Opal Fuels (OPAL) Q3 2026 earnings summary

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.