NASDAQ$OPAL
Opal Fuels Inc-A · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Opal Fuels' first quarter 2023 results were reported, showing a mix of revenue decrease and strategic progress.
Opal Fuels reported a 12% decrease in revenue compared to the same period last year, primarily due to the decision to defer RIN sales. Net loss increased, while Adjusted EBITDA saw a significant increase due to higher RNG production.
- Revenues decreased by 12% to $43.0 million compared to the same period last year.
- Net loss was $7.3 million, compared to $4.5 million in the same period last year.
- Adjusted EBITDA increased by 112% to $8.7 million compared to the same period last year.
- Advanced Development Pipeline increased to 9.3 million MMBtu of feedstock biogas from 8.3 million MMBtu at year end.
Headline financials
Revenue & EPS history
Opal Fuels · Revenue · Quarterly
$43M
Revenue by segment
Opal Fuels · $43M total across 3 segments · Q1 2023
- Fuel Station Services$20.8M—48.5%
- RNG Fuel$12.2M—28.4%
- Renewable Power$9.94M—23.1%
Forward guidance
Opal Fuels is progressing with its strategic priorities, expecting strong growth in 2024 and beyond.
Tailwinds
- Emerald RNG project remains on track to commence commercial operations in the next few months.
- Prince William RNG project is expected to commence commercial operations in the fourth quarter of 2023.
- Polk County project is anticipated to have nameplate capacity of approximately 1.1 million annual MMBtu, with start of construction expected next month and commencement of operations anticipated in the second half of 2024.
- WM project is anticipated to have nameplate capacity of 600,000 to 700,000 annual MMBtu, with start of construction expected in the second half of 2023.
- On track to place at least 2 million MMBtu of RNG projects into construction in 2023.
Headwinds
- First quarter results reflect the impact of lower environmental credit pricing compared to last year.
- Decision to defer monetizing the majority of RIN inventory impacted first quarter results.
- Sapphire RNG project is now expected to commence commercial operations in the first half of 2024 due to permitting delays.
- Environmental credit market prices are lower relative to last year.
- Net loss for the three months ended March 31, 2023, was $7.3 million compared to $4.5 million in the prior-year period.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q1 2023
-1.1%
Avg return
Earnings day
-3.6%
Avg return
5 days after
-0.7%
Avg return
30 days after
40%
6 / 15 earnings
Positive
+30.3%
Q4 2025
Best reaction
-12.9%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.5% | -14.5% | — | |
| Q4 2025 | +30.3% | -3.7% | +15.0% | |
| Q3 2025 | +4.0% | +13.1% | +30.2% | |
| Q1 2025 | -7.5% | -6.6% | +33.2% | |
| Q4 2024 | -12.9% | -7.2% | -26.4% | |
| Q3 2024 | +0.0% | -3.9% | -4.7% | |
| Q2 2024 | -2.4% | -9.0% | -14.9% | |
| Q1 2024 | +2.4% | -1.0% | -7.3% | |
| Q4 2023 | +1.9% | +1.5% | +0.4% | |
| Q3 2023 | +0.9% | +7.0% | +0.3% | |
| Q2 2023 | -5.1% | -4.0% | -9.5% | |
| Q1 2023 | +0.5% | +0.0% | -5.0% | |
| Q4 2022 | -3.4% | -1.3% | +7.5% | |
| Q3 2022 | -10.4% | -12.4% | -16.5% | |
| Q2 2022 | -10.9% | -12.2% | -12.9% |
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