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Opal Fuels
🇺🇸 NASDAQ:OPAL
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•
Jun 30, 2024

Opal Fuels Q2 2024 Earnings Report

Opal Fuels reported solid second quarter results and remained on target to achieve 2024 financial objectives.

Key Takeaways

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.

Total Revenue
$71M
Previous year: $55M
+28.9%
EPS
-$0.01
Previous year: -$0.12
-91.7%
RNG Produced
0.9
Previous year: 0.6
+50.0%
Gross Profit
$18.5M
Previous year: $55M
-66.3%
Cash and Equivalents
$28.5M
Previous year: $21.6M
+32.2%
Free Cash Flow
-$22M
Previous year: -$29.6M
-25.6%
Total Assets
$782M
Previous year: $672M
+16.4%

Opal Fuels

Opal Fuels

Opal Fuels Revenue by Segment

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.

Positive Outlook

  • 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.

Challenges Ahead

  • 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.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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