What is the market's earnings forecast for OPAL Fuels next quarter?

What guidance did OPAL Fuels's management provide for the next earnings period?

What factors drove the changes in OPAL Fuels's revenue and profit?

What is OPAL Fuels's latest dividend and current dividend yield?

What were the key takeaways from OPAL Fuels's earnings call?

What were the key takeaways from OPAL Fuels’s earnings call?

What does OPAL Fuels do and what are its main business segments?

What is the revenue and EPS growth rate for OPAL Fuels year over year?

- **Resilient EBITDA despite headwinds**: 2025 adj. EBITDA flat at $90.2M vs. 2024, driven by 28% RNG production growth offsetting $33M RIN price decline.
- **2026 Growth Outlook**: 14% EBITDA midpoint growth ($95-110M), 14% RNG production growth (5.4-5.8M MMBtu), $15-20M 45Z credits.
- **Operational Efficiency**: RNG utilization rate up to 80% (from 70%), targeting 85-86% in 2026. Atlantic facility ramped faster than expected.
- **Fuel Station Services**: 22% EBITDA growth to $46.7M, 2026 biz dev to set up 2027+ growth with 2% market share of heavy-duty trucking fuel.
- **Capital Deployment**: $180M preferred stock facility funds RNG and fueling stations. RNG projects generate ~$20/MMBtu EBITDA, fueling stations higher margin.

**【CEO Summary Section】**
- Full-year 2025 adjusted EBITDA of $90.2 million, flat year-over-year despite 22% decline in RIN prices and 10% increase in RNG production costs. 
- RNG production grew 28% YoY to 4.9 million MMBtu, driven by improved operational efficiency and new facility ramp-ups.
- Fuel Station Services segment EBITDA increased 22% YoY to $46.7 million, though below guidance due to deferred fleet investments.
- 2026 guidance: Adjusted EBITDA $95-110 million (14% midpoint growth), RNG production 5.4-5.8 million MMBtu (14% growth), and $15-20 million in 45Z tax credits.
- New $180 million preferred stock facility to fund infrastructure expansion, with $160 million of liquidity available for 2026 projects.

**【CFO Financial Commentary】**
- Q4 2025 revenue $99.8 million (24% YoY growth), adj. EBITDA $34.2 million (51% YoY growth). Full-year adj. EBITDA $90.2 million, flat YoY due to $33 million RIN price decline offset by 28% production growth.
- RNG segment adj. EBITDA $43.5 million (20% YoY growth), Fuel Station Services $46.7 million (22% YoY growth). 
- 2025 capital expenditures $90 million, including $16 million Q4 for RNG facilities and fueling stations.
- 2026 capex guidance not provided, but ~$154 million allocated to construction projects and fueling stations.

**【Q&A Highlights】**
- **Operational Efficiency**: RNG utilization rate improved from ~70% to 80% in 2025, targeting 85-86% in 2026. Atlantic facility ramped faster than expected, contributing 10% of 2025 production.
- **Fuel Station Services**: 2026 will focus on biz dev to set up 2027+ growth, with 61 owned stations and 2% market share of heavy-duty trucking fuel. Diesel price volatility and X15 engine adoption driving interest.
- **Regulatory Environment**: Bipartisan support for RNG tax credits, but cellulosic RINs not a policy focus. Stable D3 RIN prices expected with biofuels complex strength.
- **Capital Allocation**: $180M preferred stock facility provides liquidity for RNG and fueling station projects. RNG projects generate ~$20/MMBtu EBITDA, fueling stations higher margin but longer lead time.
- **Risks**: Winter storms impacted Q1 2026 production, but guidance accounts for challenging start. Regulatory delays and macro fleet investment timing remain risks.

OPAL Fuels Inc. (OPAL) Q4 2025 Earnings Call Transcript

- **RNG Production Surges**: 30% YoY growth to 1.3 million MMBtu, with record October output. 
- **Project Pipeline Expansion**: 12 operating RNG facilities (9.1 million MMBtu capacity) and 2.8 million MMBtu under construction. 
- **Financial Resilience**: $19.5 million adjusted EBITDA despite lower RIN prices, $43 million ITC proceeds YTD. 
- **2026 Growth Drivers**: Full-year 45Z tax credits, RNG production expansion, and downstream fuel station services diversification. 
- **Regulatory Watch**: EPA RVO delay impacts 2026 RIN pricing outlook, but RNG bipartisan support persists. 


