November 7, 2025 — Leads & Copy — OPAL Fuels (Nasdaq: OPAL) reported its financial and operating results for the three and nine months ended September 30, 2025. The company’s third-quarter results met expectations, with renewable natural gas (RNG) production increasing by 8% sequentially and 30% compared to the third quarter of 2024.
Co-Chief Executive Officer Adam Comora noted the progress made in the third quarter and anticipates full-year results will align with the 2025 guidance range, despite lower D3 Renewable Identification Number (RIN) prices. He added that the company is executing its strategic growth objectives, having recently launched its Atlantic RNG Project and commencing construction on the CMS RNG Project in North Carolina. The CMS Concord RNG facility will have an annual design capacity of 1.0 million MMBtu net to OPAL Fuels.
Co-Chief Executive Officer Jonathan Maurer stated that the company’s annual design capacity is now at 9.1 million MMBtu across twelve operating projects, and its vertical integration with the marketing and distribution of RNG and compressed natural gas (CNG) as a transportation fuel continues to contribute to growth.
Financial Highlights:
- Revenue for the three months ended September 30, 2025: $83.4 million, a 1% decrease compared to the prior-year period.
- Revenue for the nine months ended September 30, 2025: $249.2 million, a 13% increase compared to the prior-year period.
- Net income for the three months ended September 30, 2025: $11.4 million, compared to $17.1 million in the same period last year.
- Net income for the nine months ended September 30, 2025: $20.2 million, compared to $19.7 million in the same period last year.
- Basic and diluted net income per share attributable to Class A common shareholders for the three months ended September 30, 2025: $0.05, compared to $0.09 in the comparable period last year.
- Basic and diluted net income per share attributable to Class A common shareholders for the nine months ended September 30, 2025: $0.07, the same as in the comparable period last year.
- Adjusted EBITDA for the three months ended September 30, 2025: $19.5 million, compared to $31.1 million in the comparable period last year.
- Adjusted EBITDA for the nine months ended September 30, 2025: $56.0 million, compared to $67.4 million in the comparable period last year.
- RNG Pending Monetization as of September 30, 2025: $14.7 million.
- Completed sale of $17.3 million of IRA Investment Tax Credits.
Operational Highlights:
- RNG produced for the three months ended September 30, 2025: 1.3 million MMBtu, a 30% increase compared to the prior-year period.
- RNG produced for the nine months ended September 30, 2025: 3.5 million MMBtu, a 25% increase compared to the prior-year period.
- Fuel Station Services segment sales, dispensed, and serviced for the three months ended September 30, 2025: 38.9 million GGEs of transportation fuel, a 1% increase compared to the prior-year period.
- Fuel Station Services segment sales, dispensed, and serviced for the nine months ended September 30, 2025: 120.4 million GGEs of transportation fuel, a 10% increase compared to the prior-year period.
- RNG dispensed as a transportation fuel for the three months ended September 30, 2025: 20.4 million GGEs, a 4% increase compared to the prior-year period.
- RNG dispensed as a transportation fuel for the nine months ended September 30, 2025: 60.5 million GGEs, an 11% increase compared to the prior-year period.
Construction Update:
- The Atlantic RNG Project commenced commercial operations last month, representing approximately 0.3 million MMBtu for OPAL Fuels’ 50% ownership share of annual design capacity.
- The Burlington and Cottonwood RNG projects, representing an aggregate annual design capacity of 1.1 million MMBtu for OPAL’s share, are expected to commence commercial operations in 2026.
- The Kirby RNG Project located in California, representing an aggregate annual design capacity of 0.7 million MMBtu for OPAL’s 100% ownership, is expected to commence commercial operations in 2027.
- In October 2025, the company began construction of the CMS Concord RNG facility in North Carolina, representing approximately 0.7 million MMBtu for OPAL’s 70% ownership share of annual design capacity.
- Completion of construction at two dairy projects in California (Hilltop and Vander Schaaf) continues to be delayed due to a dispute with the prior Engineering, Procurement and Construction contractor over a series of change order requests.
As of September 30, 2025, OPAL Fuels had 47 operating fueling stations and an additional 16 under construction. There are also 25 fueling stations under construction owned by third parties.
The company maintains its full-year 2025 guidance.
A webcast to review OPAL Fuels’ Third Quarter 2025 results is scheduled for tomorrow, November 7, 2025, at 11:00 AM ET. Materials to be discussed in the webcast will be available before the call on the company’s website.
Participants may access the call at https://edge.media-server.com/mmc/p/5s3pfnti. Investors can also listen to a webcast of the presentation on the company’s Investor Relations website at https://investors.opalfuels.com/news-events/events-presentations.
Contact:
Opal Fuels
914-421-5400
investor@opalfuels.com
Source: OPAL Fuels
