OPAL Fuels (Nasdaq: OPAL), a vertically integrated and nationwide leader in the production and distribution of renewable and compressed natural gas (RNG and CNG) used as transportation fuel for heavy-duty trucking, today announced financial and operating results for the three and nine months ended September 30, 2026.

“We are pleased with our third quarter financial results. Third quarter Adjusted EBITDA of $26.7 million was in line with our expectations and support full year Adjusted EBITDA results to be within the lower end of our guidance range,” said Adam Comora, Co-Chief Executive Officer of OPAL Fuels. “Progress in RNG production, growth in Fuel Station Services, 45Z contributions and lower general and administration costs drove 32% Adjusted EBITDA growth compared to the third quarter last year.”

“Fuel Station Services EBITDA grew 18% when compared with the prior year period from increasing fuel volumes and stronger margins,” continued Comora. “We are further encouraged by our business development efforts for new fleet deployments in our Fuel Station Services segment. Sustained volatility in diesel prices is further highlighting the long-term economic case for natural and renewable natural gas to displace diesel.”

“We continue to make steady progress on production, achieving 1.34 million MMBtu in the third quarter, seven percent growth compared with the second quarter,” said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. "While we are encouraged by the sequential production growth, which is continuing in the fourth quarter, the operational improvements took longer to implement. We now expect 2026 RNG production to be modestly below our guidance range.”

“We have a strong operating platform today, which we expect to be strengthened by the following: continued capital efficient production improvements on our existing assets, three new RNG projects representing approximately 2.0 million MMBtu of annual design capacity expected to begin commercial operations over the course of 2027, and our leadership position in the natural and renewable natural gas transportation fuel market which we believe is in the early stage of a multi-year growth cycle,” concluded Maurer.

Financial Highlights

• Adjusted EBITDA⁽¹⁾ for the three and nine months ended September 30, 2026, was $26.7 million and $66.5 million compared to $20.2 million and $57.2 million for the comparable periods last year, an increase of 32% and 16% respectively. Adjusted EBITDA includes OPAL share from unconsolidated equity investments.
• Revenue for the three and nine months ended September 30, 2026, was $79.5 million and $236.3 million respectively, a decrease of 5% and a decrease of 5% compared to the same periods last year.
• Revenues at unconsolidated equity method investments were $36.0 million for the three months ended September 30, 2026 and $97.9 million and nine months ended September 30, 2026, an increase of 35% and 21% for the comparable periods last year respectively.
• Net income (loss) for the three and nine months ended September 30, 2026 was $1.7 million and $(6.6) million, increasing $3.6 million and $7.2 million compared to $(1.9) million and $(13.8) million in the same periods last year.
• Basic and diluted net loss per share attributable to Class A common shareholders for the three and nine months ended September 30, 2026 were $(0.03) and $(0.17) compared to $(0.03) and $(0.13) in the comparable period last year.
• At September 30, 2026, RNG Pending Monetization totaled $14.1 million.

Operational Highlights

• RNG produced was 1.3 million and 3.8 million MMBtu for the three and nine months ended September 30, 2026, an increase of 5% and 9% compared to the prior-year period.⁽²⁾
• The Fuel Station Services segment sold, dispensed, and serviced an aggregate of 40.0 and 117.9 million GGEs of transportation fuel for the three and nine months ended September 30, 2026, an increase of 3% and a decrease of 2% compared to the prior-year periods. Of this amount, RNG dispensed as transportation fuel was 21.8 and 60.5 million GGEs, an increase of 7% and flat compared to the prior-year periods.

Guidance

• We maintain our 2026 Adjusted EBITDA guidance.
• We expect RNG production to be modestly below our 2026 guidance.

Results of Operations

Results of Operations from equity method investments

Landfill RNG Facility Capacity and Utilization Summary

RNG Pending Monetization Summary

Liquidity

As of September 30, 2026, our liquidity was $122.0 million, consisting of $86.0 million of cash and cash equivalents, $10.8 million of unused capacity under the revolver and $25.2 million of undrawn preferred stock facility.

Capital Expenditures

During the nine months ended September 30, 2026, OPAL Fuels invested $71.0 million across RNG projects in construction, OPAL Fuels owned fueling stations in construction and finance transformation as compared to $60.9 million in the prior year. As part of OPAL Fuels' accounting policy, maintenance capital on existing facilities is expensed.

In addition, for the nine months ended September 30, 2026, the Company's portion of capital expenditures in unconsolidated entities was $17.5 million compared to $17.9 million in the prior year. This represents our share of capital expenditures incurred by equity method investments.

