Adjusted EBITDA declined 28.6% to $5.0 million, and net loss widened to $5.5 million from $0.7 million in Q2 2024, impacted by lower RIN prices and discrete expenses.
Average realized RIN prices decreased 22.4% to $2.42 from $3.12 in Q2 2024, reflecting lower market prices and EPA regulatory impacts.
Operating and maintenance expenses for RNG facilities rose 22% to $17.0 million, driven by timing of preventative maintenance and operational enhancements.
Operating loss was $2.4 million compared to operating income of $0.9 million in Q2 2024, with RNG operating income down 21.2% to $9.2 million.
RNG segment revenues increased 5.1% to $40.8 million, with RNG production flat at 1.4 million MMBtu compared to Q2 2024.
Total revenues for Q2 2025 were $45.1 million, up 4.1% from $43.3 million in Q2 2024, primarily due to timing of revenues under a short-term fixed price contract.
Dafinchi