OPAL Fuels Q4 Revenue Exceeds Expectations, Stock Price Rises 2%

White Plains, NY - OPAL Fuels Inc. (NASDAQ: OPAL) reported Q4 results that exceeded revenue expectations but fell short of earnings estimates. The stock rose 2.3% after the announcement.

The renewable natural gas producer posted Q4 revenue of $99.8 million, surpassing the consensus estimate of $93.4 million and up 25% from $80 million in the same period last year.

However, adjusted earnings per share were $0.02, below the analyst forecast of $0.16. The quarter’s adjusted EBITDA reached $34.2 million, up from $22.6 million a year earlier, mainly due to increased production and 45Z production tax credits.

For the full fiscal year 2025, total revenue was $349 million, a 16% increase year-over-year, while adjusted EBITDA was $90.2 million, roughly flat compared to $90 million in 2024. The company sold $42.9 million worth of investment tax credits during the year and began recognizing the first batch of 45Z production tax credits.

“We are encouraged by our Q4 performance. Adjusted EBITDA of $34.2 million benefited from increased production and 45Z production tax credits,” said Co-CEO Adam Comora. “Looking ahead to 2026, based on improvements in our team, natural gas collection, and overall plant efficiency, we believe we can continue to grow RNG output from our existing facilities.”

Annual RNG production increased 29% year-over-year to 4.9 million MMBtu, while the fueling station service segment delivered 16.19 million gallons of gasoline equivalent throughout the year, an 8% increase from last year.

For 2026, OPAL Fuels expects adjusted EBITDA between $95 million and $110 million, with a midpoint of $102.5 million, representing growth from 2025. The guidance assumes an average D3 RIN price of $2.45 per gallon and RNG production of 5.4 to 5.8 million MMBtu.

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