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OPAL

OPAL Fuels Inc.

OPAL

OPAL Fuels Inc. • NASDAQ
$2.41 ▲ 1.26% (+0.03)
Market Cap $69.88 M
52w High $4.08
52w Low $1.26
Dividend Yield 0%
P/E 120.5
Volume 59.20K
Outstanding Shares 29.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $83.357M ▲ $19.305M ▼ $4.067M ▲ 4.879% ▲ $0.05 ▲ $9.283M ▲
Q2-2025 $80.456M ▼ $24.239M ▼ $3.417M ▲ 4.247% ▲ $0.028 ▲ $4.953M ▲
Q1-2025 $85.407M ▲ $28.712M ▲ $2.382M ▲ 2.789% ▲ $-0.009 ▲ $4.786M ▼
Q4-2024 $80.023M ▼ $27.975M ▲ $1.285M ▼ 1.606% ▼ $-0.047 ▼ $5.152M ▼
Q3-2024 $84.047M $20.37M $4.979M 5.924% $0.085 $18.323M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29.928M ▲ $916.749M ▲ $433.953M ▲ $7.48M ▲
Q2-2025 $29.269M ▼ $905.537M ▲ $432.291M ▲ $-25.037M ▼
Q1-2025 $40.082M ▲ $884.923M ▲ $420.478M ▲ $57.092M ▲
Q4-2024 $24.31M ▼ $881.077M ▲ $416.045M ▲ $-148.449M ▲
Q3-2024 $30.998M $831.088M $361.21M $-180.08M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.386M ▲ $18.212M ▲ $-33.907M ▼ $16.473M ▼ $778K ▲ $-9.269M ▲
Q2-2025 $3.417M ▲ $-7.874M ▼ $-26.749M ▼ $23.23M ▲ $-11.393M ▼ $-29.717M ▼
Q1-2025 $2.382M ▲ $29.679M ▲ $-9.277M ▲ $-4.732M ▼ $15.67M ▲ $18.113M ▲
Q4-2024 $1.285M ▼ $3.665M ▼ $-50.554M ▼ $51.923M ▲ $3.997M ▲ $-50.769M ▼
Q3-2024 $17.107M $17.666M $-32.466M $16.545M $1.745M $-5.397M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electricity
Electricity
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Environmental Credits
Environmental Credits
 $90.00M ▲$60.00M ▼$40.00M ▼$40.00M ▲
Other Products And Services
Other Products And Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Parts
Parts
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement OPAL looks like a young, fast‑growing infrastructure business that is still smoothing out its earnings profile. Revenue has been climbing steadily every year from a small base, and gross profit has grown alongside it. The company has moved from losses to modest operating profits, which suggests its core projects can be economically viable. Net income, however, has been quite choppy. There are years with small profits, years near breakeven, and at least one period that looks heavily influenced by one‑time or accounting items, which makes headline earnings per share hard to interpret. EBITDA also jumps around, pointing to a business still in transition rather than a stable utility‑like earner. Overall, the income statement tells the story of a company scaling up a promising model, but not yet delivering consistently predictable profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been building out its asset base quickly while running with a thin capital cushion. Total assets have expanded several times over, consistent with heavy investment in projects and infrastructure. Debt has risen to help fund this growth, and while it does not look extreme for an infrastructure developer, it is meaningful relative to the size of the business. The most notable concern is that shareholder equity has been negative in recent years. This typically reflects accumulated losses, deal structure, or accounting adjustments, and it leaves less of a buffer to absorb future setbacks. Cash on hand is relatively low and has not grown with the asset base, which means the company relies on ongoing access to funding and project cash flows rather than a large cash reserve.

Cash Flow

Cash Flow Cash flow highlights that OPAL is still in a build‑out phase rather than a harvest phase. Operating cash flow has been modestly positive in most recent years, which indicates the underlying projects can generate cash. However, spending on new projects and infrastructure has been heavy, so free cash flow has been consistently negative. In plain terms, the business is putting more money into new assets than it is getting back in cash today. That can be healthy for a growth platform if future returns materialize, but it also means ongoing dependence on lenders, partners, or capital markets to fund expansion and bridge timing gaps. The key watchpoint is whether operating cash flow grows enough over time to cover investment needs and gradually reduce this funding gap.

Competitive Edge

Competitive Edge OPAL’s main competitive strength is its vertical integration across the renewable natural gas value chain. It is involved from capturing methane at landfills and farms, to upgrading it into pipeline‑quality fuel, to delivering it through its own fueling stations. This gives OPAL more control over costs, quality, and supply than players that only own one piece of the chain. Long‑term relationships and joint ventures with large waste companies and logistics operators, plus examples like its deep partnership with a major parcel carrier, reinforce this position. They provide access to feedstock, committed offtake for fuel, and a base of sticky customers. The flip side is that the company operates in a policy‑sensitive, increasingly competitive space, with exposure to renewable credit pricing and to broader shifts like electrification of transport. Its moat rests less on brand and more on project pipeline, execution track record, and regulatory and credit market know‑how.

Innovation and R&D

Innovation and R&D Innovation at OPAL is less about lab research and more about engineering, integration, and new applications for its core technology. The company’s strengths lie in advanced biogas capture and purification, the ability to design and run “state‑of‑the‑art” upgrading facilities, and the integration of those plants with fueling infrastructure and renewable credit markets. It is also pushing forward with a sizeable pipeline of new RNG projects across multiple states, often through joint ventures that blend technology, capital, and secure feedstock. This project‑development capability is a key differentiator. Looking ahead, OPAL is exploring renewable hydrogen as a potential extension of its platform, using RNG as a possible input. That is still early and uncertain, but it signals a willingness to evolve as decarbonization technologies and policies change.

Summary

OPAL Fuels is a young, asset‑heavy renewable gas platform that is growing quickly but is not yet financially mature. The business model—capturing waste methane and turning it into transport fuel via a fully integrated chain—is strategically attractive and aligned with decarbonizing heavy transport. Partnerships with large waste handlers and fleet operators support this positioning and provide some competitive insulation. Financially, OPAL has moved from losses toward modest profitability and positive operating cash flow, but earnings and cash are still volatile, and continued heavy investment keeps free cash flow negative. The balance sheet shows rapid asset growth funded by rising debt and accompanied by negative equity and limited cash, which increases sensitivity to project delays, policy shifts, or funding constraints. Overall, OPAL looks like an early‑stage infrastructure and clean‑energy platform: strong thematic fit and clear strategic logic, offset by execution, policy, and financing risks that remain meaningful until the project base is larger, more seasoned, and consistently cash‑generative.

NEWS

November 6, 2025 · 10:10 PM UTC

OPAL Fuels Reports Third Quarter 2025 Results

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November 5, 2025 · 4:15 PM UTC

OPAL Fuels Appoints Brian Stupp as Chief Revenue Officer for Fuel Station Services Business

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October 28, 2025 · 4:15 PM UTC

OPAL Fuels Announces Appointment of Scott M. Sutton to Its Board of Directors

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October 23, 2025 · 4:23 PM UTC

SJI and OPAL Fuels Celebrate Landmark Renewable Natural Gas (RNG) Project with Atlantic County Utilities Authority

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October 22, 2025 · 4:15 PM UTC

OPAL Fuels Announces Third Quarter 2025 Earnings Release Date and Conference Call

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