OPAL Fuels Q3 adjusted EBITDA edges past estimates on higher RNG output, fuel station margins
OPAL•OPAL Fuels reported Q3 adjusted EBITDA of $26.69 million, just above the $26.68 million consensus, while revenue fell 5% year over year to $79.49 million and missed estimates. The company maintained its 2026 adjusted EBITDA guidance but expects RNG production to be modestly below prior guidance.
1. Quarterly results
OPAL Fuels reported Q3 adjusted EBITDA of $26.69 million, slightly above the $26.68 million consensus from five analysts. Revenue fell 5% year over year to $79.49 million, below the $95.56 million consensus from three analysts. The company reported net income of $1.66 million and a loss per share of $0.03.
2. Operating results
RNG production rose 5% year over year and 7% sequentially, while Fuel Station Services EBITDA grew 18% year over year on higher fuel volumes and stronger margins. Lower general and administrative costs also contributed to adjusted EBITDA growth.
3. Guidance
The company maintained its 2026 adjusted EBITDA guidance but expects 2026 RNG production to be modestly below prior guidance. It expects aggregate inlet design capacity utilization of 75% to 85% over the next several years.
