OPAL Fuels Reports Third Quarter 2026 Results
OPAL Fuels Inc. (OPAL) filed an SEC Form 8-K — Results of Operations and Financial Condition. FOR IMMEDIATE RELEASE OPAL Fuels Reports Third Quarter 2026 Results WHITE PLAINS, N.Y. – (November 9, 2026) – OPAL Fuels (Nasdaq: OPAL), a vertically integrated and nationwide leader in the production and distribution of renewable and compressed natural gas (RNG and CNG) used as
How this was made
The 30-second read
Why it matters
The earnings release provides fresh financial metrics and a revised production outlook, offering a concrete catalyst for short‑term trading decisions.
Market read
OPAL's Q3 results and guidance update are the primary market‑moving information in this article.
What to watch
Capital‑efficient production improvements and new RNG projects slated for 2027 may offset short‑term production shortfall.
OPAL Fuels Q3 2026: Adjusted EBITDA up 32% to $26,688 thousand on lower G&A, 45Z contributions and Fuel Station Services; revenue down 5%; 2026 RNG production now expected modestly below guidance
Adjusted EBITDA rose 32% in the quarter and 16% over nine months, and Fuel Station Services and RNG Fuel segment EBITDA both grew. Against that, total revenue fell 5% in both periods, the company now expects 2026 RNG production modestly below its guidance range, nine-month net loss was $(6,606) thousand, and nine-month impairment was $4,156 thousand. The Adjusted EBITDA guidance was maintained, not raised.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, Q3 2026 (three months ended September 30, 2026)GAAP | $79.49M | – | decrease of 5% |
| Total revenues, nine months 2026GAAP | $236.3M | – | decrease of 5% |
| RNG Fuel revenue, Q3 2026GAAP | $22.49M | – | – |
| RNG Fuel revenue, nine months 2026GAAP | $67.95M | – | – |
| Fuel Station Services revenue, Q3 2026GAAP | $49.74M | – | – |
| Fuel Station Services revenue, nine months 2026GAAP | $147.4M | – | – |
| Renewable Power revenue, Q3 2026GAAP | $7.26M | – | – |
| Renewable Power revenue, nine months 2026GAAP | $20.95M | – | – |
| Revenues at unconsolidated equity method investments (total), Q3 2026other | $36.02M | – | increase of 35% |
| Revenues at unconsolidated equity method investments (total), nine months 2026other | $97.93M | – | increase of 21% |
| OPAL's share of revenues from equity method investments, Q3 2026other | $14.81M | – | – |
| OPAL's share of revenues from equity method investments, nine months 2026other | $40.94M | – | – |
| Cost of sales, Q3 2026GAAP | $51.72M | – | – |
| Cost of sales, nine months 2026GAAP | $159.1M | – | – |
| Project development and startup costs, Q3 2026GAAP | $2.74M | – | – |
| Project development and startup costs, nine months 2026GAAP | $7.86M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $12.43M | – | – |
| Selling, general and administrative, nine months 2026GAAP | $36.52M | – | – |
| Depreciation, amortization, and accretion, Q3 2026GAAP | $5.04M | – | – |
| Depreciation, amortization, and accretion, nine months 2026GAAP | $15.13M | – | – |
| Impairment loss, Q3 2026GAAP | $14K | – | – |
| Impairment loss, nine months 2026GAAP | $4.16M | – | – |
| Other operating expenses (MD&A table, includes SG&A, D&A, impairment and equity method income), Q3 2026other | $16.19M | – | – |
| Other operating expenses (MD&A table, includes SG&A, D&A, impairment and equity method income), nine months 2026other | $56.24M | – | – |
| Operating income, Q3 2026GAAP | $8.83M | – | – |
| Operating income, nine months 2026GAAP | $13.08M | – | – |
| Interest and financing expense, Q3 2026GAAP | −$8.93M | – | – |
| Interest and financing expense, nine months 2026GAAP | −$24.22M | – | – |
| Interest income, Q3 2026GAAP | $742K | – | – |
| Interest income, nine months 2026GAAP | $3.60M | – | – |
| Other income, net, Q3 2026GAAP | $1.01M | – | – |
| Other income, net, nine months 2026GAAP | $1.11M | – | – |
| Provision for income taxes, nine months 2026GAAP | −$183K | – | – |