**【CEO Summary Section】**
- **RNG Production Growth**: Q3 2025 RNG production reached 1.3 million MMBtu, up 30% YoY. October production set a record, aligning with full-year guidance. 
- **Project Expansion**: Brought Atlantic RNG project online (0.33 million MMBtu capacity) and started CMS RNG construction (1.0 million MMBtu). Total operating capacity now 9.1 million MMBtu. 
- **Financial Highlights**: Adjusted EBITDA $19.5 million (down 37% YoY due to lower RIN prices). Completed $17 million ITC monetization, total YTD $43 million. 
- **2026 Outlook**: Expect full-year 45Z tax credits contribution and RNG production growth driven by new projects. Fuel station services segment to support diversification. 

**【CFO Financial Commentary】**
- **Revenue & EBITDA**: Q3 revenue $83 million (down 1% YoY), adjusted EBITDA $19.5 million (down 37% YoY). Lower RIN prices ($2.15 vs $3.13 YoY) and expiring ISCC pathway impacted results. 
- **Liquidity**: $184 million total liquidity (cash $30 million, undrawn revolver $138 million). Capital expenditures $16.4 million for new projects. 
- **ITC Monetization**: On track for $50 million gross proceeds YTD, supporting capital deployment. 
- **45Z Credits**: Begin recognizing in Q4, contributing to 2026 EBITDA. 

**【Q&A Key Highlights】**
- **Production Trajectory**: Sequential growth of ~0.1 million MMBtu/Q, targeting 2.0 million MMBtu annual capacity additions in 2025. 
- **Regulatory Environment**: EPA RVO delay due to government shutdown, but bipartisan support for RNG. 2026 RIN pricing uncertain until rules finalized. 
- **Free Cash Flow**: Maintenance CapEx in OCF, new projects funded through ITC monetization and balance sheet. 2026 EBITDA expected to benefit from 45Z and higher RIN prices. 
- **Downstream Strategy**: Fuel station services segment (47 stations operational, 41 under construction) provides stable cash flow uncorrelated to RIN prices. 
- **Capital Allocation**: Disciplined approach to projects with 4-5 year payback periods. Refinancing of preferred equity with NextEra expected in 2026. 


OPAL Fuels Inc. (OPAL) Q3 2025 Earnings Call Transcript

- **RNG Production Growth**: 33% YoY increase to 1.2 million MMBtus, supporting Q2 EBITDA despite lower RIN prices.
- **Policy Win**: PTC extension through 2029 adds $2/MMBtu tax credits, boosting RNG project economics.
- **Fuel Station Expansion**: 45 stations under construction, 20 owned, driving 30% YoY EBITDA growth.
- **Liquidity Strength**: $203M liquidity supports 2025 construction starts of 2.0 million MMBtu RNG projects.
- **Guidance Confidence**: Maintained via forward RIN sales, project execution, and normalized expenses.

**【Management Opening Remarks】**
- Q2 2025 results were in line with expectations, maintaining full-year guidance despite a 23% YoY decline in adjusted EBITDA to $16.5 million.
- RNG production rose 33% YoY to 1.2 million MMBtus, while Fuel Station Services EBITDA increased 30% YoY to $11.2 million.
- Sold $16.7 million in Inflation Reduction Act tax credits, contributing to cash flow.
- Added to Russell 2000 indices, with <20% of companies included in both Growth and Value indexes.
- Achieved positive EPS for the first time, driven by RNG production ramp-up and policy clarity.
- Passage of the One Big Beautiful Bill Act extended PTCs through 2029, supporting RNG projects with $2/MMBtu tax credits.
- EPA's rollback of Phase III truck regulations reduced barriers for CNG/RNG adoption.

