scully. Thank you, operator. Good morning, everyone, and welcome to the 2026 Annual Meeting of Stockholders of Clean Energy Fuels Corp. I'm Stephen Scully, Chairman of the Board of Directors, and I now call this meeting to order. Thank you for joining us. Today's meeting is being conducted via live audio webcast, enabling participation from wherever you are. Our director nominees, executive officers, and representatives from our independent registered public accounting firm, KPMG LLP, are joining us virtually. At Clean Energy, we remain committed to engage with our stockholders. After today's formal business concludes, we'll open the floor for a brief question- and- answer session during which validated stockholders can submit questions through the web portal. Before we turn to the formal agenda, I'd like to share a brief update on our progress. 2025 marked another year of progress for Clean Energy. We continue to lead in the decarbonization of transportation through the growth of our renewable natural gas business. We completed construction and brought online our South Fork project in Texas, one of the largest dairy RNG projects in the country. Across our portfolio, we now have eight operating projects with three more in construction. Customer momentum across transit and refuse remains strong, and we continue to see growing interest from the heavy-duty truck fleets as the Cummins X15N engine opens new opportunities in Class 8 applications. Earlier this year, the company completed an important leadership transition. Clay Corbus was named President, Chief Executive Officer. Clay brings 19 years of experience at Clean Energy and a clear focus on growth, operational discipline, and using technology to drive efficiency and better serve our customers. Clay succeeds Andrew Littlefair, who founded this company, led it for three decades, and built Clean Energy into a platform it is today. We are grateful for Andrew's vision and contributions, and we are fortunate he remains actively involved with the company and continues to serve on our Board. I want to thank our entire Clean Energy team, our customers, and of course, our stockholders for your continued trust and support. Now, let's move into the formal business portion of the meeting. The Board of Directors set April 16th, 2026, as the record date for this meeting. I've been advised that a majority of the company's outstanding shares entitled to vote is represented at today's meeting, either in person or by proxy, so we have a quorum and may proceed. It is 9:02 A.M., and the polls are now open for stockholders who wish to vote via the web portal. If you are a stockholder and have already submitted a proxy and do not wish to change your vote, there is no need to take further action. Your vote will be counted. If you are eligible to vote and have not voted or would like to revise your vote, you may do so at any point through the web portal during this meeting before the polls close. There are three matters of business before the stockholders today. First, the election of the directors of the company. As indicated in the company's proxy statement, the Board of Directors has nominated the following six individuals, each of whom currently serves as a director. Lizabeth Ardisana, Barclay Corbus, Patrick Ford, Andrew Littlefair, Vince Taormina, and me, Stephen Scully. The company's bylaws require that a stockholder provide advance notice to the company if they intend to nominate persons as a director. No such notice was received, so t he nominations for directors are closed. Second, the ratification of the appointment of KPMG LLP as the company's independent auditors. Third, an advisory non-binding vote on the compensation of our executive officers. No further business is scheduled to come before the stockholders. It is now 9:04 A.M., and the polls are closed. I have been advised that on a preliminary basis, the proposals before us today have all passed. This concludes the formal portion of our 2026 Annual Meeting of Stockholders. Now, we have time for a question-and-answer session. Validated stockholders may submit questions through the web portal. Go ahead with questions. Okay, Steve. Thank you. It looks like we have a question. When may our company anticipate making a profit? Without question, we are focused on becoming profitable. I think it's going to be a combination of growth opportunities in fueling markets, our RNG plants transitioning from startup to standard operations, a reduction in our SG&A, and then really, what I'm looking forward to is incorporation of technology to really improve efficiencies and drive down operating costs. Ultimately, we have to get more gallons through our stations, we have to get better margins from our own RNG production, and we have to lower our overhead. I'd say that every initiative that the company is running right now is pointed to that. We understand this is important for our company, we understand it's important for our shareholders, and we are working diligently to deliver that. We have another question. If natural gas offers lower fuel costs, less volatility, and emissions benefits, what do you believe is the most important factor that could unlock broader adoption among heavy duty fleets now? This is a good point, and t his is something that we focus on relentlessly as we are trying to grow the business. These are all good points. It is a lower fuel cost, it is less volatile, and there are emissions benefits. And of course, it's all a domestic fuel. The stubborn, difficult part is that the incremental cost of the X15N trucks are still too steep, and we are working to mitigate that. We're working with our partners at Cummins, at Agility, and at our dealers, and looking at different leasing packages and leasing companies we can work with in order to reduce that cost ultimately to the customer. We are benefiting right now from high diesel costs. While most of our customers, when we go in and talk to them, are saying, "Well, yes, it's high right now, but ultimately it'll come down." What we are trying to focus on, as is pointed out in this question, is the volatility. If you take the average price of diesel the last five years and you take the average price of CNG or RNG, you'll find that we consistently have a lower price, and with the new X15N engine out there, equal performance. But that incremental cost is tough to overcome. As we look going forward, we work with our partners, we look at ways that we can provide financing for those trucks that is more beneficial. I think, also, going forward, that there are going to be tougher emission standards for diesel trucks, which will increase the cost of the diesel truck, which will decrease the incremental cost between the natural gas truck and the diesel truck. And once we can get a payback period within a couple of years, which we have right now with the current high price of diesel, but if we can point to that to our customers and deliver that year after year, we think that would be a great opportunity for us to continue to grow in the heavy-duty space. As of now, we have no more questions. Mr. Chairman, I'll turn it back to you. Well, thank you. Just for point of information, the questions were answered by Clay Corbus, our CEO, and just so you know. Our question-and-answer session is now concluded. I'd like to thank all of you for your participation. We appreciate your continued support of Clean Energy. Meeting's now closed. Thank you. The Clean Energy Fuels Corp 2026 Annual Meeting of Stockholders has now come to an end. Thank you for attending. You may now disconnect.
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