| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 79.70 | 18.2% | 2.9% |
| Total Income | 79.70 | 18.2% | 2.9% |
| Expenditure | 86.41 | 10.5% | 6.3% |
| PBT | -8.89 | 21.3% | 45.0% |
| Net Profit | -1.50 | 43.2% | 287.5% |
| OPM | -3.78% | 3.41pp | 2.71pp |
| NPM | -1.88% | 2.04pp | 2.92pp |
| EPS | -0.05 | 44.4% | 266.7% |
OPAL Fuels Reports Q2 2026 Results with 40% Adjusted EBITDA Growth
10 Aug 2026 · 10 Aug, 4:42 pm
Summary
OPAL Fuels reported solid second quarter financial results for 2026, with adjusted EBITDA growing 40% year-over-year to $23.1 million, driven by contribution from 45Z production tax credits, growth in the FSS segment, and G&A cost savings. Total revenue for the quarter was $83.4 million, a 4% increase from the prior year, though the company reported a net loss of $(4.1) million compared to a net income of $7.6 million in Q2 2025. Management stated these results keep them on track to meet annual guidance and highlighted ongoing efforts to drive production and EBITDA at existing facilities while advancing new RNG facilities.
Key Highlights
- 1
Adjusted EBITDA for the second quarter of 2026 increased by 40% to $23.1 million compared to $16.5 million in the prior year period.
- 2
Total revenue for the three months ended June 30, 2026, was $83.4 million, an increase of 4% compared to the same period last year.
- 3
Net loss for the second quarter of 2026 was $(4.1) million, compared to a net income of $7.6 million in the same period last year.
- 4
Basic and diluted net loss per share attributable to Class A common shareholders was $(0.05) for the second quarter of 2026.
- 5
RNG produced increased by 4% to 1.3 million MMBtu for the three months ended June 30, 2026, compared to the prior-year period.
- 6
The Company entered into a $100 million Master Agreement in April 2026 to monetize section 45Z Production Tax Credits.
- 7
At June 30, 2026, RNG Pending Monetization totaled $16.3 million.
Management Comments
Adam Comora
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. 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.
Jonathan Maurer
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. 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.
Informational and educational content only. Not investment advice.