| Net income (loss), Q3 2026GAAP | $1.66M | – | increase of $3.6 million |
| Net income (loss), nine months 2026GAAP | −$6.61M | – | increase of $7.2 million |
| Net loss attributable to Class A common stockholders, Q3 2026GAAP | −$942K | – | – |
| Net loss attributable to Class A common stockholders, nine months 2026GAAP | −$4.83M | – | – |
| Basic and diluted net loss per share attributable to Class A common shareholders, Q3 2026GAAP | $(0.03) | – | – |
| Basic and diluted net loss per share attributable to Class A common shareholders, nine months 2026GAAP | $(0.17) | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $26.69M | – | increase of 32% |
| Adjusted EBITDA, nine months 2026non-GAAP | $66.52M | – | increase of 16% |
| OPAL's share of Adjusted EBITDA from equity method investments, Q3 2026non-GAAP | $2.94M | – | – |
| OPAL's share of Adjusted EBITDA from equity method investments, nine months 2026non-GAAP | $15.07M | – | – |
| RNG production, Q3 2026 (table, million MMBtu)other | 1.3 million MMBtu | seven percent growth compared with the second quarter (CEO statement, 1.34 million MMBtu) | increase of 5% |
| RNG production, nine months 2026 (million MMBtu)other | 3.8 million MMBtu | – | increase of 9% |
| RNG dispensed as transportation fuel, Q3 2026 (million GGEs)other | 21.8 million GGEs | – | increase of 7% |
| RNG dispensed as transportation fuel, nine months 2026 (million GGEs)other | 60.5 million GGEs | – | flat |
| Total volume delivered (sold, dispensed and serviced), Q3 2026 (million GGEs)other | 40.0 million GGEs | – | increase of 3% |
| Total volume delivered (sold, dispensed and serviced), nine months 2026 (million GGEs)other | 117.9 million GGEs | – | decrease of 2% |
| Landfill RNG: Inlet Design Capacity Utilization, Q3 2026other | 76.0% | – | – |
| Landfill RNG: Inlet Design Capacity Utilization, nine months 2026other | 73.0% | – | – |
| Landfill RNG: Utilization of Inlet Gas, Q3 2026other | 75.0% | – | – |
| Landfill RNG: Utilization of Inlet Gas, nine months 2026other | 74.0% | – | – |
| RNG Pending Monetization and credits at quarter end (September 30, 2026)other | $14.11M | – | – |
| Net cash provided by operating activities, nine months 2026GAAP | $30.59M | – | – |
| Purchase of property, plant and equipment, nine months 2026GAAP | −$70.98M | – | – |
| Liquidity at September 30, 2026other | $122M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| RNG FuelSegment Adjusted EBITDA was $20,271 thousand in Q3 2026 vs $15,027 thousand, and $52,946 thousand for nine months vs $46,783 thousand. The release states that 2025 includes incremental virtual pipeline costs on Prince William that are temporary in nature. The release gives no segment-level percentage change for revenue. | $22,489 thousand (Q3 2026); $67,948 thousand (nine months 2026) | – | – |
| Fuel Station ServicesSegment Adjusted EBITDA was $12,969 thousand in Q3 2026 vs $11,040 thousand, and $34,693 thousand for nine months vs $32,468 thousand. The company states that Fuel Station Services EBITDA grew 18% from increasing fuel volumes and stronger margins. Impairment charges in this segment are described as related to assets no longer expected to be utilized after a renewable power facility was repurposed to RNG operations. | $49,740 thousand (Q3 2026); $147,370 thousand (nine months 2026) | – | – |
| Renewable PowerSegment Adjusted EBITDA was $1,370 thousand in Q3 2026 vs $3,315 thousand, and $4,319 thousand for nine months vs $7,124 thousand. Major maintenance was $1,440 thousand in Q3 2026 (nine months $4,079 thousand) per the Adjusted EBITDA reconciliation. Impairment charges in this segment are described in the release as related to the repurposing of a renewable power facility to RNG operations. | $7,262 thousand (Q3 2026); $20,947 thousand (nine months 2026) | – | – |
FY2026 outlook
- NoteAdjusted EBITDA: the company maintains its 2026 Adjusted EBITDA guidance; the numeric range is not printed in this release.
