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MarketBeat
Mon, March 16, 2026 astatine 11:44 AM CDT 7 min read
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OPAL reported 2025 adjusted EBITDA of $90.2 million—roughly level year-over-year—while RNG accumulation grew 28%; absorption said results were masked by 22% little RIN prices (realized RINs $2.45 vs $3.13 successful 2024), which reduced adjusted EBITDA by astir $33 cardinal positive nonaccomplishment of a >$10M ISCC pathway benefit.
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The institution strengthened its equilibrium expanse with a $180 cardinal Series A preferred facility from Fortistar, repaid a $100M preferred, drew astir $128M connected its elder secured facility, and finished 2025 with astir $184 million of full liquidity and ~$160 million disposable to implicit in-construction projects.
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For 2026 OPAL guided to higher results—adjusted EBITDA of $95–110 million and RNG accumulation of 5.4–5.8 cardinal MMBtu (>14% growth)—while noting the outlook assumes $15–20M of 45Z credits and imaginable winter-related accumulation and outgo headwinds aboriginal successful the year.
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Opal Fuels CEO connected Steering the Future of Renewable Natural Gas
OPAL Fuels (NASDAQ:OPAL) reported fourth-quarter and full-year 2025 results and provided 2026 guidance, highlighting accumulation maturation and operational improvements that were offset successful 2025 by weaker biology recognition pricing. Management besides discussed strengthening liquidity done a caller preferred equity installation and offered an update connected marketplace conditions for its Fuel Station Services segment.
Co-CEO Adam Comora said the institution finished 2025 strongly, with adjusted EBITDA of $90.2 million, which was wrong guidance. He characterized 2025 adjusted EBITDA arsenic “flat” versus 2024, but emphasized that RNG accumulation grew 28% year-over-year, with fiscal results “masked” by factors including 22% little RIN prices.
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Chief Financial Officer Kazi Hasan provided further item connected the commodity headwinds, stating that realized RIN prices averaged $2.45 successful 2025 versus $3.13 successful 2024, and that D3 pricing declined astir 70 cents—an interaction helium equated to astir $33 cardinal successful adjusted EBITDA. Hasan besides noted that an ISCC pathway that expired successful November 2024 contributed much than $10 million to 2024 adjusted EBITDA, creating different year-over-year headwind.
For the 4th quarter, OPAL Fuels reported revenue of $99.8 million and adjusted EBITDA of $34.2 million, compared with $80.0 million and $22.6 million successful the prior-year period. Hasan said the year-over-year betterment was driven chiefly by accrued accumulation and designation of 45Z taxation credits.
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