**【CEO Commentary】**
- RNG production ramp-up at Sapphire and Polk facilities, with Atlantic RNG nearing commercial operations.
- 2026 projects (Burlington, Cottonwood) and 2027 Kirby project add 1.8 million MMBtu capacity.
- Fuel Station Services segment benefits from policy clarity, with 45 stations under construction (20 OPAL-owned).
- National fleets increasingly favor CNG/RNG due to policy shifts, equipment availability, and sustainability targets.
- Competitive positioning strengthened by integrated RNG production and fueling station network.

**【CFO Financial Commentary】**
- Q2 revenue $80.5 million (+13% YoY), net income $7.6 million (+292% YoY).
- Lower RIN prices ($2.50 vs $3.13 YoY) and loss of ISCC carbon credits reduced EBITDA.
- $2 million nonrecurring G&A expenses for contract restructuring and advocacy investments.
- Liquidity of $203.2 million (including $138.4M undrawn credit facility) supports construction projects.
- Monetized $17M in tax credits Q2, expecting $50M+ for 2025.
- Maintaining guidance due to forward RIN sales, production ramp-up, and expense normalization.

**【Q&A Highlights】**
- Downstream demand growth driven by national fleets' CNG/RNG deployments, despite slower-than-expected X15 truck adoption.
- Guidance maintained via forward RIN sales, project execution, and normalized G&A expenses.
- M&A opportunities in fragmented RNG sector, with focus on risk-adjusted returns.
- Potential capital return plans to be discussed at Q4 Investor Day.
- Atlantic RNG project nearing commissioning, with 2026 projects on track.
- RNG project returns evaluated against risk-adjusted RIN price outlook, balancing upstream/downstream investments.

OPAL Fuels Inc. (OPAL) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Growth**: Adjusted EBITDA up 30% YoY to $20.1M, RNG production +40% YoY to 1.1M MMBtu. 
- **2025 Guidance**: RNG production 5.0-5.4M MMBtu (+37% YoY), FSS EBITDA +30-50%. 
- **Key Drivers**: RNG project ramp (4 in construction), RNG-FSS vertical integration, cost control ($50M ITC sales). 
- **Risks & Opportunities**: Regulatory uncertainty (45Z, EPA), but long-term support for RNG in trucking. CNG adoption gaining traction with 15L engine availability. 
- **Liquidity**: $240M (cash + credit facilities), sufficient for growth. 


**【CEO & Co-CEO Overview】**
- Q1 2025 Adjusted EBITDA: $20.1M (+30% YoY), RNG production: 1.1M MMBtu (+40% YoY). Fuel Station Services EBITDA: $12.5M (+80% YoY). 
- RNG production guidance: 5.0-5.4M MMBtu (2025), +37% YoY. 4 projects in construction (2.1M MMBtu capacity) on track for 2026+ ramp. 
- Regulatory uncertainty (45Z, EPA waivers) may delay RNG adoption, but long-term support for RNG in heavy-duty trucking remains strong. 

**【CFO Financial Highlights】**
- Q1 2025 Revenue: $85.4M (+32% YoY), Net Income: $1.3M (+86% YoY). RNG share of EBITDA: $3.4M (vs $6.5M YoY, due to timing of RIN sales). 
- Capital Expenditures: $17M (Q1), 2025 ITC monetization: ~$50M. Liquidity: $240M (cash + undrawn credit facilities). 
- 2025 Guidance: Adjusted EBITDA $90-110M, RNG production 5.0-5.4M MMBtu. 

**【Q&A Key Takeaways】**
- **Production Growth**: Sequential RNG production growth expected, driven by new projects (e.g., Polk transitioning to direct connect). 2025 RNG EBITDA per MMBtu expected to stabilize as scale benefits offset lower RIN prices. 
- **Tariffs Impact**: No material impact on current projects; future projects will assess tariffs during FID. 
- **RIN Pricing**: Q1 RIN price: ~$2.71/gal, Q2+ expected lower (~$2.60/gal). 
- **Electric Power Segment**: Revenues down due to terminated ISCC contracts, but long-term opportunities in RNG conversion and REC markets. 
- **Shareholder Returns**: Free cash flow to be used for growth, M&A, or returns (buybacks/dividends) if growth slows. 
- **Policy Outlook**: Bipartisan support for RNG incentives (e.g., 45Z, RNG dispensing tax credits) expected in 2025 tax bill. 
- **CNG Adoption**: 15L Cummins engine production ramping; RNG 2% of diesel market, potential 7-10x growth. 


