Opal Fuels Q2 2023 Earnings Report
Key Takeaways
Opal Fuels reported a 3% increase in revenue to $55.0 million for Q2 2023. Net income was $114.1 million, a significant improvement from the previous year's net loss. Adjusted EBITDA rose by 92% to $21.4 million, driven by improved performance in RNG Fuels and Fuel Station Services.
Revenues increased by 3% to $55.0 million, driven by higher RIN prices and improved performance in the Fuel Station Services segment.
Net income increased to $114.1 million, influenced by a one-time gain from the deconsolidation of the Emerald and Sapphire RNG projects.
Adjusted EBITDA increased 92% to $21.4 million, driven by improved performance in RNG Fuels and Fuel Station Services segments.
The company expects full-year 2023 Adjusted EBITDA to be within the $85.0 to $95.0 million range, assuming current RIN pricing levels.
Opal Fuels
Opal Fuels
Opal Fuels Revenue by Segment
Forward Guidance
Opal Fuels expects its full year 2023 Adjusted EBITDA guidance to be within the prior $85.0 to $95.0 million range assuming current RIN pricing levels. Production is anticipated to be at or modestly below the low end of prior guidance given the delays at Emerald and Prince William.
Challenges Ahead
- Production will be at or modestly below the low end of prior guidance given the delays at Emerald and Prince William.
Revenue & Expenses
Visualization of income flow from segment revenue to net income