Opal Fuels CEO on Steering the Future of Renewable Natural Gas OPAL Fuels (NASDAQ:OPAL) said it remains on track to meet its full-year 2026 guidance despite lower first-quarter revenue and adjusted EBITDA, as management pointed to improving renewable natural gas production,…
ronger environmental credit pricing and growing interest from heavy-duty trucking fleets in compressed natural gas and renewable natural gas. Speaking on the company’s first-quarter earnings call, Co-Chief Executive Officer Adam Comora described the quarter as seasonally soft and marked by a challenging operating environment, but said production trends and credit markets were improving in line with expectations. “Production is improving in line with our expectations, and we are encouraged by the firming of environmental credit pricing,” Comora said
He added that OPAL is seeing increased business development activity tied to new CNG and RNG fleet deployments in heavy-duty trucking. First-quarter results decline on lower RIN prices Chief Financial Officer Kazi Hasan said first-quarter revenue was $73.3 million, down from $85.4 million in the prior-year period. Adjusted EBITDA was $16.7 million, compared with $20.1 million in the first quarter of 2025.
Hasan attributed the $3.4 million adjusted EBITDA decline primarily to lower RIN prices. He said realized D3 prices declined by $0.30 to $2.41 in the first quarter of 2026 versus the year-earlier period, creating an approximately $4 million EBITDA impact. Operationally, Hasan said the business performed as expected.