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Opal Fuels Inc
NASDAQ:OPAL

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Opal Fuels Inc
NASDAQ:OPAL
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Price: 2.47 USD -0.8% Market Closed
Market Cap: $428.3m

Opal Fuels Inc
Investor Relations

Opal Fuels Inc is a US-based company operating in Oil, Gas & Consumable Fuels industry. The company is headquartered in White Plains, New York. The company went IPO on 2021-03-25. OPAL Fuels Inc. (OPAL Fuels) is a renewable energy company. The firm specializes in capturing and converting biogas for the production of renewable natural gas (RNG) for use as a vehicle fuel for heavy and medium-duty trucking fleets, and the generation of renewable power for sale to utilities. OPAL Fuels also designs, develops, constructs, operates and services fueling stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. The firm's biogas conversion projects use landfill gas and dairy manure as the source of the biogas. In addition, the Company is also focused on implementing, designing, developing and constructing services for hydrogen fueling stations. OPAL Fuels owns and operates approximately 24 biogas projects, five of which are RNG projects and 19 of which are renewable power projects. In addition, the Company has seven RNG projects under construction.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 16, 2026
AI Summary
Q4 2025

Financials: Revenue for Q4 was $99.8 million and adjusted EBITDA was $34.2 million; full-year 2025 adjusted EBITDA was $90.2 million, essentially flat versus 2024.

RNG production: Production grew 28% in 2025 to 4.9 million MMBtu (Q4 >1.3 million MMBtu, up ~24% YoY) as recently commissioned facilities ramped.

Commodity headwinds: Realized eRIN pricing averaged $2.45 in 2025 vs $3.13 in 2024 (down roughly $0.70), estimated to have reduced adjusted EBITDA by about $33 million.

Guidance: 2026 adjusted EBITDA guidance of $95 million–$110 million and RNG production guidance of 5.4–5.8 million MMBtu; assumes $15M–$20M of 45Z credits.

Liquidity & capital: Ended year with ~$184 million total liquidity; closed a $180 million Series A preferred facility, repaid a $100 million preferred, and drew ~$128 million under the senior secured credit facility.

Fuel Station Services: Segment EBITDA grew to $46.7 million in 2025 (up 22% YoY); management sees improving fleet interest that may drive an inflection in 2027 as new stations/trucks deployed.

Operations focus: Management expects further uptime/utilization gains (current ~80% toward a target ~85%–86%) and additional production from gas collection and plant tuning.

Key Financials
Revenue (Q4 2025)
$99.8 million
Adjusted EBITDA (Q4 2025)
$34.2 million
Adjusted EBITDA (FY 2025)
$90.2 million
RNG production (FY 2025)
4.9 million MMBtu
RNG production (Q4 2025)
>1.3 million MMBtu
Realized eRIN price (2025)
$2.45
Fuel Station Services segment EBITDA (FY 2025)
$46.7 million
Total liquidity (year-end 2025)
$184 million
Cash and short-term investments (year-end 2025)
$30 million (approx.)
Undrawn term facility capacity (year-end 2025)
$138 million
Revolver availability (year-end 2025)
$16 million
Preferred facility
$180 million Series A preferred facility closed
Senior secured credit facility draw
$128 million drawn
Investment tax credits monetized (2025)
$43 million
Capital expenditures (Q4 2025)
$16 million
Capital expenditures (FY 2025)
$90 million
ISCC pathway contribution (2024)
in excess of $10 million
Assumed 45Z credits in 2026 guidance
$15 million to $20 million
Target utilization (management view)
~85% to 86%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jonathan Gilbert Maurer
Co-Chief Executive Officer
No Bio Available
Mr. John H. Coghlin Esq., J.D.
General Counsel
No Bio Available
Mr. David Unger
Executive Vice President of Sustainable Fuels Origination
No Bio Available
Mr. Scott Contino
Interim CFO & Interim Principal Accounting Officer
No Bio Available
Mr. Todd M. Firestone J.D.
Vice President of Investor Relations & Corporate Development
No Bio Available
Mr. Jason Stewart
Senior Director Public Relations & Marketing
No Bio Available
Mr. Scott Edelbach
Executive Vice President of Sustainable Transportation Fuels
No Bio Available
Mr. Hugh Donnell
Senior Vice President of Business Development & Sustainability
No Bio Available

Contacts

Address
NEW YORK
White Plains
One North Lexington Avenue, Suite 1450
Contacts
+19147054000
opalfuels.com
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