OPAL Fuels Q3 EBITDA rises 32%
Key points
- OPAL Fuels reported third-quarter 2026 adjusted EBITDA of US$26.7 million, up 32% year-over-year, despite a 5% decline in revenue to US$79.5 million.
- Renewable natural gas production increased 5% to approximately 1.3 million MMBtu, while Fuel Station Services EBITDA grew 18%.
- Management expects full-year 2026 adjusted EBITDA to reach the lower end of its guidance range and anticipates three new RNG projects beginning operations in 2027.
OPAL Fuels (NASDAQ:OPAL) reported third-quarter 2026 revenue of US$79.5 million, down 5% year-over-year, while adjusted EBITDA increased 32% to US$26.7 million.
For the first nine months of 2026, revenue declined 5% to US$236.3 million, while adjusted EBITDA increased 16% to US$66.5 million, and quarterly net income improved to US$1.7 million from a US$1.9 million loss.
RNG production reached approximately 1.34 million MMBtu, up 5% year-over-year and 7% sequentially, while Fuel Station Services handled 40 million gasoline gallon equivalents of transportation fuel, an increase of 3%.
Management expects full-year 2026 adjusted EBITDA to reach the lower end of its guidance range, while acknowledging that RNG production will finish modestly below its previously issued forecast because operational improvements took longer than expected.
The company expects three new renewable natural gas projects, representing approximately 2 million MMBtu of annual design capacity, to begin commercial operations during 2027 as it continues expanding its transportation fuel business.
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