Overview

• U.S. RNG producer's Q1 revenue fell 14% yr/yr, missing analyst expectations

• Q1 adjusted EBITDA missed consensus, impacted by lower RIN prices and prior-year regulatory boost

Outlook

• OPAL Fuels maintains 2026 guidance

Result Drivers

• RNG PRODUCTION GROWTH - Co said RNG production rose 9% yr/yr due to operational improvements at its facilities

• LOWER RIN PRICES - Co said lower RIN prices and absence of prior-year regulatory boost weighed on Q1 revenue and adjusted EBITDA

Company press release: ID:nBwqtzdLa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$73.38 mln	$93.63 mln (3 Analysts)
Q1 EPS		-$0.09
Q1 Net Income		-$5.59 mln
Q1 Adjusted EBITDA	Miss	$16.68 mln	$18.27 mln (4 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

• Wall Street's median 12-month price target for Opal Fuels Inc is $3.50, about 54.2% above its May 8 closing price of $2.27

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

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