NASDAQ$OPAL
Opal Fuels Inc-A · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Opal Fuels reported solid operating and financial results, made progress on strategic growth plans, and closed a $500 million credit facility.
Opal Fuels reported a revenue increase of 7% to $71.1 million, a net income of $0.2 million, and an adjusted EBITDA of $16.5 million. The company's RNG production projects are performing well, and the Emerald RNG project commenced operations, adding approximately 1.3 million MMBtu of annual design capacity. A $500 million credit facility was secured to fund RNG production projects and fueling stations.
- Revenues increased by 7% year-over-year to $71.1 million.
- Net income reached $0.2 million.
- Adjusted EBITDA was $16.5 million.
- Emerald RNG project came online, adding 1.3 million MMBtu of annual design capacity.
Headline financials
Revenue & EPS history
Opal Fuels · Revenue · Quarterly
$71.1M
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 provided estimates for full year 2023 Adjusted EBITDA to range between $60 and $63 million, RNG Pending Monetization between $20-22 million, approximately $8.5 million in ITC credits, full year 2023 capital expenditures to total approximately $135 million, RNG produced between 2.7 million MMBtu and 2.9 million MMBtu, and RNG sold as transportation fuel between 45 million GGEs and 50 million GGEs.
Tailwinds
- Adjusted EBITDA for the full year 2023 is estimated to range between $60 and $63 million.
- RNG Pending Monetization is expected to range between $20-22 million at December 31, 2023.
- Approximately $8.5 million in ITC credits are expected to be monetized in the fourth quarter.
- RNG production is anticipated to range between 2.7 million MMBtu and 2.9 million MMBtu in 2023.
- RNG sales as transportation fuel are anticipated to range between 45 million GGEs and 50 million GGEs in 2023.
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 Q3 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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