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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Opal Fuels
Opal Fuels (OPAL) investor relations material
Opal Fuels Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 Adjusted EBITDA was $26.689 million, up 32% YoY; 9M Adjusted EBITDA was $66.515 million, up 16%.
Q3 revenue fell 5% YoY to $79.5 million; net income was $1.660 million. 9M revenue declined 5% to $236.3 million, with a net loss of $6.606 million.
Adjusted EBITDA growth reflected Fuel Station Services gains, 45Z credits in RNG Fuels and lower G&A costs.
Financial highlights
Q3 operating income rose to $8.8 million from $4.9 million; operating expenses decreased 10% to $70.7 million.
Equity-method investment revenue rose 35% YoY to $36.0 million in Q3 and 21% to $97.9 million in 9M.
9M operating cash flow was $30.6 million vs. $4.9 million; investing cash outflow was $68.7 million vs. $34.8 million.
Q3 GAAP net income was $1.660 million; loss attributable to Class A common stockholders was $0.9 million, or $0.03 per share.
Outlook and guidance
FY 2026 Adjusted EBITDA guidance remains $95–$110 million, with results expected at the low end; assumptions include a $2.45/gallon D3 RIN price.
Full-year RNG production is expected to finish modestly below the prior 5.4–5.8 million MMBtu guidance range, despite sequential growth expected into Q4.
Q4 Adjusted EBITDA is expected to be similar to or slightly above Q3, as higher production and strong downstream margins are partly offset by likely SG&A increases.
Three RNG projects are expected to begin commercial operations in 2027, adding ~2.0 million MMBtu of annual design capacity; 2027 production guidance awaits improved ramp visibility.
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Latest events from Opal Fuels
- Registering up to $199M in securities to fund growth, infrastructure, and strategic initiatives.OPAL
Registration filing - Shelf registration for up to $199 million in securities to fund renewable energy growth and operations.OPALRegistration filing
- Q2 2026 Adjusted EBITDA up 40% to $23.1M; revenue up 4%; net loss $4.1M; guidance maintained.OPALQ2 2026
- RNG production rose 9% as revenue and EBITDA fell, but liquidity and 2026 guidance remain strong.OPALQ1 2026
- Virtual annual meeting to elect directors and ratify auditor, with online voting available.OPALProxy filing
- Shareholders will elect directors, ratify the auditor, and review compensation and governance.OPALProxy filing
- 2025 Adjusted EBITDA was $90.2M, with strong RNG growth and improved liquidity.OPALQ4 2025
- Q3 2024 revenue up 18% to $84M, net income $17.1M, with strong RNG and margin growth.OPALQ3 2024
- Q2 2024 revenue up 29%, Adjusted EBITDA surged, and RNG production and project growth remain strong.OPALQ2 2024
Next Opal Fuels earnings date
Q4 202612 Mar, 2027
Opal Fuels
Next Opal Fuels earnings date
Q4 202612 Mar, 2027
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Frequently asked questions
Opal Fuels Inc. is a prominent company engaged in the production and distribution of renewable natural gas (RNG) for use as a vehicle fuel, particularly targeting heavy and medium-duty trucking fleets. The company's operations encompass the design, development, construction, operation, and servicing of fueling stations that enable trucking fleets to switch from diesel to natural gas as a transportation fuel. Additionally, Opal Fuels offers services related to the design and construction of hydrogen fueling stations and generates and sells renewable power to utilities. The company is headquartered in White Plains, New York, and its shares are listed on the Nasdaq.