- NoteAdjusted EBITDA: the CEO states full-year Adjusted EBITDA is expected to be within the lower end of the guidance range.
- NoteRNG production: the company expects 2026 RNG production to be modestly below its 2026 guidance range; the range is not printed in this release.
Capital returns
- No share repurchases or Class A common stock issuance under the ATM program are reported in the nine-month cash flow statement (ATM proceeds were $0 in 2026 vs $58 thousand in 2025).
- Payment of preferred dividends was $(11,518) thousand for nine months 2026 vs $(7,852) thousand for nine months 2025.
- Redemption of redeemable preferred non-controlling interest was $(100,000) thousand in nine months 2026; proceeds from redeemable preferred non-controlling interest and warrants issuance, net of issuance costs, were $150,958 thousand in the same period.
- Distribution to non-redeemable non-controlling interest was $(305) thousand in nine months 2026 vs $(150) thousand in 2025.
What drove it
- Company explanation: CEO Adam Comora attributes the 32% Adjusted EBITDA growth to progress in RNG production, growth in Fuel Station Services, 45Z contributions and lower general and administration costs.
- Company explanation: Fuel Station Services EBITDA grew 18% from increasing fuel volumes and stronger margins.
- Company explanation: Q3 2026 RNG production of 1.34 million MMBtu was 7% above the second quarter; the company says operational improvements took longer to implement than expected.
- Company explanation: utilization was impacted by various equipment-related operational issues; corrective measures have been implemented.
- Company explanation: sustained volatility in diesel prices is cited as highlighting the long-term economic case for natural and renewable natural gas to displace diesel.
- Accounting policy change: during Q3 2026 the company changed its accounting for ITCs and PTCs, applying it retrospectively. The company states Adjusted EBITDA increased by $0.7 million for Q3 2025 and $1.2 million for nine months 2025 under this change, and that other effects did not impact Adjusted EBITDA.
- Equity method investments: revenues at unconsolidated equity method investments grew 35% in Q3 and 21% for nine months, while OPAL's share of Adjusted EBITDA from those investments was $2,943 thousand in Q3 2026 vs $3,858 thousand in Q3 2025.
- Other income, net: the release does not explain the change in other income, net; the three-month figure was $1,014 thousand vs $129 thousand.
Concerns
- 2026 RNG production is now expected to be modestly below the guidance range, after operational improvements took longer to implement.
- Total revenues fell 5% in both Q3 2026 and nine months 2026, with declines in RNG Fuel, Fuel Station Services and Renewable Power over nine months.
- Total volume delivered over nine months fell 2% to 117.9 million GGEs from 120.4 million GGEs, while Q3 volume rose 3%.
- Landfill RNG utilization of inlet gas was 75.0% in Q3 2026 vs 77.1%, and 74.0% for nine months vs 75.8%, against an expected range of 80% to 90% printed in the release.
- Net loss: nine months 2026 net loss was $(6,606) thousand; net loss attributable to Class A common stockholders was $(4,832) thousand.
- Impairment loss of $4,156 thousand for nine months 2026, primarily related to assets no longer expected to be utilized after a renewable power facility was repurposed to RNG operations.
- Interest and financing expense rose to $(8,927) thousand in Q3 2026 from $(7,185) thousand, and to $(24,218) thousand for nine months from $(20,272) thousand.
- Cash from operations was $30,590 thousand for nine months 2026 vs $4,879 thousand, but capital expenditures were $(70,979) thousand, and the company used a $(100,000) thousand redemption of preferred non-controlling interest.
What to watch
- Whether RNG production returns to the guidance range; the release gives no numeric range for 2026 RNG production.
- Full-year 2026 Adjusted EBITDA results against the guidance range, which management says will be at the lower end.
- Landfill RNG utilization of inlet gas against the 80% to 90% expected range, following the corrective measures described.
- Start of commercial operations for three new RNG projects of approximately 2.0 million MMBtu of annual design capacity, expected over 2027.
- Fleet deployments in Fuel Station Services, which management describes as an area of business development efforts.
- Trend in total revenues, which declined 5% in both periods, and in fuel volume delivered, which fell 2% over nine months.
- Treatment of the accounting policy change for ITCs and PTCs in future periods, and any further non-GAAP adjustments the company may make.
Balance sheet and cash flow
- Cash and cash equivalents: $86,004 thousand at September 30, 2026 vs $24,408 thousand at December 31, 2025.