Earnings Call

A webcast to review OPAL Fuels’ Third Quarter 2026 results is being held today, November 9, 2026 at 11:00AM EST.

Materials to be discussed in the webcast will be available before the call on the Company's website.

Participants may access the call at https://edge.media-server.com/mmc/p/px4gku93.

Investors can also listen to a webcast of the presentation on the Company’s Investor Relations website at https://opalfuels.gcs-web.com/news-events/events-presentations

Glossary of terms

“D3” refers to cellulosic biofuel with a 60% GHG reduction requirement.

“GGE” refers to gasoline gallon equivalent. The conversion ratio is 1 MMBtu of natural gas equal to 7.74 GGE.

“LCFS” refers to Low Carbon Fuel Standard or similar types of federal and state programs.

“MMBtu” refers to million British thermal units.

“RECs” refers to renewable energy credits.

“Renewable Power” refers to electricity generated from renewable sources.

“RIN” refers to Renewable Identification Numbers.

“RNG” refers to renewable natural gas.

“VIEs” refers to variable interest entities.

About OPAL Fuels

OPAL Fuels (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to decarbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America’s naturally occurring methane and decarbonize the economy, please visit www.opalfuels.com.

Forward-Looking Statements

Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or the Company's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Forward-Looking Statements and Risk Factor Summary” in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Non-GAAP Financial Measures (Unaudited)

This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission. We believe these measures provide important supplemental information to investors to use in evaluating ongoing operating results. We use these measures, together with accounting principles generally accepted in the United States ("GAAP" or "U.S. GAAP"), for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations, that when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide, give a more complete understanding of factors and trends affecting our business. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure.

Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. These Non-GAAP financial measures are not recognized terms under GAAP and do not purport to be alternatives to GAAP net income or any other GAAP measure as indicators of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of Non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure.

Adjusted EBITDA

To supplement the Company's unaudited condensed consolidated financial statements presented in accordance with GAAP, the Company uses a non-GAAP financial measure that it calls Adjusted EBITDA ("Adjusted EBITDA"). This non-GAAP financial measure adjusts net income for interest and financing expense, net, net income attributable to non-redeemable non-controlling interests, depreciation, amortization and accretion, adjustments to reflect Adjusted EBITDA from equity method investments, fair value changes and non-recurring charges, Stock-based compensation, major maintenance, RNG development costs and income tax expense (benefit).

During the third quarter of 2026, the Company elected to voluntarily change its accounting for transferable investment tax credits under IRC §48 (“ITCs”) and clean fuel production tax credits under IRC §45Z (“PTCs”). These credits were previously accounted for as income tax benefits under ASC 740, Income Taxes. The Company now accounts for them by analogy to ASC 832, Government Assistance.

• ITCs are recognized as grants related to assets. The proceeds, net of capitalized transaction costs, reduce the carrying amount of the related property, plant and equipment, or the respective carrying amounts of investments in other entities for projects held through equity method investees. The reduction is recognized in earnings over the useful lives of the related assets, through lower depreciation or through income from equity method investments.

• PTCs are recognized as grants related to income, as a reduction of cost of sales in the period the qualifying fuel is produced and sold and are recognized as government grants receivable on the consolidated balance sheet.

The Company believes the new principle is preferable because these credits (a) arise from the Company’s core operations of building and operating renewable natural gas plants, (b) are expected to be monetized via commercial sales to third parties rather than as an offset to income taxes payable, and (c) are viewed by management as a key source of economic returns rather than as a tax mitigation strategy. These changes are reflected in the financial statements presented for this quarter and have also been applied retrospectively to the prior periods presented.

The change also resulted in certain ITC transaction costs are now presented net against the proceeds. Because these costs are now recognized over time rather than expensed immediately, Adjusted EBITDA increased by $0.7 million for the three months and $1.2 million for the nine months ended September 30, 2025. Other effects of the policy change did not impact Adjusted EBITDA.

Management believes this non-GAAP financial measure provides meaningful supplemental information about the Company's performance, for the following reasons: (1) it allows for greater transparency with respect to key metrics used by management to assess the Company's operating performance and make financial and operational decisions; (2) the measure excludes the effect of items that management believes are not directly attributable to the Company's core operating performance and may obscure trends in the business; (3) the measure better aligns revenues with expenses; and (4) the measure is used by institutional investors and the analyst community to help analyze the Company's business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance.

The following table presents the reconciliation of our net income to Adjusted EBITDA:

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