Opal Fuels (OPAL) investor relations material

Executive summary

• Q1 2026 saw improved RNG production, up 9% year-over-year to 1.2 million MMBtu, despite a seasonally soft and challenging environment, cold weather, and lower RIN prices.

• Revenue declined 14% year-over-year to $73.3–$73.4 million, with net loss attributable to Class A stockholders of $2.6 million.

• Adjusted EBITDA was $16.7 million, down from $20.1 million in Q1 2025, mainly due to lower RIN prices.

• Investments in personnel, technology, and AI, as well as strong regulatory support, are driving future performance and operational improvements.

• Monetized $11.5 million in ITC credits and completed a $100 million multi-year agreement for Section 45Z production tax credits.

Financial highlights

• First quarter revenue was $73.3–$73.4 million, down from $85.4 million in the prior year period.

• Adjusted EBITDA was $16.7 million, compared to $20.1 million in Q1 2025.

• RNG production reached 1.2 million MMBtu, up 9% year-over-year.

• Fuel Station Services segment EBITDA was $9.2 million, down from $10.9 million year-over-year.

• Liquidity at quarter-end was $232.5–$233 million, including $133–$133.2 million in cash and $39–$39.3 million in revolver capacity.

Outlook and guidance

• Full-year 2026 guidance is maintained, with expectations for accelerating production growth and continued operational improvements.

• Full-year 2026 Adjusted EBITDA is projected between $95 million and $110 million, assuming a $2.45/gallon D3 RIN price.

• RNG production for 2026 is expected to range from 5.4 to 5.8 million MMBtu.

• Management expects available cash, assets, and cash flows to cover commitments for at least the next 12 months.

• Anticipated capital expenditures of $155 million over the next 12 months for RNG projects and fueling stations.