OPAL Fuels Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw lower revenue and EBITDA due to RIN price declines, but RNG production rose 9% year-over-year. Guidance for 2026 is maintained, with accelerating production and strong liquidity supporting growth in both upstream and downstream segments.
Fiscal Year 2025
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Adjusted EBITDA for 2025 was flat at $90.2 million despite 28% production growth and lower RIN prices. Liquidity was strengthened by new financing, and 2026 guidance calls for 14% EBITDA and RNG production growth, with stronger Fuel Station Services growth expected in 2027.
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Q3 2025 saw 30% year-over-year RNG production growth and record monthly output, but lower RIN prices led to reduced adjusted EBITDA. Full-year guidance is maintained, with Q4 and 2026 growth expected from new projects, higher RIN prices, and 45Z tax credits.
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Second quarter revenue grew 13% year-over-year, with strong RNG production and fuel station services EBITDA growth, despite lower RIN prices and non-recurring expenses. Guidance for the year is maintained, supported by policy clarity and a robust project pipeline.
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Q1 2025 saw strong year-over-year growth in revenue, adjusted EBITDA, and RNG production, with guidance for the full year reaffirmed. Segment performance was robust, especially in fuel station services, and liquidity remains strong. Regulatory and macro uncertainties persist but are not expected to impact 2025 targets.
Fiscal Year 2024
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2024 saw strong execution with adjusted EBITDA of $90M, major RNG project expansions, and 41% production growth. 2025 guidance targets $90–110M EBITDA and 30–50% segment growth, with regulatory and RIN price volatility as key risks.
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Q3 2024 saw strong revenue and EBITDA growth, driven by new RNG projects, higher production, and robust fuel station services margins. Guidance for 2024 is maintained, with ongoing ITC monetization and supportive market fundamentals.
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Q2 2024 saw strong revenue and EBITDA growth, driven by higher RNG production, robust RIN pricing, and expansion in fuel station services. Guidance for Adjusted EBITDA is maintained, while RNG production guidance is slightly reduced due to short-term ramp-up issues. Liquidity remains strong and major projects are on track.