NASDAQ$OPAL
Opal Fuels Inc-A · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Opal Fuels' first quarter results for 2024 reflected a strong integrated business model with progressive growth in production and earnings.
Opal Fuels reported a 51% increase in revenue, reaching $65.0 million, and a net income of $0.7 million compared to a net loss of $7.3 million in the same period last year. The company saw a 33% increase in RNG production and a 98% increase in RNG sold as transportation fuel. The Prince William RNG project has recently commenced operations and is expected to contribute meaningfully as it ramps production as we move through the year.
- Revenue increased by 51% year-over-year to $65.0 million.
- Net income was $0.7 million, a significant improvement from the $7.3 million net loss in the same period last year.
- Adjusted EBITDA increased by $16.8 million year-over-year to $15.2 million.
- RNG production increased by 33% year-over-year to 0.8 million MMBtu.
Headline financials
Revenue & EPS history
Opal Fuels · Revenue · Quarterly
$65M
Revenue by segment
Opal Fuels · $71.1M total across 3 segments · Q3 2023
- Fuel Station Services$37.3M—52.5%
- RNG Fuel$20.1M—28.3%
- Renewable Power$13.7M—19.3%
Forward guidance
Opal Fuels is focused on executing its strategic priorities, including moving projects into construction and operation, and expects the Prince William, Sapphire, and Polk RNG projects to contribute meaningfully to production and design capacity.
Tailwinds
- Prince William RNG project has recently completed construction and commenced the start-up phase of commercial operations.
- Sapphire RNG project continues to be on track to commence commercial operations in the third quarter of 2024.
- Polk County (Florida) RNG project continues to be on track to commence commercial operations in the fourth quarter of 2024.
- Commenced construction on the Cottonwood landfill RNG project.
- Liquidity and anticipated cash flows from operations are sufficient to meet existing funding needs.
Headwinds
- General economic conditions.
- Risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company's annual report on Form 10-K filed on March 15, 2024.
- Other filings the Company makes with the Securities and Exchange Commission.
- Inlet Design Capacity Utilization is measured as the Volume of Inlet Gas for a period, divided by the total Design Capacity for such period. The Volume of Inlet Gas varies over time.
- Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of landfill gas.
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 2024
-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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