Key Highlights

  • Shares fell 9.20% in pre-market trading to $2.12, down from a prior close of $2.33
  • Adjusted EBITDA rose 40% year over year to $23.1 million for the second quarter
  • Total Revenue increased 4% year over year to $83.4 million for the quarter
  • Net loss widened to $4.1 million from Net Income of $7.6 million in the prior-year quarter
  • Basic and diluted loss per share was $0.05, compared to Earnings of $0.03 per share a year earlier
  • Company maintained its full-year 2026 guidance
  • Liquidity stood at $162.3 million as of June 30, 2026, including $91.4 million in cash

Pre-Market Slide Contradicts Adjusted EBITDA Growth

OPAL Fuels ( Nasdaq :OPAL) shares were trading at $2.12 in pre-market activity on August 10, 2026, down 9.20% from the prior close of $2.33. The move contrasts with the headline results the company reported before the bell, which showed adjusted EBITDA climbing 40% year over year to $23.1 million for the second quarter.

The disconnect traces back to the numbers below that non-GAAP line. Net loss for the quarter widened to $4.1 million, compared to net income of $7.6 million a year earlier. Loss per share came in at $0.05, versus earnings of $0.03 per share in the prior-year quarter. Revenue of $83.4 million rose only 4% year over year, and six-month revenue actually declined 5% versus 2025. A $4.1 million Impairment charge tied to a renewable power Facility being repurposed for RNG operations also weighed on results. The GAAP loss and soft revenue appear to be driving the pre-market reaction more than the adjusted EBITDA beat.

What OPAL Fuels Does

OPAL Fuels is a vertically integrated producer and distributor of renewable Natural Gas , capturing biogas from landfills, dairy farms, and wastewater facilities and converting it into low carbon intensity fuel for heavy-duty trucking and other hard-to-decarbonize industrial sectors. The White Plains, New York based company also operates a fuel station services segment and a renewable power Business .

Co-Chief Executive Officer Adam Comora said second quarter results were solid and in line with expectations, pointing to adjusted EBITDA growth of 40% over the prior-year quarter, driven by 45Z production tax credits, fuel station services growth, and cost savings in a flat RIN price environment. Co-Chief Executive Officer Jonathan Maurer said the company continues pursuing production and EBITDA gains at existing facilities while advancing new RNG facility construction, adding that longer-term growth is underpinned by the structural cost advantage of natural gas versus diesel.

Segment Performance Tells a Mixed Story

The RNG Fuel segment generated revenue of $23.8 million, down from $25.1 million a year earlier, but segment adjusted EBITDA rose to $18.6 million from $13.3 million, aided by 45Z tax Credit contributions. Fuel Station Services revenue increased to $53.1 million from $47.0 million, with segment adjusted EBITDA rising to $12.5 million from $10.9 million. Renewable Power revenue declined to $6.5 million from $8.3 million, and segment adjusted EBITDA fell sharply to $0.3 million from $2.2 million.

RNG production Volume rose 4% year over year to 1.3 million MMBtu. Total transportation fuel volume delivered fell 4% to 39.0 million gasoline gallon equivalents, though RNG dispensed as transportation fuel within that total rose 1% to 20.9 million gasoline gallon equivalents.

Balance Sheet and Capital Position

OPAL Fuels reported liquidity of $162.3 million as of June 30, 2026, consisting of $91.4 million in cash and cash equivalents, $19.3 million of unused revolver capacity, and $51.6 million of undrawn preferred stock facility capacity. Capital expenditures for the first six months of 2026 totaled $52.7 million, up from $33.4 million in the prior-year period, reflecting continued Investment in RNG projects and fueling stations under construction.

In April, the company entered into a $100 million master agreement establishing key terms for monetizing Section 45Z production tax credits. As of June 30, 2026, RNG pending monetization totaled $16.3 million. Management reiterated that full-year 2026 guidance remains unchanged.

Conclusion

OPAL Fuels delivered a quarter with genuine operational progress on an adjusted basis, with EBITDA up 40% and cost discipline evident in lower corporate overhead. But the pre-market decline suggests investors are focused on the GAAP net loss, the swing from a year-ago profit to a loss per share, and revenue growth that fell short of the adjusted EBITDA story. With guidance maintained and a $100 million tax credit monetization agreement in place, the company's longer-term investment case remains intact even as the stock reacts to near-term bottom-line pressure.

This article is for informational purposes only and does not constitute financial, investment, or trading advice. Readers should conduct their own research and consult a licensed Financial Advisor before making investment decisions.