OPAL Fuels Inc. Class A Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- OPAL Fuels reported adjusted EBITDA of $23.1 million for the second quarter of 2026, a 40% increase from the second quarter of 2025, driven by 45Z production tax credits, growth in the fuel station services segment, and G&A cost savings.
- Second quarter RNG production was 1.3 million MMBtu, approximately 8% higher than last year but modestly below expectations.
- Consolidated revenue increased 4% to $83.4 million, primarily due to growth in the fuel station services segment.
- RNG fuel segment EBITDA increased to $18.6 million from $13.3 million last year, despite flat realized RIN prices.
- Renewable power segment EBITDA declined to $0.3 million from $2.2 million due to lower production and pricing, and a non-cash impairment related to a renewable power project decommissioning.
- Liquidity at quarter end was $162.2 million, including $91.4 million in cash, $19.3 million available revolver capacity, and $51.6 million of unrun preferred capital commitments.
- Capital expenditures of more than $52 million were invested in RNG projects under construction, owned fuel stations, and transformation initiatives during the first six months of the year.
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Transcript
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Please be advised that today's conference is being recorded. I would like now to turn the conference over to Todd Firestone, Vice President of Investor Relations.
Please go ahead. Thank you, and good morning, everyone.
Welcome to the Opal Fuels second quarter 2026 earnings conference call. With me today are Co-CEOs Adam Comora and Jonathan Maurer, as well as Kazi Hasan, Opal's Chief Financial Officer. Opal Fuels released financial and operating results for the second quarter of 2026 this morning, and those results are available on the investor relations section of our website at opalfuels.com. The presentation and access to the webcast for this call are also available on our website. After completion of today's call, a replay will be available for 90 days. Before we begin, I'd like to remind you that our remarks, including answers to your questions, contain forward-looking statements which involve risks, uncertainties, and assumptions. Forward-looking statements are not a guarantee of performance, and actual results could differ materially from what is contained in such statements.
Several factors that could cause or contribute to such differences are described on slides 2 and 3 of our presentation. These forward-looking statements reflect our views of the date of this call, and Opal Fuels does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call. Additionally, this call will contain discussion of certain non-GAAP measures. A definition of non-GAAP measures used and a reconciliation of these measures to the nearest GAAP measure is included in the appendix of the release and presentation. Adam will begin today's call by providing an overview of the quarter's results and recent highlights. John will then give a commercial and business development update. Afterwards, Kazi will review financial results. We'll then open the call for questions. Now I'll turn the call over to Adam Comora, Co-CEO of Opal Fuels.
Thank you, Todd. Good morning, everyone, and thank you for participating in Opal Fuels' second quarter 2026 earnings call. We delivered solid second quarter financial results with adjusted EBITDA of $23.1 million, increasing 40% from the second quarter of 2025. With flat RIN pricing in the second quarter versus last year, growth was driven by 45Z production tax credits, our fuel station services segment, and G&A cost savings. We are maintaining our annual guidance. Second quarter RNG production was 1.3 million MMBtus, approximately 8% higher from last year. While production performance was modestly below our expectations this quarter, we continue to see meaningful opportunities to grow volumes through our existing facilities and drive our second half results. It is important to note how powerful these plant improvement initiatives can be, and they are not capital intensive.
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