OPAL (OPAL)
Turns waste biogas into RNG, fleet fuel, power, and credits.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 23, 2025 | UBS | Downgrade | ||
| Jul 22, 2025 | Johnson Rice | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $91.4M · Total debt $431.7M · Total assets $1.04B · Shareholders' equity $26.4M
- Revenue
- $82.6M
- Operating income
- $954.0K
- Net income
- $2.9M
No dividends on record.
| Institutions | 9.85% | 17.21M shares | |
|---|---|---|---|
| 82 holders · as of Jun 30, 2026 | |||
| Insiders | 84.29% | 147.31M shares | |
| 16 holders · as of Sep 8, 2026 | |||
| Strategic holders | 1.75% | 3.06M shares | |
| 1 holder · as of Aug 1, 2022 | |||
| Other | 4.11% | 7.18M shares | |
| remainder | |||
174.76M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (174.76M in the company's Sep 22, 2026 report, 28.28M elsewhere); stakes use the report.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Mark S. ComoraInsiderdirector, 10 percent owner | 81.54% | 122,785 A · 121.50M B · 20.88M D | filed Apr 2, 2026 |
Invesco Ltd.Institution | 2.33% | 4.08M A | as of Jun 30, 2026 |
Ares Management LLCInstitution | 1.75% | 3.06M A | as of Jun 30, 2026 |
Ares Partners Holdco LLCStrategic | 1.75% | 3.06M | filed Aug 1, 2022 |
Daniel R. Revers1,2Insider10 percent owner | 1.37% | 2.40M COMPANY | filed Dec 19, 2023 |
- Daniel R. Revers's own ownership statement (13D/A, Dec 19, 2023) reports fewer shares than the transaction reports; the statement is used.
- Daniel R. Revers reports a block also reported by Electron Capital Partners, LLC; it is counted once, under Electron Capital Partners, LLC.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 3, 2026 | Adam Comora | officer: Co-Chief Executive Officer | +20,000 | $2.08 |
| Sep 1, 2026 | Adam Comora | officer: Co-Chief Executive Officer | +50,000 | $1.93 |
| Sep 1, 2026 | Nadeem Nisar | director | +10,000 | $1.91 |
| Aug 31, 2026 | Nadeem Nisar | director | +10,000 | $1.98 |
| Jun 11, 2026 | Scott McDougald Sutton | director | +50,000 | $1.95 |
- Clean Energy Fuels
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- Montauk Renewables
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- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| OPAL | $1.96 | +1.03% | $54.9M | — | 2.1 | 0.2 | +7.4% |
| Clean Energy Fuels | $1.70 | −1.45% | $378.8M | — | — | 0.9 | +3.7% |
| Montauk Renewables | $2.50 | +7.08% | $331.7M | 42.1 | 18.3 | 1.8 | +19.7% |
| BP (ADR) | $43.41 | +0.57% | $113.19B | 21.6 | 7.9 | 0.5 | +46.5% |
| Chevron | $203.78 | +0.05% | $405.85B | 19.5 | 12.8 | 1.9 | +57.9% |
| Ameresco | $23.96 | −0.52% | $1.28B | 46.3 | 17.1 | 0.6 | +9.1% |
| WM | $207.41 | +0.18% | $82.76B | 29.3 | 24.3 | 3.2 | +4.0% |
| Median | 29.3 | 17.1 | 1.3 | +14.4% |