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11/06/2025 – 10:10 PM
WHITE PLAINS, N.Y. – OPAL Fuels (OPAL), a key player in the renewable natural gas (RNG) sector, today released its financial and operational results for the third quarter and the first nine months of 2025. The company’s announcement highlights continued progress in RNG production and strategic project development, even amidst a fluctuating market for Renewable Identification Numbers (RINs).
“Our third quarter performance aligned with our anticipated outcomes,” stated Adam Comora, Co-Chief Executive Officer of OPAL Fuels. “We’ve seen a consistent rise in RNG production, achieving an 8% sequential increase and a robust 30% increase compared to Q3 2024. Operationally, we are satisfied with the advancements made, and we anticipate our full-year results will fall within our projected range, notwithstanding the impact of lower D3 RIN prices.”
Comora emphasized OPAL Fuels’ commitment to strategic expansion, citing the recent activation of the Atlantic RNG Project and the commencement of construction on the CMS RNG Project in North Carolina. The CMS project is slated to add 1.0 million MMBtu to OPAL Fuels’ net annual design capacity. The company is also leveraging government incentives, having completed its fourth sale of IRA Investment Tax Credits, generating over $40 million in gross proceeds this year. The company anticipates reaping the benefits of 45Z production tax credits in the fourth quarter.
Jonathan Maurer, Co-Chief Executive Officer, highlighted the company’s expanding infrastructure for addressing decarbonization in the heavy-duty transportation sector. “With an annual design capacity now reaching 9.1 million MMBtu across twelve operating projects, our vertical integration in RNG and CNG marketing demonstrates continued contributions to growth,” Maurer commented. “RNG and CNG currently represent the most viable alternatives to diesel for Class 8 trucking, placing OPAL Fuels in a leadership position for accelerated adoption and sustainable shareholder value creation.”
**Key Financial Highlights:**
* Revenue: For Q3 2025, revenue stood at $83.4 million, a minor decrease of 1% year-over-year. The nine-month period saw a 13% increase, with revenues reaching $249.2 million.
* Net Income: Q3 2025 net income was $11.4 million, compared to $17.1 million in Q3 2024. The nine-month figure was $20.2 million, slightly up from $19.7 million in the same period last year.
* Earnings Per Share: Basic and diluted net income per share for Q3 2025 were $0.05 and $0.07 for the nine-month period, compared to $0.09 and $0.07 respectively in the previous year.
* Adjusted EBITDA: Adjusted EBITDA for Q3 2025 was $19.5 million, down from $31.1 million in Q3 2024. For the nine-month period, Adjusted EBITDA totaled $56.0 million, compared to $67.4 million last year.
* RNG Pending Monetization: As of September 30, 2025, this figure stood at $14.7 million.
* IRA Investment Tax Credits: OPAL Fuels completed the sale of $17.3 million in IRA Investment Tax Credits during the quarter.
**Operational Performance and Analysis:**
OPAL Fuels’ strategic advancements are yielding tangible results in terms of production volume. RNG production reached 1.3 million MMBtu in Q3 2025, marking a 30% increase compared to the prior year. For the nine-month period, production stood at 3.5 million MMBtu, up 25% from the previous year.
Fuel Station Services also saw gains, selling and servicing 38.9 million GGEs of transportation fuel in Q3 2025, a 1% increase year-over-year. RNG dispensed as transportation fuel increased by 4% to 20.4 million GGEs.
However, these gains were tempered by the persistent volatility in the RIN market. D3 RIN prices, which are integral to the economic viability of RNG projects, have experienced fluctuations throughout the year. This price variability underscores the importance of OPAL Fuels’ strategy to diversify revenue streams through vertical integration and securing long-term transportation fuel contracts.
**Project Development:**
* Atlantic RNG Project: This project began commercial operation last month, contributing approximately
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