- Liquidity at September 30, 2026 was $122.0 million, consisting of $86.0 million of cash and cash equivalents, $10.8 million of unused capacity under the revolver and $25.2 million of undrawn preferred stock facility.
- Total assets: $1,024,614 thousand at September 30, 2026 vs $908,328 thousand at December 31, 2025.
- Loans, current portion: $20,310 thousand at September 30, 2026 vs $15,062 thousand at December 31, 2025.
- Loans, net of debt issuance costs (non-current): $387,113 thousand at September 30, 2026 vs $337,063 thousand at December 31, 2025.
- Total liabilities: $527,547 thousand at September 30, 2026 vs $461,860 thousand at December 31, 2025.
- Redeemable preferred non-controlling interests: $187,095 thousand at September 30, 2026 vs $130,000 thousand at December 31, 2025. Redeemable non-controlling interests: $257,023 thousand vs $377,898 thousand.
- Total stockholders' equity (deficit) attributable to the Company: $38,669 thousand at September 30, 2026 vs $(64,219) thousand at December 31, 2025.
- Nine-month cash flow: net cash provided by operating activities $30,590 thousand vs $4,879 thousand; net cash used in investing activities $(68,719) thousand vs $(34,796) thousand; net cash provided by financing activities $100,275 thousand vs $34,971 thousand.
- Loan proceeds were $128,382 thousand and loan repayments were $(74,958) thousand for nine months 2026, vs $60,000 thousand and $(16,295) thousand for nine months 2025.
- Capital expenditures: the company states it invested $71.0 million across RNG projects in construction, owned fueling stations in construction and finance transformation over nine months 2026, compared with $60.9 million in the prior year. Maintenance capital on existing facilities is expensed under the company's accounting policy.
- The Company's portion of capital expenditures in unconsolidated entities was $17.5 million for nine months 2026 vs $17.9 million in the prior year.
Analysis
OPAL Fuels reported Q3 2026 total revenues of $79,491 thousand, down from $83,357 thousand, a decrease of 5%. Nine-month revenues were $236,265 thousand against $249,220 thousand, also a decrease of 5%. Revenue fell in every line in both periods: RNG Fuel, Fuel Station Services and Renewable Power. Equity method investments moved the other way, with total revenues at those investments up 35% in Q3 and 21% for nine months, and OPAL's share of their Adjusted EBITDA was $2,943 thousand in Q3 2026 against $3,858 thousand a year earlier. The company's explanation for growth lies in lower cost and segment EBITDA rather than top-line growth.
Profitability improved on the non-GAAP line. Adjusted EBITDA was $26,688 thousand in Q3 2026 vs $20,181 thousand, an increase of 32%, and $66,515 thousand for nine months vs $57,181 thousand, an increase of 16%. The RNG Fuel segment contributed $20,271 thousand vs $15,027 thousand, and Fuel Station Services $12,969 thousand vs $11,040 thousand. Renewable Power fell to $1,370 thousand from $3,315 thousand, and corporate costs were $(7,922) thousand vs $(9,201) thousand. On a GAAP basis, operating income was $8,831 thousand vs $4,856 thousand in Q3 and $13,081 thousand vs $3,091 thousand for nine months. Net income in Q3 was $1,660 thousand vs $(1,913) thousand. Nine-month net loss narrowed to $(6,606) thousand from $(13,789) thousand but remained negative, and the nine-month figures include a $4,156 thousand impairment. Q3 GAAP EPS was $(0.03), unchanged from the prior year, and nine-month EPS was $(0.17) vs $(0.13).
The accounting change is material to comparability. During Q3 2026 the company changed its accounting for ITCs and PTCs and applied the change retrospectively. The company states Adjusted EBITDA was raised by $0.7 million for Q3 2025 and $1.2 million for nine months 2025 under the new treatment. The release describes the ITC and PTC change as presenting credits as grants rather than income tax benefits, so reported cost of sales and Adjusted EBITDA are not directly comparable with the prior presentation without reading the reconciliation.
