Key Highlights

  • Adjusted EBITDA was USD 26.7 million, up 32% from USD 20.2 million.
  • Revenue was USD 79.5 million, compared with USD 83.4 million a year earlier.
  • RNG Fuel segment adjusted EBITDA was USD 20.3 million, compared with USD 15.0 million.
  • Trailing 12-month adjusted EBITDA was approximately USD 100 million.

OPAL Fuels Inc. (NASDAQ:OPAL) reported third quarter 2026 adjusted EBITDA of USD 26.7 million, an increase of 32% from USD 20.2 million. Revenue was USD 79.5 million, compared with USD 83.4 million. Reported EPS was negative USD 0.03, compared with estimates of EPS of USD 0.03 and revenue of USD 91.30 million. Co-chief executive Adam Comora tied the results to growth in fuel station services, contributions from 45Z tax credits and G&A cost savings.

For the first nine months, adjusted EBITDA was USD 66.5 million, up 16% from USD 57.2 million, and revenue was USD 236.3 million compared with USD 249.2 million, a decline of approximately 5%.

Segment and Equity Method Results

RNG Fuel segment adjusted EBITDA was USD 20.3 million, up approximately 35% from USD 15.0 million. For nine months it increased 13% to USD 52.9 million from USD 46.7 million, driven by production growth and 45Z contributions, with realized RIN prices essentially flat. The company adopted government grant accounting for 45Z credits, treating them as an offset to cost of sales rather than in the tax line.

Revenues at unconsolidated equity method investments were USD 36 million for the quarter and USD 97.9 million for nine months, increases of 35% and 21%. The company owns approximately 50% of these investments.

RIN Market Dynamics

Management said D3 RIN prices have faced downward pressure and Volatility in 2026 alongside moves in crude and diesel markets. Set Rule 2 established conservative D3 RIN Volume obligations for 2026 and 2027, and since then D3 RINs have traded close to the D4 RIN price, with a slight premium. D3 RINs do not trade below the D4 RIN price or above a potential cap, which management cited as between USD 3.50 and USD 4 for 2027 and 2028.

The company said D4 RIN pricing has weakened despite tight physical Supply relative to the 2026 and 2027 obligations, and that it appears to follow the spread between diesel and bean oil. It has incorporated current RIN pricing into its full year adjusted EBITDA guidance.

Fleet Conversion and Growth Projects

Management said higher diesel prices have had a positive effect on fleet conversion Business development. It cited that fuel switching Economics are strong even at USD 4 diesel and that payback periods for Natural Gas tractors are measured in months at USD 6 diesel. Natural gas represents about 2% of the heavy-duty trucking market.

Three new projects, Cottonwood, Burlington and CMS, add 2 million MMBtu of annual design capacity and are scheduled to come online through 2027. The company also cited capital-efficient production gains at existing RNG plants.

Leadership Transition and Reference Points

Co-chief executive Jonathan Maurer informed the board of his plans to retire effective March 31, 2027. Mr. Maurer said many of his responsibilities continue after that date, and referenced the company's origins in Fortistar's landfill gas energy projects nearly three decades ago.

Disclosed reference points include the March 31, 2027 retirement date, the 2 million MMBtu of design capacity scheduled through 2027, D3 and D4 RIN price levels and the full year adjusted EBITDA guidance that incorporates current RIN pricing. The company filed its Form 10-Q on the day of the call.