OPAL Fuels — Second Quarter 2026 Earnings Summary

Financial Performance

• Adjusted EBITDA for the three months ended June 30, 2026, was $23.1 million, a 40% increase from $16.5 million in the prior year period; for the six months ended June 30, 2026, Adjusted EBITDA was $39.8 million, a 9% increase from $36.6 million in the prior year.
• Revenue for the three months ended June 30, 2026, was $83.4 million, a 4% increase from the prior year; for the six months ended June 30, 2026, revenue was $156.8 million, a 5% decrease from the prior year.
• Net loss for the three months ended June 30, 2026, was $4.1 million compared to net income of $7.6 million in the prior year; for the six months ended June 30, 2026, net loss was $9.7 million compared to net income of $8.8 million in the prior year.
• Basic and diluted net loss per share for the three months ended June 30, 2026, was $0.05 compared to $0.03 income in the prior year; for the six months ended June 30, 2026, net loss per share was $0.14 compared to $0.02 income in the prior year.
• RNG Fuel revenue was $23.8 million for the three months and $45.5 million for the six months ended June 30, 2026, down from $25.1 million and $52.7 million respectively in the prior year periods.
• Fuel Station Services revenue was $53.1 million for the three months and $97.6 million for the six months ended June 30, 2026, up from $47.0 million and $97.7 million respectively in the prior year periods.
• Renewable Power revenue was $6.5 million for the three months and $13.7 million for the six months ended June 30, 2026, down from $8.3 million and $15.4 million respectively in the prior year periods.
• Liquidity totaled $162.3 million as of June 30, 2026, consisting of $91.4 million in cash and cash equivalents, $19.3 million in unused revolver capacity, and $51.6 million in undrawn preferred stock facility.
• Cash and cash equivalents increased to $91.4 million from $24.4 million as of December 31, 2025.
• Total liabilities increased to $523.9 million from $461.7 million as of December 31, 2025.
• Redeemable preferred non-controlling interests increased to $158.4 million from $130.0 million as of December 31, 2025.
• Redeemable non-controlling interests decreased to $320.1 million from $377.9 million as of December 31, 2025.
• Stockholders' equity attributable to the Company turned positive to $26.4 million from a deficit of $12.9 million as of December 31, 2025.

Guidance and Future Outlook

• The Company maintains its full-year 2026 guidance.
• Management stated that results keep the company on track to meet annual guidance.
• Long-term growth is underpinned by the structural economic advantage of natural gas versus diesel.
• The Company is advancing the construction of new RNG facilities to expand production capacity as they come online.
• Management intends to pursue opportunities to drive increased production and EBITDA at existing operating facilities requiring minimal capital investment.

Business Segments and Product Lines

• RNG produced was 1.3 million MMBtu for the three months and 2.4 million MMBtu for the six months ended June 30, 2026, representing increases of 4% and 6% respectively compared to the prior year.
• Fuel Station Services sold, dispensed, and serviced 39.0 million GGEs for the three months and 78.0 million GGEs for the six months ended June 30, 2026, a decrease of 4% in both periods compared to the prior year.
• RNG dispensed as transportation fuel was 20.9 million GGEs for the three months (up 1%) and 38.8 million GGEs for the six months (down 3%) compared to the prior year periods.
• RNG Pending Monetization totaled $16.3 million at June 30, 2026.
• In April 2026, the Company entered into a $100 million Master Agreement to monetize Section 45Z Production Tax Credits.
• Landfill RNG Facility Design Capacity was 2.2 million MMBtu for the three months and 4.4 million MMBtu for the six months ended June 30, 2026, up from 2.1 million and 4.3 million respectively in the prior year.
• Inlet Design Capacity Utilization was 75.2% for the three months and 73.5% for the six months ended June 30, 2026, compared to 76.3% and 72.5% respectively in the prior year.
• The Company expects Inlet Design Capacity Utilization to be in the range of 75-85% on an aggregate basis over the next several years.
• The Company expects Utilization of Inlet Gas to be in the range of 80% to 90%.
• Capital expenditures for the six months ended June 30, 2026, were $52.7 million, compared to $33.4 million in the prior year.
• The Company's portion of capital expenditures in unconsolidated entities was $10.8 million for the six months ended June 30, 2026, compared to $12.7 million in the prior year.

Market and Competitive Landscape

• Financial results were achieved in a flat RIN price environment versus the prior year.
• The Company's vertically integrated model allows it to capitalize on the structural economic advantage of natural gas versus diesel.
• Average realized sales price for RINs during the quarter was $2.50.
• Average realized sales price for LCFS during the quarter was $75.55.
• D3 price per RIN at quarter end was $2.68.
• LCFS credit price at quarter end was $100.00 for RNG Fuel and $75.50 for Fuel Station Services.
• Ending RIN credit balance available for sale as of June 30, 2026, was 278 credits.
• Ending LCFS credit balance available for sale as of June 30, 2026, was 6 credits.

Risks and Challenges

• Net loss was driven by factors including impairment charges, interest and financing expense, and tax benefit fluctuations.
• Impairment loss of $4.1 million was recognized for the three and six months ended June 30, 2026, primarily related to assets no longer expected to be utilized following the repurposing of a renewable power facility to RNG operations.
• The Company notes that forward-looking statements are subject to risks and uncertainties, including general economic conditions and factors set forth in its annual and quarterly reports.
• Actual results may differ materially from forward-looking statements due to various factors beyond management's control.

Management Commentary and Tone

• Adam Comora, Co-Chief Executive Officer, described second quarter financial results as "solid and in line with our expectations."
• Comora noted that adjusted EBITDA growth was driven by contribution from 45Z production tax credits, growth in the FSS segment, and G&A cost savings.
• Jonathan Maurer, Co-Chief Executive Officer, stated the company continues to pursue opportunities to drive increased production and EBITDA at existing facilities and is advancing construction of new RNG facilities.
• Management expressed confidence that results keep the company on track to meet annual guidance.

Analyst Questions and Answers

• No specific analyst questions and answers are included in the provided press release text.

Other Key Points

• The Company paid preferred dividends of $7.3 million for the six months ended June 30, 2026, compared to $5.2 million in the prior year.
• Proceeds from redeemable preferred non-controlling interest and warrants issuance, net of issuance costs, were $124.6 million for the six months ended June 30, 2026.
• The Company redeemed $100.0 million of redeemable preferred non-controlling interest during the six months ended June 30, 2026.
• Net cash provided by operating activities was $23.7 million for the six months ended June 30, 2026, compared to $21.8 million in the prior year.
• Net cash used in investing activities was $58.5 million for the six months ended June 30, 2026, compared to $36.0 million in the prior year.
• Net cash provided by financing activities was $101.7 million for the six months ended June 30, 2026, compared to $18.5 million in the prior year.
• A webcast to review results was held on August 10, 2026, at 11:00 AM EDT.