The 14% revenue decline and swing to a net loss are material negatives, but the maintained 2026 guidance of $95M-$110M Adjusted EBITDA provides a floor. Watch for Q2 2026 results to confirm whether the lower RIN price environment and seasonal softness persist, and monitor the monetization of the $23.5M RNG pending monetization and the $100M 45Z tax credit agreement as potential catalysts.
Price Chart
Executive Summary
OPAL Fuels reported Q1 2026 revenue of $73.4M, down 14% YoY from $85.4M, and a net loss of $(5.6)M vs net income of $1.3M in the prior year. Adjusted EBITDA fell to $16.7M from $20.1M. The company maintained its 2026 guidance of $95M-$110M Adjusted EBITDA, but the headline revenue decline and swing to a net loss overshadow the maintained outlook.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $73.4M, down 14% YoY from $85.4M
- Net loss of $(5.6)M vs net income of $1.3M in Q1 2025
- Adjusted EBITDA $16.7M, down 17% from $20.1M YoY
- Basic and diluted net loss per share $(0.09) vs $(0.01) in prior year
- RNG production increased 9% YoY to 1.2M MMBtu
- 2026 Adjusted EBITDA guidance maintained at $95M-$110M
- RNG Pending Monetization totaled $23.5M at quarter end
- Completed $180M preferred stock facility refinancing in March 2026
- Entered $100M Master Agreement to monetize 45Z Production Tax Credits in April 2026
Financial Impact
Revenue declined by $12.0M (14%) YoY; net income swung from +$1.3M to -$5.6M; Adjusted EBITDA fell by $3.4M (17%)
Risk Factors
- Lower RIN price environment compressing RNG fuel revenue
- Continued net losses and negative operating cash flow trends
- Execution risk on 2026 guidance amid regulatory and macroeconomic headwinds
- High leverage with $427.7M in loans net of issuance costs vs $18.4M stockholders' equity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033124 |
| Document: opal-20260511.htm | 0001628280-26-033124 |
| Document: 0001628280-26-033124-index-headers.html | 0001628280-26-033124 |
| Document: 0001628280-26-033124-index.html | 0001628280-26-033124 |
| Document: 0001628280-26-033124.txt | 0001628280-26-033124 |
| 8-K Data (Synthetic) | 0001628280-26-033124 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $1.53 | awaiting T+20 | — | $1.54 (+0.65%) |
Oct 20, 2026 7d ago | 8-K | $1.53 | awaiting T+20 | — | $1.54 (+0.65%) |
Sep 18, 2026 5w ago | EFFECT | $1.87 $1.56 | ▲ +16.58% | ▲ +16.78% | $1.54 (+17.65%) |
Sep 2, 2026 7w ago | Insider Cluster | $1.98 $1.74 | ▼ −12.12% | ▼ −11.91% | $1.54 (−22.22%) |
Aug 10, 2026 11w ago | 8-K | $2.60 $1.92 | ▲ +26.15% | ▲ +25.24% | $1.54 (+40.77%) |
Jun 11, 2026 19w ago | Institutional Cluster | $1.91 $2.01 | ▲ +5.24% | ▲ +3.34% | $1.54 (−19.37%) |
Jun 3, 2026 20w ago | 8-K | $2.31 $2.11 | ▼ −8.66% | ▼ −7.29% | $1.54 (−33.33%) |
May 21, 2026 22w ago | Insider Cluster | $2.16 $1.90 | ▼ −12.04% | ▼ −10.62% | $1.54 (−28.70%) |
May 20, 2026 22w ago | 8-K | $2.01 $1.79 | ▼ −11.19% | ▼ −11.53% | $1.54 (−23.38%) |
May 11, 2026 24w ago | 8-K | $2.19 $2.00 | ▲ +8.68% | ▲ +8.37% | $1.54 (+29.68%) |
US Market Status
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