OPAL Fuels (OPAL)-9 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 2024 RNG production up 41% to 3.8 million MMBtu, FSS EBITDA +76%. 2025 RNG guidance 5.0-5.4 million MMBtu (+37%).
- **Financial Health**: 2024 adjusted EBITDA $90 million, 2025 guidance $90-110 million. ITC sales to add $50 million cash flow.
- **Market Dynamics**: RNG supply outpacing dispensing demand; 15-liter engine adoption lagging. EPA rule changes could accelerate RNG adoption.
- **Risk Management**: $2.60/D3 RIN price assumption; $0.10 price swing impacts EBITDA by $5-6 million. Hedged portion of 2025 RINs.


**【CEO Summary Section】**
- **2024 Performance**: Adjusted EBITDA of $90 million, up 76% in Fuel Station Services (FSS) segment. RNG production of 3.8 million MMBtu, 41% higher than 2023, though slightly below guidance due to project ramp-up delays.
- **2025 Outlook**: RNG production expected to grow 37% to 5.4 million MMBtu. FSS EBITDA to increase 30%-50%, driven by new stations and RNG adoption. Capital allocation prioritizes RNG projects with strong returns.
- **Strategic Moves**: Secured 12 new landfill RNG projects, bringing total to 17. Converted 5 renewable power projects to RNG, enhancing margins.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue $80 million (-9% YoY), adjusted EBITDA $22.6 million (-32% YoY) due to delayed RIN sales. Full-year revenue $299.9 million (+17%), adjusted EBITDA $90 million (+75%).
- **2025 Guidance**: Adjusted EBITDA $90-110 million, assuming $2.60/D3 RIN price. RNG production 5.0-5.4 million MMBtu. ITC sales to contribute $50 million to cash flow.
- **Liquidity**: $223.6 million as of Q4, with $178.4 million available under credit facility.

**【Q&A Key Highlights】**
- **RIN Pricing**: 2025 guidance assumes $2.60/D3, down $0.50 from 2024. Every $0.10 shift impacts EBITDA by $5-6 million. Company has hedged a portion of 2025 RINs.
- **Regulatory Environment**: EPA's Phase 3 truck rule removal may accelerate RNG adoption. Advocating for stable D3 volumes and RFS reforms.
- **Dispensing Market**: Tightness due to slower 15-liter engine adoption. 20 new OPAL-owned stations expected in 2025, targeting Class 8 fleets.
- **Project Risks**: RNG project ramp-up timelines (e.g., Polk, Sapphire) caused Q4 underperformance. 2025 projects (Burlington, Cottonwood, Kirby) on track for 2026 completion.


Actual	0.02	-0.06	0.4032	-0.06	-0.06	-0.01	0.11	-0.01	-0.01	0.09	-0.05	-0.01	0.03	0.05	0.02
Forecast	0.02	0.05	0.0005	-0.0631	0.0253	0.0558	0.1882	0.0332	0.0906	0.1936	0.1789	0.0434	0.085	0.0348	0.0928
Surprise	0.00%	-220.00%	+80540.00%	+4.91%	-337.15%	-117.92%	-41.55%	-130.12%	-111.04%	-53.51%	-127.95%	-123.04%	-64.71%	+43.68%	-78.45%

OPAL

OPAL fundamentals

OPAL Q4 2025 Earnings

Earnings Call

You can ask Aime

OPAL

OPAL fundamentals

OPAL Q4 2025 Earnings

Earnings Call

OPAL Earnings Call Summary for Q4/202511:00 AM on Mar 16, 2026

OPAL Earnings Call Summary for Q3/202511:00 AM on Nov 7, 2025

OPAL Earnings Call Summary for Q2/202511:00 AM on Aug 8, 2025

OPAL Earnings Call Summary for Q1/202511:00 AM on May 9, 2025

OPAL Earnings Call Summary for Q4/202411:00 AM on Mar 14, 2025

You can ask Aime