OPAL Fuels Inc.

Second-quarter consolidated revenue increased 4% to $83.4 million. Adjusted EBITDA increased 40% year over year to $23.1 million. RNG fuel segment EBITDA increased to $18.6 million from $13.3 million last year, and Fuel Station Services segment EBITDA increased to $12.5 million from $10.9 million last year. Renewable power segment adjusted EBITDA was $0.3 million versus $2.2 million in the prior year, and management cited a noncash impairment tied to a renewable power project decommissioning related to CMS RNG. Second-quarter RNG production was 1.3 million MMBtus, approximately 8% higher than last year. Looking ahead, management maintained full-year guidance and said the second half should benefit from ramping production, somewhat stronger RIN pricing, and additional commercial and operating improvements; they also said the virtual pipeline at Prince William will not roll off in Q3 or Q4.

Adam Comora framed the quarter as solid and emphasized that OPAL’s economics are being driven by recurring, scalable levers rather than heavy new capital needs. He repeatedly pointed to plant improvement initiatives, better gas collection, and operating leverage at existing assets, saying the company is not satisfied with current production but has concrete plans to improve it. He was also constructive on the long-term policy backdrop, arguing that the RFS and related incentives support RNG growth and that OPAL is positioned to benefit from a broader natural-gas/diesel fuel-switching trend.

Kazi Hasan said adjusted EBITDA rose 40% year over year to $23.1 million and consolidated revenue increased 4% to $83.4 million, with gains driven by 45Z credits, FSS growth, and G&A savings. He noted G&A was $3.2 million lower versus the second quarter of 2025, but said SG&A should increase in Q3 as professional services and transformation investments normalize and are already included in full-year plans. He also said OPAL ended the quarter with $162.2 million of liquidity, including $91.4 million of cash, $19.3 million of revolver capacity, and $51.6 million of undrawn preferred capital commitments, and that more than $52 million was invested in RNG projects under construction, owned fuel stations, and transformation initiatives in the first six months of the year.

Analysts pressed on how much upside plant-improvement initiatives could create, and management said better gas collection, improved wellfield tuning, and higher operating efficiency could meaningfully lift output across the fleet, with much of the benefit falling to EBITDA because costs are largely fixed. Questions also focused on guidance, and management said the upper end of the range would require stronger production growth and stronger RIN pricing, while Kazi added there are multiple levers including operating cost and SG&A discipline. On regulatory policy, Adam said OPAL wants EPA to recognize RNG’s role in transportation fuel and is cautiously optimistic about broader policy support, but he was less confident about eRIN pathways.