OPAL Fuels (OPAL) Earnings Date & Reports

Key Takeaways

• OPAL Fuels reported third quarter 2026 Adjusted EBITDA of $26.7 million, up 32% from $20.2 million a year earlier.
• Total revenue declined 5% year over year to $79.5 million, from $83.4 million in the prior-year quarter.
• The company swung to a net profit of $1.7 million, compared with a net loss of $1.9 million in the same period last year.
• Net loss per share of $(0.03) missed the consensus estimate of $0.03, while revenue also came in below analyst expectations.
• Management maintained full-year 2026 Adjusted EBITDA guidance, pointing to the lower end of the range, but now expects RNG production modestly below its prior outlook.
• Get more details on OPAL Fuels' Major News, Today's Price Move, Price Targets, and Forecast on additional pages.
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Earnings Context and Why It Matters

OPAL Fuels is a vertically integrated producer and distributor of renewable natural gas (RNG) and compressed natural gas (CNG) used as transportation fuel for heavy-duty trucking. Its quarterly results are closely watched because the company operates at the intersection of clean-energy policy, environmental credit markets, and freight economics. In recent periods, volatility in renewable fuel credit prices and slower-than-expected production ramp-ups have pressured results even as underlying volumes grew. The third quarter offered investors a clearer read on whether margin gains and cost discipline could offset softer revenue, and whether management's full-year profitability targets remained achievable heading into the end of the fiscal year.

Reported Results

For the three months ended September 30, 2026, OPAL Fuels reported total revenue of $79.5 million, a 5% decline from $83.4 million in the prior-year quarter. Revenue fell short of the consensus estimate of roughly $93.9 million. Net income swung to $1.7 million, an improvement from a net loss of $1.9 million a year earlier. Net loss attributable to Class A common shareholders was $(0.03) per share, compared with a consensus estimate of $0.03 per share.

The headline profitability metric improved markedly. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, adjusted for non-cash and non-recurring items) reached $26.7 million, up 32% from $20.2 million last year. On a segment basis, RNG Fuel Adjusted EBITDA rose 35% to $20.3 million, Fuel Station Services grew 18% to $13.0 million, while Renewable Power declined to $1.4 million from $3.3 million. For the first nine months, Adjusted EBITDA increased 16% to $66.5 million.

Operationally, RNG production reached 1.3 million MMBtu (million British thermal units) in the quarter, up 5% year over year and 7% sequentially. The company ended September with approximately $122 million of liquidity, including $86 million of cash and short-term investments.

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Market Reaction and Investor Sentiment

Investor sentiment heading into the print was cautious, reflecting a stock that had declined significantly over the prior three and twelve months amid RIN (Renewable Identification Number) price volatility and softer revenue. The third quarter delivered a mixed message: profitability improved meaningfully on the strength of Adjusted EBITDA growth and lower costs, but the top line missed consensus and net loss per share fell short of analyst expectations. Management's confirmation that full-year Adjusted EBITDA should land at the lower end of guidance, alongside a modest reduction in the RNG production outlook, tempered enthusiasm. The earnings call emphasized continued sequential production growth and a promising pipeline of new fleet deployments, leaving investors weighing near-term softness against a longer-term growth narrative.

Forward Outlook and Key Factors to Monitor

Looking ahead, investors should focus on the pace of RNG production recovery. Management noted that operational improvements took longer than expected to implement, but that sequential growth is continuing into the fourth quarter. The company now anticipates 2026 RNG production will come in modestly below its prior guidance range, so monitoring whether output accelerates will be central to the next several quarters.

Environmental credit pricing remains a key swing factor. RIN values and Low Carbon Fuel Standard (LCFS) credits directly influence the company's realized margins, and sustained volatility in these markets could continue to weigh on revenue even as volumes grow. OPAL Fuels has also adopted a new accounting treatment for investment tax credits (ITCs) and clean fuel production tax credits (45Z), recognizing them as government grants, which affects how these credits appear in the income statement without changing Adjusted EBITDA.

Finally, watch for progress on the company's growth pipeline. Three new RNG projects representing roughly 2.0 million MMBtu of annual design capacity are expected to begin commercial operations over the course of 2027. Together with a disciplined approach to capital allocation and a strengthening contracted downstream business, these projects represent the clearest path toward sustained profitability and cash flow improvement in the coming year.

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