Filing Flows › Opal Fuels (OPAL) › Q1 2026 › vs Q4 2025
Opal Fuels (OPAL) Q1 2026 vs Q4 2025 (quarter over quarter)
Opal Fuels's revenue fell $26.4M (-26%) from $99.8M in Q4 2025 to $73.4M in Q1 2026. The biggest changes: Fuel Station Services −$20.6M (-32%); RNG fuel −$4.4M (-17%); Renewable Power Segment −$1.5M (-17%).
Opal Fuels, Q1 2026: revenue $73.4M (-14% year over year), operating margin -6.6%, net loss $5.6M, operating cash flow $12.9M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Fuel Station Services | $44.6M | $65.1M | −$20.6M | -32% |
| RNG fuel | $21.6M | $26.0M | −$4.4M | -17% |
| Renewable Power Segment | $7.2M | $8.6M | −$1.5M | -17% |
| Revenue | $73.4M | $99.8M | −$26.4M | -26% |
| Income tax benefit | $5.7M | $16.5M | −$10.7M | -65% |
| Net loss | $5.6M | −$16.2M | $21.8M | — |
| Costs & expenses | $84.7M | $116M | −$31.5M | -27% |
| Operating costs | $78.2M | $93.2M | −$14.9M | -16% |
| Interest & other, net | $6.5M | $6.9M | −$410K | -6% |
| Research & development | $1.8M | $2.8M | −$1.0M | -36% |
| SG&A | $15.2M | $16.2M | −$995K | -6% |
| Other operating costs | $61.2M | $74.1M | −$12.9M | -17% |
| Operating cash sources | $18.5M | −$19.7M | $38.2M | — |
| Depreciation & amortization | $5.6M | $5.7M | −$85K | -1% |
| Share-based compensation | $2.1M | $1.6M | $414K | +25% |
| Working capital & other | $10.8M | −$27.0M | $37.9M | — |
| Net loss absorbed | $5.6M | −$16.2M | $21.8M | — |
| Operating cash flow | $12.9M | −$3.5M | $16.4M | — |
| Capital expenditures | $24.4M | $9.8M | $14.5M | +147% |
| Negative free cash flow (OCF − capex) | $11.5M | $13.4M | −$1.9M | -14% |
Questions
How much did Opal Fuels's revenue grow quarter over quarter in Q1 2026?
Opal Fuels's revenue fell $26.4M (-26%) from $99.8M in Q4 2025 to $73.4M in Q1 2026.
What drove Opal Fuels's revenue change in Q1 2026?
Fuel Station Services −$20.6M (-32%); RNG fuel −$4.4M (-17%); Renewable Power Segment −$1.5M (-17%).