OPAL Fuels Reports $348.975 Million Revenue for Fiscal Year 2025, Driven by RNG Sales Growth

OPAL Fuels Inc. reported a total revenue of $348.975 million for the fiscal year ending December 31, 2025, marking a 16% increase from $299.972 million in the previous year. The growth was primarily driven by a 15% rise in RNG fuel sales, which reached $101.656 million, and a 29% increase in revenue from Fuel Station Services, totaling $214.551 million. However, revenue from Renewable Power decreased by 27% to $32.768 million, largely due to the termination of an ISCC Carbon Credit contract. The company’s operating income fell significantly by 65% to $7.414 million, attributed to rising costs associated with sales and operations, which increased by 23% year-over-year.

In terms of profitability, OPAL Fuels reported a net income of $36.411 million, a substantial increase from $14.325 million in 2024, largely due to a significant income tax benefit of $52.746 million. This benefit was primarily linked to the receipt of net proceeds from the sale of investment tax credits (ITCs) and production tax credits (PTCs). The company’s net income attributable to Class A common stockholders surged to $4.283 million from $561, reflecting a 663% increase. Despite the overall positive net income, the company faced challenges with rising operational costs, particularly in the Fuel Station Services segment.

Strategically, OPAL Fuels has been active in expanding its operations and capabilities. The company entered into a subscription agreement with Preferred Fuels LLC, committing to purchase up to $180 million in Series A preferred units, with an initial closing generating $120 million. This funding is intended to support ongoing projects and operational needs. Additionally, the company has drawn approximately $128.4 million under its term loan facility to facilitate the redemption of outstanding preferred units and to manage its capital structure effectively.

Operationally, OPAL Fuels has maintained a focus on expanding its biogas conversion projects, with a total of 27 projects in operation as of December 31, 2025. The company’s RNG projects have a design capacity of 9.1 million MMBtus per year, and it is actively pursuing additional projects to enhance its production capabilities. The company’s workforce has grown to 331 employees, reflecting its commitment to scaling operations and meeting increasing demand for renewable energy solutions.

Looking ahead, OPAL Fuels anticipates continued growth driven by increasing demand for renewable natural gas and supportive regulatory frameworks. The company is well-positioned to capitalize on market opportunities, particularly in the transportation sector, where RNG is gaining traction as a cleaner alternative to traditional fuels. However, the company also acknowledges potential risks, including regulatory changes and market volatility, which could impact its operations and financial performance.