OPAL Fuels Inc. — Form 8-K
Filed August 10, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
OPAL Fuels reported Q2 2026 adjusted EBITDA of $23.1M (up 40% YoY) and H1 2026 adjusted EBITDA of $39.8M (up 9% YoY). In April 2026, the company entered a $100 million Master Agreement to monetize Section 45Z production tax credits, with $16.3M in RNG pending monetization as of June 30, 2026. However, net income swung to a loss: Q2 net loss of $(4.1)M vs. Q2 2025 profit of $7.6M; H1 2026 net loss of $(9.7)M vs. H1 2025 profit of $8.8M. Revenue was essentially flat (Q2 +4%, H1 −5% YoY). Capital expenditures increased to $52.7M in H1 2026 vs. $33.4M prior year. The company maintains 2026 guidance.
Why this rating
45Z deal ($100M, ~154% of market cap) materially de-risks government-credit monetization; strong EBITDA growth (+40% Q2) supports operations. However, GAAP losses, flat revenue, and elevated capex ($52.7M, ~81% of market cap annualized) offset gains. Company remains capital-intensive with unproven scaling.
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