Opal Fuels (OPAL) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q2 2026 grew 40–40.2% year-over-year to $23.1 million, driven by 45Z production tax credits, Fuel Station Services (FSS) segment growth, and G&A cost savings, despite a flat RIN price environment.

• Revenue for Q2 2026 was $83.4 million, up 4% year-over-year, but six-month revenue declined 5% to $156.8 million due to lower RNG fuel and renewable power sales.

• Net loss attributable to Class A shareholders was $1.5 million for Q2 2026, with a total net loss of $4.1 million for the quarter and $9.7 million for the six months, compared to net income in prior-year periods.

• RNG production reached 1.3 million MMBtu in Q2 2026, up 4–8% year-over-year, though modestly below expectations; improvement initiatives are underway.

• 2026 annual guidance was reaffirmed, with confidence in cash flow stability and long-term growth supported by regulatory programs and bipartisan policy support.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $23.1 million, up from $16.5 million in Q2 2025; six-month adjusted EBITDA was $39.8 million, up 9% year-over-year.

• Consolidated revenue for Q2 2026 was $83.4 million, up 4% year-over-year; six-month revenue was $156.8 million, down 5%.

• RNG Fuel segment EBITDA was $18.6 million, Fuel Station Services EBITDA $12.5 million, Renewable Power EBITDA $0.3 million, and Corporate $(8.1) million for Q2 2026.

• G&A expenses were $3.2 million lower year-over-year, with liquidity at $162.3 million, including $91.4 million in cash.

• Net loss per share for Q2 and six months was $(0.05) and $(0.14), respectively.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance is $95–$110 million, with expected EBITDA of $55–$70 million in the second half, driven by higher production and improved unit profitability.

• RNG production for 2026 is expected between 5.4 and 5.8 million MMBtu.

• Management expects available cash, assets, and cash flows to cover commitments for at least 12 months, with $148.4 million in planned capital expenditures over the next year.

• Inlet Design Capacity Utilization is expected to remain in the 75–85% range over the next several years.

• G&A expected to rise in Q3 due to normalization of professional services and transformation initiatives.