Overview

* OPAL Fuels Q3 2025 revenue declined 1% yr/yr, missing analyst expectations

* Adjusted EBITDA for Q3 slightly beats analyst expectations

* RNG production increased 30% yr/yr, reflecting operational growth

Outlook

* OPAL Fuels ( OPAL ) maintains full-year 2025 guidance despite lower D3 RIN prices

* Company expects to recognize 45Z production tax credits in Q4

* OPAL Fuels ( OPAL ) sees positive policy environment supporting RNG

Result Drivers

* RNG PRODUCTION INCREASE - RNG production rose 8% sequentially and 30% yr/yr, contributing to operational growth

* PROJECT EXPANSION - Atlantic RNG Project commenced operations; CMS RNG Project construction began, adding capacity

* TAX CREDITS - Completed fourth sale of IRA Investment Tax Credits, generating over $40 mln in gross proceeds this year

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $83.36 $93.07

Revenue mln mln (5

Analysts

)

Q3 Net $11.39

Income mln

Q3 Slight $19.46 $19.36

Adjusted Beat* mln mln (6

EBITDA Analysts

)

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "hold"

* Wall Street's median 12-month price target for Opal Fuels Inc ( OPAL ) is $3.50, about 42.3% above its November 6 closing price of $2.02

* The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 4 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)