NASDAQ$OPAL
Opal Fuels Inc-A · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Opal Fuels reported solid second quarter results and remained on target to achieve 2024 financial objectives.
Opal Fuels reported revenue of $71.0 million and net income of $1.9 million for the second quarter of 2024. Adjusted EBITDA was $18.9 million, driven by growing RNG production, supportive RIN prices, and improved margins in the Fuel Stations Services segment. The company added the Burlington RNG facility to its in-construction portfolio, bringing the combined number of RNG projects in construction and operation to 16.
- Revenue for the three months ended June 30, 2024, was $71.0 million, an increase of 29% compared to the same period last year.
- Net income for the three months ended June 30, 2024, was $1.9 million, compared to $114.1 million in the same period last year.
- Adjusted EBITDA for the three months ended June 30, 2024, was $18.9 million, an increase of $13.8 million compared to the same period last year.
- RNG produced was 0.9 million MMBtu for the three months ended June 30, 2024, an increase of 50% compared to the prior-year period.
Headline financials
Revenue & EPS history
Opal Fuels · Revenue · Quarterly
$71M
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 maintaining its 2024 Adjusted EBITDA guidance between $90 million and $100 million. RNG production is expected to range between 4.0 and 4.4 million MMBtu. Capex is maintained at $230.0 million for 2024. Growth in Fuel Station Services Adjusted EBITDA is maintained between 75-90% in 2024.
Tailwinds
- Maintaining 2024 Adjusted EBITDA between $90 million and $100 million.
- RNG projects placed into construction in 2024 is maintained to be at least 2.0 million MMBtu of annual design capacity.
- Capex is maintained at $230.0 million for 2024.
- Growth in Fuel Station Services Adjusted EBITDA is maintained between 75-90% in 2024
- The Sapphire RNG project is mechanically complete and commercial operations are expected to begin in the third quarter.
Headwinds
- RNG production is expected to range between 4.0 and 4.4 million MMBtu, compared with our previous guidance of 4.4-4.8 million MMBtu, primarily driven by slower than anticipated ramp up of our most recent facilities.
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 Q2 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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