OPAL
Turns waste biogas into RNG, fleet fuel, power, and credits.
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Profile
Converts landfill and other waste biogas into renewable natural gas, power, and environmental attributes, then markets fuel and station services to transportation fleets. Revenue is centered on Fuel Station Services, with RNG Fuel and Renewable Power adding production, project, and credit exposure.
Converts landfill and other waste biogas into renewable natural gas, renewable power, and environmental attributes. The reportable segments are RNG Fuel, Fuel Station Services, and Renewable Power, spanning gas supply, brown gas, station construction, station service, dispensing, electricity sales, and credit monetization.
The platform is North America-focused and vertically integrated from biogas capture through fleet fueling. Fuel Station Services is the largest revenue contributor, reflecting owned stations, customer station work, leases, RNG marketing, and environmental attributes.
Business performance depends on federal and state environmental-attribute programs, fleet adoption of RNG and CNG in medium- and heavy-duty transportation, and execution of RNG projects tied to long-term gas-right contracts.
Company facts
Key statistics
Year to date −13.9% · Average volume (30d) 176.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Jul 23, 2025 | UBS | Downgrade | Buy | Neutral | |
| Jul 22, 2025 | Johnson Rice | Downgrade | Buy | Hold | |
| Sep 3, 2024 | Scotiabank | Downgrade | Sector Outperform | Sector Perform | $5 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.08 | −$0.05 | −164.8% | $90.7M | $83.4M | −8.1% | +11.59% |
| May 11, 2026Q1 FY26 | $0.07 | −$0.09 | −228.6% | $93.9M | $73.4M | −21.8% | −5.02% |
| Mar 16, 2026Q4 FY25 | $0.09 | $0.08 | −13.8% | $94.4M | $99.8M | +5.7% | −10.62% |
| Nov 6, 2025Q3 FY25 | $0.38 | $0.05 | −86.8% | $98.7M | $83.4M | −15.6% | +3.47% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $85.4M | $80.5M | $83.4M | $99.8M | $73.4M | $82.6M | |
| Gross profit | $26.8M | $23.4M | $25.4M | $30.6M | $19.5M | $18.5M | |
| Operating income | −$1.2M | −$2.8M | $3.0M | $5.8M | −$3.1M | $954.0K | |
| Net income | $2.4M | $3.4M | $4.1M | $4.9M | $6.9M | $2.9M | |
| Diluted EPS | −$0.01 | $0.03 | $0.05 | $0.08 | −$0.09 | −$0.05 | |
| Gross margin | 31.3% | 29.1% | 30.5% | 30.6% | 26.6% | 22.4% | |
| Operating margin | -1.4% | -3.5% | 3.5% | 5.9% | -4.2% | 1.2% |
Fiscal years (4-quarter sums)FY21 $132.6M · FY22 $235.5M · FY23 $256.1M · FY24 $300.0M · FY25 $349.0M
Revenue by product · FY24
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $91.4M · Total debt $431.7M · Total assets $1.04B · Shareholders' equity $26.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 28.28M · Float 16.95M · 59.9% free float
Insiders — filings are in another share unit.
The Form 4 positions here total more than the shares outstanding, so the filings and the share count are not on the same basis — usually an unlisted unit behind the listed one — and no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Mark Comora | 145.34M | 84.20% | 13D | Apr 23, 2025 |
| Invesco Ltd. | 3.21M | 11.10% | 13G | Apr 7, 2026 |
| Ares Management LLC | 3.06M | 10.82% | 13F | May 15, 2026 |
| Mendocino Capital, LLC | 2.16M | 7.40% | 13D | Mar 10, 2026 |
| Barclays PLC | 1.94M | 6.83% | 13G | Mar 21, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 11, 2026 | Scott McDougald Sutton | director | +50,000 | $1.95 |
| Jun 2, 2026 | Nadeem Nisar | director | +10,000 | $2.32 |
| Jun 3, 2026 | Nadeem Nisar | director | +5,000 | $2.25 |
| May 20, 2026 | Scott V. Dols | director | +4,346 | $2.06 |
| May 21, 2026 | Scott V. Dols | director | +7,946 | $2.00 |
Peers
- Clean Energy Fuels
Fleet RNG/CNG fuel, stations, and credits
- Montauk Renewables
Landfill biogas, RNG, renewable power, and RINs
- BP (ADR)
Large-scale US landfill RNG through Archaea Energy
- Chevron
Dairy RNG production and CNG fueling exposure
- Ameresco
Biogas/RNG project development and renewable assets
- WM
Landfill-gas RNG owner with fleet fuel demand
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| OPAL | $2.05 | +0.14% | $58.3M | — | 2.2 | 0.2 | +7.4% |
| Clean Energy Fuels | $1.64 | +0.31% | $359.0M | — | — | 0.8 | +3.7% |
| Montauk Renewables | $1.77 | −0.56% | $251.9M | 31.9 | 32.4 | 1.3 | +19.7% |
| BP (ADR) | $42.30 | +0.38% | $110.54B | 21.1 | 8.3 | 0.5 | +46.5% |
| Chevron | $204.35 | +1.24% | $402.06B | 19.4 | 13.2 | 1.9 | +57.9% |
| Ameresco | $21.99 | −0.09% | $1.17B | 42.3 | 15.5 | 0.6 | +9.1% |
| WM | $219.31 | −0.15% | $87.80B | 31.1 | 25.7 | 3.4 | +4.0% |
| Median | 31.1 | 15.5 | 1.1 | +14.4% |