OPAL Fuels Inc. (Nasdaq: OPAL) reported financial results for the three and nine months ended September 30, 2026, in a press release dated November 9, 2026. The company reported Adjusted EBITDA of $26.7 million for the third quarter of 2026, representing a 32% increase compared to the same period in 2025. For the nine months ended September 30, 2026, Adjusted EBITDA totaled $66.5 million, a 16% increase over the prior year period.
Revenue for the third quarter of 2026 was $79.5 million, a 5% decrease compared to the prior year. Total revenue for the first nine months of 2026 was $236.3 million, also down 5% year-over-year. The company noted that revenues from unconsolidated equity method investments increased by 35% for the quarter and 21% for the nine-month period.
On an operational level, OPAL Fuels produced 1.3 million MMBtu of RNG in the third quarter of 2026, a 5% increase compared to the prior year. The Fuel Station Services segment dispensed 40.0 million GGEs of transportation fuel in the third quarter, an increase of 3% compared to the prior year. The company stated that RNG dispensed as transportation fuel increased by 7% to 21.8 million GGEs.
Regarding guidance, OPAL Fuels indicated that it expects 2026 RNG production to be modestly below its original guidance range. The company maintains its 2026 Adjusted EBITDA guidance. As of September 30, 2026, the company’s liquidity was $122.0 million, consisting of $86.0 million in cash and cash equivalents, $10.8 million of unused revolver capacity, and $25.2 million of undrawn preferred stock facility.
