OPAL Fuels Inc. (OPAL) Earnings Call Transcripts

OPAL Fuels Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, OPAL Fuels Inc. reported revenues of $73.3 million, down from $85.4 million in the prior year, primarily due to lower RIN prices. Adjusted EBITDA decreased to $16.7 million from $20.1 million year-over-year. Management maintained full-year guidance, signaling confidence in production improvements and the potential for fleet conversions to CNG and RNG, driven by high diesel prices and regulatory clarity. The company anticipates growth in 2027 and beyond as fleet operators increasingly recognize the volatility of crude oil and diesel prices.

Reported metrics

Guidance from management

Management maintained full-year 2026 guidance, indicating confidence in production growth and the potential for fleet conversions to CNG and RNG, despite the challenges faced in Q1.

What management said

In closing, we remain well positioned for continued disciplined execution of our strategic growth objectives and the expansion of OPAL's vertically integrated platform. I'll now turn the call over to the operator for Q&A. Thank you all for your interest in OPAL Fuels.

Yes. The only thing I would also add there is not only on the production side that extraordinarily cold weather did result in some higher OpEx as well associated with that cold weather. So really almost a double whammy there with what we saw in the first quarter. And although we don't give production and earnings guidance by quarter, we do expect accelerating production growth starting in second quarter and moving th...

What analysts pressed on

Analysts expressed concerns about the impact of lower RIN prices on profitability and questioned the visibility of revenue growth in 2027. There was also discussion around the lumpiness of construction revenues in the Fuel Station Services segment.

Main topics on the call

• Revenue Decline — OPAL Fuels reported first quarter revenue of $73.3 million, a decrease from $85.4 million in Q1 2025. Management attributed this decline to lower RIN prices, which impacted EBITDA significantly.
• Production Growth — RNG production increased by 9% year-over-year to 1.2 million MMBtu, reflecting improved operational execution. Management expressed confidence in continued production growth despite challenges from an extraordinarily col...
• Fleet Conversion Momentum — Management noted a 'logjam finally breaking' for CNG and RNG fleet deployments, driven by high diesel pricing and regulatory clarity. They expect initial contributions from these deployments to begin in 2027.
• RIN Pricing Recovery — The D3 RIN prices have risen to over $2.50, with management seeing a strengthening RIN environment. This recovery is expected to positively impact future earnings.

Read the full OPAL Fuels Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 13 OPAL Fuels Inc. earnings call transcripts on record, spanning August 10, 2023 to August 10, 2026. Based on this history, OPAL Fuels Inc. reports quarterly. The most recent call on file is dated August 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

OPAL

Exchange

NasdaqCM

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

13

First call

August 10, 2023

Most recent

August 10, 2026

Reporting cadence

quarterly