OPAL Fuels Reports Second Quarter 2026 Results

OPAL Fuels (“OPAL Fuels” or the “Company”) (Nasdaq: OPAL) today announced financial and operating results for the three and six months ended June 30, 2026.

"Second quarter financial results were solid and in line with our expectations with adjusted EBITDA growth of 40% percent over the second quarter of last year," said Adam Comora, Co-Chief Executive Officer of OPAL Fuels. "Contribution from 45Z production tax credits, growth in our FSS segment, and G&A cost savings drove financial results in a flat RIN price environment versus last year. These results keep us on track to meet our annual guidance.”

"We continue to pursue opportunities to drive increased production and EBITDA at our existing operating facilities, which require minimal capital investment. In addition, we are advancing the construction of new RNG facilities that will expand our production capacity as they come online," said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. “Longer term growth for OPAL Fuels is underpinned by the structural economic advantage of natural gas versus diesel. Our vertically integrated model allows us to capitalize on this opportunity.”

Financial Highlights

• Adjusted EBITDA⁽¹⁾ for the three and six months ended June 30, 2026, was $23.1 million and $39.8 million compared to $16.5 million and $36.6 million for the comparable periods last year an increase of 40% and 9% respectively.
• Revenue for the three and six months ended June 30, 2026, was $83.4 million and $156.8 million respectively, an increase of 4% and a decrease of (5)% compared to the same periods last year.
• Net (loss) income for the three and six months ended June 30, 2026 was $(4.1) million and $(9.7) million, compared to $7.6 million and $8.8 million in the same periods last year.
• Basic and diluted net (loss) income per share attributable to Class A common shareholders for the three and six months ended June 30, 2026 were $(0.05) and $(0.14) compared to $0.03 and $0.02 in the comparable period last year.
• In April we entered into a $100 million Master Agreement establishing the key terms and conditions to monetize section 45Z Production Tax Credits.
• At June 30, 2026, RNG Pending Monetization totaled $16.3 million.

Operational Highlights

• RNG produced was 1.3 million and 2.4 million MMBtu for the three and six months ended June 30, 2026, an increase of 4% and 6% compared to the prior-year period.⁽²⁾
• The Fuel Station Services segment sold, dispensed, and serviced an aggregate of 39.0 and 78.0 million GGEs of transportation fuel for the three and six months ended June 30, 2026, a decrease of 4% and 4% compared to the prior-year periods. Of this amount, RNG dispensed as transportation fuel was 20.9 and 38.8 million GGEs, an increase of 1% and a decrease of 3% compared to the prior-year periods.

Guidance

• We maintain 2026 guidance.

Results of Operations

Results of Operations from equity method investments

Landfill RNG Facility Capacity and Utilization Summary

RNG Pending Monetization Summary

Liquidity

As of June 30, 2026, our liquidity was $162.3 million, consisting of $91.4 million of cash and cash equivalents, $19.3 million of unused capacity under the revolver, $51.6 million of undrawn preferred stock facility.

Capital Expenditures

During the six months ended June 30, 2026, OPAL Fuels invested $52.7 million across RNG projects in construction, OPAL Fuels owned fueling stations in construction and finance transformation as compared to $33.4 million in the prior year. As part of OPAL Fuels' accounting policy, maintenance capital on existing facilities is expensed.

In addition, for the six months ended June 30, 2026, the Company's portion of capital expenditures in unconsolidated entities was $10.8 million compared to $12.7 million in the prior year. This represents our share of capital expenditures incurred by equity method investments.

Earnings Call

A webcast to review OPAL Fuels’ Second Quarter 2026 results is being held today, August 10, 2026 at 11:00AM EDT.

Materials to be discussed in the webcast will be available before the call on the Company's website.

Participants may access the call at https://edge.media-server.com/mmc/p/qp5g7dch/

Investors can also listen to a webcast of the presentation on the Company’s Investor Relations website at https://opalfuels.gcs-web.com/news-events/events-presentations

Glossary of terms

“D3” refers to cellulosic biofuel with a 60% GHG reduction requirement.

“GGE” refers to gasoline gallon equivalent. The conversion ratio is 1 MMBtu of natural gas equal to 7.74 GGE.

“LCFS” refers to Low Carbon Fuel Standard or similar types of federal and state programs.

“MMBtu” refers to million British thermal units.

“RECs” refers to renewable energy credits.

“Renewable Power” refers to electricity generated from renewable sources.

“RIN” refers to Renewable Identification Numbers.

“RNG” refers to renewable natural gas.

“VIEs” refers to variable interest entities.

About OPAL Fuels

OPAL Fuels (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to decarbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America’s naturally occurring methane and decarbonize the economy, please visit www.opalfuels.com.

Forward-Looking Statements

Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or the Company's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Forward-Looking Statements and Risk Factor Summary” in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Non-GAAP Financial Measures (Unaudited)

This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission. We believe these measures provide important supplemental information to investors to use in evaluating ongoing operating results. We use these measures, together with accounting principles generally accepted in the United States ("GAAP" or "U.S. GAAP"), for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations, that when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide, give a more complete understanding of factors and trends affecting our business. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. These Non-GAAP financial measures are not recognized terms under GAAP and do not purport to be alternatives to GAAP net income or any other GAAP measure as indicators of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of Non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure.

Adjusted EBITDA

To supplement the Company's unaudited condensed consolidated financial statements presented in accordance with GAAP, the Company uses a non-GAAP financial measure that it calls Adjusted EBITDA ("Adjusted EBITDA"). This non-GAAP financial measure adjusts net income for interest and financing expense, net, net income attributable to non-redeemable non-controlling interests, depreciation, amortization and accretion, adjustments to reflect Adjusted EBITDA from equity method investments, fair value changes and non-recurring charges, Stock-based compensation, major maintenance, RNG development costs, 45z generation and ITC proceeds, net.

Management believes this non-GAAP financial measure provides meaningful supplemental information about the Company's performance, for the following reasons: (1) it allows for greater transparency with respect to key metrics used by management to assess the Company's operating performance and make financial and operational decisions; (2) the measure excludes the effect of items that management believes are not directly attributable to the Company's core operating performance and may obscure trends in the business; (3) the measure better aligns revenues with expenses; and (4) the measure is used by institutional investors and the analyst community to help analyze the Company's business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance.

The following table presents the reconciliation of our net income to Adjusted EBITDA:

View source version on businesswire.com: https://www.businesswire.com/news/home/20260810006655/en/