OPAL Fuels Flags 2026 RNG Output Below Guidance

The Tip Desk · November 9, 2026 · 3 min read

Third-quarter Adjusted EBITDA reached $26.7 million as the company said full-year results should sit at the lower end of its range.

OPAL Fuels (OPAL), a vertically integrated producer and distributor of renewable and compressed natural gas for heavy-duty trucking, said third-quarter Adjusted EBITDA of $26.7 million was in line with expectations and supports full-year results at the lower end of its guidance range, which the company maintained.

The non-GAAP measure, which includes OPAL’s share from unconsolidated equity investments, rose 32% from $20.2 million a year earlier, after a 40% year-over-year increase in the second quarter. Co-Chief Executive Officer Adam Comora said progress in RNG production, growth in Fuel Station Services, 45Z contributions and lower general and administration costs drove the year-over-year gain.

Revenue was $79.5 million, down 5% from $83.4 million a year earlier, reversing a 4% year-over-year increase in the prior quarter. Net income was $1.7 million, a $3.6 million swing from a $1.9 million loss a year earlier, after a $4.1 million loss in the second quarter. Basic and diluted net loss per share attributable to Class A common shareholders was $0.03.

RNG produced was 1.3 million MMBtu, up 7% sequentially from the second quarter and 5% from the year-ago quarter. Co-Chief Executive Officer Jonathan Maurer said the company is encouraged by the sequential production growth, which is continuing in the fourth quarter, but that operational improvements took longer to implement. The company now expects 2026 RNG production to be modestly below its guidance range.

Inlet Design Capacity Utilization was 76.0%, down from 79.5% a year earlier. Utilization of Inlet Gas was 75.0%, down from 77.1% a year earlier; the company said utilization was impacted by various equipment-related operational issues and that corrective measures have been implemented that are designed to address those issues and improve utilization toward the target range.

The Fuel Station Services segment sold, dispensed, and serviced 40.0 million GGEs of transportation fuel, up 3% from the year-ago quarter after a 4% year-over-year decline in the prior quarter. Of that volume, RNG dispensed as transportation fuel was 21.8 million GGEs, up 7% from the year-ago quarter. Fuel Station Services Adjusted EBITDA was $13.0 million, up 18% from $11.0 million a year earlier; Comora attributed the increase to higher fuel volumes and stronger margins.

RNG Fuel Adjusted EBITDA was $20.3 million, up from $15.0 million a year earlier. Renewable Power Adjusted EBITDA was $1.4 million, down from $3.3 million a year earlier. Corporate Adjusted EBITDA was a $7.9 million expense, down from a $9.2 million expense a year earlier. RNG Fuel revenue was $22.5 million, Fuel Station Services revenue was $49.7 million, and Renewable Power revenue was $7.3 million.

Revenues at unconsolidated equity method investments were $36.0 million, up 35% from $26.6 million a year earlier. OPAL’s share of Adjusted EBITDA from those investments was $2.9 million, down from $3.9 million a year earlier.

RNG Pending Monetization totaled $14.1 million at September 30, 2026, down from $16.3 million at June 30, 2026. Liquidity was $122.0 million, including $86.0 million of cash and cash equivalents, $10.8 million of unused revolver capacity and $25.2 million of an undrawn preferred stock facility.

Maurer said the company expects its operating platform to be strengthened by capital-efficient production improvements on existing assets and by three new RNG projects representing approximately 2.0 million MMBtu of annual design capacity expected to begin commercial operations over the course of 2027.