OPAL Fuels Returned to Revenue Growth

The Tip Desk · October 17, 2026 · 3 min read

Second-quarter adjusted EBITDA rose 40% to $23.1 million, with tax credits, fuel-station services and cost savings supporting the recovery.

OPAL Fuels (OPAL), a renewable natural gas and renewable power producer that also markets and distributes renewable natural gas, returned to year-over-year revenue growth in the second quarter after a first-quarter reversal. Revenue rose 4% in the three months ended June 30, following a 14% decline in the first quarter and 25% growth in the fourth quarter of 2025. The sales recovery accompanied renewed growth in adjusted EBITDA, although natural-gas production growth continued to slow.

Adjusted EBITDA, a non-GAAP measure, was $23.1 million against $16.5 million a year earlier. Co-Chief Executive Adam Comora attributed the quarter’s financial results to section 45Z production tax credits, growth in Fuel Station Services, and general and administrative cost savings. He said RIN environmental-credit prices were flat against last year. That followed a first quarter in which lower RIN prices and additional production sales included in the prior-year comparison offset improved production and tax-credit contributions.

RNG Fuel supplied the largest segment contribution to adjusted EBITDA, at $18.6 million against $13.3 million a year earlier, despite segment revenue of only $23.8 million. Fuel Station Services generated revenue of $53.1 million and adjusted EBITDA of $12.5 million. The station business therefore accounted for most consolidated revenue, while RNG Fuel supplied the larger segment earnings contribution before corporate costs. Consolidated revenue excluded revenue from equity-method investments.

Production provided a more restrained operating signal than the earnings recovery. RNG output totaled 1.3 million MMBtu, with growth slowing to 4% from 9% in the first quarter and 20% in the fourth quarter of 2025. The second-quarter production figure reflected OPAL’s proportional share with respect to RNG projects owned with joint-venture partners. Co-Chief Executive Jonathan Maurer said the company was pursuing opportunities to increase production and EBITDA at existing facilities with minimal capital investment.

Fuel Station Services sold, dispensed, and serviced 39.0 million gasoline gallon equivalents of transportation fuel during the quarter. RNG dispensed as transportation fuel accounted for 20.9 million gasoline gallon equivalents of that total. Across its landfill RNG facilities, inlet design-capacity utilization was 75.2%, while utilization of inlet gas was 76.6%. Those facility measures excluded Sunoma and Biotown and distinguished the availability of incoming gas from the plants’ conversion of that gas into fuel.

The adjusted earnings improvement did not produce a GAAP profit. OPAL recorded a net loss of $4.1 million against net income of $7.6 million a year earlier, and the loss attributable to Class A shareholders was $0.05 a share. Interest and financing expense totaled $8.6 million. The company also recognized an impairment charge, adding another expense outside the operating gains highlighted by management.

Renewable Power generated $6.5 million of revenue and $0.3 million of adjusted EBITDA. The $4.1 million impairment affected that segment and Fuel Station Services. It primarily concerned assets no longer expected to be used following the repurposing of a renewable-power facility for RNG operations.

For the six months ended June 30, OPAL invested $52.7 million in RNG projects, company-owned fueling stations under construction, and finance transformation. Its share of capital expenditures at unconsolidated entities was another $10.8 million. Operating activities generated $23.7 million of cash over the same six-month period. The company expensed maintenance capital at existing facilities rather than including it in those investment totals.

At June 30, liquidity totaled $162.3 million, including $91.4 million of cash and cash equivalents. RNG pending monetization stood at $16.3 million. During April, OPAL entered a $100 million master agreement establishing terms for monetizing section 45Z production tax credits. The company maintains its 2026 guidance. Maurer said OPAL was advancing construction of new RNG facilities that would expand production capacity as they entered service.