Highlights 

  • RNG production rose 30% year-over-year and 8% sequentially in Q3 2025. 
  • Q3 2025 revenue totaled USD 83.4M, nearly unchanged from the prior year. 
  • Construction begins on the CMS RNG Project in North Carolina with 1.0M MMBtu capacity. 

OPAL Fuels (NASDAQ:OPAL) released its financial and operational results for the quarter ended September 30, 2025. The company posted revenue of USD 83.4M, reflecting a 1% decline from the same period last year, while nine-month revenue increased 13% year-over-year to USD 249.2M. 

Quarterly net income was USD 11.4M, compared to USD 17.1M in Q3 2024. For the first nine months of 2025, net income reached USD 20.2M, slightly higher than USD 19.7M a year earlier. Adjusted EBITDA stood at USD 19.5M for the quarter and USD 56.0M for the nine months, versus USD 31.1M and USD 67.4M, respectively, in the same periods of 2024. 

As of September 30, 2025, the company reported total liquidity of USD 183.8M, including USD 29.9M in cash and cash equivalents and USD 153.9M in available credit. 

Operational Performance 

RNG production during the quarter reached 1.3M MMBtu, marking a 30% year-over-year increase. RNG dispensed as transportation fuel totaled 20.4M GGEs, up 4% from the prior year. The Fuel Station Services segment recorded 38.9M GGEs of fuel sold and serviced, reflecting a 1% year-over-year increase. 

Co-Chief Executive Officer Adam Comora stated, “Third quarter results were in line with our expectations. RNG production continues to increase, up 8% sequentially and 30% when compared to the third quarter of 2024.” He added that OPAL Fuels anticipates full-year results will remain within its 2025 guidance range. 

Project Development Update 

The company began commercial operations at its Atlantic RNG Project during Q3 2025, contributing 0.3M MMBtu in annual design capacity from OPAL Fuels’ 50% ownership share. Construction commenced in October 2025 on the CMS RNG Project in North Carolina, representing 1.0M MMBtu of annual design capacity attributable to the company. 

Co-Chief Executive Officer Jonathan Maurer commented, “Our annual design capacity is now at 9.1M MMBtu across twelve operating projects. RNG and CNG remain key alternatives to diesel in the Class 8 trucking market.” 

Outlook 

OPAL Fuels reiterated its full-year 2025 guidance, citing continued progress in RNG production and project construction. During the quarter, the company completed USD 17.3M in IRA Investment Tax Credit sales and expects to begin recognizing 45Z production tax credits in Q4 2025.