Operationally, RNG production reached 1.3 million MMBtu in Q3 2026 and 3.8 million MMBtu for nine months, up 5% and 9% respectively per the release. Management states that Q3 production was 1.34 million MMBtu, 7% above Q2, and that the company now expects 2026 RNG production to be modestly below its guidance range. Landfill utilization of inlet gas fell to 75.0% in Q3 from 77.1% a year earlier and to 74.0% for nine months from 75.8%. The company attributes the utilization shortfall to equipment-related operational issues and says corrective measures are in place. Fuel volume delivered rose 3% in Q3 to 40.0 million GGEs but fell 2% for nine months to 117.9 million GGEs.
Capital allocation is funded largely by external capital. Nine-month operating cash flow was $30,590 thousand, against $(70,979) thousand of PP&E purchases. The company reports $128,382 thousand of loan proceeds and $150,958 thousand of proceeds from redeemable preferred non-controlling interest and warrants, which funded a $(100,000) thousand redemption of preferred non-controlling interest. Loans rose: the current portion is $20,310 thousand and the non-current portion $387,113 thousand, both at September 30, 2026. Liquidity was $122.0 million. Adjusted EBITDA guidance was maintained, not raised, and the CEO says full-year results are expected at the lower end of the range. Because the release prints no numeric guidance range, the outlook can be read only as a direction, not as a level.
Management, verbatim
Third quarter Adjusted EBITDA of $26.7 million was in line with our expectations and support full year Adjusted EBITDA results to be within the lower end of our guidance range
Adam Comora, Co-Chief Executive Officer
While we are encouraged by the sequential production growth, which is continuing in the fourth quarter, the operational improvements took longer to implement. We now expect 2026 RNG production to be modestly below our guidance range.
Jonathan Maurer, Co-Chief Executive Officer
Sustained volatility in diesel prices is further highlighting the long-term economic case for natural and renewable natural gas to displace diesel.
Adam Comora, Co-Chief Executive Officer
Not in the filing
stated, not guessed- Numeric 2026 Adjusted EBITDA guidance range: the release says guidance is maintained but does not print the range.
- Numeric 2026 RNG production guidance range: the release says production will be modestly below the range but does not print the range.
- Revenue, gross margin, operating expense and tax rate guidance: not provided in the release.
- Prior-year and prior-quarter comparisons for segment revenue percentages: the release does not print segment-level percentage changes for RNG Fuel, Fuel Station Services or Renewable Power revenue.
- Quarter-on-quarter comparisons for most metrics: the release reports sequential RNG production growth only (7%, as stated by management); Q2 2026 figures are not printed.
- Prior-quarter figures for Q2 2026: not printed except the stated 7% sequential growth in production.
- Percentage change for OPAL's share of Adjusted EBITDA from equity method investments and for most other GAAP line items: not printed.
- Consolidated gross margin: not printed as a figure.
- Prior-year percentage change for the RNG production and volume rows: the table shows 1.3 million MMBtu for both Q3 2026 and Q3 2025, while the text prints a 5% increase; the release gives no more precise figures to reconcile the two.
- Share price reaction, consensus estimates and analyst expectations: not in the documents.
- Adjusted EBITDA gross reconciliation detail beyond the three-month and nine-month tables, including the segment net income figures, which are stated to be in the Form 10-Q.
- Per-share Adjusted EBITDA or non-GAAP EPS: not provided.
- Q3 2026 change in cash balance: the release prints the nine-month cash flow, not the quarterly cash flow.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
OPAL Fuels is a Nasdaq‑listed provider of renewable and compressed natural gas for heavy‑duty trucking.
Ticker impact
OPAL Fuels reported Q3 2026 results with Adjusted EBITDA of $26.7M and reaffirmed full-year guidance while lowering RNG production outlook.
likely pressure as the market prices in the lowered RNG production guidance.
First‑report earnings numbers and a guidance adjustment provide fresh material for traders; the guidance is reaffirmed for EBITDA but production is expected below prior range, which may weigh on the stock.
Market effects
RNG and renewable natural gas sector may see heightened scrutiny on production forecasts.
U.S. renewable fuel market could experience modest re‑rating.
Limited to investors focused on clean‑energy transportation fuels.
Counterpoint
If the market overreacts to the lowered RNG outlook, the stock could rebound on strong EBITDA growth.
Key entities
- ExecutiveAdam Comora
Co‑Chief Executive Officer of OPAL Fuels
- ExecutiveJonathan Maurer
Co‑Chief Executive Officer of OPAL Fuels
