Filing Flows › Opal Fuels (OPAL) › Q1 2026
Opal Fuels (OPAL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Opal Fuels (OPAL) reported revenue of $73.4M for the first quarter 2026 (Q1 2026), -14% from a year earlier and -26% from the quarter before. Operating margin was -6.6%, net loss $5.6M (7.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $73.4M | -26% | -14% |
| Operating profit | −$4.8M | -173% | — |
| Net earnings | −$5.6M | -135% | -536% |
| Operating cash flow | $12.9M | — | -56% |
What changed
Revenue was $73.4M in Q1 2026, down 14% year over year and down 26% from the previous quarter. Fuel Station Services was the largest line at 61% of revenue. Fuel Station Services lost $6.1M year over year (down 12%), 51% of the total change.
Operating costs exceeded revenue by $4.8M, an operating margin of -6.6%. Total costs fell 10% while revenue fell 14%. The quarter ended with a net loss of $5.6M, after a profit of $16.2M the previous quarter. Minority interests bore $3.0M of it: to shareholders the quarter was a loss of $2.6M. Net interest and other expense of $6.5M was the main reason.
Operating cash flow was $12.9M (down 56% year over year). Non-cash charges added back $5.6M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $10.8M. Capital expenditures of $24.4M exceeded it, leaving free cash flow of −$11.5M.
Questions
What was Opal Fuels' revenue in the first quarter 2026?
Opal Fuels (OPAL) reported revenue of $73.4M for the first quarter 2026 (Q1 2026), -14% from a year earlier and -26% from the quarter before.
Was Opal Fuels profitable in the first quarter 2026?
Operating loss was $4.8M (-6.6% of revenue) and net loss $5.6M.
Source: Opal Fuels 10-Q on SEC EDGAR.