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Visual21 Nov 2025
Data center suppliers
Opal Fuels (OPAL) investor relations material
Opal Fuels Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved Q3 2025 Adjusted EBITDA of $19.5 million and RNG production of 1.3 million MMBtu, up 30% year-over-year, with full-year guidance maintained despite lower RIN prices and ISSC pathway expiration.
Revenue for Q3 2025 was $83.4 million, down 1% year-over-year; nine-month revenue rose 13% to $249.2 million, driven by Fuel Station Services and RNG Fuel growth.
Net income for Q3 2025 was $11.4 million, down 33% year-over-year; nine-month net income was $20.2 million, up 3%.
Strategic growth continues with the Atlantic RNG facility online, CMS RNG project construction started, and annual design capacity reaching 9.1 million MMBtu across 12 operating projects.
Maintained strong liquidity, ending Q3 with $183.8 million, including $29.9 million in cash and $153.9 million in unused credit capacity.
Financial highlights
Q3 2025 revenue was $83.4 million and adjusted EBITDA was $19.5 million, down from $84 million and $31.1 million year-over-year due to lower RIN prices and ISCC pathway expiration.
RNG Fuel revenue for Q3 2025 decreased 11% year-over-year to $22.9 million; Fuel Station Services revenue grew 14% to $51.7 million.
Renewable Power revenue fell 32% in Q3 2025 to $8.7 million, mainly due to the termination of an ISCC Carbon Credit contract.
Monetized $17 million in investment tax credits in Q3, totaling over $40 million year-to-date.
Gross margin for Q3 2025 was 16%, down from 26% in Q3 2024.
Outlook and guidance
Full-year 2025 guidance is maintained, with adjusted EBITDA projected between $90 million and $110 million, and RNG production expected in the range of 5.0 to 5.4 million MMBtu.
Q4 expected to benefit from higher D3 RIN prices, sequential production growth, fuel station services, and initial 45Z tax credit recognition.
Burlington and Cottonwood RNG projects (1.1 million MMBtu) expected online in 2026; Kirby RNG (0.7 million MMBtu) in 2027.
Anticipated capital expenditures of $144.3 million over the next 12 months for RNG projects, fuel stations, and equity method investments.
Available cash and expected cash flows are sufficient to meet commitments for at least 12 months.
What is the NGV adoption bottleneck today?
How will D3 RIN market tighten for 2026?
Is growth slowing to boost free cash flow?
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Next Opal Fuels earnings date
Q4 202513 Mar, 2026
Next Opal Fuels earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Opal Fuels Inc. is a prominent company engaged in the production and distribution of renewable natural gas (RNG) for use as a vehicle fuel, particularly targeting heavy and medium-duty trucking fleets. The company's operations encompass the design, development, construction, operation, and servicing of fueling stations that enable trucking fleets to switch from diesel to natural gas as a transportation fuel. Additionally, Opal Fuels offers services related to the design and construction of hydrogen fueling stations and generates and sells renewable power to utilities. The company is headquartered in White Plains, New York, and its shares are listed on the Nasdaq.
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