| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 67.42 | 18.7% |
| Total Income | 67.42 | 18.7% |
| Expenditure | 78.22 | 10.4% |
| PBT | -11.30 | 67.4% |
| Net Profit | -2.64 | 1000.0% |
| OPM | -7.18% | 4.84pp |
| NPM | -3.92% | 3.64pp |
| EPS | -0.09 | 800.0% |
OPAL Fuels Reports Q1 2026 Results: Revenue $73.4M
11 May 2026 · 11 May, 4:56 pm
Summary
OPAL Fuels announced its financial and operating results for the three months ended March 31, 2026. Revenue decreased by 14% to $73.4 million compared to the same period last year. Adjusted EBITDA was $16.7 million, down from $20.1 million in the prior year. The company reported a net loss of $(5.6) million, compared to a net income of $1.3 million in the same period last year. Despite a challenging operating environment in the seasonally soft first quarter, the company maintains its 2026 guidance.
Key Highlights
- 1
OPAL Fuels reported revenue of $73.4 million for the three months ended March 31, 2026, a decrease of 14% compared to the same period last year.
- 2
Adjusted EBITDA for the three months ended March 31, 2026, was $16.7 million, compared to $20.1 million in the comparable period last year.
- 3
Net loss for the three months ended March 31, 2026, was $(5.6) million, compared to a net income of $1.3 million in the same period last year.
- 4
RNG produced was 1.2 million MMBtu for the three months ended March 31, 2026, an increase of 9% compared to the prior-year period.
- 5
The Fuel Station Services segment sold, dispensed, and serviced an aggregate of 39.0 million GGEs of transportation fuel for the three months ended March 31, 2026, a decrease of 4% compared to the prior-year period.
- 6
In the first quarter, OPAL Fuels completed its fifth sale of IRA Investment Tax Credits for $23 million for its Atlantic facility.
- 7
RNG Pending Monetization totaled $23.5 million as of March 31, 2026.
Management Comments
Adam Comora
"Despite a challenging operating environment in the seasonally soft first quarter, we remain on track to meet our full year guidance," said Adam Comora, Co-Chief Executive Officer of OPAL Fuels. "Production trends have improved, in line with our expectations, and we are encouraged by the recent firming in environmental credit prices." "Our business development efforts for new fleet conversions to CNG and RNG in the heavy-duty trucking sector are gaining traction. A variety of factors are contributing to this momentum - high and volatile diesel pricing, regulatory clarity regarding combustion engines, ongoing sustainability goals, and the successful tests of the Cummins X15N engine are moving fleets into decision making mode," continued Comora.
Jonathan Maurer
"Given the difficult weather conditions, our RNG facilities performed well, producing more RNG compared with the first quarter of 2025. This performance is due to the meaningful improvements we are making across our operating platform. We expect to see these improvements continue throughout the year. In the quarter we completed several financing transactions which added clarity to our capital structure and sets us up for continued investment and growth in both our upstream and downstream segments. In addition, IRA Investment Tax credits, 45Z production tax credits, and EPA's issuance of Set Rule 2 demonstrate the supportive regulatory backdrop for our business."
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